Cauvin Metals and banchero costa: unprecedented joint acquisition
The two partners illustrate reasons and expectations which induced them taking over SAIF trading company
After having joined partnership in 2015, Cauvin Metals and banchero costa finanziaria negotiated their first deal taking over 70% shares (50:50 each) in SAIF, renowned Genoa-based trader, dealing with petcoke, alternative fuels and biomasses.
Genoese brokering house's financial holding (which lately also established their tenth foreign branch in Seoul-South Korea) sealed their second deal in the trading business after they took over 10% shares in Cauvin Metals.
The latter group operates in primary aluminium and zinc, recording 100,000 tons annual sales and represents Boliden for trading lead and lead alloys on the Italian market.
“This is a further diversification from our core business”, states Francesco Fuselli, banchero costa's managing director, adding they are also seizing new market opportunities.
SAIF provides three different services: supply and trading, logistic and distribution and shipping (a dedicated department negotiates dry bulk carriers' charter contracts to transport their products).
Overall 1 million tons products are shipped annually by the company headquartered in Genoa and managed by brothers Tommaso and Francesco Zucchi.
Ernesto Cauvin, president of Vittorio Cauvin group, commented the latter acquisition stating they sought partnership with banchero costa to be supported by a skilled business partner on the foreign market.
Regarding SAIF (whose 30% left is currently controlled by a trust company), Genoa-native entrepreneur illustrates that Cauvin Metals (celebrating its 10th anniversary in 2020) marked Cauvin's return to trading and SAIF deal strategically enhances this business.
In order to take over petcoke and biomasses trading branch, overall 4.5 million were invested (partially as capital injection and partially as convertible loan).
Both Cauvin and Fuselli already envisage SAIF will record positive results and soaring volumes in 2019, supported by the Zucchi brothers and their staff.
In 2018 first nine months the newly taken over company recorded “70 million Euro turnover plus 20 million sales from Turkey-based SAIF Enerji Kaynaklari Sanayi Ve Ticaret”.
Regarding shipping trade, SAIF buys petcoke from US refineries to re-sell it in Turkey, Egypt, India and Ukraine.
Vittorio Cauvin's (operating in import and distribution of fertilizers, steel, aluminium and non-iron materials, trading and international procurement), consolidated financial results should reach overall 370 million Euro in 2018 versus 338 recorded in 2017.