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SAVE SpA

The 20% stake in SAVE was acquired by private investors with former ABN AMRO having the single largest ownership in the Company. At that time SAVE was a leading player in a fast growing sector (demand increase; liberalisation of tariffs)

Deal rationale:
- 1997/1999
- minority investment, acquiring shares from private investors
- leader in fast growing sector (increase in demand, liberalisation of tariffs)
- EV 78.5 mln (for 100%)
- indirect acquisition of 20% stake of SAVE, thus becoming the main shareholder of the company.

Value Creation:
- organic growth in Italy, thanks to heavy investments in order to open the new aerostation and to renegotiate licensing contracts;
- permanent monitoring of acquisition opportunities in Italy

Financial evolution:   2001   2005
         
Sales   59.0   64.6
         
EBITDA margin   40%   43.1%
         
Passengers per year   3 mln   4 mln

Divestment:
- divested in 1999 through a competitive bid (7 binding offers received from main Italian and European companies operating in the same sector); real brazilian hair bundles
- IRR 88% p.a.
- MM 4.2 x

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