DC Advisory advised B FIN on the sale of Elettra Investimenti to CogenInfra

Background

• B fin S.p.A. (B FIN) is an Italian holding company backed by the Bombacci family and headquartered in Rome. B FIN owns an 82% stake in Elettra Investimenti S.p.A. (Elettra Investimenti)
• Founded in 2006 and headquartered in Latina (Italy), Elettra Investimenti is an energy services company operating a series of energy generation plants and offering a broad range of energy efficiency services
• Elettra Investimenti has been listed on the AIM segment of the Milan Stock Exchange since 2015, with a market capitalisation of approx. €35m
• Elettra Investimenti is led by Fabio Bombacci as Chairman and CEO and employs c.100 people

Process

• DC Advisory (DC) was engaged by B FIN to act as financial advisor, providing sell-side M&A advice on the sale of its majority stake in Elettra Investimenti
• DC ran a restricted competitive auction process involving a limited number of potential strategic counterparties
• DC provided comprehensive financial advisory services to B FIN throughout the sale process including:
  • process strategy and tactics;
  • due diligence coordination;
  • deal structuring;
  • financial modelling and valuation;
  • support in negotiations; and
  • advice on transaction documentation.

Outcome

• CogenInfra S.p.A (CogenInfra) emerged as the preferred bidder for Elettra Investimenti and the parties signed the sale and purchase agreement on 16 March 2021
• The transaction values Elettra Investimenti at €10.6/share and €1.6/warrant
• Following the acquisition of B FIN's stake in Elettra Investimenti, CogenInfra is promoting a mandatory tender offer on the remaining stake of Elettra Investimenti
• The transaction closed on 12 April 2021

“We are extremely pleased to have assisted B FIN on this landmark transaction in the Italian energy efficiency market. This transaction further enhances DC Italy's track record in the energy services space.”