DC Advisory advises PATRIZIA on the acquisition of a co-controlling stake in Greenthesis and consequent de-listing process
Background
- PATRIZIA is a leading investment manager in real estate and infrastructure assets, managing over €57bn in assets and operating in 28 locations worldwide
- PATRIZIA Infrastructure manages approximately €8.5bn of AUM, having invested in over 110 equity and debt investments
- Founded in 1997 and headquartered in Segrate, Italy, Greenthesis S.p.A. (Greenthesis) is one of the main Italian integrated operators specialized in environmental remediation, treatment, recovery and disposal of hazardous and non-hazardous waste, as well as in energy production
- Greenthesis operates through 20+ subsidiaries and is present in the whole value chain of waste management and disposal
- Greenthesis has been listed in the Italian Stock Exchange since 2020
Process
- DC Advisory was engaged as sole financial advisor by PATRIZIA to provide buy-side M&A advice on its acquisition of Greenthesis
- DC Advisory leveraged its extensive experience to contribute to several detailed work streams, including:
- Process strategy and bid tactics
- Financial modelling and valuation
- Coordination of due diligence advisors and management of buy-side due diligence processes
- De-listing process
- Assistance in drafting presentations and Investment Committee materials
Outcome
- On 5 April 2024, PATRIZIA signed a Sale and Purchase Agreement with Planesys S.p.A., the holding company of Greenthesis, for the acquisition of a co-controlling stake in Greenthesis at an equity value of approximately €340m
- The closing of the transaction is subject to customary closing conditions and regulatory approval
- Following the closing with Planesys S.p.A., a mandatory takeover will be launched to acquire the remaining 11% shares from the market and take the company private
- This transaction demonstrates DC Advisory’s ongoing expertise in the waste management infrastructure sector and strengthens the firm’s track record in advising on Italian infrastructure transactions
“I want to express my gratitude to the DC Advisory team for their invaluable support throughout this transaction. DC Advisory has proven to be an outstanding collaborator, offering thorough guidance to facilitate a seamless and efficient acquisition journey. We are thrilled with the results Francesco and the team have enabled us to attain and eagerly anticipate maintaining this partnership.” – Matteo Andreoletti – Head Of Infrastructure Equity, Europe And North America, PATRIZIA
“We are thrilled to have supported PATRIZIA in finalizing this significant transaction. This acquisition signifies a crucial achievement in Greenthesis‘ strategic progression, and we extend our best wishes to the Greenthesis team for their ongoing success in their partnership with PATRIZIA. This further showcases DC Advisory’s track record working with financials sponsors in the infrastructure sector” – Francesco Moccagatta – CEO, DC Advisory Italy