XVI Ventures Acquires 24% of Italmare SpA, a Prominent Oil & Gas Company in Italy
XVI Ventures has acquired a 24% stake in Italmare SpA, the distinguished oil and gas trader and retail distributor founded in Naples, Italy. This move aligns with the company's long-term strategy to capture opportunities in the growing energy market.
Los Angeles, CA - ACN Newswire - 19 July 2024 - Edoardo Piscopo's holding company, XVI Ventures, announces its acquisition of a 24% stake in Italmare SpA, a leading oil and gas trader and retail distributor headquartered in Naples, Italy. This strategic investment marks XVI Ventures' expansion into the Italian energy sector and positions the company to capitalize on emerging opportunities in the growing natural gas energy market.
Italmare SpA is known for its growth trajectory, surpassing €100 million in turnover, which makes it one of the fastest-growing privately owned companies in the region. The company also holds a controlling interest and 50% ownership in Italcost srl, one of Italy's largest LPG onshore storage facilities with a capacity of over 19,500 cubic meters, founded by entrepreneur Giuseppe Ricci. This plays a crucial role in Italy's energy infrastructure, providing essential services to the gas sector.
Acquiring a 24% stake in Italmare SpA will leverage and strengthen XVI Ventures' core business—its balance sheet, assets, and industry expertise in the Italian market—by integrating Italmare SpA's substantial market presence and extensive infrastructure into its portfolio.
Though the deal's financial terms were not disclosed, this investment will significantly enhance XVI Ventures' financial stability and provide access to Italmare SpA's valuable assets, including its significant access to LPG storage capacity and robust trading network.
This investment comes at a pivotal time in the energy sector. According to a report by Grand View Research, the global renewable energy market was estimated at USD 1.21 trillion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 17.2% from 2024 to 2030.
XVI Ventures Founder and CEO Edoardo Piscopo shares, "The transition toward renewable energy is impacting every company in the space. I am excited to become actively involved and bring a different perspective to this complex yet growing market."
With this acquisition, Edoardo Piscopo will join Italmare SpA's board of directors, solidifying the strategic partnership between the two companies. XVI Ventures is also preparing for additional business expansions as part of its long-term strategy.
Edoardo Piscopo concludes, "We have commenced due diligence on a new local investment, which we hope to close by Q4 this year. There are many things to look forward to for Italmare. We will continue to build on our strong foundation and explore new avenues for growth."
About XVI Ventures
XVI Ventures is a diversified holding company managing oil, gas, and automotive assets. It was founded by former professional racecar driver and world champion Edoardo Piscopo, who uses his professional expertise and experience in managing and growing a $1B company (revenue).
XVI Ventures focuses on oil and gas and automotive, where it is both an investor and operator. Today, it explores sustainable development in Italy's oil and gas sector, partnering with other market players to contribute to the growth of the industries they are working with.