PATRIZIA’s Smart City Infrastructure Fund to Acquire Selettra from FIEE and Target Company’s Founders
Posted on 11/07/2022
Founded in 1990, Selettra S.r.l (Selettra Illuminazione Pubblica) is an Italian streetlighting energy service company. Historically, Selettra focused on southern Italy but has recently expanded to include the north of the country.
Revealed on November 4, 2022, PATRIZIA Infrastructure (PATRIZIA SE), through its Smart City Infrastructure Fund, agreed to acquire Selettra from Fondo Italiano per l’Efficienza Energetica SGR S.p.A. (FIEE) and its founders. FIEE is based in Rome and it is an equity fund dedicated to financing energy efficiency projects in partnership with energy service companies. FIEE I is the first closed-end alternative investment fund promoted and managed by FIEE SGR. FIEE I was established in July 2016 and reached a size of €166 million in December 20, 2017, exceeding its initial target of €150 million. In May 2020, FIEE I closed its investment period ahead of schedule, ultimately investing in six portfolio companies. Selettra was a portfolio company of FIEE I.
The Smart City Infrastructure Fund closed its second funding round in September 2021, bringing its total fund size to €750 million. APG Asset Management is a key limited partner of the Smart City Infrastructure Fund.
As a part of the investment, Smart City Infrastructure Fund has committed additional growth capex to drive the future development of Selettra. Smart City Infrastructure Fund has plans to invest up to €140 million in Selettra.
Advisors
PATRIZIA was advised by ValeCap (M&A) and Andersen (legal), Ernst & Young (E&Y) (financial, tax and commercial), and Fichtner (technical).
