Clessidra Capital Partners partner and chief executive Maurizio Bottinelli has departed the firm following its recent acquisition by Italmobiliare, the holding company of the Pesenti family.
Bottinelli has been replaced by Piero Alonzo, formerly vice chairman of the board, while Mario Fera has taken over his board seat.
In a statement, Clessidra said its board of directors met on 27 June to discuss the progress of the recent acquisition and to acknowledge the departure of Bottinelli, who will “pursue new professional opportunities”.
Bottinelli joined the firm in 2007 and became head of the investment team and a member of the board of directors in 2013. In January, Bottinelli became CEO following the untimely death of Clessidra’s founder, president and CEO, Claudio Sposito after a short illness. Also in January, Francesco Trapani, formerly executive vice chairman, became chairman, as reported by Private Equity International.
At the time, Clessidra said the appointments were “in accordance with what was envisaged and agreed by Claudio Sposito himself”.
Clessidra then went through a sale process, during which Trapani submitted an offer to acquire the firm. In a statement in March Trapani said he had renounced the acquisition of a majority stake in the company due to “unwillingness of the counterpart…to adhere to the preliminary agreement reached 40 days ago, substantially changing the basic principles – even economic – governing it”.
“I am deeply saddened, especially not to be able to honour a moral commitment previously taken with the departed Claudio,” Trapani said in a statement.
Clessidra was subsequently acquired by Itamobiliare in a deal valuing the firm at around €20 million.
Among its activities, Italmobiliare, the holding company of the Italian Pesenti family, operates Italcementi Group, the fifth largest cement producer in the world.
In a statement following the signing of the contract for acquisition in May, Italmobiliare said “the acquisition of Clessidra is part of its portfolio diversification strategy and represents a unique opportunity for the development of the private equity business by acquiring the leading Italian player”.