Primo Fondo Italiano per le Infrastrutture


Primo Fondo Italiano per le infrastrutture known as F2i First Fund is an Italian private equity fund. it was managed by Fondi Italiani per le Infrastrutture SGR.

History

In May 2008 F2i finalized its first acquisition, by purchasing a 15.7% in Alerion Clean Power S.p.A..
After this, it acquired stakes in Enel Stoccaggi from Enel and Infrastrutture CIS. In 2009 F2i became a shareholder of HFV, Interporto Rivalta Scrivia and Enel Rete Gas, through F2i Reti Italia S.r.l., for overall shareholdings of €550 million.
In July 2010, through F2i Rete Idrica Italiana S.p.A., it took over a 24% stake in San Giacomo S.r.l., the majority shareholder of Mediterranea delle Acque, for the establishment of a pole that would invest in water networks by exploiting the liberalisation of the sector: Iren held the remaining shares. The stake reached 40% in the months after.
In October 2010, F2i acquired a 65% stake in GESAC for €150 million - GESAC being the handling company that controls Naples-Capodichino Airport - and a 54% stake in Software Design, a company specialised in airport software.
In December 2010, alongside Finavias S.r.l. F2i invested €255 million for a 100% stake in E.ON Rete, a company belonging to the E.ON group, that is active in natural gas distribution in Italy with circa 600,000 clients in 300 Municipalities and a grid which extends for 9,100 kilometres. After this operation, F2i gained control of 50,000 kilometres of grid, over 2.7 million clients and a 15.8% market share.
In May 2011, a consortium made up of F2i and Intesa Sanpaolo took over more than 61.4% stake in Metroweb, a telecommunications company that controls a 330,000-kilometre-long optical fibre network covering an area of over 2.7 million inhabitants, mainly in the Municipality of Milan and partially in the rest of Lombardy. In September 2012 Intesa Sanpaolo sold the 12.5% stake to F2i for €20 million.
On 6 June 2011, alongside AXA, F2i acquired a 100% stake in G6 Rete Gas for €772 million; G6 Rete Gas is active in methane gas distribution with 990,000 clients and 4 billion cubic metres of methane delivered through 13,000 kilometres of pipes. After this operation, F2i gained control of more than 18-20% of the gas distribution market.
In 2012 F2i formed a joint venture Metroweb Italia with Italian Strategic Fund in the industry of fibre optic.
In 2013–14 F2i acquired the controlling interests of Società Azionaria Gestione Aeroporto Torino.
In 2015 49% shares of 2i Aeroporti was sold to a consortium formed by Ardian and Crédit Agricole Assurances.

Portfolio

Companies% of share capitalMain area of businessDate of purchaseCostDate of sellPriceRemarks
Alerion Clean Power15.7%renewable energy-
Aeroporto Guglielmo Marconi di Bologna0.970%airport operator of Bologna Airportvia joint venture 2i Aeroporti
Enel Stoccaggi49%gas storage in Romanengo2008-
Enel Rete Gas63.83%gas distribution network-
Gestione Servizi Aeroporti Campani 70%airport operator of Naples Airportsold partially via 2i Aeroporti
HFV49.8%renewable energy investment fund-
Infrastrutture CIS26.31%holding company of toll road operator-
Interporto Rivalta Scrivia-
Mediterranea delle Acque-
Metroweb87.68%fiber-optic network in Milan2012 to 2016sold to CDP and Enel
Metroweb Genova 85.00%fiber-optic network in Genoa2012 to 2016sold to CDP and Enel
Società Azionaria Gestione Aeroporto Torino 54.46%airport operator of Turin Airportsold partially via 2i Aeroporti
Società Esercizi Aeroportuali airport operator of Milan Airportsold partially via 2i Aeroporti

Shareholders