Independent Italian growth private equity investor Ambienta SGR has held a first close for its latest fund Ambienta II on €147.2m out of a total target of €300m, less than six months post launch and above its initial first closing target, which would lead Ambienta to become the largest European fund dedicated to the environmental sector. The fund has considerable additional interest and anticipates further closings to be held in the coming months.
Ambienta SGR led by Nino Tronchetti Provera, with offices in Milan, Munich and London, is focused on the management of private equity funds which have as target companies mainly characterized by interesting growth opportunity whose development drivers are connected with themes like efficient use of natural resources, energy savings, pollution control and efficient waste management/disposal.
The closed commitments come from a broad range of investors, including existing investors re-ups, such as those of Intesa SanPaolo, Poste Vita as well as new Italian and international institutions. Indeed, approximately 44% of the first closing commitments in the fund Ambienta II has been signed by eight new European and North American investors, including the European Investment Fund, Credit Suisse, Hermes, Unigestion and some Americans and Germans family offices. Among the investors of this first round there is also the Italian Investment Fund, which has committed to €30m. This is the first commitment of the Italian Investment Fund to a private equity firm with a sectorial investment strategy.
The fund will be managed by Ambienta SGR, independent investment firm founded in 2007 by Nino Tronchetti Provera, Rolando Polli and Mauro Roversi (all three founders of Ambienta), as well as by Stefano Bacci and Rudolf Ohnesorge, - supported by a team of more than 10 professionals. The fund will invest in 10-15 companies and follow an acquisitive growth strategy on cutting edge SMEs active in sector with high growth potential, such that of natural resource scarcity and pollution control. Ambienta II will continue Ambienta 's strategy of generating value for investors through growth rather than financial engineering, working closely with companies to drive business development focusing on international expansion of its portfolio companies. Notably more than 50% of Ambienta I growth portfolio company revenues are generated outside Europe, having more than doubled over Ambienta's holding.
The last operation of the fund dates back to last summer, when Ambienta sucessfully exited Tower Light, European leader in the manufacturing of mobile lighting towers, with a turnover target of more than €40 million in 2013, of which 90% realized abroad, to American Generac Holdings. Ambienta acquired a stake of 82% in Tower Light in February 2012, with an investment of €13.5 million through a management buy-out.
Ambienta SGR is the leading private equity firm in Europe focused on the environmental sector. Its inaugural fund Ambienta I, launched in 2008, with committed capital of € 217.5 million, was raised from institutional investors, family offices and the investment team. The company uses a private equity approach to growing environmental businesses, has an extensive expertise to support entrepreneurs, international footprint and global investing network, as well as a broad environmental focus on pollution, energy efficiency, water, waste and recycling. The company has recently widened its international footprint with new hires in the course of 2013.