Fondo Strategico backs Trevifin

Amy King
04 August 2014

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Italy's Fondo Strategico Italiano (FSI) is to take a minority stake in Trevi Finanziaria Industriale (Trevifin), a listed ground engineering company, via an equity injection of around €101m.

Under the agreement, share price for the transaction will be based upon the average of the last 30 days' trading, with a cap set at €6.30 per share.

FSI is expected to take a stake of around 15.8%, with the company's founder retaining around 34.8%. Kuwait Investment Authority also holds a significant stake in the business.

FSI must retain the acquired shares for a minimum of 12 months. The deal is subject to the approval of various regulatory authorities and the company's board.

The deal comes as part of a €200m capital increase being pursued by Trevifin.

Company
Trevi Finanziaria Industriale focuses on ground engineering, specialising in foundations, tunnel excavation, soil consolidation and the manufacturing of specialised machinery and equipment for the industry. The business is also active in the drilling sector for oil, gas and water, the production of rigs and the provision of relevant services.

Founded in 1957, the comapny has more than 30 branches and operates in more than 80 countries. Trevifin is based in Cesena.

Trevifin's turnover has grown from €304m to €1.28bn between 2000 and 2013. The company produces its machinery in Italy, though around 90% of its revenues are generated abroad.

People
Maurizio Tamagnini is CEO of FSI.

Advisers
Company - Mittel Advisory (Corporate finance); Lombardi Molinari Segni (Legal).
Equity - D'Urso Gatti Bianchi (Legal).