Comat Servizi Energetici S.p.A. is the leading operator in the residential energy service in Italy through the management of over 3,000 buildings in Northern Italy.

As of 1 January 2022, Comat Servizi Energetici incorporated Cremonesi following the merger between the two companies.

In September 2023, Fund I completed the sale of the investee to two investment funds managed by Pioneer Point Partners LLP and Marguerite III GP S.r.l., respectively.

The transaction generated high returns for Fund I.

Sourcing and Investment Rationale

• Family owners and operators looked to carve-out residential business from broader energy efficiency platform.
• FIEE was positioned as a partner of choice given prior relationship with family owners. The transaction was negotiated on a fully bilateral basis.
• The family remained invested in Comat to participate in the growth upside.
• Attractive asset involved in the design, installation, management and maintenance of thermohydraulic systems in the residential sector.
• At entry, Comat was managing a portfolio of c.1,500 condominiums in North-West of Italy, with ambitions to consolidate its position in Northern Italy.

Value Creation

• Expanded in other adjacent areas of Northern Italy exhibiting a very fragmented market via organic growth (improving sales division, cross-selling of services) and M&A (purchased Termog Arena with a portfolio of 250 condominiums in Piedmont).
• Grew portfolio to more than 2,700 apartment buildings across Italy’s northern regions and operated through 11 commercial branches with more than 100 employees.
• De-risked revenues by signing long-term contracts (10 to 15 years) – as of today, the residual life of these contracts is still quite long (7 to 8 years). The rationale of the deal was linked to the possibility to transform annual contracts into multi-year contracts to stabilise the top line.
• Benefited from policy tailwinds and increased the number of managed condominiums to c.2,500.
• Implemented strong governance frameworks and best practices.

Exit and Returns

• In September 2023, the company was sold to two European financial sponsors.
• In June 2023, FIEE approved Fund II’s contribution of 100% of Metrotecnica’s shares to Comat. The combined entity’s shareholding structure consists of FIEE (Fund II), and two other financial sponsors, each holding a 33.33% stake.