MILAN, 28 September, 2020 — CCC Holdings Europe S.p.A. (“CCCHE”), a holding company based in Italy, focused on the Heating, Ventilation, Air Conditioning and Refrigeration (HVACR) industry, announced today that Italian Energy Efficiency Fund II (“IEEF II”) has become a shareholder and invested an initial 18 million euros in CCCHE.
IEEF II and Fondo Italiano per l’Efficienza Energetica, both managed by Fondo Italiano per l’Efficienza Energetica SGR S.p.A. (“FIEE SGR”), are the leading Italian funds and among the largest European funds specialising in energy efficiency for energy transition. FIEE SGR, created in 2014, is Chaired by Fulvio Conti, former CEO at Enel and former Chairman of Telecom Italia, and led by Co-CEOs Andrea Marano and Raffaele Mellone. After successfully investing its first fund, FIEE SGR has launched its second fund in August 2020 – IEEF II – with a first close of €127.5 million, above the initial minimum of €100 million, and the objective of reaching the target of €175 million by the end of the year. IEEF II counts as investors the European Investment Bank (EIB) and Aviva (one of the largest insurance companies in the world). Lamse S.p.A. (holding company of Andrea Agnelli and his sister Anna) and Maurizio Cereda (former deputy general manager and director of Mediobanca) are among the sponsors of the funds.
“We are honored to welcome such a prestigious institutional investor as one of our shareholders, alongside our original investors Italmobiliare S.p.A., and Luca and Alberto Pretto. We are well positioned to finalize our equity commitment target of 75-100 million euros by early 2021” said Greg Deldicque, Chairman and CEO of CCCHE. “This capital increase allows us to execute actions planned to significantly grow the two companies we have already acquired, as well as execute our next acquisition, on our way to creating a company with over €200M in revenues”
Raffaele Mellone, founder and Co-CEO of FIEE SGR, stated “CCCHE offers IEEF II a unique opportunity to invest in leading energy efficiency and natural refrigerant technologies in the space of heating, air conditioning and refrigeration, which is by far the largest consumer of energy for buildings”. Andrea Marano, also founder and Co-CEO of FIEE SGR, adds “CCCHE first two companies, Enex S.r.L and Roen Est S.p.A., have energy-efficiency leading technologies in key products such as refrigeration racks, air conditioning chillers, heat pumps and heat exchangers. Helping them grow will have significant impact on Europe’s CO₂ footprint.”
CCCHE makes control investments in middle-market European HVACR companies with revenues between €10 million and €150 million. Investments span OEM/manufacturing, service/installation, and wholesale/distribution companies. It is led by entrepreneur Greg Deldicque, an HVACR industry veteran, and supported by long-time senior advisors Didier Da Costa, Eric Parrot, and Jean-Pierre Xiberras.
“CCCHE’s clear focus on HVACR middle-market companies and operational capabilities provide strong benefits to its companies, their management teams, and potential sellers,” Deldicque added.
CCCHE welcomes investments in companies at all stages of their business cycles, including business growth, transformations, turnarounds (including negative EBITDA or free cash-flow), carve-outs and roll-ups. It has strong values and takes a collaborative and ethical approach to all its investments.
CCCHE is already in advanced conversations with several other potential acquisitions and welcomes new opportunities.
Orrick Herrington & Sutcliffe LLP acted as advisors to CCCHE. Gianni Origoni Grippo Cappelli & Partners acted as advisors to FIEE SGR.
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