Acquario di Genova on the hunt for members,

A change of shareholders is looming within Costa Edutainment, the company that manages, among other things, Genoa's Aquarium and Riccione's Aquafan, whose shares are currently divided between CEO Beppe Costa and his family (with 82%) and Dea Capital (18%), which entered the company in July 2022 with a €5m capital increase plus a €35m convertible bond, to which €15m of shares purchased by the fund were added in 2023, thus rising from 10 to 18%.

According to some market rumours, an operation is underway that could lead to an exit of the company's current shareholders and a possible re-entry of Costa with a reduced share. A source close to the company, however, outlines a different scenario, with a path that could lead to Dea alone leaving, replaced by another financial partner.

Everything reportedly starts from two evolving factors. The first, says the source, is that Costa Edutainment will close 2023 'with particularly good results from an economic point of view'. The board of directors met these days precisely to approve the budget. Last year, after the difficult Covid period, the company had its best year ever, with more than 2.8 million visitors received and 73 million euros in turnover: results that would be even better in 2023.

The second factor is that the market, the source goes on to explain, 'is rich in money and looking for serious transactions'. In 2026, moreover, Dea will be able to convert the bond, bringing its share in Edutainment to 48%. According to the source, therefore, the majority shareholder is looking around to 'study whether it is possible for Dea to exit the company before 2026, guaranteeing it the established margin and everything that has been agreed upon, in order to open the way for a new financial partner to enter, again with a minority share'.

Costa's goal, again according to the source, would be to 'retain the majority' of Edutainment.