Partial exit for BS Private Equity

BS Private Equity has relinquished part of its stake in Italian short sea transportation group, STC in a secondary buyout transaction. Star Social Responsible Fund, a medium-size close-end fund sponsored by Efibanca Palladio has acquired a stake in the company while BS Private Equity retains a 20% stake and management holds 21%. Financial details of the transaction are undisclosed.

BS Private Equity originally backed the management team in 2000 as part of the buyout from the company’s founders. Following an aggressive expansion programme the company has achieved 11% growth in turnover and EBITDA is up 75% since the original buyout. BS Private Equity has recorded an IRR higher than 45% and a capital gain on cost of €14m.

STC is a leading operator in short sea transportation in Europe (mostly Italy and France) and the Maghreb (Tunisia, Morocco, Libia and Malta). The group is composed of four companies based in Italy, France, Morocco and Tunisia. The group is lead by Fabrizio Bertacchi and has around 120 members of staff.