Milan, 18 December 2025
This will be the first exit of the Algebris Green Transition Fund and will deliver a first meaningful liquidity event to its investors, two years after the initial investment.
Algebris Investments, through the Algebris Green Transition Fund (combined, “Algebris”), has accepted the binding offer submitted by ACEA, via its subsidiary a.Quantum, to acquire up to 100% of Aquanexa’s share capital and, indirectly, the interests held by Aquanexa.
Aquanexa, which specialises in delivering integrated solutions for the intelligent management of the water cycle, combines digital technologies, network engineering, advanced sensing and operational services for utilities, public bodies and corporates. The company is a fast-growing, dynamic platform pursuing an ambitious expansion strategy, including through acquisitions, with several transactions completed and others currently underway.
Luca Valerio Camerano, Managing Director and Senior Partner of the Algebris Green Transition Fund, commented: “Aquanexa fully embodies Algebris’ strategy of building new industrial champions capable of delivering innovative solutions. Launched in early 2024 with EBITDA of €1.3 million, over the past two years the company has achieved strong organic growth and, through eleven acquisitions, has expanded to a team of approximately 320 people, with revenues of €150 million and EBITDA of €27 million. Through this transaction, Algebris is divesting a leading industrial group in the Italian market, diversified and resilient, and well positioned to respond to the evolving investment needs of water value-chain operators. We are proud to have built a new market leader able to generate tangible value for its customers, stakeholders and Algebris’ investors. We would like to thank Aquanexa’s management team, whose contribution has been fundamental to the success of this important initiative.”
The transaction’s economic value – expressed as Enterprise Value for 100% of Aquanexa – is estimated at €205 million. The structure and terms will be set out in detail in the contractual documentation and will include a fixed component and certain variable earn-out amounts, payable on a pro-rata basis depending on organic EBITDA growth in 2025 (preliminarily estimated at approximately €27 million). The scope of the transaction may expand as a result of acquisitions currently being finalised, which could lead to a further increase in the earn-out, within the limits and subject to the conditions specified in the offer.
Completion of the transaction, expected by the first quarter of 2026, will represent Algebris Green Transition Fund;s first exit, less than four years after launch. Closing remains subject, inter alia, to clearance from the competent antitrust authorities for merger control purposes, as well as the successful completion of negotiations and the execution of definitive agreements governing the transaction.
