Eco Eridania, a company from Arenzano (Genoa) specialized in the management of special waste and leader in the sector for the North-West, has acquired in an operation involving the Italian Investment Fund and the private equity fund Xenon, Team Ambiente, company based in Prato, active in the same sector.
The support of the two funds amounted to a total of 14,3 million euros, and for the FII this is the second investment in Eco Eridania. In fact, as early as September 2011, Fondo Italiano entered the capital of the Genoese company with an investment of 10 million Euros aimed at supporting the Group in a growth path consisting in the construction of new energy disposal and recovery plants, as well as in the continuation of the industrial aggregation activity undertaken in previous years.
Also thanks to the help of the FII, the leading company in the area in the collection, transport, storage and disposal of medical and industrial waste, it has gone from a turnover of around 14,8 million Euros, in the 2010 balance sheet, to around 25 million in revenues expected by the end of 2012 with employees growing from the original 100 to the current 150.
The acquired company, Team Ambiente, is based in Prato and is also active in the special waste management sector in central-northern Italy, with a turnover of around 29 million euros and around 130 employees. The integration between Team Ambiente and Eco Eridania represents the first step of a broader project of dimensional growth through acquisitions; in fact, further acquisitions are expected shortly which will allow a significant growth in the volumes handled and the achievement, in the medium term, of important operating synergies in the logistics system.
The President of the Eco Eridania Group, Andrea Giustini said he was "very satisfied both with the operation announced today and, more generally, with the attitude of the Italian Fund which confirms its ability to support the growth projects of Italian companies, also involving other highly professional operators such as Xenon Private Equity".
As far as the FII is concerned, this is the second operation in less than a year and a half for the same company and this is fully in line with the Fund's mission "to promote sectoral aggregation and consolidation processes". In fact, the FII with its intervention, in collaboration with Xenon Private Equity, supported Eco Eridania in a further leap in size that will give life to a group which will be attributable to over 54 million in turnover and 280 employees.
With the investment made today in the Eco Eridania group, the Euros used to date by the Fondo Italiano to support the growth and competitiveness of small and medium-sized Italian companies rise to 270 million, distributed over 27 operations. To these must be added the 16 interventions carried out so far indirectly, through the subscription of units of other funds, which bring the total resources invested by the Fund to approximately 535 million Euros.
