ONE BILLION DEBUT FOR THE STRATEGIC FUND:
METROWEB, KEDRION. AND BOOK A SEAT ON THE AVIO
“I was impressed by the number and quality of the projects that we received in this first year of activity. I was lucky enough to see the best part of the country in action." Talk like this Giovanni Gorno Tempini, in the role of president of the Italian Strategic Fund, after the resolutions of the first operations.
Il Fund (Fsi), controlled by Cassa Depositi e Prestiti (Cdp), yesterday gave the go-ahead three trades for one total amount of one billion euros. In detail:
1) 200 million for Tlc-Metroweb Networks, to which another 300 million will be added for the financing of the second phase of investments, to be conducted alongside existing members. Following the first investment, FSI will own 46,2% of Reti Tlc which in turn controls 61,4% of Metroweb. The Fondo 2i chaired by Vito Gamberal, today with 87,5%, will retain the absolute majority. Minor shares are controlled by IMI, Fasweb, A2A and by managers.
2) FSI will invest up to 150 million in Kedrion, partly through a capital increase, partly in convertible bonds repayable by the company controlled by Marcucci family (48,8%)ie held since Investitori Associati fund (32,5%). Kedrion, in which FSI will have 18,7%, is the fifth world operator in the plasma-derived sector, with an ambitious international expansion plan to be developed thanks to an already identified foreign company acquisition.
3) Finally, the Avio project. FSI has resolved to allocate "at least" 300 million euros for an investment in Avio in the event that the current shareholders decide to carry out a capital operation. “This resolution – explains the managing director Maurizio Tamagnini – will facilitate our role as possible co-investors when the situation evolves”.
The three case histories serve to explain the role and ambitions of Fsi, which starts with a target budget of 7 billion and a capital commitment by CDP of 4 billion. “Activity – explains the commanding couple – is proceeding at a rapid pace and further important investment opportunities in companies with significant growth projects in various sectors are at an advanced stage”. The climate remains that of a start-up. ”We worked in this spirit because there was nothing before. We built a team and a team of around 20 people and the investment committee was set up in January. From that moment the analysis of the investments started with a response from the Italian industry beyond our expectations”.
Yesterday's "business card" is significant, in quantity and quality. Under the first point of view, it suffices to say that in the whole of 2011 in Italy there were private equity transactions for 2,1 billion, just over double what was decided and implemented by the FSI in four months. Not only. None of the 2011 transactions contemplated increases or other capital contributions to the prey company, unlike the scheme followed by FSI.
In terms of quality, Fsi debuts with three "case histories" lists that exemplify the strategies to be followed.
a) In the case of Kendrion, the goal is to stimulate the dimensional growth of Italian companies, to help bridge a gap that weighs on Made in Italy. “During the years of international crisis – explains Tamagnini – dimensions represent a critical success factor as demonstrated by the data of the last five years”.
b) Gorno Tempini was explicit about Metroweb: “With this investment, we are not limiting ourselves to giving tangible help to a company operating in a strategic sector. But we hope to carry out a complementary and synergistic action, in the field of the NGN network, with that of Telecom Italia". In short, the goal is to give the former incumbent a boost in the direction of investments in the new generation network. In short, the Fund wants to have a pro-cyclical function as an accelerator of Research and Development.
c) finally, the resolution on Avio. "I would like to underline - the president limits himself to saying, very careful not to invade the area of competence of the current members - that Italy is part of the small nucleus of countries, no more than 7-8, which can boast positions of excellence in the world of the space industry”. FSI, in a moment of financial crisis, wants to avoid that this strategic asset is squandered, as happened in the past.
A valid formula also for Ansaldo Energia? 'We do not comment on rumors about other companies. I have no comments on Ansaldo Energia and its parent company”, replied Tamagnini nipping questions in the bud about a possible intervention in other companies of the Finmeccanica group. After all, the raw material is not lacking. “Since the fund has been operational we have received spontaneously, only with an informal communication, more than 200 visits from entrepreneurs, managers, shareholders of large Italian companies who have brought us investment proposals and significant projects in many product sectors”.
