Wise Equity sgr raised 260 million euros for its Wisequity V fund and signed the final closing (see here a previous post byBeBeez). Further to the previous investors, HNWI, pension funds, insurance companies, funds of private equity funds, and big family offices based in North America, Asia, and Europe poured resources in the fund. Wise Equity sgr is one of the investors that BeBeez Private Data monitors (find out here how to subscribe to the Combo Version that includes the reports and the insight views of BeBeez News Premium 12 months and catch our Summer offer).
Progressio announced the definitive closing of the fundraising of its Progressio Investimenti III fund for 250 million euros, above the set target of 225 million (see here a previous post by BeBeez). Managers Filippo Gaggini, Angelo Piero La Runa, and Nino Mascellaro subscribed 5% of the fund. The managers previously posted an annual Irr of 80%, taking the invested 280 million to 720 million. Placement agent Cebile Capital assisted Progressio, which is one of the investors that BeBeez Private Data monitors (find out here how to subscribe to the Combo Version that includes the reports and the insight views of BeBeez News Premium 12 months and catch our Summer offer).
Milan listed investment holding Tamburi Investment Partners spa (TIP) acquired a further 22.95% of Clubtre, the owner of a 3.9% of Milan listed cable company Prysmian (see here aprevious post by BeBeez). After having invested 21.2 million euros, TIP got 66.23% of Clubtre and a 229million worth 4.5% of Prysmian.
Ibla Capital acquired Assio, an Italian furniture producer (see here a previous post by BeBeez). Assio’s founders Giuliano and Graziano Coden will hold their roles as well as the other managers. The company has sales of 2.8 million euros (2.7 million yoy), an ebitda of 0.217 million (0.137 million), and a net financial debt of 0.465 million (0.507 million). Ibla Capital will integrate Assio with Presotto Industrie Mobili that acquired in 2018.
Bain Capital Credit, Cerberus Capital Management are keen on Credito Fondiario, a credit servicer that is controlled by Elliot since 2016 (see here a previous post by BeBeez). The asset is said to attract also the interest of trade buyers Cerved Group and Prelios Credit Servicing. Sources said to BeBeez that talks have not yet gained momentum. Credito Fondiario has more than 50 billion of euros of credits under management, it handles more than 15 billion of credits as special servicer and acquired credits with a face value of above 6 billion. Iacopo De Francisco is the coo of the company, of which Tages Capital owns 18%.
F2A, a provider of business outsourcing services that belongs to Ardian, acquired Italian competitor Elaborazioni Casagrande from the founder Franco Casagrande (see here aprevious post by BeBeez). Elaborazioni Casagrande has a turnover of 1.14 million euros, an ebitda of 0.414 million and net cash of 0.096 million. F2A has sales of 55.5 million, an ebitda of 8.4 million, 20.1 million of net financial debt, while the mid to long term debt is of 21.9 million.
Permira is the only private equity bidder left for Dainese, an iconic Italian sportswear producer that currently belongs to Bahrein’s Investcorp (see here a previous post by BeBeez). Press rumours speculated that trade buyers may sweeten their offer. Ardian, L-Catterton, Charterhouse, Eurazeo, and Carlyle were reportedly interested in the asset. Investcorp hired Lazard for handling such sale. Dainese’s turnover is of 200 million, the ebitda is of 30 million, and may be of 35 million in 2019. The company enterprise value could be in the region of 14x ebitda or 500 million. Investcorp acquired 80% of Dainese in November 2014 on the ground of an enterprise value of 130 million, 20% of the business belongs to the founder Lino Dainese.
Alvarez & Marsal Capital Partners Europe acquired Italian security company La Patria from Milan-listed NB Aurora, PM&Partners, the ceo Andrea Monti, and other investors (see here a previous post by BeBeez). A&M Capital Partners is the private equity unit of the eponymous restructuring consultancy firm. La Patria has sales of 30.5 million euros, an ebitda of 8.3 million, and a net financial position of 5.1 million. The company’s equity value is in the region of 42.4 million as NB Aurora said it will get a capital gain of 1.2 million. La Patria’s enterprise value is in the region of 47 million.
The plants of troubled Italian sweets producer Pernigotti are of interest to three potential investors: the Italian food company Colussi, who recently acquired 80% of chocolate manufacturer La Suissa from Alto Partners; Italian co-operative food company Spes; and of MEC, a company that Charterhouse Capital Partners acquired from Riverside. Pernigotti has sales of 51.8 million euros, an ebitda of minus 5 million, and net debts of 9.5 million
Canada’s Toronto-listed LGC Capital acquired 35% of Freia Farmaceutici a producer of hemp-based drugs (see here a previous post by BeBeez). Freia has sales of 0.856 million euros and an ebitda margin of 22%.
Enav, an Italian company for the control of airplane traffic, paid 41 million euros for the Air Navigation Unit of IDS – Ingegneria dei Sistemi (see here a previous post by BeBeez). Enav paid 5.5x the ebitda of 8.9 million that the company generated in 2018.
Trevi Finanziaria Industriale (Trevifin), the troubled Milan-listed oil&gas drilling group is in an impasse with the recapitalization that its Board approved (see here a previous post by BeBeez). The company should launch a capital increase of 130 million euros that shareholders FSI Investimenti and Polaris Capital Management will guarantee for up to 77.4 million, while for the residual part the financial lenders will commit to a debt to equity swap with a conversion ratio of 4.5:1. Lenders may also subscribe a reserved capital increase. However, the Trevisani Family, the company’s controlling shareholder through Trevi Holding SE, did not agree on these terms and decided to take to court the company’s administrators and required the appointment of a judicial administrator(See here a previous post by BeBeez). In light of such issues India’s Megha Engineering & Infrastructures may withdraw from buying the debt-free oil&gas unit of Trevifin.