Elettra (Italy) - Dec 2007

unquote
01 December 2007

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In-Prendo has acquired a 20% stake in Italian energy sector player Elettra in a deal valued at €1.5m. The remaining 80% remains with management. This is the first round of investment in the company for which the lead investor is the H2i fund with a €500,000 investment in an operation that took six months to complete. The investor’s involvement originated directly. No further rounds of funding are planned at this stage. This is the first deal completed through the H2i fund.

Company

Latina-based Elettra specialises in the construction and management of power plants. The company was founded in 2005 and reported a turnover of €6m in 2007 with and EBITDA of €500,000. Projections for 2008 put sales at €14m and the EBITDA at €1.2m. The capital injection provided by the investors will serve to build new power plants. According to the backers, the energy Italian energy sector offers the possibility for growth through consolidation and thus plan to deploy a buy-and-build strategy, acquiring further companies in the energy sector and merging them into Elettra. As part of the development strategy In-Prendo will hold a position in the board detained by Albo Francesconi.

People

Albo Francesconi led the deal for In-Prendo.

Advisers

Equity - Studio Legale Paglietti, Giancarlo Paglietti (Legal)

Sourced from: Southern Europe unquote" 71 (Feb 2008)