Italian curtains producer Gibus listed on Milan Aim and raised 5 million euros in ipo for a 16.65% stake (see here a previous post by BeBeez). Gibus main shareholders is the Bellin-Danieli family who acquired 25.67% of the business from Alkemia sgr and became the whole owner in July 2018. Gibus has sales of 34 million (10.5% abroad) and an ebitda of 4.6 million.
Italy’s private equity weekly roundup. News from the Italian Parliament, Italian Design Brands, Quercus, Investindustrial, Cobepa, Clessidra, Sirti, Gibus
The Italian Chamber of deputees’ Commissions for Budget and Finance have voted on a series of changes to a special Decree on incentives to economic growth (so-called Decreto Crescita) that are now to be voted by the entire Chamber and then by the Senate in order to be transformed into Law by next June 29th (see here a previous post by BeBeez). Such changes include also a tax incentive for ELTIFs (European Long-Term Investment Funds) and the creation of regulatory sandbox for fintech. Retail investors who in 2020 pour in ELTIFs up to 150k euros annually for a total amount of 1.5 millions will not pay taxes on capital gains if they hold their investments for at least five years. ELTIFs eligible for this scheme may not rise more than 200 millions per year for a total amount of 600 millions and should invest 70% or more of their resources in Italian and European companies that are not providers of financial services that can be privately owned or listed with a market capitalization of less than 500 millions. AIFI, the Italian association of financial investors, said that it favours such project that may channel private banking assets towards alternative investments.
Italian Design Brands (IDB), the Italian fashion and design company, may generate sales of 200 million euros by 2021 and list on the Italian Stock Exchange, ceo Giorgio Gobbi said (see here a previous post by BeBeez). IDB was founded by Private Equity Partners (the investment veichle owned by Fabio Sattin and Giovanni Campolo) together with Paolo Colonna, Giovanni and Michele Gervasoni, Paolo Basilico, Maurizio Costa, Marco Costaguta, members of the Marzotto Family (Gaetano, Stefano and Paolo), Carlo Micheli, Umberto Nicodano, Francesco Perilli, Umberto Quadrino, Dante Roscini, Gian Mario Tondato, and Marco Santandrea.
Quercus Asset Selection Sicav Sif, the investor in infrastructures and alternative energies, posted an above 220 million euros Nav for 2018 (see here a previous post by BeBeez). Shareholders will receive biannual dividends for 7.1 million. Ceo Diego Biasi founded Quercus in 2010 together with Simone Borla.
Investindustrial acquired the majority of Neolith, a Spanish producer of large-format performance surfaces in sintered stone, from the Esteve Family who will keep a minority stake and have a seat in the company’s board (see here a previous post by BeBeez). Investindustrial will invest further 100 million euros for supporting the company’s organic and international growth, said Andrea Bonomi, the chairman of the Industrial Advisory Board of Investindustrial. Neolith generates abroad 80% of its 110 million worth turnover.
Belgium’s private equity fund Cobepa acquired 60-70% of Enoplastic, and italian producer of closures and corks, from the Macchi and Moglia families (see here a previous post by BeBeez). Michele Moglia and Samo Kalin will keep their executive roles. Enoplastic has sales of 78 million euros and an ebitda of 17.8 million. Cobepa had beaten the bids ofCapvis, Clessidra, and Peak Rock. Cobepa has resources of 2.5 billion.
Clessidra formerly announced the expected acquisition of 80% of Italian lighting and design company L&S, while Alfredo Rubino and the managers will hold 20% (see here a previous post by BeBeez). L&S enterprise value is of 100 million.
Sirti, the Italian telecom infrastructure company that belongs to turnaround fund Pillarstone Italy, acquired 75% of Wellcomm Engineering, an Italian provider of cybersecurity services from Nino Mansarasco who will hold a 25% of the business and his ceo role (see here a previous post by BeBeez). Benedetto Di Salvo, Sirti’s head of Digital Solutions, will be chairman. Pillarstone subscribed a 12.5 million euros capital increase for financing the transaction. Wellcomm Engineering has sales of 25.5 million (22.9 million yoy), an ebitda of 1.6 million, and net cash of 2.2 million. Sirti has sales of 700 million, an ebitda of 34 million.