GSA to be sold to FSI; bank financing lined up

Gruppo Servizi Associati (GSA), the Italian company specializing in fire safety for facilities, is about to be sold to Fondo Strategico Italiano (FSI), according to sources.

The company is marketed at EBITDA of €29 million. The financing is expected to be at approximately 3x EBITDA with a quantum of around €100 million and will made by banks, sources said. The company was very close to being financed by a direct lender with a higher leverage, but eventually opted for a cheaper alternative, sources added.

The auction, which started in summer 2020, is managed by Mediobanca and DC. Armonia has controlled 68.5% of GSA through Armònia Italy Fund since January 2018. GSA's headquarters are in Rome and its management in Udine, and it has a branch in Lyon, France. GSA specializes in fire surveillance and rescue services on roads, motorways and tunnels, as well as helipads and smaller airports.