DVR Capital launches with EUR50m maiden fund

01 August 2008

Tweet
Facebook
LinkedIn
Google plus
Send to

Fund

DVR Capital has begun its operations in Italy with the launch of its maiden fund DVR &C set at EUR50m (hard-cap EUR60m) which has already reached its first closing on EUR40m. The Italy-based fund has a 6+4+2 structure with minimum subscriptions set at EUR500,000. The GP has invested EUR10m to the fund. Management fees are at 1.8% with carry and hurdle set at industry standards. The carried interest is paid on the fund as a whole and comprises a catch-up mechanism. Alessandro Marena from MBL has been retained as legal adviser and Pietro Villa as tax adviser.

Investors

The investor base of this first vehicle is composed of 18 private Italian entrepreneurs with Cape LIVE presently as the vehicle's only institutional investor.

Investments

The fund will invest in small and medium-cap businesses mostly in Italy although opportunities outside Italy will be considered. It will carry out transactions both at the expansion and buyout level. The vehicle will seek to complete six investments of between EUR2-10m in equity. The vehicle's strategy will be opportunistic and flexible vis-a-vis the stakes acquired will be determined on a deal-by-deal basis. Co-investments are part of the core strategy. Exit routes have not been pre-determined and will depend on market conditions at the time of sale.

People

The fund is co-managed by Carlo Daveri (deputy chairman and CEO) and Antonio Robuschi (chairman). Daveri is an investment banker specialising in corporate merger & acquisitions and private equity. Prior to founding DVR Capital he was a senior partner at Fineurop Soditic where he advised a number of clients in connection with domestic and cross border M&A transactions. The most significant transactions include the EUR375m acquisition of Seves by Vestar capital partner and Ergon Capital; the EUR220m acquisition of IPC Group by BS Private Equity and Sofipa; the sale of Robuschi to Aksia group and the $20m acquisition of US-based Florida Tile by Panaria group. Daveri began his career in the New York office of Kidder Peabody, after which he joined Deloitte's corporate finance team of in London.

Robuschi joined his family engineering company in 1982 and mainly focused on operations. In 1986, he was appointed production manager. He later took on responsibility of several other corporate functions including procurement, information technology, product technical development, and marketing becoming CEO in 2003. They are supported in their functions by three partners Stefano Baiardo, Nicola Gualmini, and Augusto Federici and a board composed by Simone Cimino, Giuseppe Daveri, Andrea Frattini and Luciano Zottola. The advisory Board comprises Carlo Buora, Guido De Vivo, Franco Monzino, Marco Vismara and Enrico Zobele.

Name: DVR &C

1st Closing: EUR40m, July 2008

Focus: Italy, generalist

Contact: Carlo Daveri, Antonio Robuschi

Address: DVR CAPITAL SpA, Largo Augusto, 1, 20122 Milan, Italy

Tel: + 39 02 762 3261

Fax: +39 02 762 326 210

Advisers: MBL, Alessandro Marena (Legal), MBL, Pietro Villa (Tax).