The operation which includes a capital increase and funding is the first of the private debt fund in Italy and is intended to support the growth of the Filippetti Group.
RiverRock, through the RiverRock Italian Hybrid Capital Fund (IHCF) has finalized its first operation in Italy with an investment of 9 million € in the group Filippetti, company specialized in the field of Industry 4.0, Internet of Things and ICT.
The operation consists in the financing and the capital increase with direct entry of the Fund in the Group’s shareholding structure as a minority partner.
It will bring to the Group immediate resources to support growth of the organization, led by Micol Filippetti, who over the past financial year has generated a total turnover of 35 million € and showed a significant performance particularly in Industry 4.0.
The initiative of RiverRock is innovative as it allows the group to obtain, by the Fund, capital, skills and networks to support its development, ensuring, at the same time to existing shareholders to maintain control of the company, and thus ensure the continuity of strategic and operational action.
RiverRock will still have the opportunity to form its own Board of Directors.
"The Group was looking for a financial partner who would support a development path by providing adequate resources to respond to a market that is gradually expanding, without impacts in terms of governance - explain Ugo Fiaccadori and Roberto Ippolito, managing partners of RiverRock - Through our ability to provide alternative solutions for private equity funds, we were able to meet this demand".
We have teamed up to the entrepreneur, becoming its full-fledged partner.
"It is a great satisfaction for us to have been able to open the capital to a well qualified RiverRock - observes Micol Filippetti, CEO of the Group - which will allow us to grow both in a dimensional and managerial way. We also believe that in this way we will seize the opportunities that the digital revolution is generating in the industry".
RiverRock was assisted by the law firm Dentons, KPMG for legal and tax due diligence, and by Nolan Norton for market due diligance.
The Filippetti Group was assisted by B&G for accounting and taxation aspects and by the law firm BDL.
RiverRock is a European asset management company founded by Roland Berger and Michel Peretie, who in 2016, launched on the Italian market RiverRock Italian Hybrid Capital Fund, a private debt fund, operated by Ugo Fiaccadori and Roberto Ippolito, offering both funding and risk capital. The main area of intervention is the internal growth-support (CapEx, facility opening, market development) and external (acquisitions). The interventions vary between 5 and 15 million euros. RiverRock invests in Italian SMEs with a turnover between 30 and 250 million euros. The IHCF fund has made the first closing collecting more than 90 million euros and has a target of 150 million euros. The investment period is 3 years and the duration of the Fund, launched in 2016, is 8 years. The signatories include Italian Investment Fund, the European Investment Fund, and Local insurance Funds.