Cassiopea Partners acted as acted as exclusive financial adviser to Tikehau Capital on the acquisition of Cebat from Oaktree Capital Management

Cassiopea Partners acted as sole financial advisor to Tikehau Capital flagship private equity decarbonisation strategy in the signing of a binding agreement to acquire CEBAT S.p.A. ("CEBAT" or the “Group”), a leading Italian utility infrastructure service provider and portfolio company of funds managed by Oaktree Capital Management, L.P. ("Oaktree").

Established in 1961 and headquartered in Rome (Italy), CEBAT is specialised in the installation of utility networks and maintenance services which are critical for the enhancement and upgrade of electricity, water and telecommunication grids. With revenues exceeding €200 million in 2023, more than 1,000 employees and 15 operational hubs across Italy, Spain and Germany, CEBAT has completed more than 300 projects throughout its over 60 years of activity. The Group serves major utility players such as Terna, Enel, Acea, and TIM, playing an essential role in enabling the rollout of their investment plans aimed at fostering electrification and guaranteeing larger, safer and more resilient utility networks.

Tikehau Capital's private equity decarbonisation strategy focuses on investing in companies engaged in global electrification, resource and energy efficiency, low-carbon inputs, and adaptation to climate change, with the aim of supporting players across the value chain whose products and services are critical to reduce the economy’s carbon footprint.

Roberto Quagliuolo, Deputy Head of Private Equity and Head of Italy at Tikehau Capital commented: “We are pleased to have reached an agreement to become CEBAT's new shareholder. Our investment will focus on leveraging the Group's strong credentials with industry-leading clients and the growth potential of its reference markets, driven by significant investments in the coming years to decarbonise and enhance the efficiency of utility networks. This transaction represents the second investment of Tikehau Capital's second-generation flagship private equity dedicated to decarbonisation. CEBAT is a perfect fit due to its critical role in expanding and modernising grid infrastructure to facilitate energy transition.”

With this transaction, Cassiopea Partners further reinforces its expertise in infrastructure services companies and ESG-linked investments, once again demonstrating its ability to identify assets that are aligned with its client's investment strategies.

Alongside Cassiopea Partners, Tikehau Capital was assisted by Fineurop Soditic (debt advisor), Deloitte (accounting and payroll advisor), PedersoliGattai (legal & tax advisor), A.T. Kearney (commercial advisor) and Anthesis (ESG advisor).

The completion of the transaction remains subject to the satisfaction of pre-closing conditions.