PE-backed Trasporti Romagna bolts on Blue City

Alessia Argentieri
11 October 2018

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Private-equity-backed Trasporti Romagna has wholly acquired Italian logistics specialist Blue City.

The transaction is the second bolt-on inked by Trasporti Romagna, following the acquisition of Verona-based AnRiTrans in March 2017.

Following Blue City's acquisition, the combined group expects to consolidate its market position and reach revenues in excess of €165m, a staff of 2,000 and a fleet of 600 vehicles by the end of 2018.

A debt package was provided by a pool of banks composed of Crédit Agricole Friuladria, Banca IMI and Mediocredito Italiano.

Unquote understands that Trasporti Romagna is controlled by Neuberger Berman's Atlante Private Equity, which owns a 33.85% stake in the business; Intesa Sanpaolo, with a 17% holding; Fondo Agroalimentare Italiano, which controls 16.9%; and the company's CEO, Simone Romagna, who owns the remaining minority stake via his holding vehicle Fis.

Atlante, at the time controlled by Imi Fondi Chiusi, bought a 50.85% stake in Trasporti Romagna in December 2016, while Unigrains acquired a 16.95% holding and CEO Simone Romagna retained the remaining 32.2%.

Atlante then sold a 17% stake in the company to Intesa Sanpaolo in 2017. Subsequently, the fund was acquired by Neuberger Berman, which inherited its 33.85% stake in the business.

Unigrains' stake was inherited by Fondo Agroalimentare Italiano when the vehicle was launched by Unigrains in 2018. The fund is managed by a team based in Milan and held a €40m first close in June 2018.

Company
Established in 1984 and based in Trento, Blue City specialises in transporting frozen and fresh food products. The company controls a fleet of 151 vehicles, has five operational offices located across the north of Italy, and employs 250 people. It generated revenues of €31m in 2017.

People
Trasporti Romagna – Simone Romagna (CEO).

Advisers
Equity – Gitti and Partners (legal); Grant Thornton (M&A, corporate finance); Pirola Pennuto Zei & Associati (tax).
Company – M&A Partners (M&A); Federico Cena (legal).