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 is expected to close by 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.”