Algebris Green Transition Fund Acquires 100% of Esapro

Algebris Investments , through its private equity fund dedicated to sustainable investments, Algebris Green Transition Fund , has acquired 100% of Esapro, from Esapro Holding , one of the major players in Italy in the design, construction and maintenance of photovoltaic systems. Financial details of the transaction were not provided.

The operation was financed by a pool of banks with Intesa Sanpaolo and Banco BPM in the role of Mandated Lead Arrangers. In the acquisition, the Algebris Green Transition Fund team, led by senior partner Matteo Tarchi, was assisted by Parola Associati as legal advisor, New Deal Advisors for the financial due diligence, Gitti and Partners for the tax and remuneration due diligence and Anthesis for ESG due diligence.

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Through this investment, Algebris Investments intends to position itself in the sector of construction and maintenance of generation plants from renewable sources

Algebris was also assisted by Simmons & Simmons. In the acquisition, Esapro Holding was assisted by the L&B Partners team as financial advisor and by L&B Partners Avvocati Associati for all the legal aspects of the transaction. KPMG Studio Associato and KPMG spa were also involved in the tax and accounting aspects relating to the transaction.

Founded in 2009 with headquarters in S.Pietro in Gu (Padua), Esapro provides services for photovoltaic solar systems, operating mainly in Italy and Romania. The company offers industrial customers the possibility of taking concrete steps towards sustainability, through the production of natively green energy, autonomously and in a competitive manner, benefiting from the cost-effectiveness of solar self-production compared to traditional energy sources.

Esapro’s distinctive positioning has historically been based on the development of rooftop photovoltaic systems and medium-sized ground-mounted systems. The company employs around 130 professionals and in 2023 recorded a turnover of around 45 million euros, with an ebitda of around 7.5 million euros.

The company, a facilitator of the energy transition towards renewable sources, closed 2022 with 14.4 million in revenues , 2.5 million in ebitda and net financial debt of 822,000 euros.

The transaction aims to further strengthen the company’s growth path, in order to create an integrated entity capable of providing a complete suite of technical services for investors in the solar business. Through this investment, Algebris Investments intends to position itself in the sector of construction and maintenance of generation plants from renewable sources.

“The acquisition of Esapro demonstrates our investment commitment to support the environmental transition, specifically in the energy transition,” said Luca Valerio Camerano , former CEO of A2A and managing director and senior partner of Algebris Green Transition Fund.

“The European Union and the Italian government have underlined the importance that solar energy production will have in the transition from fossil fuels to renewable energy sources, and, to enable the transition, it is essential to provide capital and strategic expertise to those who will lead the installation and maintenance of the systems in the years to come”.

Giorgio Menaldo , CEO of Esapro, added: “In recent years Esapro has grown thanks to the commendable commitment of the entire team and the depth of the understanding between the structure and the partners, who have always supported us. The journey with the L&B group, partner of Esapro Holding srl, is now coming to an end.

Over the course of these seven years, we have gradually returned to our origins as a photovoltaic EPC contractor. The transition has been challenging and the company is now ready to face a new phase of expansion, thanks to the support of our new partner, Algebris Green Transition Fund, and the operational and strategic expertise of its investment team.”

Flavio di Terlizzi, president of L&B Capital, partner of Esapro Holding srl, commented: “Since our entry into the market, Esapro has undertaken a path of progressive restructuring and growth. Today we are one of the main players in the sector of photovoltaic systems, control systems and related maintenance services, with particular attention to the commercial and industrial segment. The contribution of managers Giorgio Menaldo (CEO) and Maria Rosaria Angeloni (CFO), and of the entire operational structure was fundamental for this growth path”.

Meanwhile, Algebris Green Transition Fund is successfully moving towards its third fundraising closing after the second closing announced last July, with commitments of more than 260 million euros from important Italian and international institutional investors.

The Algebris Green Transition Fund had closed its first round of collection at the beginning of July 2022, collecting commitments for 200 million euros out of a maximum final target which was then set at 400 million within the following 12 months. The goal is to exceed 300 million euros in collections in the coming months. The fund, which invests in Italy and other European countries, complies with Article 9 of the EU regulation on sustainable finance disclosure.

After the first closing, the fund had completed its first investment by acquiring 70% of Omnisyst, the main Italian supplier of innovative solutions for the management of industrial waste.

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(Featured image by Bru-nO via Pixabay)

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