Schumann Investments S.A., a company controlled by CVC Capital Partners Fund VI (“CVC”), signed an agreement with Intesa Sanpaolo S.p.A. (“Intesa Sanpaolo”) and Enel S.p.A. (“Enel”) to sell its 70% stake in Mooney Group valuing the business €1,385m on an EV basis. At closing, expected by mid 2022, Intesa Sanpaolo, which already owns 30% of Mooney, and Enel will each hold 50% in the company.
Headquartered in Milan, Mooney is a leading payment services operator with an extensive proximity network. In 2020, Mooney registered revenues of €153m and an EBITDA of €82m. The company has 20 million customers and has issued almost 1 million proprietary prepaid credit cards. Furthermore, through its stake in MyCicero, Mooney manages a digital platform that provides over 2 million customers with mobility services.
Giampiero Mazza, Managing Partner at CVC, said: “Mooney has come a long way since our acquisition of Sisal Group in 2016. We are proud that our strategy has found its ultimate validation in the acquisition by Intesa Sanpaolo and Enel. We want to thank the management team led by Emilio Petrone in leading the journey from a captive B2B partner to the proximity channel to an independent omni-channel B2B and B2C payment platform. We also want to thank Stefano Barrese at Intesa Sanpaolo for joining our vision in the creation of Mooney. Intesa Sanpaolo and Enel are the perfect partners for Mooney and its customers, providing both continuity and the infrastructure to continue to grow the business’ services and footprint going forward.”
Andrea Ferrante, Senior Managing Director at CVC, added: “Separating Sisal’s gaming and payments businesses was at the core of our value creation strategy since inception. Over the last few years, under Emilio’s stewardship, Mooney has improved its offering to both consumers and merchants becoming the partner of choice of a 46k-strong network of points of sale and a reference point for over 20 million customers. Intesa Sanpaolo have proved to be formidable partners and we wish them all the success in the future.”
CVC was advised by Rothschild & Co., Morgan Stanley, Goldman Sachs, Latham & Watkins, Roland Berger, PWC, Studio Legale Tributario Facchini, Rossi, Michelutti.
