Investindustrial has generated a 3.2x return on invested capital after agreeing to sell its stake in Aeroporto Guglielmo Marconi di Bologna to Atlantia.

The deal values the Bologna airport at €560m, or 16.2x 2017 Ebitda. Investindustrial first invested the company in 2014 and supported its IPO the following year.

During the private equity firm’s hold period the airport opened a direct daily route to Dubai, agreed a new airport tariff deal, secured an agreement with a major European carrier and began construction work on a terminal expansion and a link to Bologna railway station.

Since 2014 passenger numbers have climbed at a compound annual growth rate of eight per cent, rising from 6.6 million in 2014 to 7.7 million in 2016.