EQUITA assisted Sirti

EQUITA K Finance - Mid-market M&A advisory
Sirti
Sirti

Sirti S.p.A., controlled by Pillarstone (a KKR Group platform specializing in turnarounds), has completed the sale of 100 percent of Sirti Energia S.p.A. to Mutares SE & Co. KGaA.

Mutares aims to create a national champion in infrastructure construction and maintenance, following its recent acquisitions of Exi (formerly Ericsson Servizi Italia) and, through its subsidiary Balcke-Dürr, Toshiba Transmission & Distribution Europe S.p.A.

Sirti was advised by Equita K Finance (Clairfield Italy), part of Equita Group, as financial advisor and by DLA Piper for the legal aspects.
Mutares was assisted by the law firm DIZ and Associates.

The transaction in a nutshell

2022 09 Tombstone Sirti Mutares

Mutares aims to create a national champion in infrastructure construction and maintenance

Client:
Sirti
Date:
September 2022
Mandate:
Sirti S.p.A. completed the sale of Sirti Energia to Mutares
Role:
Financial Advisor
Value:
Undisclosed
Typology:
M&A advisory
Advisor:
EQUITA Mid Cap Advisory

The company

Sirti Energia is headquartered in Milan and is amongst the Italian leaders in the Construction and Maintenance (“C&M”) services in the Energy Infrastructure market. The company has a well-known established brand and customer base and specializes in the design, construction and maintenance of underground and aerial power transmission and distribution grids. It furthermore operates in the Renewables and E-Mobility sector, employing approx. 400 people throughout Italy. The company generates around EUR 60 million in revenues.

Sirti S.p.A. is one of Italy’s leading infrastructure providers for Telco and Energy networks. Sirti group has completed its turnaround and is refocusing on its core business related to the PNRR issues of digitalization, through first the sale of the rail division to Mermec in 2021 and now the energy division to Mutares. Sirti expects to end 2022 with Euro 700 million in sales, an order backlog of more than Euro 1.5 billion, and net debt of 2 times Ebitda.

Pillarstone is a platform founded in 2015 by the current management team in partnership with KKR & Co. Inc. one of the leading investment firms on a global scale, with the aim of providing capital and professional expertise to companies to reverse recessionary trends and stimulate their growth. Pillarstone has an entrepreneurial and strategic vision that, combined with private equity investment capability and a deep understanding of turnaround processes, enables it to work on complex corporate turnarounds with speed and efficiency, creating consensus and alignment among all stakeholders.

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. It has 491 billion USD of assets under management, 121 portfolio companies that generate about 223 billion USD in annual revenues, 819.000 employees and it’s present in 21 cities worldwide.

Mutares SE & Co. KGaA, is a listed private equity holding company with offices in Munich (HQ), Amsterdam, Frankfurt, Helsinki, London, Madrid, Milan, Paris, Stockholm and Vienna. It acquires medium-sized companies in special situations, based in Europe, which show significant operational improvement potential and are sold again after undergoing a repositioning and stabilization process. For the financial year 2022, consolidated revenues of at least EUR 4 billion are expected.