MONTEFIORE INVESTMENT takes majority stake in EXO GROUP

Montefiore Investment took a majority stake in Exa Group, the Arezzo-based general contractor for luxury retail and hospitality real estate, at an enterprise value of €100–350M. The sellers were Alcedo Sgr, which had held 55% of the capital through its Alcedo IV fund since February 2016, and the three founders Giuseppe Polvani, Gianrico Specchio and Paolo Pratesi, who each held 15% and reinvested alongside the new shareholder. At the time of the deal, Exa generated revenue of €100–200M and an EBITDA of €0–5M, an EBITDA margin of [members only], employed close to 250 people and served more than a hundred clients, with particular exposure to Italy, France, the United Kingdom and the United States. It was Montefiore’s first investment in Italy since opening its Milan office in September 2022. Alcedo had already tried to sell its stake in 2019, when Fondo Italiano d’Investimento, allied with Armonia Sgr, and Trilantic reached the final round, but no deal followed. The sale came after about two months of market speculation, and was the second divestment in a few months for Alcedo IV, which had transferred half of Persefone, the holding vehicle of Demetra, to its Alcedo V fund in March. Lincoln International advised Alcedo on the financial side, with Advant NCTM as legal counsel and Russo De Rosa Associati on tax. Montefiore was advised by New Deal Advisors.