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The following are statements made by top management from the Cassa Depositi e Prestiti and Fondo Strategico Italiano after today’s signing of an agreement between FSI and Qatar Holding for joint investments in the "Made in Italy":
Franco Bassanini, chairman of Cassa Depositi e Prestiti: "This first agreement with large investors from the Gulf region is very important for the entire Cdp Group because it will be able to help bolster further co-investment accords with the Fondo Strategico Italiano and other instruments from the Group. It also reinforces the Cassa Depositi e Prestiti’s role as long-term market investor in the international markets"
Giovanni Gorno Tempini, chairman of Fondo Strategico Italiano and chief executive officer of Cassa Depositi e Prestiti: ""We are very happy about the agreement with such a high-quality partner. The "Made in Italy" joint venture between Fondo Strategico Italiano and Qatar Holding shows how some sectors of the Italian economy can be very attractive for those foreign investors who see their potential for growth, consolidation and international expansion."
Maurizio Tamagnini, chief executive officer of Fondo Strategico Italiano. "Apart from the significant capital firepower, the joint venture brings together two partners with complementary skill sets. This combination can offer many Italian companies real opportunities for transformation and value creation. Additionally, the agreement confirms how FSI has become, since its recent birth, a very credible partner in the Italian private equity investment sector, even for large international investors like Qatar Holding".
Doha, 19 November 2012
Below is the FSI-QH joint press release:
FSI and Qatar Holding sign JV to invest up to € 2 billion in "Made in Italy"
Doha, 19 November 2012. Fondo Strategico Italiano Spa (FSI) - the holding company controlled by the Cassa Depositi e Prestiti (Cdp) - and Qatar Holding LLC (QH) signed an agreement today to set up a joint venture (jv) named "IQ Made in Italy Investment Company S.p.A."
Under the terms of the agreement, the jv will have total capital of up to € 2 billion, to be equally provided by FSI and QH over the first 4 years, with € 300 million at inception.
The jv will invest in Italian companies operating in some of the sectors of so-called "Made in Italy": food & food distribution; fashion & luxury; furniture & design; tourism; lifestyle and leisure.
All these are sectors of excellence of Italian economy and key contributors to Italy’s exports. Additionally, they present a number of high quality businesses with significant potential of growth and international expansion.
Thanks to the capital made available from its shareholders, the IQ Made in Italy Investment Company S.p.A. aims at investing in leading businesses and at creating value through several levers, including sector consolidation and transformation through organic and international growth.
By combining the local knowledge and franchise of FSI with the global reach and sector knowledge of QH, the jv would be able to provide to investee companies a unique set of skills and reach to foster their growth processes.
The IQ Made in Italy Investment Company S.p.A. will be run by FSI and QH on equal governance terms.
The agreement could be reached thanks to the excellent discussions that have been held in the occasion of the visit of the Italian Prime Minister Mario Monti to Qatar and is one of the initiatives that form part of a framework of the cooperation and excellent bilateral relationship between Qatar and the Italian Republic.