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Fondo Strategico Italiano Spa (FSI) and Canova 2007 Spa, the holding company of Finiper Group, controlled by Marco Brunelli (who conceived the most important Italian shopping malls) signed an agreement for the investment of FSI in Finiper Group, a leading Italian retailer running 26 hypermarkets under the brand “Iper, La Grande i” and 170 supermarkets branded "Unes". The closing is expected by July 2013. Lazard is the advisor of the transaction
Upon execution of the agreement, FSI will initially underwrite a share capital increase for up to 20% in Finiper Group, as a first step of a common path which foresees additional capital injections provided by FSI (always retaining a minority stake) to actively support the company’s growth initiatives.
With its investment, FSI will open the shareholder base of a Group that has been growing thanks to the vision of its Founder, Marco Brunelli, and pursue strategic acquisition opportunities in the highly fragmented Italian retail industry, a strategic sector for the development of the Italian food market.
In Italy, the top 3 retailers have a combined market share of 34%, compared to 60% in the UK, 58% in Germany and 55% in both France and Spain. Modern retail sector is key in supporting the growth of Italian food products.
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