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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: |
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2001 |
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2005 |
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| Sales |
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59.0 |
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64.6 |
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| EBITDA margin |
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40% |
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43.1% |
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| Passengers per year |
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3 mln |
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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
www.veniceairport.it
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