What does it mean to invest in private capital in Italy? What are the numbers of the market today and how did it evolve? With what logic do the funds invest? What do institutional investors expect? who decide to allocate a portion of their assets to these funds? It makes sense to replicate this type of investments also in the portfolio of private investors? In the pages of the news book published by EdiBeez srl and authored by Stefania Peveraro, editor in chief of BeBeez, are the latest trends in terms of private assets and proposals for private banking customers and retail investors in Italy, while some of the most famous actors and investors in the Italian market talk about themselves (see here a previous article by BeBeez where you can download the book for free (the book is in Italian).
BeBeez will be the media partner of the Italian Private Equity Conference of Private Equity Insights that will take place in Milan on the next 24 October at the Four Seasons Hotel (see here a previous post by BeBeez). More than 250 Italian professionals will attend and there will be 11 discussion panels. BeBeez readers may get a 20% discount if they add the promotional code PEI_BeBeez during the registration for the event. Further information available on https://pe-insights.org/italy/ or at email@example.com
BeBeez invites you to join the presentation of the book Search funds that will take place in Milan at Palazzo Mezzanotte on 14 October, Monday, at 4pm (see here a previous post by BeBeez). You can register here for the event that BeBeez arranged together with Eversheds Sutherland and London Stock Exchange.
Turkish food group Toksoz reopened the negotiations for the sale of Italian iconic chocolate producer Pernigotti (see here a previous post by BeBeez). MEC3–Optima, a company that belongs to private equity fund Charterhouse Capital Partners, will acquire the Ice&Pastry (I&P) unit. Pernigotti will keep the brand Pernigotti 1860 and the production plant in Novi Ligure. Pernigotti has sales of 51.8 million euros, an ebitda of minus 5 million, and a net debt of 9.5 million. The company’s Turkish owners previously called off sale talks with Spes and entrepreneur Giordano Emendatori , who founded MEC3-Optima and then sold it to Riverside which in turn sold it to Charterhouse (see here a previous post by BeBeez)
Italian turnaround fund QuattroR called off the negotiations for acquiring Italian charcuterie producer Kipre owner of the Principe San Daniele brand (see here a previous post by BeBeez). Kipre sent to Trieste Court its application for debt restructuring. Kipre has sales of 165 million euros, an ebitda of 7 million, and a net debt of 130 million (71 million with banks and 46 million with suppliers)
Antares Vision, a Milan-listed provider of visual inspection and data analisys services for the pharmaceutical sector, acquired FT System(FTS) (see here a previous post by BeBeez). Antares acquired the asset from Italy’s Arol and FTS founders Fabio Forestelli and Ferdinando Tuberti, that will hold their role of ceos. Arol, Antares Vision listed at the Milan Stock Exchange last April after a business combination with the Spac ALPI. Antares has sales of 81.3 million euros, an ebitda of 20.7 million, and net cash of 4.2 million.
Principia III Health fund acquired 80% of Lambda, an Italian provider of advanced laser technology for the dentistry and veterinary sectors (see here a previous post by BeBeez). Pierpaolo Marcon and Davide Agnoli will keep 20% of the company. Lambda has sales of 10 million euros and an ebitda of 3 million.
Bouvard Italia (fka Euro Cakes), part of French Bouvard International, acquired 75% of bakery products manufacturer Forneria Gusparo (see here a previous post by BeBeez). Vendors Andrea and Francesca Gusparo will keep 25% of the business who has sales of 15 million euros and net cash of 4 million. Bouvard Italia has sales of above 60 million.
B4 Investimenti acquired the majority of Lazzerini, a producer of seats for public transports (See here a previous post by BeBeez). Lazzerini’s managers Innocenzo Salvatore Carbone, Alessandro Cirioni, and Vincenzo Lasalvia will keep a minority stake of the company. Lazzerini has sales of 19.1 million euros, an ebitda of 2.4 million, and net financial debts of 1.3 million.
Fondo Italiano d’Investimento sgr announced the first closing for FoF PE Italia, a fund of private equity funds with a focus on Italian SMEs with a total fundraising target of 600 million euros (see here a previous post by BeBeez). Anchor investor Cassa Depositi e Prestiti committed for 200 million euros and is ready to pour 100 million with further investors.
Advent International acquired Industria Chimica Emiliana (see here a previous post by BeBeez). The Bartoli Family sold the asset. Ice has sales of 205 million euros, an ebitda of 55.49 million, and a net financial debt of 12.25 million
Space Holding, the holding that Sergio Erede, Roberto Italia, Carlo Pagliani, and Edoardo Subert founded for promoting a series of SPACs in Italy, launched Space Capital Club (SCC), a private capital investor with resources of 200 million euros. The list of investors in SCC includes entrepreneurs, family offices, and institutional investors like Arca Fondi and First Capital, an AIM-listed investment company with a focus on SMEs. The founders of Space Holding subscibed 8% of the capital of SCC together with partners Alfredo Ambrosio, Laura Selvi, Elisabetta Cugnasca, and Tommaso Gino. SCC will carry on investments of 30-100 million.
Russell Investments and Mediobanca Private Banking launched Mediobanca Private Markets Fund II (see here a previous post by BeBeez) Professional and non professional investors will invest at least 500k euros in the fund that will focus on illiquid asset classes. This is the second fund of the series after a first one which had raised 135 million euros last Spring.
The European Investment Bank (EIB) and Compagnia di San Paolo launched RIF-T, a fund that will invest in companies and startups based in the Northern Italy (see here a previous post by BeBeez). RIF-T received 18 million euros from Compagnia di San Paolo and 18 million from Fondo RIF and can rely on up to 100 million of the Programme Loan of the EIB.
Progressio sgr acquired a majority stake of Interni, a high-end furniture company (see here a previous post by BeBeez). The Cazzaniga family will keep a minority of the business, while Stefano Cazzaniga and Giuseppe Cazzaniga will keep their role of ceo and chairman. Banco Bpm and Mediocredito financed the transaction. Interni has sales of 41 million euros. The company aims to grow through m&a. Progressio is one of the investors that BeBeez Private Data monitors. Find out here how to subscribe for the Combo version that includes BeBeez News Premium.
Italian London-listed Directa Plus acquired 51% of Romanian lands reclamation company Setcar for 2.1 million euros (see here a previous post by BeBeez). GVC Investment Company Limited, a company of Gabriel Comănescu, the owner of the provider of services for the oil&gas industry GSP (Grup Servicii Petroliere), acquired 47.03% of Sectar for 2 million. Vendors will keep 1.97% of the company. Directa Plus paid the acquisition with part of the 8 million euros capital increase it previously launched.
Italian textile company Bruno’s, which belongs to the Zambelli family, acquired distressed Italian fashion brand Les Copains (see here a previous post by BeBeez). Rodolfo Zambelli will head Les Copains which has sales in the region of 15 million euros.
Ferretti Group, the Italian yacht producer, started private placement of its shares to institutional investors last Oct 1st. The offer will end next Oct 10th and the group is expected to list on the TìItalian Stock Exchange next Oct 16th at 2.50-3.70 euros per share (see here a previous post by BeBeez). The price range is between 2.50 and 3.70 euros per share, equal to an equity value pre-money of between 627 and 928 million euros. Last spring, Ferretti’s enterprise value was said to be around 750 million euros based on a multiple of 14x the ebitda for 2018 which had been just under 53 million against 609 million in revenues (see here a previous post by BeBeez). Ferretti will list with a capitalization of 727 million- 1.076 billion euros. Chinese conglomerate Weichai had invested in the yacht group at the beginning of 2012, as part of a complex debt restructuring process. Weichai had bought Ferretti’s debt from the Oaktree fund, Rbs and Strategic Value Partners, which it had converted to equity, reaching a 75% stake. At the same time, Rbs and SVP had converted the rest of the debt into equity, reaching 25%. Subsequently Weichai rounded up its stake and in 2016 Pietro Ferrari bought a 13.6%. Ferretti is one of the companies that BeBeez Private Data monitors. Find out here how to subscribe.
Websolute, an Italian digital marketing company part of the portfolio Innovative-RFK, raised 3 million euros through an ipo on the Aim Italia market (see here a previous post by BeBeez). Websolute shares climbed to 2.3 euros from the ipo price of 1.50 euros. Websolute’ 23.12% is listed, while the other shareholders are Lamberto Mattioli (20.81%), Maurizio Lanciaprima (20.81%), Claudio Tonti (20.81%) and Innovative-RFK (14.45%).
Swiss luxury giant Richemont acquired the whole Italian jewllery company Buccellati from Chinese conglomerate Gangtai Group Corporation Limited (see here a previous post by BeBeez). Rumours say that Gangtai sold at less that 270 million euros, the EV on the basis of which it had acuired its 85% of Buccellati from Clessidra in August 2017. Buccellati has sales of 52.7 million, an ebitda of minus 5.9 million, and net cash of 15 million.
Italmatch Chemicals, a chemical company that belongs to Bain Capital, acquired US competitor Water Science Technologies (see here a previous post by BeBeez). WST has sales in the region of 75 million US Dollars. Italmatch is one of the companies that BeBeez Private Data monitors. Find out here how to subscribe for just 110 euros per month.
Rekeep (fka Manutencoop Facility Management), an Italian integrated facility management, paid 18.3 million euros for acquiring 80% of Naprzod, a Polish competitor (see here a previous post by BeBeez). Founders sold their interests in the target, while Radoslaw Maraszek will keep his role of ceo of Naprzod as well as 20% of the company. Rekeep will pay 10.1 million in cash at the closing in October and 8.2 million 12 months later. Naprzod has sales in the region of 92 million, with an ebitda of 6.3 million. Rekeep has a turnover of 949.9 million (+3,5% yoy) and an ebitda of 101.3 million (+1%)
In January 2020, Antonio Gatti will join Investindustrial as managing principal in charge of the fund’s deal origination activity (see here a previous post by BeBeez). Gatti will liaise with the fund’s business development teams based in New York, Shanghai, London and Lugano. is one of the investors that BeBeez Private Data monitors. Find out here how to subscribe for the Combo version that includes BeBeez News Premium.