Clever Servizi Energetici S.p.A. (formerly Comat Servizi Energetici S.p.A.) is one of the leading operators in the residential energy service sector in Italy through the management of more than 3,000 condominiums in Northern and Central Italy.

Fund II obtained 33.33% of Clever Servizi Energetici’s share capital through the contribution of Metrotermica S.p.A.

Sourcing and Investment Rationale

• The purchase of Metrotermica was negotiated on a fully bilateral basis given strong relationship with prior owner
• At the beginning it was an attractive opportunity to replicate in central Italy the strategy carried out with Comat in Northern Italy
• Following the sale of Comat to two large financial sponsors by Fund I and the subsequent contribution in kind of Metrotermica, Fund II became a co-controlling shareholder (33%) of the resulting combined entity, which has been rebranded as Clever SE.

Value Creation

• The original plan was focused on the conversion of the existing portfolio of maintenance contracts towards energy services contracts with a longer duration and a significant re-rating of the profitability through a more structured commercial proposition including energy sale in addition to boiler refurbishment
• The new business plan of the combined entity is based on the core business lines of the former Comat and Metrotermica – heat management, building requalification, energy efficiency advisory – with new business lines such us residential solar rooftop, electricity and gas supply, digital platform
• M&A strategy is an additional leverage in order to accelerate growth of the existing condominiums base

Progress Update

• Regulatory framework in Italy has been recently amended, with the abolition of the so called Superbonus. As a consequence, the average volume size for the single refurbishment work will drop. Therefore, FIEE has decided that pursuing a M&A strategy is the appropriate route to broaden the number of condominiums managed with the aim to convert yearly basis contract into long term contracts
• We are actively analyzing potential add-ons: in particular the acquisition of Tecnoenergy in Milan area has been recently executed, then leveraging on additional 600 condos in the Milan area. Several other target companies are under scrutiny.
• In order to execute the M&A strategy, together with the two other financial sponsors we committed an additional capital increase up to €10m