Basalt Infrastructure Partners backs Caronte & Tourist

Basalt acquired a 30% stake via a capital increase and a purchase of shares from the founding Franza and Malacena families, who retained a 35% stake each in the business.

The GP deployed capital from its Basalt Infrastructure Partners II fund. The vehicle, which focuses on investments in utilities, energy and transport infrastructure in Europe and North America, held a $1.285bn final close in February 2018.

C&T plans to use the fresh capital to boost its growth, expand further and pursue new acquisition opportunities. It has recently launched Elio – the first ferry operating in the Mediterranean using LNG propulsion – and plans to build three to five new ships in the next five years with an investment plan of up to €200m.

Previous funding
Fondo Italiano d'Investimento (FII) led a €20m funding round for C&T's subsidiary, Cartour, in 2011, injecting a €17.5m equity ticket and acquiring a minority stake in the business. C&T's founding families provided the remaining €2.5m capital injection.

In July 2013, FII operated an equity swap option and acquired a 10% stake in the mother company, C&T, while the two founding families retained an equally split majority stake. Under FII, the company pursued several bolt-on acquisitions, including the purchase of TTLines in 2015 and Siremar in 2016. Subsequently, FII sold its 10% stake to the Franza and Malacena families in July 2016.

Company
Founded in 1965 and headquartered in Messina, C&T operates commercial and tourist ferries in the Strait of Messina, connecting Sicily and its minor islands to the Italian mainland. The company employs 1,000 staff and recorded a turnover of €220m in 2018. It generated EBITDA of €50m, according to press reports.

People
Basalt Infrastructure Partners – Rob Gregor (managing partner).
Caronte & Tourist – Mr Antonino Repaci (chair).

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• Topics
• Expansion
• Southern Europe
• Consumer
• Italy
• Fondo Italiano di Investimento