Tikehau et al. in €15m investment for DoveVivo

The GP invested alongside other shareholders, including Istituto Atesino di Sviluppo (ISA), Seac Fin and DV Holding, which is controlled by the company's founders Valerio Fonseca and William Maggio.

Tikehau deployed capital through Tikehau Growth Equity II, a pan-European fund launched in 2018 with a €500m target. The vehicle focuses on minority equity investments in the €25-100m range, to support medium-sized companies based across France, the UK, Italy, Belgium and Spain.

With the fresh capital, DoveVivo 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.

The company 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.

Previous funding
Tikehau first invested in DoveVivo in July 2019, when it deployed €29m in exchange for a 19% stake in the business. ISA and Seac Fin deployed a combined €7.5m in exchange for a 5% stake. DV Holding also backed the investment with approximately €12m to remain the majority shareholder with 61%. The DoveVivo team invested around €500,000. The remaining 15% stake was retained 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 and its expansion in Italy and abroad.

Tikehau invested in the company via Tikehau Growth Equity II. DoveVivo was the sixth investment made by the fund – following Nexteam, Addev, Filliassur, Medtrade and Linkfluence – and the first one inked in the Italian market.

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).

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