Centurion Private Equity backs Abbassalebollette

A source familiar with the situation told Unquote that the GP deployed a full-equity investment of €1.2m to acquire a 10% stake in the company, which is valued at €12m.

The remaining holding is controlled by Techinvest, which owns an 80% stake in the company, and by the company's CEO, Liana Sommaruga, who controls the remaining 10%.

The GP deployed capital from its Centurion Private Equity Opportunities fund, which was launched in March 2017 with a €150m target and expects to hold a final close by the end of 2019. It targets companies primarily based in Italy and able to generate an EBITDA margin of around 25%. The vehicle usually acquires minority stakes alongside other investors organised in a club deal.

Centurion's acquisition of Abbassalebollette follows the deal for Sorgenti Italiane, the holding company that controls Italian mineral water brands Acqua Pejo and Goccia di Carnia. The GP bought a 22.9% stake in the business in August 2018 by deploying an equity ticket of €4.5m. The acquisition was made alongside other investors organised in a club deal and was financed with a debt package provided by BNL, Crédit Agricole Cariparma and Crédit Agricole FriulAdria.

Company
Founded in 2013 and based in Rome, Abbassalebollette offers an online platform for families and companies to compare and select energy tariffs and suppliers available in Italy, including ENEL, ENI, Edison, Sorgenia, A2A, ACEA. The website counted two million visitors in 2017.

People
Centurion Private Equity Opportunities – Andrea Crasso, Enrico Crasso (managers).
Abbassalebollette – Liana Sommaruga (CEO).

Advisers
Equity – R&P Legal (legal).
Company – Polis Avvocati (legal).

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