An Italian financial player with great growth potential linked to the technological development of the industry.

SIA S.p.A. is a leading European group in the design, implementation and management of technological services (payment systems) dedicated to Financial Institutions, Central Banks, Companies and Public Administrations, providing services in more than 50 countries.

SIA operates in three business areas: Card & Merchant Solutions which includes issuing and acceptance services for card payments and new digital systems, Digital Payment Solutions which concerns activities related to account-to-account payments with solutions for retail, corporate customers (SEPA, Instant Payment) and central institutions (RTGS, Automated Clearing House), and finally Capital Market & Network Solutions, a business area that includes network services, payment systems and solutions based on blockchain technology.

Optimization of the joint acquisition: development through external lines thanks to multiple acquisitions

The transaction occurred in February 2014 thanks to the institutional collaboration of HAT with the funds F2i and CDP Equity. Through a buyout operation, the three purchaser acquired a total initial stake of 59.26%. In the following year, HAT, F2i and CDP Equity have acquired additional stakes from some original shareholders for 16% of the capital. HAT’s final stake in SIA was 8.64%, with an investment of: €41.4 million.
The HAT Team has interacted proactively with the shareholders in all phases of the investment life, contributing to SIA growth in several aspects, such as the support for the organic growth of the company by seizing business opportunities, the support in scouting and evaluation of potential acquisition opportunities for external growth, and the appointment of new external managers of high seniority and proven professionalism. Another crucial contribution has been the implementation of the materiality matrix for the company and for stakeholders for sustainability purposes according to three guidelines: economic sustainability, social sustainability and environmental sustainability.

Exit strategy and investment enhancement

Divestment and valuation through a Secondary Buyout carried out by the co-investor CDP Equity.
In 2019, HAT (together with F2i) sold its entire stake to CDP Equity, already HAT co-investor in SIA Group, generating a multiple on invested capital of 5.1x.