LE PERSONE

armonia
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Luca Rovati
Vice Chairman
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Francesco Chiappetta
Vice Chairman
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Alessandro Grimaldi
Chief Executive Officer
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Dario Cenci
Partner
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Raffaele Petrone
Jr Partner
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Chiara Bernini
Associate
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Stefano Manghi
Associate
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Alessandro Grimaldi Chief Executive Officer
TRACK RECORD
BIOGRAPHY

  • Co-founder of Clessidra Fund where from 2003 (establishment year) to 2013 he served as BoD and Investment Committee Member. During this period, he led several important investments in both funds Clessidra Capital Partner I (SGI, AdR, Sisal, Giochi Preziosi, Tirrenia) and II (Cerved, Balconi), being a top manager in target companies and SPVs.
  • From 2012 to May 2015 he was member of General Counsel and Operating Vice Chairman of Tax & Legal Commission of AIFI (Italian Association of Private Equity and Venture Capital).
  • From 1998 to 2003, Grimaldi was Director of General Affairs of Fininvest S.p.A. During this period, he was an executive member (Co-Ceo) of the BoD of Medusa S.p.A. and a non-executive member of the BoD of Mediolanum S.p.A.

S.G.I.

  • Target
    - SGI operates in natural gas transportation from productive sites to storage areas: with 1,260 km of an owned grid, it is the 2nd Italian player.
  • Deal
    - In 2004, Soc. Gasdotti del Mezzogiorno and a branch of Edison T&S are acquired.
    - The company Società Gasdotti Italia (SGI) results from the merger of the two-abovementioned companies.
  • Actions Taken
    - Optimization in the use of resources.
    - Definition of a reporting system.
    - Definition of an investment plan of about 430mln€.
    - Achievement of a “grid code” and new tariff plan.
    - Recognition as the second domestic player in the gas transport sector.
    - EXIT: Sale through competitive auction. (Gross IRR: 93.3%; MOIC: 4.6x)

AEREOPORTI DI ROMA

  • Target
    - The sole manager of Rome’s airport system that includes intercontinental Fiumicino airport and Ciampino airport. ADR is the Italian leading company in the sector and 6th in Europe.
  • Deal
    - The entrance in ADR takes place in 2005 through the acquisition of 47.7% of Investimenti e Infrastrutture S.p.A., (former Miotir), an SPV established for the co-investment (with Sintonia and Unicredit) in Gemina, main shareholder of ADR.
  • Actions Taken
    - Rationalisation of the corporate structure.
    - Disposal of non-core assets: 11% of Impregilo, 1% of Rcs, Elilario and H3G, handling activities, South African airports.
    - Acquisition of 44% of ADR from Macquaire.
    - Management change.
    - Consolidation in the control chain.
    - EXIT: Disposal to Sintonia and to an industrial player Changi, in 2010. (Gross IRR: 2.0%; MOIC: 1.1x)

SISAL

  • Target
    - The first company licensed by the Italian State to operate in the gaming sector. Sisal introduced “Totocalcio” and “Superenalotto”. As of today Sisal is among the top ten players in the global gaming sector and in the payment services sector.
  • Deal
    - In 2005, the SPV Area Giochi Holding acquires from Molo Family 61% of Sisal. Later, additional acquisitions have been made in the sectors of sports betting and video-lottery.
  • Actions Taken
    - Consolidation of traditional activities and diversification towards new segments.
    - Support to the relationships with the Authorities and in all M&A deals.
    - EXIT: Sale through competitive auction. (Gross IRR: 643.5%; MOIC: 8.8x)

GIOCHI PREZIOSI

  • Target
    - Founded in 1978, Giochi Preziosi is the Italian leading player in traditional toy market and one of the main operators in the world thanks to a huge development including Toys Italia, Toys Estero, Retail and horizontal businesses (food, etc). Owned brands: Cicciobello, Gormiti, etc.
  • Deal
    - In May 2008, the SPV Lauro Ventidue (co-investing with Unicredit and Hamilton Lane) together with Banca Intesa 55% of Giochi Preziosi.
    - In September 2008 Idea Capital subscribes a capital increase with premium of 5%.
    - In 2011 the Group acquires King Jouet, a French retail company.
  • Actions Taken
    - Definition and implementation of growth process that lead the Group to be one of the main companies operating in the Toy industry in the world.
    - Support during the crisis management period that started in 2011.
    - Hiring of a new top Manager.
    - Dismissal of non-core assets.
    - Definition and conclusion (November 2013) of a financial measure with financing banks. ((*)MOIC: 0.1x)
    (*) Deal closed on April 2015

CERVED GROUP

  • Target
    - Established in 1974, Cerved operates in the Italian business information sector.
    - In 2005/2006 becomes the Italian leader in the sector thanks to some acquisitions (Centrale dei Bilanci e Databank) and the capital increase made by Coface.
  • Deal
    - In 2009 the SPV Lauro Quarantotto, together with Bain Fund, acquires from the shareholding Banks (Intesa SanPaolo, Unicredit, MPS, Banco Popolare) a minority participation of 23.6% of Cerved S.p.A.
    - In 2010 Cerved S.p.A. is merged with Lince.
  • Actions Taken
    - Support in the Management Team implementation and in the integration and rationalization process.
    - Support in the potential M&A deals analysis.
    - Bond emission that launched the sale process.
    - EXIT: Sale through competitive auction to a financial operator. (Gross IRR: 25.7%; MOIC: 2.7x)

BALCONI

  • Target
    - Established in 1950 from Balconi Family, Balconi becomes one of the main Italian players and a relevant European player in the production and distribution of packaged snacks, and sponge cake based products mostly with its own brand and partly through private labels..
  • Deal
    - In 2011 the SPV Lauro Quarantanove acquires 80.2% of the company from Balconi Family.
    - Nel 2013 acquires Biscottificio Baroni S.p.A. a major player in the production and distribution of biscuits and wafers.
  • Actions Taken
    - Appointment of a new Management.
    - Focus on innovation and integration processes.
    - Launch of ERP system’s upgrade process.
    - Launch of new products with new packaging.
    - [EXIT(*): Sale through competitive auction to a financial/industrial operator. (Gross IRR: 113.4%; MOIC: 2.3x)]

    (*) Deal closed on July 2015

TIRRENIA

  • Target
    - The leading shipping company in the maritime transportation industry in Italy. It connects with cargo and passenger ships important Italian ports and Mediterranean Sea ports throughout the whole year.
  • Deal
    - In July 2012 the SPV Lauro Diciannove acquires 35% of Tirrenia, today Compagnia Italiana di Navigazione (C.I.N.), together with Moby S.p.A. (40%), G.I.P. from Genoa (15%) and Shipping Invest. from Naples.
  • Actions Taken
    - Appointment in the BoD of academic representatives specialised in extraordinary transactions
    - Launch of negotiations to modify the agreement with Government authorities.
    - [Negotiation management for the sale of the participation to Moby Group, operating in the same sector and Italian leader in cargo and passenger transportations from Italy to the North Tyrrhenian islands. The sale(*) was closed for a total consideration of 28mn€. (Gross IRR: 29.1%; MOIC: 2.2x)].

    (*) Deal closed on July 2015