F2i exits Italian port for €35.5m

The Italian infrastructure fund has sold its 22.7% stake in Interporto Rivalta Scrivia – described as ‘one of the leading dry ports in Italy’ – to Fagioli Finance, a subsidiary of transport group Fagioli.

Italian infrastructure fund F2i has sold down its entire shareholding in “one of the leading dry ports in Italy” – Interporto Rivalta Scrivia, located in the northern Italian region of Piedmont.

F2i netted €35.5 million for selling its 22.7 percent stake in the port to Fagioli Financing, a holding company of transport group Fagioli. The port operates in the logistics and intermodal sector and includes over 400,000 square meters of warehouses, F2i said in a statement.

“In the last two years, Interporto posted growth, but in the face of problems in achieving the expansion and creation of a chain of dry ports regionally and nationally,” F2i decided to sell down its investment in the port, the Italian infrastructure investor explained.

F2i bought into the port in May 2009, in a deal organised by the Fagioli Group and the Gavio Group, which was a minority shareholder in the port. The investment was “aimed at promoting development of the logistical and intermodal freight infrastructure in Italy by creating a coordinated network of dry ports,” F2i said.

F2i recently hit the headlines when it successfully clinched a €2.1 billion loan from 12 banks, together with France’s AXA Private Equity, to consolidate its Italian gas distribution businesses. Earlier this year, the fund also spend €436 million to acquire Metroweb, an Italian fibre optics firm from UK private equity firm Stirling Square Capital Partners and Italian utility A2A.