Portik: Strategic Acquisition of Estia Bolsters Italian Presence
Deal News | Feb 14, 2025 | Finance Community IT - 1 Corporate M&A
Spanish real estate management group Portik, advised by KPMG, has acquired a 51% stake in Italian condominium administration company Estia. The transaction sees the Garesio family and Eon Italia, part of the German energy group, retaining approximately 44% and 5% stakes respectively. Portik plans to invest around €20 million in the venture as part of Estia's goal to manage 8,000 condominiums and 200,000 residences in Italy by 2029 through organic growth and acquisitions. Currently, Estia oversees over 1,000 condominiums for 20,000 housing units across various Italian cities with a workforce of 100. This acquisition aligns with Portik's strategy to strengthen its international expansion, having previously acquired companies in Portugal and Mexico, and managing a total of 18,000 condominiums across Europe and Latin America with 122 offices and 2,000 professionals. In 2024, Portik reported €70 million in revenue, a 50% increase from the previous year.
Sectors
- Real Estate
- Financial Advisory
- Energy
Geography
- Italy – The target company, Estia, operates in Italy, and the acquisition directly impacts the Italian real estate market.
- Spain – Portik, the investing company, is based in Spain and is expanding its real estate operations internationally from there.
- Mexico – Portik has extended its operations to include condominium management in Mexico, marking its presence in the Latin American market.
- Portugal – As part of Portik's expansion strategy, the acquisition of Loja do Condominio in Portugal showcases its growing footprint in Europe.
Industry
- Real Estate – The article primarily revolves around real estate management activities, particularly focusing on condominium administration in Italy, Spain, and Latin America.
- Financial Advisory – The transaction was supported by financial advisory firms such as KPMG and Ontier, highlighting the involvement of financial and legal advisories in M&A transactions.
- Energy – Eon Italia, part of a German energy group, retains a stake in Estia, indicating the interconnectedness of energy and real estate sectors.
Financials
- €20 million – The total investment planned by Portik for the expansion and growth of Estia.
- €70 million – The revenue reported by Portik in 2024, indicating significant growth from the previous year.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Portik | Bidding Company | Company | A Spanish international group specializing in real estate management, active in the Iberian Peninsula and Mexico. |
| Estia | Target Company | Company | An Italian company focused on condominium administration, founded by Giuliano Garesio in 2021. |
| Giuliano Garesio | Founder | Person | Founder of Estia, retaining a significant stake in the company. |
| KPMG | Financial Advisor | Company | Provided advisory services to Portik for the acquisition. |
| Ontier | Legal Advisor | Company | Provided legal assistance to Portik during the transaction. |
| PedersoliGattai | Legal Advisor | Company | Assisted Estia during the acquisition process. |
| Eon Italia | Existing Shareholder | Company | Part of the German energy group, retains a minority stake in Estia. |