AIFI, the Italian association of financial sponsors, aims to suggest to the current Italian Government the following three ideas: to lower the threshold for investing in alternative assets through private banking from 0.5 million of euros to 0.2 million; to create SPVs for allowing the investment in private equity and venture capital funds through private banking; make tax-free the investments in scaleup (see here a previous post by BeBeez). AIFI’s chairman Innocenzo Cipolletta said that his association is already holding talks with the Government and the ItalianAssociation of Private Banking (Associazione Italiana del Private Banking).
Italian entrepreneurs Mario Stangoni, Belloni, and Walter Maiocchi, ceo of Zanotti, acquired Malo, the bankrupted Italian fashion firm that Florence Court put up for sale for at least 9.9 million of euros (See here a previous post by BeBeez). Buyers also acquired Spain’s Mac Marbella, which owns monobrand shop of Malo. In August 2014, private equity firm Quadro Capital Partners acquired Malo and Retail Brands Collection(fka Sun Investment Partners). In January 2015, the investors appointed Giacomo Canessa, the company’s founder, as ceo. In 2016 Malo posted sales of 19.5 million, with an ebitda of minus 3.9 million, losses of 15 million (5.2 million in 2015) and net financial debt of 11.7 million.
Emaze, an Italian cybersecurity firm, merged with competitor CSE Cybsec (see here a previous post by BeBeez). The companies will rebrand asCybaze and will scout for acquisitions to grow their sales from the current 6 million of euros to 10 million. Emaze belongs to Cogein-Data Management (55%) and A2000.it (45%) and will hold a majority role of the merged entity. A2000.it belongs to Domenico Cavaliere, previously a managing partner of L.E.K. Consulting Italy and ceo Emaze. Cavaliere acquired the company in in 2013 from German investment firm Cipio Partners. Cybaze will appoint Giulio Terzi di Sant’Agata, the former Italian Secretary of State, as chairman and Marco Castaldo as ceo, while Cavaliere will be the company’s senior advisor and Pierluigi Paganini the cto.
Michael Kors Holdings Limited acquired a majority stake of iconic Italian fashion brand Gianni Versace and said it will rebrand as Capri Holding (see here a previous post by BeBeez). Versace’s enterprise value is of 1.83 billion of euros (2.12 billion of US Dollars) or 22X the company’s 2017 ebitda worth 83 million of euros. John D. Idol, chairman and and ceo of Michael Kors, said that he aims to boost Versace revenues above 2 billion. Before this sale, Versace belonged to Blackstone (20%) and to Givi Holding (80%) whose owners are siblingsDonatella (20%) and Santo Versace (30%) and Allegra Versace Beck (50%). In 2014 Blackstone subscribed a capital increase of 150 million and acquired shares worth 60 million from Givi Holding. Jonathan Akeroyd will keep his role of Versace ceo. Michael Kors will finance this transaction with its own resources and credit lines that JPMorgan and Barclays, while the Versace family will receive shares of Capri Holding worth 150 million.
Italian high-end tyle producer Italcer, a portfolio company of private equity firm Mandarin Capital Partners (MCP), is in advanced talks for acquiring the whole of Rondine Group (see here a previous post by BeBeez). After this acquisition, Italcer will have sales of 200 million of euros and an ebitda of 25 million as Rondine’s revenues are of 108 million and net profits of 14.5 million. Graziano Verdi, the former ceo of Graniti Fiandre, Technogym, and Koramic, created Italcer with MCP. The company’s ceo Lauro Giacobazzi and Turkish tyle producer Seramiksancurrently hold even stakes of Rondine. Giacobazzi and Seramiksan acquired Rondine from Italian private equity Progressio in 2013.
NYSE listed Barnes Group, a producer of industrial components, acquired Italian competitor Gimatic for 370 million of euros (See here a previous post by BeBeez). Gimatic belongs to private equity firm AGIC Capital, which acquired the asset in 2016 for 100 million of euros fromXenon Private Equity and Giuseppe Bellandi, the company’s ceo and founder. Both of them will keep 9% of the business. Gimatic recently acquired its Italian supplier MTM Montini and has revenues of 41 million of euros (33 million in 2016).
Apax France acquired AEB (Azienda Enologica Bresciana), an Italian producer of yeast for wine, spirits and beers (See here a previous post by BeBeez). The vendor SK Capital Partners acquired the asset in 2015 from Investindustrial, which in turn both AEB in 2007 from PM&Partners and SG Capital Europe, that owned the business since 2003. The company’s ceo Mario Tomasoni and managers will reinvest for a minority in the company. AEB has sales of 100 million of euros and last year it acquired the majority of Italian competitor Innotec Tecnologie innovative in which ceo Luca Zavarise holds a minority.
Oxy Capital and Credito Fondiario signed a restructuring agreement for Gruppo Manuli Stretch, an Italian packaging player (see here a previous post by BeBeez). Manuli Stretch had banking debts for 55 milioni of euros and an ebitda of 9 million with revenues of 280 million. The family of Sandro Manuli, previously the sole owner of the company, sold 80% of the business to private equity firm Oxy Capital, sources said to BeBeez. Once completed the transaction the company will rebrand as Gruppo M Stretch. Intesa Sanpaolo, one of the company’s creditors, will delay the maturity of its loans to Manuli, while Unicredit and MPS sold to Oxy their credits towards Manuli. Credito Fondiario agreed a super senior financing of 12 million to the company. By 2022, Manuli aims to generate an ebitda of 13.4 million.