Gala, an energy company with a turnover of over 1,2 billion euros in 2013, intends to be listed on the AimItalia market by the end of November through a collection of around 50 million euros. According to Radiocor, the operation will take place entirely through a capital increase, reaching a free float quota of 20%.
The company, founded in 2001 with the liberalization of the electricity market and operating in the sale of electricity and gas, production from renewable sources and improvement of energy efficiency, intends to raise capital both through internal lines and through acquisitions. All in order to grow and enter, within two years, the main market of the Italian Stock Exchange, the MTA and eventually the Star, the Segment of companies with high requirements. Alongside the group in the listing process are Ambromobiliare (advisor) and Envent (Nomad).
“The listing on Aim – explained Luca Calvetti, general manager of Gala – is a tactical choice. We need capital strengthening to support the growth envisaged by our strategic plan, also through aggregation with other operators in the sector, in which we expect consolidation both for structural reasons and as a consequence of the crisis and the contraction in energy consumption. At the moment the only listed companies in the sector are incumbent or public multiutilities and private groups operating in the renewable energy sector. We will be the first listed private group”.
The top manager of the group, who closed 2012 with a net profit of 2,4 million, then explained that the company is active in Italy in sales, in procurement and trading it operates on all European markets and in the Engineering division it is oriented to China and the Middle East. In view of the debut on the Stock Exchange, the board, currently made up of the two shareholders, namely the chairman Filippo Tortoriello (70%) and the managing director Fiorenza Allegretti (30%), will be expanded to five members: Tortoriello, who will remain chairman and CEO, Calvetti (GM) and Allegretti, both managing directors, to which will be added a non-executive director and an independent.
