Private British equity fund Icon Infrastructure is investing in Sestriere. But will be become Italy’s Aspen? The project, which aims at replicating what has already been successfully done in winter destinations such as Vail or Aspen in Colorado, as well as in Calgary in Canada, will feature Sestriere’s ski facilities, hotels and mountain refuges, which are the true heart of the Vialattea ski area.
The company, owned by two private partners, was purchased from Fiat
According to the Italian financial daily Il Sole 24 Ore negotiations for the acquisition of the Sestriere spa group are already well advanced. The company is currently owned by two private partners, who acquired it for €30 million from Fiat in 2006, at the time of the Winter Olympics and of the Turin motorcar company’s recovery plan under Sergio Marchionne. Behind the takeover are President Giovanni Brasso, with his Publi Gest that controls 65% of the group, and Alessandro Perron Cabus, who holds 35% through Abc.
The takeover should amount to around €100 million
The offer put on the table by Icon Infrastructure would be one of the most attractive, so much so as to amount, according to rumours, to a figure of around €100 million. In the pre-pandemic era, the Sestriere Spa group boasted a turnover of around €30-35 million annually, with a return on equity fluctuating between 20% and 30%.
The deal is expected for the middle of January
Negotiations are currently in the due diligence phase with the conclusion of the deal is expected as early as the middle of this month. Icon currently has a portfolio of real estate assets under management of around €4.3 billion. It also recently launched a new fund, with a financial commitment of over €1.9 billion.
