Withers has advised Gemmo S.p.A. a family-owned Italian infrastructure business on an investment in its subsidiary City Green Light S.r.l. Luxembourg-based fund Marguerite II SCSp has completed a €40m investment in City Green Light in order to hold 39% of the company, while the Italian Fund for Energy Efficiency (FIEE) holds 57%, following a €58m investment in the business. Gemmo currently holds 4% of the company but, as sole industrial partner, has a dedicated capital increase right to expand its partnership in the coming years.
City Green Light is Italy’s first private operator in the public lighting sector, with more than 400,000 lighting points, and will use the capital raised through Marguerite II and FIEE’s investments to double its projects across Italy.
Gemmo, assisted by Withers, opened City Green Light up to investment by new partners in February 2018, when FIEE invested €33 million. Withers has represented Gemmo S.p.A. and the Gemmo family for more than 20 years, with a specific focus on corporate matters, and has advised on every notable transaction carried out in the past decade.
Roberta Crivellaro, managing partner of Withers’ Italian practice, comments: “This is an important transaction for Gemmo, allowing them to access capital to expand City Green Light’s reach, whilst spreading risk and taking on further expertise and support. We specialise in working with family-owned businesses, and are delighted to have been able to assist on this project.”
The Withers team in Milan was led by Roberta Crivellaro, working with special counsel Stefano Cignozzi and trainee Dario Valoncini.