Primo Fondo Italiano per le Infrastrutture

Primo Fondo Italiano per le infrastrutture known as F2i First Fund is an Italian private equity fund. it was managed by Fondi Italiani per le Infrastrutture SGR.

History

In May 2008 F2i finalized its first acquisition, by purchasing a 15.7% in Alerion Clean Power S.p.A..

After this, it acquired stakes in Enel Stoccaggi from Enel (49%) and Infrastrutture CIS (26%). In 2009 F2i became a shareholder of HFV (49.8%), Interporto Rivalta Scrivia (22.7%) and Enel Rete Gas (80%), through F2i Reti Italia S.r.l., for overall shareholdings of €550 million.

In July 2010, through F2i Rete Idrica Italiana S.p.A., it took over a 24% stake in San Giacomo S.r.l., the majority shareholder of Mediterranea delle Acque, for the establishment of a pole that would invest in water networks by exploiting the liberalisation of the sector: Iren held the remaining shares. The stake reached 40% in the months after.

In October 2010, F2i acquired a 65% stake in GESAC for €150 million (via 2i Aeroporti)[1] - GESAC being the handling company that controls Naples-Capodichino Airport - and a 54% stake in Software Design, a company specialised in airport software.

In December 2010, alongside Finavias S.r.l. (AXA group) F2i invested €255 million for a 100% stake in E.ON Rete, a company belonging to the E.ON group, that is active in natural gas distribution in Italy with circa 600,000 clients in 300 Municipalities and a grid which extends for 9,100 kilometres. After this operation, F2i gained control of 50,000 kilometres of grid, over 2.7 million clients and a 15.8% market share.

In May 2011, a consortium made up of F2i (87.5%) and Intesa Sanpaolo (12.5%) took over more than 61.4% stake in Metroweb, a telecommunications company that controls a 330,000-kilometre-long optical fibre network covering an area of over 2.7 million inhabitants, mainly in the Municipality of Milan and partially in the rest of Lombardy. In September 2012 Intesa Sanpaolo sold the 12.5% stake to F2i for €20 million.[2]

On 6 June 2011, alongside AXA, F2i acquired a 100% stake in G6 Rete Gas [3](owned by GDF Suez) for €772 million; G6 Rete Gas is active in methane gas distribution with 990,000 clients and 4 billion cubic metres of methane delivered through 13,000 kilometres of pipes. After this operation, F2i gained control of more than 18-20% of the gas distribution market.

In 2012 F2i formed a joint venture Metroweb Italia with Italian Strategic Fund in the industry of fibre optic.

In 2013–14 F2i acquired the controlling interests (54.46%) of Società Azionaria Gestione Aeroporto Torino.

In 2015 49% shares of 2i Aeroporti was sold to a consortium formed by Ardian and Crédit Agricole Assurances (a Crédit Agricole subsidiary).[4][5]

Portfolio

As of March 2016[6]

Companies	% of share capital	Main area of business	Date of purchase	Date of sell	Remarks
Alerion Clean Power	15.7%	renewable energy	October 2008 (2008-10)
Aeroporto Guglielmo Marconi di Bologna	0.970%	airport operator of Bologna Airport			via joint venture 2i Aeroporti
Enel Stoccaggi	49%	gas storage in Romanengo	2008[7]	February 2012 (2012-02)
Enel Rete Gas	63.83%	gas distribution network	September 2009 (2009-09)[7]
Gestione Servizi Aeroporti Campani (GESAC)	70%	airport operator of Naples Airport	December 2010 (2010-12)		sold partially via 2i Aeroporti
HFV	49.8%	renewable energy investment fund	April 2009 (2009-04)
Infrastrutture CIS	26.31%	holding company of toll road operator	January 2009 (2009-01)
Interporto Rivalta Scrivia				October 2011 (2011-10)
Mediterranea delle Acque
Metroweb	87.68%	fiber-optic network in Milan		2012 to 2016	sold to CDP and Enel
Metroweb Genova (ex-Saster Net)	85.00%	fiber-optic network in Genoa	October 2012 (2012-10)	2012 to 2016	sold to CDP and Enel
Società Azionaria Gestione Aeroporto Torino (SAGAT)	54.46%	airport operator of Turin Airport			sold partially via 2i Aeroporti
Società Esercizi Aeroportuali (SEA)		airport operator of Milan Airport			sold partially via 2i Aeroporti

Shareholders

Company	Number of shares	par value	Ratio
Fondazione Cariplo (A shares)	120	€120 million[8]	6.48%
Fondazione Cariparo (A shares)	15	€15 million[9]
Fondazione Cassa dei Risparmi di Forlì (A shares)	15	€15 million[10]
Fondazione Cassa di Risparmio di Lucca (A shares)	15	€15 million[11]
Fondazione CRT (A shares)	60	€60 million[12]	3.24%
Cassa nazionale di previdenza ed assistenza per gli ingegneri ed architetti liberi professionisti
Cassa Italiana di Previdenza e Assistenza dei Geometri liberi professionisti
Cassa Depositi e Prestiti
Intesa Sanpaolo
UniCredit
Ardian
A shares sub-total	938	€938 million	50.65%
Ente Cassa di Risparmio di Firenze (B shares)	40	€40 million
Fondazione Cassa di Risparmio di Lucca (B shares)	15	€15 million
B shares sub-total	906	€906 million	48.92%
Fondazione Cariplo (C shares)	13.16	€658,000
Fondazione CRT (C shares)	6.59	€329,500
Fondazione Cariparo (C shares)	2.30	€114,856
Fondazione Cassa di Risparmio di Forlì (C shares)	1	€50,000
Fondazione Cassa di Risparmio di Lucca (C shares)	1	€50,000
F2i SGR (C shares)
C shares sub-total	160	€8 million	0.43%
Total	2004	€1.852 billion

gollark: It's weirdly high-latency for some reason, but it's up.

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gollark: I'm hoping an update of the software and restarting it should fix it, but it had *better* not make a habit of this.

gollark: My webserver seems to have decided to stop webserving and just has some cryptic error about goroutines and a stack trace. What joy.

References

BAA announces sale of Naples International Airport
"INTESA SANPAOLO TRANSFERS 12.5% OF F2i RETI TLC TO THE F2i FUND". Intesa Sanpaolo / F2i. 13 September 2012. Retrieved 16 March 2016.
F2i and AXA Private Equity acquire G6 Rete Gas from GDF Suez Energia Italia
"F2i CHOOSES ARDIAN AND CREDIT AGRICOLE ASSURANCES TO PURSUE ITS DEVELOPMENT IN THE AIRPORT INDUSTRY" (PDF). Ardian, Crédit Agricole Assurances and F2i SGR. 6 February 2015. Retrieved 15 March 2016.
"Exclusive: Italy's F2i to sell stake in airport holding company". Reuters. 22 May 2014. Retrieved 15 March 2016.
"Portafoglio". F2i SGR. Retrieved 15 March 2016.
"European electricity transmission grids line up for divestment". Utility Week. 26 June 2009. Retrieved 15 March 2016.
"2014 Bilancio" (PDF) (in Italian). Fondazione Cariplo. 5 May 2015. Retrieved 16 March 2016.
"2014 Bilancio" (PDF) (in Italian). Fondazione Cariparo. 8 June 2015. Archived from the original (PDF) on 2 March 2016. Retrieved 16 March 2016.
"2014 Bilancio" (PDF). Fondazione Cassa di Risparmio di Forlì (in Italian). ACRI archive. 11 May 2015. Retrieved 16 March 2016.
"2014 Bilancio" (PDF). Fondazione Cassa di Risparmio di Lucca (in Italian). ACRI archive. 22 April 2015. Retrieved 16 March 2016.
"2014 Bilancio" (PDF) (in Italian). Fondazione CRT. 15 September 2015. Archived from the original (PDF) on 22 March 2016. Retrieved 16 March 2016.

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[1] BAA announces sale of Naples International Airport

[2] "INTESA SANPAOLO TRANSFERS 12.5% OF F2i RETI TLC TO THE F2i FUND". Intesa Sanpaolo / F2i. 13 September 2012. Retrieved 16 March 2016.

[3] F2i and AXA Private Equity acquire G6 Rete Gas from GDF Suez Energia Italia

[4] "F2i CHOOSES ARDIAN AND CREDIT AGRICOLE ASSURANCES TO PURSUE ITS DEVELOPMENT IN THE AIRPORT INDUSTRY" (PDF). Ardian, Crédit Agricole Assurances and F2i SGR. 6 February 2015. Retrieved 15 March 2016.

[5] "Exclusive: Italy's F2i to sell stake in airport holding company". Reuters. 22 May 2014. Retrieved 15 March 2016.

[6] "Portafoglio". F2i SGR. Retrieved 15 March 2016.

[utilityweek2009-7] "European electricity transmission grids line up for divestment". Utility Week. 26 June 2009. Retrieved 15 March 2016.

[8] "2014 Bilancio" (PDF) (in Italian). Fondazione Cariplo. 5 May 2015. Retrieved 16 March 2016.

[9] "2014 Bilancio" (PDF) (in Italian). Fondazione Cariparo. 8 June 2015. Archived from the original (PDF) on 2 March 2016. Retrieved 16 March 2016.

[10] "2014 Bilancio" (PDF). Fondazione Cassa di Risparmio di Forlì (in Italian). ACRI archive. 11 May 2015. Retrieved 16 March 2016.

[11] "2014 Bilancio" (PDF). Fondazione Cassa di Risparmio di Lucca (in Italian). ACRI archive. 22 April 2015. Retrieved 16 March 2016.

[12] "2014 Bilancio" (PDF) (in Italian). Fondazione CRT. 15 September 2015. Archived from the original (PDF) on 22 March 2016. Retrieved 16 March 2016.