Disposal of a minority of GTS to Marguerite
Mediobanca acted as sole sell-side financial advisor to GTS in the disposal of a minority stake to Marguerite
Founded in 1977 by Nicola Muciaccia and headquartered in Bari (Italy), GTS is a leading cargo rail and intermodal transport operator offering national and international vertically integrated transport services across Europe’s north-south axis and global freight forwarding
GTS, which owns 20 electric locomotives, reported €111m revenues and ca. €22m EBITDA in 2020 (+30% vs. 2019).
The Transaction envisages a combination of purchase of shares from the Muciaccia Family and a capital increase to fund GTS rolling stock fleet expansion plan to meet the increasing customer demand for intermodal transport solutions and modal shift from road to rail in the transport of goods. GTS investment plan is expected to help the environment to save 1.2m/tons of CO2.
The Transaction values GTS equity in excess of €200m pre-money, with an implied EV/EBITDA 2020A multiple >10x (terms of the deal are confidential and undisclosed).
The Transaction is expected to be completed in Q3 2021 and is subject to the fulfilment of customary conditions precedent
This transaction represents the 3rd consecutive sell side deal over the last 12 months successfully completed by Mediobanca’s Infrastructure & Transportation team in cooperation with the Infra&SWF team involving Italian infra assets and top-tier international infrastructure funds as buyers, after the disposal of Telepass to Partners Group and of Autostrade per l’Italia to the consortium comprised of CDP, Macquarie and Blackstone.