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

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.

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). 

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).  

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

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.

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.