Clessidra invests in Italian gas pipeline

Claudio Sposito’s first-time fund has completed its first deal, acquiring an Italian pipeline network from Edison.

Italian start-up private equity firm Clessidra Capital Partners has agreed to acquire Edison Gas, which owns assets including a 1,300 kilometer regional gas network, to complete its first investment.

Clessidra, founded and run by Claudio Sposito, is currently raising a first-time buyout fund, which in October last year held a first closing on €560 million. The fund is backed by a host of Italian blue-chip investors including Telecom Italia, Assicurazioni Generali, UniCredito Italiano, Mediobanca and Capitalia. Prior to launching the fund, Sposito ran Fininvest, the holding company of Italian prime minister Silvio Berlusconi.

According to Dow Jones, the final price for Edison Gas, which has an enterprise value of €195 million, will be agreed in September. The business is being sold by Edison SpA, a utility owned by Italenergia.

Clessidra is close to finalising another investment and likely to close it in the third quarter, Dow Jones reported. Recent reports have linked the firm to a range of transactions involving Italian companies such as Autogrill and Gianni Versace