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Yuhan joined CMC Capital in 2021. Earlier in her career, Yuhan was a member of the Institutional Investor top 2 equity research team, independently executing projects for several $100 billion AUM funds. Yuhan holds MSc in Finance from Luigi Bocconi University in Milan.
Prior to joining the team in June 2023, Niccolo’ worked at a Milan-based Venture Capital Fund and an M&A advisory firm.
Niccolo’ holds a MSc in Business Administration and Law and a BSc in Economics and Management from Luigi Bocconi University in Milan.
Giorgio Croci
Analyst
Giorgio joined CMC Capital in June 2023. He previously served as an off-cycle investment banking analyst at Santander Corporate and Investment Bank.
Giorgio holds a MSc with honours in Management with a Major in Corporate Finance and a BSc in Business Administration and Management from Bocconi University, Milan. During his studies, Giorgio had the opportunity to attend NOVA SBE in Lisbon and Uc3m in Madrid as an exchange student.
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Carlo has close to four decades of experience in the financial services sector and has held multiple senior leadership positions at some of the world’s largest financial institutions. He is a Mergers & Acquisitions expert with vast experience across many industrial sectors and regions.
Carlo commenced his career at Morgan Grenfell in 1983. From 2016 to 2020, he served as Head of Banking for Barclays Europe and was responsible for the investment banking activities of the firm in Continental Europe and CEEMENA. He served as Head of International M&A, first at Credit Suisse and then at Merrill Lynch, before joining Barclays in 2016 as Chairman of M&A before his role was expanded to encompass all banking products. During his career, Carlo has led the execution of landmark transactions: defence/ sale of Telecom Italia to Olivetti ($60bn), Endesa to Enel ($41bn), Arcelor to Mittal ($27bn), Portugal Telecom from the hostile bid by SONAE.Com ($16.8bn), IMI to Istituto San Paolo ($15bn), INA to Generali (€12.4bn) and Porsche acquisition of Volkswagen (€35bn).
In 2012, Carlo founded CMC Capital Limited, an investment banking boutique specialising in M&A and debt restructuring.
Carlo returned to CMC Capital in 2021 and is co-sponsor of Centricus Acquisition Corp, a SPAC listed on the Nasdaq. Centricus has announced a business combination with Arqit, upon completion of the combination, Carlo will join Arqit’s board.
Advised on 67% sale of Silversea Cruises by Heritage Group to Royal Caribbean Cruises in 2018 and the remaining 33% in 2020
Advised on the acquisition by Heritage Group of A&K in 2019
Advised on the sale by GIP of Gatwick airport to Vinci in 2019
Advised on the sale of a majority stake of Italian railways group, Italo, to GIP in 2018
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Debora Del Favero
Partner and co-founder
Debora has nearly four decades experience across investment banking with a focus on cross-border M&A. Prior to joining CMC Capital Debora was a Managing Director (based in London and New York) in the Investment Banking Division of Credit Suisse, responsible for the origination and execution of M&A transactions in the Energy group. In addition, she was a Member of the Executive Committee of the Investment Banking Division. During her early career at Credit Suisse, Debora was a member of the Capital Markets Group where she focused on debt (bond and bank), equity and equity linked origination for Italian clients.
Debora is a member of the Board of Directors of Atlantica Sustainable Infrastructure Plc and serves Atlantica’s Corporate Governance, Nomination and Related Party Transactions committees.
She has a degree in Economics and Business Administration from Luigi Bocconi University in Milan.
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Stefano has close to three decades experience in investment banking with a particular focus on the renewables sector. Prior to re-joining CMC Capital in November 2020, Stefano was Head of Barclays’ Renewables Energy practice for EMEA and Managing Director in the European Power, Utilities, and Infrastructure team. Prior to Barclays and CMC Capital, Stefano worked in investment banking at Merrill Lynch, Credit Suisse and Lazard.
Stefano has also acted as Head of Business Development and M&A at Hera Group, a listed municipal utility with a market capitalisation of €6bn.
He has a degree in Economics and Business Administration from Luigi Bocconi University in Milan and a Masters in Finance from London Business School.
Acquisition of minority stake in ITM Power, a leading electrolyser manufacturer, by SNAM
Green convertible issuance for Falck Renewables
Advisory to CKI in the disposal of Iberwind to JPM
Advisory to Metaenergia in the sale of its gas peakers
Advisory to Shangai Electric on Zero-E/ACS Cobra and X-Elio solar portfolios in Spain
Advisory to First State on the pre-emptive acquisition of Uniper’s stake in LNG terminal OLT Offshore
Advisory to ADIA on the acquisition of a stake in Cellnex through Edizione holding vehicle
Advisory to Brookfield on the sale of Irish wind portfolio
Advisory to Italgas on Ascopiave gas distribution acquisition
Advisory to F2i on the acquisition of RTR
Advisory to 2i Rete Gas on the acquisition of Naturgy’s Italian gas distribution
IPO of Neoen
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Gian Maria was one of the original members of CMC Capital when he joined in 2013.
He has over 10 years experience in investment banking, with a particular focus on the renewables and energy transition sectors. Prior to re-joining CMC Capital in June 2023, Gian Maria was a Director in the Italian Coverage Team at Barclays and responsible for Italian Energy Clients.
Gian Maria holds a Bachelor in Business Administration and a MSc in Accounting, Finance & Control from Luigi Bocconi University in Milan.
Advised Powy (EV Charging CPO) in its €85m capital raise (May 2023)
Advised Saipem in its rights issue (€2.0bn rights issue, July 2022)
Fairness Opinion to A2A’s independent Directors in the acquisition of Ardian’s RES portfolio (EV – €0.5bn – February 2022)
Advised ERG on the acquisition of a renewable portfolio in Spain (EV – €0.1bn – December 2021)
Fairness Opinion to HRADF in the sale of Depa Infrastructure to Italgas (EV – €0.7bn – August 2021)
Advised Metaenergia shareholders in the sale of its c. 550MW gas peakers portfolio (EV – €0.5bn – March 2021)
Advised Falck Renewables in the tentative acquisition of a wind portfolio in Europe (EV – €0.5 bn – December 2020)
Advised ENI in the acquisition of Evolvere (EV – nd – October 2019)
Advised First Sentier in the acquisition of a 48.2% stake in OLT Offshore LNG Toscana (EV – €1.3bn January 2019)
Advised F2i/EF Solare in the acquisition of Rete Rinnovabile from Terra Firma (EV €1.3 bn – July 2018)
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Ornella Dellapina Fenman
Chief Operating Officer
Ornella joined CMC Capital at its inception in 2012. She has nearly four decades of experience across M&A working for major international investment banks. Prior to joining CMC Capital, Ornella was a Vice President (International Client Services) at Fairfield Greenwich, an alternative investment fund. Ornella has held management support roles at Credit Suisse, the IAAF, Morgan Grenfell & Co Ltd and Fiat.
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Prior to joining CMC Capital in June 2021, Marco was an Associate in the Investment Banking Division of UniCredit’s Financing & Advisory Team from 2017.
In this role, he was involved in the structuring and execution of corporate and acquisition financing solutions, with a focus on infrastructure, industrials, automotive and FIG clients.
During the graduate program, he worked for several months in the New York and Munich branches, respectively in the coverage and capital structure advisory teams.
Marco holds a Bachelor in Business Administration and a MSc in Accounting, Finance & Control at Luigi Bocconi University in Milan.
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October 2023
CMC Capital Advised Bluefield Partners on the Sale of a 10MW Solar Portfolio in Puglia
Transaction Highlights
CMC Capital advised Bluefield Partners on the sale of their 10MW solar portfolio to Tages.
Bluefield was founded in 2009 and is composed of five companies active in the development, investment, asset management and O&M services: respectively Bluefield Development, Bluefield Partners, Bluefield Services and Bluefield Operations.
Tages is an asset manager and leading photovoltaic operator in Italy with 612MW of installed capacity.
Transaction Description
The Seller build this portfolio in 2019 through several different transactions and sine then has implemented both operating and financial initiatives aimed at improving its overall performance.
The portfolio comprises of 3 SPVs with a total of 10 plants of 1MW capacity each, for a total capacity of ca. 10 MW.
Plants are eligible for Conto Energia tarriff (CE IV).
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July 2023
CMC Capital Advised FIEE on the Disposal of Comat Servizi Energetici S.p.A and the subsequent combination with Metrotermica S.p.A.
Transaction Highlights
CMC Capital Advised FIEE on the sale
of Comat Servizi Energetici (CSE) and Metrotermica to Marguerite and Pioneer Point Partners.
CSE and Metrotermica are two ESCo companies respectively based in Turin and in Rome.
FIEE is a private equity firm that invests in European companies active in the areas of energy
efficiency and energy transition.
Marguerite is a pan-European investor in infrastructure seeking sustainable and capital-intensive investment opportunities.
Pioneer Point Partners is an investor in sustainable infrastructure in Europe and has invested €1.4bn.
Transaction Description
FIEE, Marguerite and Pioneer Point Partners joined forces to form Italy’s largest operator in the residential energy efficiency sector by combining CSE and Metrotermica. The transaction has been carried out by the funds: Marguerite III, Pioneer Infrastructure Partners and IEEF II.
Marguerite and Pioneer Point Partners acquired 100% of CSE, a subsidiary of IEEF I and Comat
S.p.A., and FIEE contributed, through IEEF II, its subsidiary Metrotermica to CSE, thus becoming a
co-shareholder with the other two international funds.
The integrated company will be the leading player in the Italian residential energy efficiency
market, providing energy management services to 3,200 apartment buildings in northern and central
Italy.
CSE, with revenues of around €75m grown about four times since 2018, is the leading Italian
independent residential energy efficiency company serving 2,700 apartment buildings.
Metrotermica, founded in Rome in 1977 and with revenues of approx. €9m in 2022, deals with energy efficiency serving about 500 apartment buildings in central Italy.
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March 2023
CMC Capital Advised Cruise Saudi on the Acquisition of the World Dream from Genting HK
Transaction Highlights
Cruise Saudi, a wholly owned subsidiary of the Public Investment Fund (PIF) of KSA, has acquired the World Dream, a contemporary cruise vessel, from Dream Cruises, a subsidiary of Genting Hong Kong.
Cruise Saudi was launched in 2021 with an aim to establish the Red Sea and Saudi Arabia as a cruising hub, with Cruise Saudi as the driving force behind building a fully integrated and sustainable cruise offering.
The vessel was auctioned in Singapore in late 2022 and the purchase was finalised in February 2023.
The terms of the transaction were not disclosed.
Transaction Description
The vessel was delivered to Cruise Saudi on 28 February 2023.
The vessel has been renamed Manara and is set to undergo a renovation to better align with its new ownership strategy.
The acquisition of Manara compliments Cruise Saudi’s strategy to build Saudi Arabia’s cruise ecosystem and into becoming a global cruise destination.
Key Features of the vessel:
1,674 cabins able to carry 3,352 guests and 2,000 crew members.
70% of staterooms have private balconies and more than 100 connecting rooms .
Over 35 restaurants and a bar with a 610m promenade.
Equipped with pools, six water slides, play rooms rock climbing walls and mini-golf and a full complement of health and well-being facilities.
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December 2022
CMC Capital Advised FIEE on the Disposal of Selettra IP
Selettra S.p.A., a holding company controlled by Fondo Italiano per l’Efficienza Energetica has completed the sale of the entire share capital of Selettra Illuminazione Pubblica S.r.l. to Patrizia Infrastructure Limited, acting through its Smart Cities Infrastructure Fund.
The acquisition of Selettra IP represents a highly compelling investment opportunity for Patrizia, given the attractive potential synergies with Ottima, leader in the Italian smart lighting sector, acquired by Patrizia in October 2022
Selettra IP represents the second largest independent ESCo player in the public lighting sector in Italy, with c.50 employees and more than 140k light points under management located in 6 Italian regions
Selettra IP combines a sizeable existing concession portfolio with a highly visible growth pipeline, resulting in a predictable and growing cash flow generation profile.
The company is mainly active in 2 business lines:
Energy efficiency solutions, through a tailor-made approach; and
Energy production through renewable energy (it owns a 60MW PV projects at development stage).
Its energy efficiency expertise, combined with a strong connectivity with local stakeholders, allows diversification into attractive businesses like large-scale PV and energy communities.
Selettra represents a key infrastructure enabler of the “Smart City Revolution”, resulting in significant cross-selling opportunities in relation to innovative businesses like 5G and smart cities
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August 2022
CMC Capital Advised CRAB Holding on the Sale of Its 3MW EPI Viterbo Solar Plant to Bluefield Group
CMC Capital advised CRAB Holding S.p.A. on the disposal of its 3MW operating solar plant in Lazio.
In August 2022, the seller successfully closed the transaction with Bluefield Group, a UK-based investment platform specializing in renewable energy.
The consideration of the transaction was not disclosed.
The Seller
CRAB Holding S.p.A. is the holding company of Cavaliere del Lavoro, Roberto Balma, who is also the controlling shareholder of Fini Nuair S.p.A.
Bluefield Group
Bluefield Group is an integrated investment and asset manager covering the entire solar value chain. Bluefield manages c.€1.4bn of renewables assets, of which 800 MWp of capacity in the UK & Europe.
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August 2022
CMC Capital Advised F2i on the Acquisition of 40% Stake in Enérgya-VM, Villar Mir’s Supply Business
F2i, Italy’s leading infrastructure fund, has signed an agreement to acquire a 40% stake in Enérgya-VM (EVM), a retail electricity company, from the Villar Mir Group.
CMC Capital acted as the financial advisor to F2i.
The agreement also admits a short-term option to acquire the remaining 60% stake in EVM, laying the foundations for the development of an integrated business in the electricity sector also outside Italian borders.
The consideration of the transaction was not disclosed.
F2i
F2i SGR is Italy’s largest independent infrastructure fund manager, with assets under management of approximately € 7 billion. The companies in F2i’s network make up Italy’s main infrastructure platform, spanning six key sectors of the national economy such as transport and logistics, energy for transition, circular economy, distribution networks, telecommunications networks and services, and social-healthcare infrastructure. Led by its CEO Renato Ravanelli, F2i, through its subsidiaries, has 23,000 employees in Italy, whose work allows millions of people to use services and infrastructure that are essential for daily life. F2i SGR’s key shareholders include financial institutions, including banking foundations, domestic and foreign social security and pension funds, domestic and international asset managers, and sovereign wealth funds. The funds managed by F2i SGR are subscribed by leading Italian and foreign institutions.
Villar Mir Group
Grupo Villar Mir was founded in 1987 by Juan Miguel Villar Mir de Fuentes, current Chairman, has a geographical presence in 31 countries across Latin America, North America, Africa, Europe, Asia and Australia. The Group, with over 11k employees, operates through 6 subsidiaries in real estate, electrometallurgy, production and marketing of electricity, construction, concessions, services and development. Two companies, Ferroglobe (electrometallurgy) and OHL (construction) are listed on the Madrid Stock Exchange (€1.4bn and €0.5bn market cap, respectively).
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August 2022
CMC Capital Advised F2i and Credit Agricole Assurances on the Acquisition of Villar Mir's wind farms in Northern Spain
F2i, Italy’s leading infrastructure fund, and Crédit Agricole Assurances have signed an agreement to acquire from the Villar Mir Group wind farms in operation (53 Megawatts of capacity) and wind projects at an advanced stage of development (430 Megawatts of capacity), located in Northern Spain.
CMC Capital acted as the sole financial advisor to F2i and Crédit Agricole Assurances.
F2i, through Fund V – Fondo per le Infrastrutture Sostenibili, will acquire 60% of the wind power portfolio and the remaining 40% will be held by Credit Agricole Assurances. The seller Villar Mir is a historic Spanish conglomerate operating in 31 countries in the real estate, metalworking, power generation and construction sectors.
The consideration of the transaction was not disclosed.
F2i
F2i SGR is Italy’s largest independent infrastructure fund manager, with assets under management of approximately € 7 billion. The companies in F2i’s network make up Italy’s main infrastructure platform, spanning six key sectors of the national economy such as transport and logistics, energy for transition, circular economy, distribution networks, telecommunications networks and services, and social-healthcare infrastructure. Led by its CEO Renato Ravanelli, F2i, through its subsidiaries, has 23,000 employees in Italy, whose work allows millions of people to use services and infrastructure that are essential for daily life. F2i SGR’s key shareholders include financial institutions, including banking foundations, domestic and foreign social security and pension funds, domestic and international asset managers, and sovereign wealth funds. The funds managed by F2i SGR are subscribed by leading Italian and foreign institutions.
Crédit Agricole Assurances
Crédit Agricole Assurances, France’s largest insurance group, unites Crédit Agricole’s insurance subsidiaries. The Group offers a range of savings, retirement, health, personal protection, and property insurance products and services. They are distributed by the Crédit Agricole’s banks in France and in eight other countries around the world. The Crédit Agricole Assurances companies serve individuals, professionals, farmers, and businesses. Crédit Agricole Assurances has 5,300 employees. Its premium income at the end of 2021 amounted to EUR 36.5 billion (IFRS).
Villar Mir Group
Grupo Villar Mir was founded in 1987 by Juan Miguel Villar Mir de Fuentes, current Chairman, has a geographical presence in 31 countries across Latin America, North America, Africa, Europe, Asia and Australia. The Group, with over 11k employees, operates through 6 subsidiaries in real estate, electrometallurgy, production and marketing of electricity, construction, concessions, services and development. Two companies, Ferroglobe (electrometallurgy) and OHL (construction) are listed on the Madrid Stock Exchange (€1.4bn and €0.5bn market cap, respectively).
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July 2022
CMC Capital Advised A&K Travel Group on the Acquisition of Crystal Cruises
A&K Travel Group, owned by Heritage Group, the industrial holding group of Manfredi Lefebvre d’Ovidio and Geoffrey Kent, has acquired Crystal Cruises, the luxury cruise business.
CMC Capital acted as the sole financial advisor to A&K Travel Group.
Crystal Cruises operates two luxury ships, the Crystal Symphony and Crystal Serenity, that will resume service in 2023 after undergoing extensive refurbishment and will operate under the Crystal Cruises brand.
The consideration of the acquisition was not disclosed.
Abercrombie & Kent (A&K) Group
Geoffrey Kent founded A&K in Kenya in 1962 and is today’s pioneer in luxury and adventure travel. A&K has more than 55 offices in over 30 countries dedicated to partnering with premium and luxury travel companies to provide innovative travel experiences on all seven continents. On-site offices staffed 24/7 guarantee a seamless process from itinerary design to on-the-ground services for Tour Operators, Cruise Lines, Meeting & Incentive Groups, and Travel Professionals. A&K DMC services are only available on a business-to-business basis to travel industry professionals.
Crystal Cruises
Crystal Cruises is a well-regarded luxury cruise company founded in 1989, with a strong brand equity and a loyal customer base. It is also the only cruise company that has earned the most “World’s Best” awards in history. Crystal Cruises provides customers with access to 70+ countries, 170+ destinations, and 130+ itineraries. The company is headquartered in Miami, United States
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June 2022
CMC Capital Advised Edison S.p.A’s Independent Directors in the Acquisition of the Italian and Spanish Operations of Citelum S.A, a Subsidiary of EDF Group
Fenice S.p.A, a wholly owned subsidiary of Edison S.p.A, acquired the Italian and Spanish operations of Citelum S.A, a subsidiary of EDF Group.
CMC Capital acted as an advisor to Edison’s Independent Directors in the acquisition from Citelum of its public lighting activities in Italy and Spain.
As a result of the acquisition, Edison is the second largest operator in Italy in the public lighting sector, with over 700 lighting points. Also, through its subsidiary Fenice, it manages 2,100 public and private structures, 80 district heating plants, 45 industrial sites powered by electricity production plants (including renewables and cogeneration plants) and 27 environmental service sites.
The consideration for the transaction was not disclosed.
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June 2022
CMC Capital Advised PRV Energy, CRAB Holding and GP Joule on the Sale of Their 6MW Solar Portfolio to Bluefield Group
CMC Capital advised PRV Energy S.r.l., CRAB Holding S.p.A. and GP Joule PV-UE Beteiligungs-GMBH on the disposal of their 6.2 MW operating solar portfolio in Sardinia.
In June 2022, the sellers successfully closed the transaction with Bluefield Group, a UK-based investment platform specializing in renewable energy.
The consideration of the transaction was not disclosed.
The Sellers
PRV Energy was incorporated in October 2008 with the purpose of developing and operating PV solar farms in Italy. PRV Energy shareholders are a group of private Italian and British investors.
CRAB Holding S.p.A. is the holding company of Cavaliere del Lavoro, Roberto Balma, who is also the controlling shareholder of Fini Nuair S.p.A.
GP Joule is a leading German EPC contractor.
Bluefield Group
Bluefield Group is an integrated investment and asset manager covering the entire solar value chain. Bluefield manages c.€1.4bn of renewables assets, of which 800 MWp of capacity in the UK & Europe.
CMC Capital is an independent corporate finance boutique
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About
CMC Capital was founded in 2012 by a team of experienced investment bankers with previous leadership roles in major international investment banks. We operated successfully, executing several high profile transactions for, amongst others, Telecom Italia, Edizione, Pirelli, ENEL and Hera, until most of the team moved to Barclays in 2016 where some of the partners held key management positions in the EMEA investment banking practice. We got back together in January 2021 to grow our business operations.
Team
A highly experienced team of business financiers, based in London but operating globally, with a deep knowledge of the energy transition and travel & leisure sectors.
- Carlo Calabria
Bio
- Debora Del Favero
Bio
- Stefano Soldi
Bio
- Gian Maria Betti
Bio
- Ornella Dellapina Fenman
Bio
- Marco D’Orfeo
Bio
- Yuhan Luo
Bio
- Niccolo’ Borrelli
Bio
- Giorgio Croci
Bio
Our Mission
Our mission is to maintain the highest degree of independence, commitment to excellence and integrity, combined with providing innovative ideas and solutions.
Every business is unique with its individual qualities, requirements and prospects. Therefore, it is critical to provide bespoke solutions based on solid fundamentals.
Our objective is to establish long lasting relationships with our clients by delivering high quality advisory services and deal execution. We are committed to providing discreet and confidential services in full alignment with our clients.
What we do
Mergers & Acquisitions
We provide advice and support on mergers & acquisitions for companies of all sizes. We work alongside management to structure and execute joint ventures and acquisitions as well as the sale of businesses.
Capital Structuring
We provide companies with advice on the optimal capital structure, including the appropriate financial requirements of a business plan and work alongside management to negotiate terms with their financing providers, including derivatives, in the normal course of M&A business as well as corporate debt restructuring procedures.
Capital Raising
We provide advisory and execution support for emerging companies’ capital raising efforts. We work alongside management to optimise corporate objectives, assist with the preparation of information packages, identify prospective investors and negotiate terms.
SPAC Sponsorship and Management
We invest in and advise companies and their shareholders on their approach to obtaining a stock market listing or capital raising, including developing a business plan and defining and positioning the equity story, selecting global co ordinator(s) for the offering and overseeing and managing the entire process.
SPAC Sponsorship & management
Through our deep knowledge and transactional track record in M&A, our SPAC co-sponsor experience and equity advisory expertise, CMC Capital has the capability to guide companies and investors through the entire SPAC life-cycle, from conception through target company identification and ultimately to a successful business combination and life in the public markets.
Centricus and Arqit business combination
In May 2021, Centricus Acquisition Corporation announced the business combination with Arqit, a deep tech company and inventor of unique quantum encryption technology. The combination was approved and initiated trading under the ticker ARQQ and ARQQW on Tuesday, September 7th 2021. Carlo Calabria is a board member of Arqit.
Recent Transactions
October 2023
CMC Capital Advised Bluefield Partners on the Sale of a 10MW Solar Portfolio in Puglia
MoreJuly 2023
CMC Capital Advised FIEE on the Disposal of Comat Servizi Energetici S.p.A and the subsequent combination with Metrotermica S.p.A.
MoreMarch 2023
CMC Capital Advised Cruise Saudi on the Acquisition of the World Dream from Genting HK
MoreAugust 2022
CMC Capital Advised CRAB Holding on the Sale of Its 3MW EPI Viterbo Solar Plant to Bluefield Group
MoreAugust 2022
CMC Capital Advised F2i on the Acquisition of 40% Stake in Enérgya-VM, Villar Mir’s Supply Business
MoreAugust 2022
CMC Capital Advised F2i and Credit Agricole Assurances on the Acquisition of Villar Mir's wind farms in Northern Spain
MoreJune 2022
CMC Capital Advised Edison S.p.A’s Independent Directors in the Acquisition of the Italian and Spanish Operations of Citelum S.A, a Subsidiary of EDF Group
MoreJune 2022
CMC Capital Advised PRV Energy, CRAB Holding and GP Joule on the Sale of Their 6MW Solar Portfolio to Bluefield Group
More