Fondazione Cariplo's Strategic Ownership Shift in Redo Sgr's Capital Structure
Deal News | Feb 18, 2025 | Legal Community Italy
In a strategic ownership restructuring, Fondazione Cariplo has orchestrated the sale of a 30% stake in Redo Sgr, a company known for its significant contributions to social and residential building projects. The stake was previously owned by Cassa Depositi e Prestiti (Cdp) and has now been acquired by Cassa Forense, Fondazione Monte di Lombardia, and Kryalos Sgr, each obtaining 10% of the capital. This maneuver aligns new investors alongside existing shareholders, including Fondazione Cariplo, Intesa Sanpaolo, and Libera Unione Mutualistica. The transaction's completion is contingent upon the non-execution of preemptive rights by the current shareholders and is pending approval by the Bank of Italy. Established in 2019, Redo Sgr manages seven sustainable investment funds with a combined mass value of approximately 1.9 billion euros. Legal teams played crucial roles in this transition with Starclex, Baker Tilly, and Di Tanno and Associates providing extensive regulatory and contractual guidance.
Sectors
- Real Estate Investment
- Financial Services - Private Equity and Investment Management
- Legal Services
Geography
- Italy – The primary setting for the transaction, involving Italian companies and institutions like Fondazione Cariplo and the Bank of Italy.
Industry
- Real Estate Investment – This sector is relevant as Redo Sgr is involved in social and residential building projects.
- Financial Services - Private Equity and Investment Management – This sector is involved because entities like Fondazione Cariplo, Cassa Forense, and Kryalos Sgr are engaging in equity acquisition and investment fund management.
- Legal Services – Multiple law firms are advising on the transaction, highlighting the role of legal services in M&A activities.
Financials
- 1.9 billion euros – Total assets under management by Redo Sgr’s seven investment funds.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Fondazione Cariplo | Seller | Charity | A foundation managing a large equity stake in Redo Sgr, now partially divesting. |
| Cassa Forense | Buyer | Company | One of the three buyers acquiring a 10% stake in Redo Sgr. |
| Fondazione Monte di Lombardia | Buyer | Charity | Another buyer acquiring a 10% stake in Redo Sgr. |
| Kryalos Sgr | Buyer | Company | An asset management firm acquiring a 10% stake and conducting due diligence. |
| Redo Sgr | Target | Company | A real estate company involved in social and residential building projects. |
| Cassa Depositi e Prestiti (Cdp) | Vendor | Company | Previously owned the 30% stake which Fondazione Cariplo facilitated the sale of. |
| Starclex | Legal Advisor | Company | Provided legal advice to Fondazione Cariplo during the transaction. |
| Baker Tilly Associati | Legal Advisor | Company | Provided legal support to Libera Unione Mutualistica. |
| Di Tanno Associati | Legal Advisor | Company | Provided legal and due diligence support for Kryalos Sgr. |