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PRESS RELEASE<\/p>\n
Milan, 22 December 2017 \u2013 FSI signed, on behalf of FSI Mid\u2010Market Growth Equity Fund, a
\ndefinitive agreement for the acquisition of a minority interest in CEDACRI S.p.A..<\/p>\n
At closing, CEDACRI will be 27% owned by FSI and 73% owned by its 14 shareholder banks,
\nincluding, as owners of an interest higher than 3% of the share capital, Banca Mediolanum,
\nCassa di Risparmio di Asti, Banco di Desio e della Brianza, Banca Popolare di Bari, Unipol Banca,
\nCassa di Risparmio di Bolzano, Banca del Piemonte and CREDEM.<\/p>\n
This is the first investment of FSI, which recently finalized the second closing of the fund with
\ntotal capital commitments of approx. 1.2 billion euro. The current investor base includes Italian
\nand international investors, comprising CDP, the European Investment Fund, sovereign wealth
\nfunds of Middle East, Far East and Central Asia, asset managers, European insurance companies
\nand banks, bank foundations and family offices of large industrial groups.<\/p>\n
The investment is carried out with no leverage at CEDACRI. The deal provides the company with
\na sound capital structure to pursue its development plan, through organic and external growth.<\/p>\n
FSI investment will streamline CEDACRI\u2019s governance and support its growth plans, therefore
\npositioning the company for a potential future IPO.<\/p>\n
CEDACRI, with consolidated revenues of approx. 275 million euro in 2016 and approx. 1500
\nemployees and, is a leader in the Italian Fintech industry. The company is the main player in IT
\noutsourcing services for banks and financial institutions.<\/p>\n
The company is the third back\u2010end banking platform in Italy and the first independent player. It
\nsupplies key services for the competitiveness of its customers.<\/p>\n
\u201cThe FSI investment, pursued in partnership with the shareholder banks of CEDACRI, is driven by
\nthe growth opportunities of a leading Italian company in the Fintech sector. CEDACRI has a
\nsignificant development potential led by innovation, scale and sector consolidation\u201d says
\nMaurizio Tamagnini, CEO of FSI. \u201cThe FSI team has successfully invested in the Fintech sector in
\nthe past and considers the equity story similar to SIA, a leading Italian payment systems
\nprovider\u201d.<\/p>\n
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FSI<\/strong> is an independent management company based in Milan. FSI manages the closed\u2010end alternative investment fund FSI Mid\u2010Market 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. ***<\/p>\n
\nFSI targets excellent mid\u2010market Italian companies (revenues between \u20ac 100 mln and \u20ac 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.
\nThe European Investment Fund (EIF)<\/strong> acted as cornerstone investor committing to the Fund through (i) the EIB\u2010EIF 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.
\nEIF is part of the EIB Group. Its central mission is to support Europe’s micro, small and medium\u2010sized businesses (SMEs) by helping them to access finance.<\/p>\n