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The investment comes after the recent acquisitions of 42% of SIA (November 2013) and 85% - with the commitment to buy the remaining 15% by way of a put-call agreement - of Ansaldo Energia (September 2013)
Furthermore, during the recent Italian-Russian summit in Trieste, FSI signed a joint investment agreement for up to 1 billion euros with the Russian Direct Investment Fund (RDIF - the Russian sovereign wealth fund).
Since January 2012, in less than 2 years, FSI has invested and committed 2.6 billion euros out of 4.4 billion euros of available capital. In 2014, the activity is expected to continue to be intense, mainly through two projects:
FSI will invest 151 million euros in Valvitalia alongside its founder, the Ruggeri family, via a convertible bond. The aim of the investment is to foster company’s growth through acquisitions of niche producers to expand product portfolio.
Founded in 2002, Valvitalia in 2012 generated revenues of 361 million euros with EBITDA of 51 million euros. In 2013, revenues are expected to reach more than 400 million euros and EBITDA to exceed 70 million euros. The company produces almost entirely in Italy, with around 1,000 direct employees and a further 2,000 people employed indirectly (equivalent to 230 million euros of sales and 70 million euros of wages). More than 85% of the production is exported.
Valvitalia is among the world’s leader in the production of flow control equipment for the oil & gas, power generation, desalination, and shipbuilding sectors.
The company represents an “excellency” in the Padana Valley (the so-called “Valve District”), where there are more than 200 businesses, generating total revenues for 16 billion euros. The reference market is expected to grow at 10% p.a.
The FSI project contemplates the creation of a real estate company, open to institutional investors, specializing in hotels. The project includes the set-up of a hotel management company specializing in the various market segments (3-star, 4-star, and 5-star).
The separation of ownership and management has the objective to create larger hotel groups, foster investments and provide high-quality services.
This project will benefit from Group synergies, thanks to the Cassa Depositi e Prestiti program of acquisitions and re-qualification of public real estate.
Starting in 2014, FSI intends to earmark up to 500 million euros to invest in the consolidation of the utility sector, with particular focus on Southern Italy.
FSI considers the utility sector as a priority – presenting in Italy high fragmentation, with hundreds of small and very small utilities - with the objective of promoting mergers, increasing investments, and improving quality of service.
As a matter of reference, in France 3 companies control 100% of the water market, while Gaz de France has an 80% share of the gas market; in the UK 90% of the gas is sold by 6 operators.
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