ITALY - Clessidra backs acquisition of logistics player

This is the first step of the consolidation process of Elia, a logistics player acquired by Clessidra last year. It is understood that the acquisition combined the company's own cash and a financing line provided by Intesa-Sanpaolo. Elia provides logistics for the automotive industry and handles the shipment process of foreign products as well as national transportation. Its client portfolio includes corporations such as General Motors, Toyota, Nissan, Subaru and FIAT. The Turin–based company has a turnover of EUR 91m with an EBITDA of around 25% in 2006. According to Giuseppe Turri, co-founder and senior partner of Clessidra, the private equity firm was attracted to the deal due to the increasing growth of the logistics sector in Italy and the established position of Fratelli Elia in the market. Growth at the company is envisaged through international expansion with plans to set up branches in Spain, France and Germany.

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