Algebris Green Transition Fund Launches Aquanexa and Acquires Majority Stake in Datek22

Algebris Investments, through its private equity fund dedicated to sustainable investments, Algebris Green Transition Fund, announces the creation of Aquanexa , the holding company that will lead the industrial group capable of providing an integrated portfolio of high quality and innovative services and solutions for water sector operators.

The first step in the creation of the Aquanexa group began with the acquisition of the majority share of Datek22, a company active in Italy in engineering and technical services for water networks.

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The advisors of Algebris and Datek22

In the acquisition of Datek22, Algebris Green Transition Fund was assisted, New Deal Advisors – in relation to the financial due diligence with a team led by partner Lorenzo Lavini (in the photo on the right) -, Chiaravalli Reali e Associati as tax consultant and EY as consultant ESG. Furthermore, he was assisted by Grimaldi Alliance as legal and labor consultant.

The details of the deal

Datek22 offers a range of engineering and digitalization services including network mapping and modeling, monitoring, leak detection, video inspections and security. Founded in 2017 and based in Fino Mornasco (Como), Datek22 has recorded growth rates exceeding 30% per year in the last 5 years. David D’Ambrosio , founder and current CEO, will retain his role and a significant stake in the company’s capital.

Aquanexa intends to promote the creation of an industrial group of large size, experience and competence, welcoming new partners capable of seizing the growing opportunities and actively participating in the construction of the new industrial reality. Through all the companies that will be part of the project, Aquanexa intends to serve its customers as a “one-stop shop” for the entire range of services necessary for the management, innovation and digitalisation of water networks and other services for the territory.

The Fund involved two high-profile figures to launch the Aquanexa initiative: Giovanni Giani , as president and Andrea Lanuzza as CEO. Giovanni Giani has worked in the Suez group since 1987, holding international roles and the role of CEO of Suez Italia, representing, among other things, the group on the Board of Directors of the Roman utility Acea. Andrea Lanuzza has twenty years of experience in the water sector in Italian and international companies. In particular, he held roles of increasing responsibility in Veolia Water, was general director of Operations in the CAP Group, a leading Italian company in the provision of services for water networks, sewerage and purification sites, as well as head of the Networks in Italgas.

The need for a transition towards an efficient and sustainable use of water resources is already an imperative, especially in light of increasingly critical data compared to the Italian market, such as the high levels of water losses which reach 41% compared to the 25% of the average EU+UK; the low levels of investment in water networks which stand at €56 per capita compared to the €78 EU+UK average; and a high rate of aging of the water infrastructure, where 60% of the network is more than 30 years old.

Aquanexa proposes itself as a facilitator of the transition towards a more sustainable use of water resources, being fully consistent with the Fund’s strategy and with its classification as article 9 according to the SFDR.

Algebris’ Green Transition Fund is successfully moving towards its third and final closing, after having completed the second round in recent months with commitments of over 260 million euros from primary Italian and international institutional investors. The goal is to exceed 300 million euros in collections in the coming months.

Luca Valerio Camerano (pictured left), managing director and senior partner of Algebris Green Transition Fund, states: “The launch of Aquanexa kicks off an ambitious initiative in the wider world of water. We firmly believe that the challenges the water sector is facing represent an opportunity to innovate an industry that has had a historically low level of investment and which faces growing challenges and expectations from citizens and institutions. Aquanexa wants to be a project capable of involving partners eager to be active protagonists and co-creators of a new industrial reality. An intelligent and careful use of water resources is urgent and will be increasingly so, Aquanexa was created to be a protagonist of this transformation”.

Andrea Lanuzza , CEO of Aquanexa, adds: “I am enthusiastic about putting my experience and knowledge of the sector at the service of Aquanexa, for its growth and consolidation in the market. Environmental challenges, digital transformation and the ever-increasing skills and industrial visions of our customers and stakeholders are the driving force behind the integration of our offerings that welcome entrepreneurs and managers who share the goal of generating value, growth and innovation.”

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(Featured image by Enzo Tomassi via Unsplash)

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