European private equity firm Ambienta has taken a majority stake in Restiani, a business which provides and maintains heating systems in the residential market.
Restiani was founded in 1937 by the Restiani family as a distributor of wood and coal, and evolved in the 1950s into a business which distributed energy products and maintained centralised heating systems.
Since the 1990s Restiani has taken advantage of the move towards more efficient and environmentally friendly heating systems in the residential market and the business now focuses on delivering energy efficient solutions. Its services include energy audits, engineering, and the installation and maintenance of heating systems and smart meters.
On completion of the deal Ambienta will own 80% of the share capital of Restiani. The remaining shares will be held by the Restiani Family and management.
Restiani is based in Alessandria and has subsidiaries across north west Italy. Its client base includes around 1800 buildings and more than 30,000 apartments, which are looked after through a proprietary network of technicians providing around the clock availability. In 2016 Restiani had revenues of €173 million and employed 150 people.
Ambienta’s investment will be used to grow the business by introducing innovative energy efficiency services in the light of stricter environmental standards, by managing big data and by expanding the business into adjacent regions through mergers and acquisitions.
Ezio Restiani, former CEO of the Company said: “With the acquisition of Ambienta, Restiani begins a new phase of its life and we are enthusiastic that the Family will continue to be a part of it.”
Mauro Roversi, Partner and Chief Investment Officer of Ambienta said: “We believe Restiani represents an attractive investment opportunity for Ambienta, as a solid platform in the unique Energy Service Company market for residential clients, with a leading position in the North West regions and large untapped potential for expansion in adjacent regions and channels.”
Ambienta invests in companies driven by environmental trends and has funds under management of over €500 million. It has completed twenty-six investments in Europe to date in the areas of resource efficiency and pollution control.