Fondo Italiano acquires 25% of TrueStar

The deal will take place in two stages: first Fondo Italiano will provide a convertible bond worth €2.5m, and then, providing the company performs as anticipated, the fund will subscribe to a capital increase which will bring its stake to almost 25%. The total investment value will be €10.2m.

Using these new resources, TrueStar intends to expand its services into several major airports, particularly in Asia, and add ancillary products. It has also identified a number of acquisition targets for 2012.

Fondo Italiano, a public-private partnership backed by the Italian government, launched in 2010 and holds total commitments of €1.2bn.

Company
Milan-based TrueStar Group is an international airport services operator offering passenger assistance and providing luggage wrapping services at 33 airports across 13 countries on three continents.

The company recorded a turnover of €32m and an EBITDA of €5.7m in 2010, and expects to generate sales of more than €42m this year. It was founded in the late 1990s and employs more than 500 people.

People
Gianpaolo Di Dio, senior partner, led the deal for Fondo Italiano. Fabio Talin is the chairman and CEO of TrueStar.

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