Fondo Italiano di Investimento makes first exit with Eco Eridania sale


waste apple rubbish litterItalian sovereign wealth fund Fondo Italiano di Investimento has sealed its first divestment by selling its stake in waste management business Eco Eridania to fellow backers including Xenon Private Equity.

FII picked up a minority stake in the business for €10m in 2011, with Xenon coming on-board through a €14.3m financing alongside FSI in November 2012.

Eco Eridania was launched in 1988 as an environmental services and consultancy company, and has since altered its business to specialise in disposing of animal and vegetable waste and hazardous materials from hospitals.

Late last year fellow Italian sovereign vehicle FSI joined forces with the Russian Direct Investment Fund to launch a €1bn joint vehicle.

RDIF and FSI will each contribute €500m to the vehicle, which will invest in companies and projects “promoting the development of foreign trade and FDI between Italy and Russia.”

The fund will focus on helicopter industry, engineering, machinery, insurance, food industry and others. RDIF added that it “also invites Italian companies to invest in Russian infrastructure projects.”

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