In a transaction aimed at consolidating and developing its expertise in the tunnelling sector, especially in Switzerland, Salini Impregilo has acquired a majority stake in Cossi from Società Italiana per Condotte d’Acqua, which is under the control of a government-appointed administrator.
Salini Impregilo will take a 63.5% stake in the company, which will still have among its shareholders the Cossi family and the bank Banca Popolare di Sondrio, each with a 18.25% stake.
The transaction will see the company be recapitalised by the banks by renouncing a large part of the debt owed to them for €24M. Salini Impregilo will give it a loan of €12M to help safeguard current activities and temporarily finance net working capital.
The transaction, supported by Banca Popolare di Sondrio, is a prime example of how the bank plans to undertake a consolidating role in the Valtellina area to rescue an important business asset, save jobs as well as safeguard its receivables.
Cossi Costruzioni, which was advised by Partners SpA, was founded by the family of the same name in Valtellina in 1976 to specialise in tunnelling. The company has 170 employees and, through its subsidiaries LGV SA and Mosconi Srl, conducts most of its activity in Italy and Switzerland.
With important clients such as AlpTransit Gotthard Ltd, Cossi has been involved in such strategic projects as the renovation of the Mont-Blanc Tunnel after the fire, sections of highways in Italy and Switzerland, the base railway tunnel of Monte Ceneri in Switzerland, as well as the construction of the “Variante di Morbegno“ highway in Valtellina.