Area Impianti (Italy) - Dec 2007

unquote
01 December 2007

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Cape Listed Investment Vehicle in Equity (Cape Live) has committed €4.98m to environmental engineering company Area Impianti. The deal sees Cape Live take a 10.9% stake in the company. This is Cape LIVE fourth investment over a five-month period. Other investments include a 40% stake in specialty chemicals business Samia; a minority stake of 17.5% in glass mosaic business Trend Group; and in textiles manufacturer Raffaele Caruso.

Company

Area Impianti was founded in Albignasego (Padua) in 1990 by Angelo Marcolin, Ivana Cardin and Francesco Zatti. It builds complete installations for the purification of air from fumes produced by incinerators and other heavy industrial processes. In 2006 the company registered a turnover of €31.3m and an EBITDA of approximately €7.1m. It has 13 employees. Currently the company has a strong presence in the French and Italian markets, but the pressure to comply with the Kyoto Protocol requirements has opened the door for opportunities in other European countries such as Germany and Spain. The investors plan to use this expansion capital to develop the company by diversifying its services into other sectors and by expanding the presence of the company internationally. Cape LIVE intends to hold on to its stake in the company for two to three years and sees an IPO as a natural exit for divestment.

People

Guido De Vecchi of Cape LIVE led the deal.

Advisers

Equity - MBL & Partners, Alessandro Marena (Corporate Finance)Equity - MBL & Partners, Alessandro Marena (Legal)

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