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EQUITA ends 2023 fiscal year by announcing new strategic initiatives

  • Closing of the acquisition of a minority stake in Sensible Capital and its rebranding to EQUITA Real Estate

  • Increase of co-investment in the first private debt fund EPD

  • Amendment of some of the terms of the agreement between EQUITA and EQUITA K Finance's minority shareholders

Milan, December 21, 2023

EQUITA Group S.p.A., holding company of EQUITA, the leading independent investment bank in Italy (“EQUITA” or the “Company” and, together with its subsidiaries, the “Group”) ends its 2023 fiscal year by announcing three new strategic initiatives aimed at supporting growth, diversification and shareholder remuneration.

Acquisition of a 30% minority stake in Sensible Capital and rebranding to EQUITA Real Estate

Today, EQUITA closed the acquisition of a 30% minority stake in Sensible Capital, an independent real estate advisory boutique founded in 2020 by Silvia Rovere. EQUITA fully subscribed a dedicated capital increase and purchased existing shares from the founder Silvia Rovere. The transaction was paid with a combination of cash and EQUITA treasury shares.

The closing of the transaction will allow the Group to expand its Investment Banking offering with a new area of expertise dedicated to real estate advisory services, which will complement EQUITA’s existing activities.

Sensible Capital will be rebranded to EQUITA Real Estate, to benefit from the strong, increasing appeal of the EQUITA brand. In addition, Silvia Rovere – appointed senior advisor in August 2023 – will adhere to the “EQUITA Group Shareholders Pact” and will formally enter into partnership with other Group’s managers.

From 2026, EQUITA will be entitled to exercise a call option to acquire an additional 40% stake in EQUITA Real Estate and increase the investment in the company to 70%, thus consolidating the target.

Increase of co-investment in the first private debt fund EPD

On December 13th, 2023, the subsidiary EQUITA SIM purchased an additional fund share in EQUITA Private Debt Fund (“EPD”) from an institutional investor. The transaction increases the Group’s co-investment in the first private debt fund, from €5 million to approximately €11 million, and as a result the Group will earn additional returns from the mature and performing EPD portfolio. The purchase price of the fund share has been agreed at a discount to the NAV of the fund.

Amendment of some of the terms in the agreement between EQUITA and EQUITA K Finance’s minority shareholders

EQUITA and EQUITA K Finance’s minority shareholders – Giuseppe Renato Grasso and Filippo Guicciardi, co-CEOs of EQUITA K Finance, 70% owned by EQUITA – have amended the agreement signed in July 2020 by eliminating the put & call options, and decided to renegotiate some terms, including those related to duration. 

Considering the outstanding results that have been achieved since 2020, the parties have agreed to define new terms to extend the partnership, in light of its future consolidation into the Group and the increasing involvement of Grasso and Guicciardi at holding company level.

Andrea Vismara, Chief Executive Officer at EQUITA, commented: “We are ending 2023 with the announcement of three key strategic initiatives, all significant from different standpoints. The partnership with Silvia Rovere and the rebranding of EQUITA Real Estate will diversify the investment banking offering into real estate advisory. The purchase of an additional fund share in EPD will lead us to further align our interests to institutional investors who have committed their capital in our illiquid, alternative funds. And finally, the renegotiation of some terms included in the agreement between EQUITA and the minority shareholders of EQUITA K Finance will allow the Group to extend this successful partnership and foster future growth in M&A advisory”.

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EQUITA ends 2023 fiscal year by announcing new strategic initiatives