Primo Fondo Italiano per le Infrastrutture
Primo Fondo Italiano per le infrastrutture known as F2i First Fund is an Italian private equity fund. it was managed by Fondi Italiani per le Infrastrutture SGR.
History
In May 2008 F2i finalized its first acquisition, by purchasing a 15.7% in Alerion Clean Power S.p.A..
After this, it acquired stakes in Enel Stoccaggi from Enel (49%) and Infrastrutture CIS (26%). In 2009 F2i became a shareholder of HFV (49.8%), Interporto Rivalta Scrivia (22.7%) and Enel Rete Gas (80%), through F2i Reti Italia S.r.l., for overall shareholdings of €550 million.
In July 2010, through F2i Rete Idrica Italiana S.p.A., it took over a 24% stake in San Giacomo S.r.l., the majority shareholder of Mediterranea delle Acque, for the establishment of a pole that would invest in water networks by exploiting the liberalisation of the sector: Iren held the remaining shares. The stake reached 40% in the months after.
In October 2010, F2i acquired a 65% stake in GESAC for €150 million (via 2i Aeroporti)[1] - GESAC being the handling company that controls Naples-Capodichino Airport - and a 54% stake in Software Design, a company specialised in airport software.
In December 2010, alongside Finavias S.r.l. (AXA group) F2i invested €255 million for a 100% stake in E.ON Rete, a company belonging to the E.ON group, that is active in natural gas distribution in Italy with circa 600,000 clients in 300 Municipalities and a grid which extends for 9,100 kilometres. After this operation, F2i gained control of 50,000 kilometres of grid, over 2.7 million clients and a 15.8% market share.
In May 2011, a consortium made up of F2i (87.5%) and Intesa Sanpaolo (12.5%) took over more than 61.4% stake in Metroweb, a telecommunications company that controls a 330,000-kilometre-long optical fibre network covering an area of over 2.7 million inhabitants, mainly in the Municipality of Milan and partially in the rest of Lombardy. In September 2012 Intesa Sanpaolo sold the 12.5% stake to F2i for €20 million.[2]
On 6 June 2011, alongside AXA, F2i acquired a 100% stake in G6 Rete Gas [3](owned by GDF Suez) for €772 million; G6 Rete Gas is active in methane gas distribution with 990,000 clients and 4 billion cubic metres of methane delivered through 13,000 kilometres of pipes. After this operation, F2i gained control of more than 18-20% of the gas distribution market.
In 2012 F2i formed a joint venture Metroweb Italia with Italian Strategic Fund in the industry of fibre optic.
In 2013–14 F2i acquired the controlling interests (54.46%) of Società Azionaria Gestione Aeroporto Torino.
In 2015 49% shares of 2i Aeroporti was sold to a consortium formed by Ardian and Crédit Agricole Assurances (a Crédit Agricole subsidiary).[4][5]
Portfolio
- As of March 2016 [6]
| Companies | % of share capital | Main area of business | Date of purchase | Cost | Date of sell | Price | Remarks |
|---|---|---|---|---|---|---|---|
| Alerion Clean Power | 15.7% | renewable energy | October 2008 | ||||
| Aeroporto Guglielmo Marconi di Bologna | 0.970% | airport operator of Bologna Airport | via joint venture 2i Aeroporti | ||||
| Enel Stoccaggi | 49% | gas storage in Romanengo | 2008[7] | February 2012 | |||
| Enel Rete Gas | 63.83% | gas distribution network | September 2009[7] | ||||
| Gestione Servizi Aeroporti Campani (GESAC) | 70% | airport operator of Naples Airport | December 2010 | sold partially via 2i Aeroporti | |||
| HFV | 49.8% | renewable energy investment fund | April 2009 | ||||
| Infrastrutture CIS | 26.31% | holding company of toll road operator | January 2009 | ||||
| Interporto Rivalta Scrivia | October 2011 | ||||||
| Mediterranea delle Acque | |||||||
| Metroweb | 87.68% | fiber-optic network in Milan | 2012 to 2016 | sold to CDP and Enel | |||
| Metroweb Genova (ex-Saster Net) | 85.00% | fiber-optic network in Genoa | October 2012 | 2012 to 2016 | sold to CDP and Enel | ||
| Società Azionaria Gestione Aeroporto Torino (SAGAT) | 54.46% | airport operator of Turin Airport | sold partially via 2i Aeroporti | ||||
| Società Esercizi Aeroportuali (SEA) | airport operator of Milan Airport | sold partially via 2i Aeroporti |
Shareholders
| Company | Number of shares | par value | Ratio |
|---|---|---|---|
| Fondazione Cariplo (A shares) | 120 | €120 million[8] | 6.48% |
| Fondazione Cariparo (A shares) | 15 | €15 million[9] | |
| Fondazione Cassa dei Risparmi di Forlì (A shares) | 15 | €15 million[10] | |
| Fondazione Cassa di Risparmio di Lucca (A shares) | 15 | €15 million[11] | |
| Fondazione CRT (A shares) | 60 | €60 million[12] | 3.24% |
| Cassa nazionale di previdenza ed assistenza per gli ingegneri ed architetti liberi professionisti | |||
| Cassa Italiana di Previdenza e Assistenza dei Geometri liberi professionisti | |||
| Cassa Depositi e Prestiti | |||
| Intesa Sanpaolo | |||
| UniCredit | |||
| Ardian | |||
| A shares sub-total | 938 | €938 million | 50.65% |
| Ente Cassa di Risparmio di Firenze (B shares) | 40 | €40 million | |
| Fondazione Cassa di Risparmio di Lucca (B shares) | 15 | €15 million | |
| B shares sub-total | 906 | €906 million | 48.92% |
| Fondazione Cariplo (C shares) | 13.16 | €658,000 | |
| Fondazione CRT (C shares) | 6.59 | €329,500 | |
| Fondazione Cariparo (C shares) | 2.30 | €114,856 | |
| Fondazione Cassa di Risparmio di Forlì (C shares) | 1 | €50,000 | |
| Fondazione Cassa di Risparmio di Lucca (C shares) | 1 | €50,000 | |
| F2i SGR (C shares) | |||
| C shares sub-total | 160 | €8 million | 0.43% |
| Total | 2004 | €1.852 billion |
References
- ↑ BAA announces sale of Naples International Airport
- ↑ "INTESA SANPAOLO TRANSFERS 12.5% OF F2i RETI TLC TO THE F2i FUND". Intesa Sanpaolo / F2i. 13 September 2012. Retrieved 16 March 2016.
- ↑ F2i and AXA Private Equity acquire G6 Rete Gas from GDF Suez Energia Italia
- ↑ "F2i CHOOSES ARDIAN AND CREDIT AGRICOLE ASSURANCES TO PURSUE ITS DEVELOPMENT IN THE AIRPORT INDUSTRY" (PDF). Ardian, Crédit Agricole Assurances and F2i SGR. 6 February 2015. Retrieved 15 March 2016.
- ↑ "Exclusive: Italy's F2i to sell stake in airport holding company". Reuters. 22 May 2014. Retrieved 15 March 2016.
- ↑ "Portafoglio". F2i SGR. Retrieved 15 March 2016.
- 1 2 "European electricity transmission grids line up for divestment". Utility Week. 26 June 2009. Retrieved 15 March 2016.
- ↑ "2014 Bilancio" (PDF) (in Italian). Fondazione Cariplo. 5 May 2015. Retrieved 16 March 2016.
- ↑ "2014 Bilancio" (PDF) (in Italian). Fondazione Cariparo. 8 June 2015. Retrieved 16 March 2016.
- ↑ "2014 Bilancio" (PDF). Fondazione Cassa di Risparmio di Forlì (in Italian). ACRI archive. 11 May 2015. Retrieved 16 March 2016.
- ↑ "2014 Bilancio" (PDF). Fondazione Cassa di Risparmio di Lucca (in Italian). ACRI archive. 22 April 2015. Retrieved 16 March 2016.
- ↑ "2014 Bilancio" (PDF) (in Italian). Fondazione CRT. 15 September 2015. Retrieved 16 March 2016.