FSI buys minority stake in Cedacri

According to the Italian press, the deal involved an equity commitment of €99m, valuing Cedacri at more than €365m - or around 8.5x the its estimated 2017 EBITDA.

The group's 14 shareholder banks – Banca Mediolanum, Cassa di Risparmio di Asti, Banco di Desio e della Brianza, Banca Popolare di Bari, Unipol Banca, Cassa di Risparmio di Bolzano, Banca del Piemonte and Credem – will hold the remaining 73% stake. 

This is the first investment for FSI – the new fund born out of Fondo Strategico Italiano. The vehicle reached a second close just shy of €1.2bn in December 2017. A first close took place on 29 June 2017 on €1bn. The European Investment Fund is a cornerstone investor for the vehicle.

There is no date set for a final close, but the fund will likely remain open for commitments until the end of 2018. 

Company
Cedacri is headquartered in Parma, Italy, and is an IT outsourcing services company for banks and financial institutions. It was founded in 1976 and has 1,500 employees. Estimated revenues for 2017 stood at €318m, with an EBITDA of €42m.

People
FSI – Maurizio Tamagnini (CEO).
Cedacri – Salvatore Stefanelli (CEO).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Southern Europe
• Technology
• Italy
• FSI