• Marguerite and Pioneer Point Partners to acquire 100% of Comat Servizi Energetici S.p.A. (“CSE”) from IEEF I and Comat S.p.A.
• Fondo Italiano per l’Efficienza Energetica (“FIEE”), via its investment fund IEEF II, to contribute its wholly owned portfolio company Metrotermica S.p.A. into CSE, thus becoming co-shareholder with Marguerite and Pioneer Point Partners.
• The integrated company will be the leading player in the Italian residential energy efficiency market, providing energy management services to 3,200 apartment buildings across Northern and Central Italy.

Luxembourg/Rome, 18 July 2023 – Marguerite, Pioneer Point Partners and FIEE are joining forces to establish the biggest Italian residential energy efficiency company by combining Turin-headquartered
CSE with Rome-based Metrotermica. The transaction will be carried out by the investors’ latest funds, namely Marguerite III, Pioneer Infrastructure Partners and IEEF II.

As part of the transaction, all three investors are committing significant capital to fuel the company’s growth in new regions and business lines and further consolidate its market dominance. The
transaction was signed on 11 July 2023 and is expected to be completed over the course of Q3 2023, upon the fulfilment of certain conditions precedent.

CSE, with revenues of around €75 million grown about four times since 2018, is the leading Italian independent residential energy efficiency company which was established in 2018 as a spin-off of the residential energy efficiency business of Comat S.p.A. CSE provides services to a portfolio of more than 2,700 apartment buildings across the northern Italian regions and operates through 11 commercial branches with more than 100 employees. Metrotermica is a Rome-based energy efficiency company currently servicing circa 500 apartment buildings in central Italy and employing, has a workforce of 30 employees and a turnover of around €9 million, which has grown about four times in the last two years following the entry of IEEF II.

Both companies provide a wide range of energy efficiency services to apartment buildings, including the replacement of centralised boilers with more efficient technologies such as heat pumps, roof/wall insulation and solar PV installations.

“We do believe that energy savings in the residential sector is one of the key pillars to reach the ambitious target set by the European Union in terms of energy efficiency. We have done an intensive job so far in CSE but we want to do even more by creating the largest player in Italy in the sector by leveraging on our know-how and on the financial support and expertise of our new partners” said Raffaele Mellone and Andrea Marano, co-CEOs of FIEE.

The transaction testifies to the investors’ commitment to finance the energy transition process and is in line with the EU goal of reducing energy consumption and related greenhouse gas emissions as set out by Energy Efficiency the Energy Performance of Buildings Directives.

“We strongly believe that a successful energy transition will require significant actions on the demand side of the energy market and that the role of companies like CSE will be key in making it happen,” said William Pierson, Managing Partner at Marguerite. “We look forward to partnering with FIEE and Pioneer Point Partners to provide CSE with the capital and the know-how to further establish its dominant market position”.

Marguerite and Pioneer Point Partners were advised by Lazard (M&A), Chiomenti and Gianni Origoni & Partners(legal), Bain (commercial), Rina (technical), PwC (financial and tax) and Willis Tower Watson (insurance).

FIEE was advised by CMC (M&A), Deloitte (legal), KPMG (financial) and Studio Fantozzi & Associati (tax).

Marguerite is a pan-European investor in long-life greenfield and brownfield expansion infrastructure.

Our funds seek out capital-intensive, sustainable investment opportunities with a particular focus on four sectors: (1) Energy & Renewables, (2) Digital Transformation, (3) Waste & Water and (4) Transport.

Marguerite manages four European infrastructure funds, the most recent being Marguerite III. Over the years, we’ve deployed in excess of €2 billion into projects designed to address the changing infrastructure landscape in Europe by integrating ESG principles and creating positive change for society.

Marguerite III benefits from support from the European Union under the InvestEU Fund.

From our origins in 2010 as an independent infrastructure investment manager backed by the European Investment Bank and the main European National Promotional Banks, we have evolved into a fund manager dedicated to generating value for investors while integrating robust ESG screening as part of our eligibility criteria and continuously measuring the positive impact of our investments.

Our team is based in Luxembourg, Paris and Milan.