Servizi CGN, first group in the domestic B2B tax and labour law consulting market, has subscribed for $7.8 million (€ 6.6 million) (in equity and convertible bonds) part of the capital increase of H-Farm, the innovation platform listed on Aim Italia.
Based in Pordenone, Servizi CGN works currently with more than 46,000 professionals throughout Italy and is the third CAF in Italy for the number of 730 declarations transmitted and the first in its category. With more than 250 employees and ten affiliated companies, it has also been for 3 years in a row in the ranking of the best places to work in Italy according to the Great Place to Work Institute.
Read more details about the capital increase of H-Farm and find the latest business headlines with the Born2Invest mobile app.
The company closed another capital increase round in December 2019
The capital increase of H-Farm (for a maximum of $23.6 million (€20 million) between equity and convertible bonds) was announced last August, at the same time as the presentation of the new business plan 2020-2024 and was then formally launched at the end of October by the Board of Directors. The capital increase started on November 2nd and will close on November 16th.
H-Farm had already closed last December 2019 a recapitalization of $9.44 million (€8 million in the form of participatory financial instruments (SFP) which were underwritten by Cattolica Assicurazioni (for $8.26 million (€7 million)) and its founder Riccardo Donadon, through the holding company E-Farm srl (60% controlled by him and the rest by his wife Giulia Anna Franchin).
The transaction became necessary in the face of financial difficulties due to the delays of H-Campus
As it is well known, the start of the Campus construction project, which in the initial plans was to be opened and inaugurated in the fall of 2018, was postponed by two years by the Veneto Region with consequent problems that had a much larger impact on costs and time than initially budgeted. The works started in September 2019 and ended in September 2020 with the inauguration of H-Campus.
The H-Campus operation was launched in February 2017 and financed by a new closed-end, non-speculative real estate fund called Ca’ Tron – H-Campus, managed by Finint Investments sgr and underwritten by Cattolica Assicurazioni (56% of the assets), CDP Investimenti sgr (40, through the FIA 2 fund Smart housing, Smart working, Education & Innovation) and Ca’ Tron Real Estate, the company of the founders of H-Farm, which holds the remaining 4%. The project involves investments of over $119 million (€101 million), of which $70.8 million (€60 million) for the campus and over $48.4 million (€41 million) for the acquisition of existing properties and land.
Returning to the entry of CGN Services into the capital of H-Farm, Giancarlo Broggian, founder of the CGN Services Group, commented: “Creating the virtuous circle of success through attention to the person is our mission, and listening and technological innovation are the tools we provide to achieve it. This new project is new energy for us: because it is exchange, amplification, contamination of skills and experiences, of digital culture and more. Teaming up and creating synergies in CGN is a value that lies at the base of our culture and our organizational model and I am convinced that it is the only way to achieve great results. The professional studio of the future, which we are co-designing with and for the professionals associated with our network, is a project that can only be enriched by meeting H-Farm because it is thanks to the processes and digital culture that we can run together and faster towards our goal.”
Riccardo Donadon, founder of H-Farm, added: “I believe CGN is the ideal partner to scale our project into this new dimension, embraced 5 years ago, which has seen us expand our model from a single incubator and startup investor to an operator in the field of training and consulting to companies in the field of digital transformation. I am convinced that the entry of CGN in the capital will give a great development to our growth thanks to the contamination of skills and approaches and for the opportunities that can be generated in a common path towards the market.”
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in BeBeez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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