FSI acquires 27% of CEDACRI in partnership with italian banks

    Fondo FSI - Staging


    PRESS RELEASE

    Milan, 22 December 2017 – FSI signed, on behalf of FSI Mid‐Market Growth Equity Fund, a
    definitive agreement for the acquisition of a minority interest in CEDACRI S.p.A..

    At closing, CEDACRI will be 27% owned by FSI and 73% owned by its 14 shareholder banks,
    including, as owners of an interest higher than 3% of the share capital, Banca Mediolanum,
    Cassa di Risparmio di Asti, Banco di Desio e della Brianza, Banca Popolare di Bari, Unipol Banca,
    Cassa di Risparmio di Bolzano, Banca del Piemonte and CREDEM.

    This is the first investment of FSI, which recently finalized the second closing of the fund with
    total capital commitments of approx. 1.2 billion euro. The current investor base includes Italian
    and international investors, comprising CDP, the European Investment Fund, sovereign wealth
    funds of Middle East, Far East and Central Asia, asset managers, European insurance companies
    and banks, bank foundations and family offices of large industrial groups.

    The investment is carried out with no leverage at CEDACRI. The deal provides the company with
    a sound capital structure to pursue its development plan, through organic and external growth.

    FSI investment will streamline CEDACRI’s governance and support its growth plans, therefore
    positioning the company for a potential future IPO.

    CEDACRI, with consolidated revenues of approx. 275 million euro in 2016 and approx. 1500
    employees and, is a leader in the Italian Fintech industry. The company is the main player in IT
    outsourcing services for banks and financial institutions.

    The company is the third back‐end banking platform in Italy and the first independent player. It
    supplies key services for the competitiveness of its customers.

    “The FSI investment, pursued in partnership with the shareholder banks of CEDACRI, is driven by
    the growth opportunities of a leading Italian company in the Fintech sector. CEDACRI has a
    significant development potential led by innovation, scale and sector consolidation” says
    Maurizio Tamagnini, CEO of FSI. “The FSI team has successfully invested in the Fintech sector in
    the past and considers the equity story similar to SIA, a leading Italian payment systems
    provider”.

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    FSI is an independent management company based in Milan. FSI manages the closed‐end alternative investment fund FSI Mid‐Market Growth Equity Fund, which recently finalized its second closing with total capital commitments of approx. 1.2 billion euro. The investor base includes Italian and international investors, comprising CDP, the European Investment Fund (EIF), sovereign wealth funds of Middle East, Far East and Central Asia, asset managers, European insurance companies and banks, bank foundations and family offices of large industrial groups.
    FSI targets excellent mid‐market Italian companies (revenues between € 100 mln and € 1.000 mln). The investment formula is based on a patient approach, moderate recourse to leverage, organic growth and acquisitions, sector consolidation and succession management. FSI pursues both minority investments with active governance rights and majority investments.
    The European Investment Fund (EIF) acted as cornerstone investor committing to the Fund through (i) the EIB‐EIF MidCap Funds Investment Facility, funded by the European Investment Bank (EIB) with a guarantee from the European Union under the European Fund for Strategic Investments (EFSI) as well as (ii) the Risk Capital Resources (RCR) mandate, funded by the EIB.
    EIF is part of the EIB Group. Its central mission is to support Europe’s micro, small and medium‐sized businesses (SMEs) by helping them to access finance.

    FSI Press Release
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