ITALY - Sanpaolo IMI and Quadrivio invest in ework

Nord Ovest Impresa (the closed-end fund managed by Sanpaolo IMI Fondi Chiusi SGR) and Quadrivio New Old Economy Fund (managed by Quadrivio SGR) have invested EUR 11m in the employment agency ework. The current managers Pino Cova and Marco Davi will remain as shareholders in the business. The transaction includes the sale of some shares by the management as well as the creation of new shares through a capital increase. Sanpaolo and Quadrivio have together taken a majority stake in the company.