Clearwater International advises Eurizon and Ersel on raising finance to support the acquisition of Tecnofer
Clearwater International has advised Eurizon Capital SGR (Eurizon), the asset management division of Intesa Sanpaolo Group, and Ersel Asset Management SGR (Ersel), a wealth management specialist, on raising finance to support the acquisition of Tecnofer S.p.A. (Tecnofer), an Italian company providing critical and essential maintenance services for the safety, reliability, and efficiency of railway and subway infrastructures.
Eurizon is participating in this transaction through the funds of Eurizon ITER and Eurizon ITER ELTIF. Ersel is participating in this transaction through Fondo Equiter Infrastructure II by Ersel (all together, the funds).
Founded in 1989, Tecnofer provides value-added maintenance services to railway infrastructures. Since its establishment, the company has developed important know-how and a proprietary fleet of specialised vehicles including technologically advanced, in-house made convoys. Over the years, this has become the standard reference on Italian railway and subway networks, for activities such as chemical and mechanical vegetation control and tunnel cleaning.
Eurizon and Ersel acquired Tecnofer from Marco and Carlo Ascari, Chairman and CEO, who will reinvest alongside the funds and will continue to be involved in the management.
The acquisition is financed by BPER Banca Spa - Corporate & Investment Banking, structuring MLA, bookrunner and agent bank, and Banca Agricola Popolare di Ragusa Scpa, MLA and bookrunner.
This transaction is expected to close during 2023.