JC Flowers exits Equita to Profumo and management

The transaction will take place via a holding company, with Equita's management and Profumo each taking a 50% stake.

Profumo is set to leave his role at Montepaschi in August, having announced his departure earlier this year.

At the time of JC Flowers' initial investment, the GP stated it intended to expand Equita's asset management, corporate finance and M&A activities. The business had a projected turnover of €67m, which had dropped to €28.2m in 2012 following the financial crash.

A spokesperson for JC Flowers could not be reached.

Previous funding
JC Flowers acquired a majority stake in Equita in February 2008 via newco E2Holding. According to reports at the time, the GP paid €117.3m for a 50.1% stake.

Company
Founded in 1973 as Euromobiliare, Equita is a Milanese investment bank. The business focuses on supporting the development of Italian SMEs, offering its clients access to international markets and institutional investors.

People
Thierry Porté is managing director at JC Flowers. Profumo will take on the role of president at Equita.

Advisers
Vendor – Allen & Overy, Giovanni Gazzaniga (Legal).
Acquirer – Gianni Origoni Grippo Cappelli & Partners, Roberto Cappelli (Legal); Ludovici & Partners, Paolo Ludovici (Tax).
Management – Rucellai & Raffaelli, Sara Biglieri (Legal).

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