Tikehau Capital invests €29m in DoveVivo

The GP invested alongside Istituto Atesino di Sviluppo (ISA) and Seac Fin, which deployed a combined €7.5m in exchange for a 5% stake. DV Holding, controlled by the founders Valerio Fonseca and William Maggio, also backed the investment with approximately €12m to remain the majority shareholder with 61%. The DoveVivo team will invest around €500,000. The remaining 15% stake is controlled by minority investors, employees and business angels.

In addition to the equity deployed by Tikehau and its co-investors, the round also comprised €22.5m in credit lines provided by Illimity Bank to give new momentum to the growth of the company, which aims to expand in Italy and abroad. The total amount of the financing raised by DoveVivo is close to €72m.

Tikehau deployed capital through Tikehau Growth Equity II (TGE II), a pan-European fund launched in 2018 with a €500m target that held a held a first close in July 2018 on €150m. The vehicle targets minority equity investment in the €25-100m range to support medium-sized companies based across France, the UK, Italy, Belgium and Spain.

DoveVivo is the sixth investment made by the fund – following Nexteam, Addev, Filliassur, Medtrade and Linkfluence – and the first one inked in the Italian market.

With the fresh capital, the company intends to further expand both in Italy and abroad, bolster its organic growth and pursue a buy-and-build strategy aimed at strengthening its market position. In particular, DoveVivo plans to boost its growth in three main areas: real estate assets under management, development of additional business such as student housing, and internationalisation. The business expects to achieve a turnover in excess of €150m by 2023.

Company
Established in 2007 and based in Milan, DoveVivo is a co-living company offering single and double rooms to students and young professionals. It also provides real estate management services to a network of 350 owners to help them maximise profit by reducing risks and costs. The company manages a portfolio of 1,000 homes in five Italian cities with 4,000 tenants. It generated revenues of  €21m in 2018.

People
Tikehau Capital – Luca Bucelli (head of Italy).
DoveVivo – Valerio Fonseca (CEO). 
Istituto Atesino di Sviluppo –  Ilaria Vescovi (president).

Advisers
Company – Alantra (corporate finance); Gattai Minoli & Partners (legal); Alberto Picariello (tax). 
Equity – Bonelli Erede (legal).

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• Topics
• Expansion
• Southern Europe
• Real estate
• Tikehau Capital
• Italy