tPrivate equity operators keep closing deals directly or through their portfolio companies
Nexi will list its shares at between 8.50 and 10.35 euros, for an equity value between 5.4 and 6.4 billion of euros and an expected enterprise value ranging between 7.1 and 8.1 billion (see here a previous post by BeBeez). Nexi will list 35% of its shares or more and will invest the proceeds of the IPO for keeping at 3 – 3.5X its net financial debt to ebitda ratio, which now stands at 5.7X. Nexi is now controlled by funds managed by Advent International, Bain Capital and Clessidra sgr.
Quercus Asset Selection, an infrastructure and alternative energy investor, paid 80 million euros to European Energy A/Sfor Bosco Le Piane a wind farm based in the Southern Italian region of Basilicata (see here a previous post by BeBeez). Quercus hired Orrick as legal advisor while European Energy received counsel from Gianni, Origoni, Grippo, Cappelli & Partners. Lord Gregory Barker, the chairman of Quercus, said that the fund will look at other Italian opportunities in the field of renewable energy. Diego Blasi and Simone Borla founded Quercus in 2010.
Iconic Italian kitchen producer Gruppo Rino Snaidero, a company of the portfolio of Idea CCR II fund, managed by Dea Capital Alternative Funds sgr, signed a joint venture with Hi-Season Trading co and branded it as Snaidero China (see here a previous post by BeBeez). Snaidero China will set 4 monobrand flagship store in Beijing, Shanghai, Shenzhen, and Chengdu. Massimo Manelli is the ceo of Gruppo Snaidero which has sales of over 102 million euros, an ebitda of minus 1.81 million, and net financial debt of 47.67 million (49 million yoy)
Esprinet, the listed Italian B2B distributor of videogames, acquired 51% of competitor 4Side (see here a previous post byBeBeez). The transaction is worth the target’s equity pro-quota for 51% plus a 0.4 million goodwill. Paolo Chisari will be the ceo of 4Side, while Stefano Mattioli will be the company’s managing directos. Simmons & Simmons and Chiomenti provided legal assistance to 4side and Esprinet, which has a call option for a further 49% of the target. Esprinet has sales of more than 28 million.
Pramerica Life, the Italian life insurance company that belongs to Prudential Financial and that has reserves worth more than one billion euros is again of interest to private equity funds (see here a previous post by BeBeez). In June 2018 Usa Global Bankers Insurance Group tabled a bid of up to 85 million euros, but the transaction did not finalise. Private equity giant Cinven is interested in merging Pramerica with industry peer Eurovita, one of the fund’s portfolio companies.
Fidim, the holding of the Rovati Family, acquired fashion firm Cashmania, the owner of luxury brand Napoleone Erba, from turnaraound consultant and investor M&C Partners (see here a previous post by BeBeez). M&C Partners received legal assistance from Studio Legale Germano Bonetti. Marco Balzarini is the founder of M&C Partners. Cashmania has sales of 1.1 million of euros (1 million yoy), an ebitda of 0.063 million (minus 27,000), net profits of 4,000 euros (a loss of 0.5 million), and a net debt of 0.385 million (0.538 million).
DeA Capital Alternative Funds launched Dea Endowment Fund, a fund of private capital funds with dedicated to Italian banking foundations (see here a previous post by BeBeez). The fund already raised 75 million euros fromFondazione Cassa di Risparmio di Verona, Vicenza, Belluno e Ancona (Cariverona), Fondazione Caritro (Cassa di Risparmio di Trento e Rovereto) and Fondazione Carima (Cassa di Risparmio della Provincia di Macerata). However, further banking foundations expressed interest in subscribing the fund which will invest in private equity, private debt, and infrastructures fund based in Europe and Usa. Paolo Garraffo, managing director of the Multimanager Programmes of DeA Capital Alternative Funds, will head the fund.
Foncer, Fondo Pensione Fondenergia, Fondo Gomma Plastica, Pegaso, and Fondo Pensione Previmoda joined forces for Progetto Iride, a call for tender for handling the investments in alternative assets of these pension funds (see here aprevious post by BeBeez). Prometeia Advisor sim, the funds’ financial advisor, will shortlist the offers that will have to receive by 3 May at 12PM. The pension funds expect to gain a net multiple cash of above 1.5 after 10 years through investments in alternative investment funds with a European focus.
The extraordinary commissioner of troubled Italian contractor Condotte put Miami-based Condotte America Inc, the company’s US subsidiary, up for sale (See here a previous post by BeBeez). Rumoured suitors are trade buyers Rizzani de Eccher and Salini Impregilo. Rizzani also received support from listed Italian bank Illimity for tabling a bid of 70 million euros for buying few international activities of Condotte. Salini is more interested in Condotte’s Italian activities. Soundpoint Capital, a New York based private that Stephen Ketchum founded, is also interested in Condotte America.
Lineapelle, a company of Ucit – Unione Concerie Italiane, acquired 2% of SprintItaly, the Spac that is going to merge with Italian chemical business SICIT (see here a previous post by BeBeez). Lineapelle is the service company of Ucit, an association that groups more than 1200 tannery companies that export 76% of their aggregate sales of 5 billion euros. Gianni Russo, is the chairman of Unic and Lineapelle. SICIT has an equity value of 160 million. SprintItaly will invest 100 million in this deal for 54% – 60% of the merged entity and will give back 50 million to its shareholders. SICIT will invest such proceeds in its organic development. Fineurop, Gerardo Braggiotti, Matteo Carlotti (who previously launched the Spacs Made in Italy 1 and Greenitaly, now merged with Sesa and Zephyro), and Francesco Pintucci launched SprintItaly.
Kraft-Heinz, the NYSE listed food giant of which Warren Buffet’s Berkshire Hathaway has 26.7% and Jorge Paulo Lemann’s Brazilian investment holding 3G Capital owns 22.15%, hired JPmorgan for selling Plasmon, the iconic Italian cookies producer (see here a previous post by BeBeez). Plasmon could be worth more than 700 million euros while it has sales of 200 million with an ebitda in the region of 50 million. The asset is of interest to private equity funds Advent, Permira, Lion Capital, BC Partners, and Investindustrial.
The extraordinary administrators of the troubled Italian contractor Condotte, started a sale procedure for the company’s US subsidiary Condotte America Inc (see here a previous post by BeBeez). The deadline for sending expressions of interest is 15 April 2019. Market rumours say that Miami based Condotte America is of interest to Italian contractors Rizzani de Eccherand Salini Impregilo, and to Soundpoint Capital, a New York private equity that Stephen Ketchum. Milan listed financial firm Illimity supported Rizzani for tabling a 70 million bid for some activities of Condotte.
Massimo Ferrero aims to fetch 100 million euros out of the sale of Italian football club Sampdoria Calcio, of which he’s the chairman and owner (see here a previous post by BeBeez). The asset is of interest to US hedge fund York Capital Management, that is receiving financial advisory from EY, and to British financial firm Ufp Aquilor Capital, that hired law firm Gianni Origoni Grippo Cappelli. York could appoint Gianluca Vialli, a former player of Sampdoria, as chairman of the Italian team York Capital.
Fulvio Conti (chairman of TIM and former ceo of Enel), Marco Costaguta (founder of strategic consultancy firm Long Term Partners), Paolo Ferrario (managing director of Augent Partners), and Francesco Gianni (founding partner of law firm Gianni Origoni Grippo Cappelli & Partners) launched Innova Italy Partners (IIP), an Italian SPAC (See here a previous post by BeBeez). Conti, Costaguta, Gianni and Ferrario own 25% each of IIP.
Australian investmen fund First State Investments paid 400 million euros to Germany’s Uniper Global Commodities for acquiring 48.2% of OLT (Offshore Lng Toscana) (see here a previous post by BeBeez). First State Investments is the international division of Colonial First State Global Asset Management, an Australian asset manager with resources of 127 billion. OLT belongs also to Gruppo Iren (49.07%) and to Golar Lng (2.69%) that could sell partly or wholly their interest in the asset within six months after the closing of such transaction. Iren’s chairman and ceo Paolo Peveraro andMassimiliano Bianco said the company’s stake in OLT is not core for the company.
IDeA Taste of Italy, the Italian private equity with focus on the agrifood sector, acquired 70% of Alice Pizza, an Italian retailer of sliced pizza, from the Giovannini Family (See here a previous post by BeBeez). Vendors will keep the remaining stake of the business. IDeA hired Studio Legale Pedersoli e Associati, Studio Legale Tributario CBA, Essentia Advisory, and KPMG; Studio Legale e Tributario CMS assisted the Giovannini family. Banco BPM, UBI Banca, and Illimity Bank financed the buyers. Domenico Giovannini, the company’s founder, said that the proceeds of the sale will provide resources for the business organic growth in Italy and abroad. Alice Pizza has sales of 76 million euros. Idea Taste of Italy is one of the funds that BeBeez Private Data monitors (find out here how to subscribe to BeBeez News Premium for just 20 euros per month and read the BeBeez Reports and Insight Views).
Mediocredito Trentino Alto Adige, whose coo is Diego Pellizzari, said it aims to invest in minibonds, private equity, and Spac (see here a previous post by BeBeez). Mediocredito signed a partnership with Milan based PR and financial communication firm IR Top for supporting the SMEs of the North East of Italy that could list on AIM Italia.