Sun Capital Partners won the auction for Vetrerie Riunite, a producer of glass components for washing machines in a deal worth around 110 million euros (see here a previous post by BeBeez). Sun Capital Partners was said to be the frontrunner by press reports in the last few days (see here a previous post by BeBeez). Alantra, the vendors’ advisor, received bids also from US Opengate Capital and British Abbeydale Partners. Italian private equity Vam Investments withdrew its bid for the asset Vetrerie Riunite value is in the region of 100 million euros and Luca Villa is the ceo. Opera acquired 52% of the company in 2008 with a transaction worth 112,5 milioni di euro. Dgpa Capital purchased 24% of the business, while Finvetro, who sold the company to the mentioned funds, reinvested for a 24% of Vetrerie. The company has sales of 99.9 million, an ebitda of 14.3 million, net profits of 7.1 million, and net financial debt of 60.6 million.
Ferretti Group‘s project to be listed on the Italian Stock Exchange sank. The leading luxury yachts maker, after having postponed twice the closing of its order book (see here a previous article by BeBeez) from the initial date scheduled for October 10, announced yesterday that it had canceled its listing (see here a previous article by BeBeez)
Italian investor in infrastructures F2i aims to table a bid for Italian utility Sorgenia, which already attracted the interest of Blackstone, Riverstone, Cvc ed Energy Capital and of industry peers Iren, Acea, UK Contourglobal, and of joint bidders A2A and Eph (see here a previous post by BeBeez). F2i may bid together with Asterion Capital Partners, the fund that Jesu’s Olmos, the former head of Endesa Europe, leads. F2i could subscribe a capital increase of Sorgenia and swap few renewable energy assets while Asterion may buy the stake that Mps, Unicredit, Intesa Sanpaolo, and Ubi Banca (16.67% each) and Banco Bpm (33.32%) hold in the company. Sorgenia has an ebitda of 161 million and a net financial debt of 715 million. The value of this transaction of one billion.
Megadyne, an Italian producer of polyurethane and rubber pulleys and belts that belongs to Swiss Partners Group, acquired the majority of Sati, an Italian producer of industrial components from the Rambaldi Family (see here a previous post by BeBeez). Megadyne previously acquired UK Challenge Power Transmission in August 2018. Partners Group acquired Megadyne in September 2018 from Astorg Partners, Neuberger Berman and NB Aurora who posted a capital gain of 8.9 million.
GWC Valve, a producer of industrial valves, is of interest to Ardian, Aksìa, Andera, and two further financial investors (see here a previous post by BeBeez). Bids are in the region of 90 – 120 million euros. GWC previously considered the launch of an IPO. GWC has sales of 60 million with an above 10% ebitda. In March 2015, Roberto Bartolena and B4 Investimenti carried on a Buy-In Management Buyout (BIMBO) for acquiring GWC from US entrepreneur David Brian Meador. In January, GWC Italia issued a 7.5 million minibond with a 5 and a half years maturity that Antares AZ entirely subscribed.
Intesa Sanpaolo acquired 10.7% of the voting rights in Camfin (the owner of 10.1% of Milan-listed Pirelli) and a 7.5% stake after it invested in a capital increase of 40 million euros (see here a previous post by BeBeez). Camfin will now invest also in private equity transactions. Paolo Maria Vittorio Grandi will join the company as chief governance officer and board member. After such a recapitalization, Marco Tronchetti Provera spa will have a 69.46% of Camfin’s voting rights, while Unicredit will have 19.84%.
Mandarin Capital Partners acquired Eurmoda, an Italian producer fashion apparels, (see here a previous post by BeBeez). Eurmoda will be part of Margot, the holding of Italian high-end fashion companies that belongs to MCP (70%) and Marco Vecellio, the ceo of the target that will head also the industrial pole. Andrea Tuccio, a partner of MCP, said Margot will carry on further buys of SMEs of the fashion sector. Tuccio explained that the holding is in advanced talks with a Tuscan producer of leather apparels with a turnover in the region of 10 million euros and is assessing the acquisition of two businesses with sales of 20 – 30 million. Eurmoda has sales of 30 million and an above 20% Cagr.
Battistolli, Cosmopol, and Sicuritalia acquired the assets of Securpol Group, the troubled Italian security company (see here a previous post by BeBeez). Vendors aimed to fetch 15 – 30 million euros out of the sale. Buyers paid 14 million di euro. However, Italo Soncini, a managing director of Alvarez&Marsal that the Italian Ministry of Economic Development appointed as the company’s extraordinary commissioner, said to BeBeez that Securpol owns further assets and credits that will be up for sale. Securpol has sales of 21 millions.
Italian search fund Patria Private Capital, whose ceo is Guido Fileppo, acquired a majority of Farmoderm, an Italian producer of drugs (see here a previous post by BeBeez). Paolo Braghieri (the former ceo of Interbanca) RedSeed, an investment holding of Elisa Schembari and Roberto Zanco (that SPACs promoter Roberto Italia and Teamsystem’s ceo Federico Leproux supported), invested in Patria. Farmoderm’s value is of 5 million euros, Patria paid 3 million.
Indigo Capital and a club deal of Italian and foreign investors that Orienta Partners created acquired Virosac, an Italian packaging company (see here a previous post by BeBeez). French fund Indigo also subscribed a subordinated bond. Crédit Agricole Italia and Crédit Agricole Friuladria provided senior debt facilities. Alto Partners (60%), DVR Capital (20%) and the Virago and Rossetto Families (20%) sold their interest in the company. Cesare Casagrande will keep his role as ceo of Virosac which has sales of 39.7 million euros and an ebitda of 5.6 million (a margin in the region of 14%). Alto Partners, Orienta Partners, and Indigo Capital are some of of the investors that BeBeez Private Data monitors. Find out here how to subscribe for the Combo version that includes BeBeez News Premium.
ArchiMed, a private equity with a focus on healthcare, sold to Aksìa Capital a controlling stake in Primo Group, an Italian chain of dental clinics (see here a previous post by BeBeez). ArchiMed made a return of three times the invested capital. ArchiMed acquired 49% of Primo Group on July 2015 and later raised its holding to a controlling stake.
Friulia, the financial investment arm of the Friuli Venezia Giulia Region, invested 1.5 million euros in Videe, a provider of tv broadcasting services (see here a previous post by BeBeez). Friulia subscribed a capital increase of one million and subscribed a minibond of 0.5 million with five years terms. Bruno Mercuri and Paola Montanari founded Videe in 1988. The company has sales of 8 million and an ebitda of 1.2 million.
Italian private equity Consilium acquired Calzaturificio Claudia, an Italian third-parties producer of shoes and sneakers for women specializzata nella produzione di sneaker, and created Gruppo Manifatture Italiane, that owns River Group and Calzaturificio Energy (see here a previous post by BeBeez). Consilium acquired the majority of River in January 2018. Calzaturificio Claudia has sales of 35 million euros. River Group has a turnover of 25.4 million, while Calzaturificio Energy has revenues of 13.8 million. Gruppo Manifatture Italiane has sales of 80 million. Consilium 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.
Arcadia Small Cap and Fondo Finanza e Sviluppo Impresa, a fund managed by Azimut Libera Impresa sgr sold Laboratorio Italiano Biochimico Farmaceutico Lisapharma to Shenzhen-listed Shandong Sito Bio-Technology and an undisclosed co-investor (see here a previous post by BeBeez). Lisapharma is an Italian producer of generic drugs and is a CMO (Contract Manufacturing Organization) and CDMO (Contract Development and Manufacturing Organization) partner for Italian and international pharma businesses. Arcadia and ALI acquired Lisapharma in 2015 from the Zagnoli family with an all equity deal. The company has sales of 17 million euros. Sito Bio has a market capitalization of 430 million euros.
Roumours said that Design Holding, the pole for luxury furniture and lighting that Carlyle and Investindustrial created in 2018, is interested in a majority stake of Italy’s Molteni (see here a previous post by BeBeez). However, DH firmly denied that it is holding talks with Molteni, which owns the brands Dada, Unifor and Citterio and has revenues of 398 million euros. Giulia Molteni said in previous interviews that the company keeps receiving approaches from private equity funds and trade buyers, but the Family aims to keep the ownership of the business as the company is healthy and innovative. Nonetheless, Molteni said that a listing may help to solve eventual generational issues. DesignHolding has sales of 545 million and in April appointed Gabriele Del Torchio as ceo.
Intrum, Bain Capital and doValue are interested in Cerved Credit Management, the non-performing exposures management unit of Milan-listed Cerved Group (sse here a previous post by BeBeez). Intrum is frontrunning the Mediobanca-led auction for the company which has an enterprise value in the region of 400 million euros or an enterprise value/ebitda multiple of 6.5x (doValue trades at a 5.5x multiple) on the ground of an forecasted 2019 adjusted ebitda in the region of 60 millions.
Emmeti, a company of the EMS Group, a packaging and logistics company that belongs to Xenon Private Equity and Unigestion, acquired Italy’s Zecchetti, a producer of machinery for packaging (see here a previous post by BeBeez). Francesco Aldorisio, a partner of Unigestion private equity, previously said to BeBeez that talks with Zecchetti were at an advanced stage. After this acquisition, EMS will generate sales of 200 million euros. Zecchetti has sales of 64.8 million, an ebitda of 7 million, and net cash of 6.6 million.
Marco Patuano is the new senior advisor of Nomura’s European investment banking, with a particular focus on Italy (See here a previous post by BeBeez). Takeshi Imatoki is Nomura’s Italy country manager. Patuano has been the ceo of Tim from 2011 to 2016. Up to 2016 he has been part of Fondazione Telecom Italia, Fondazione Bocconi, and Istituto Europeo di Oncologia. Between October 2016 and May 2019 he has been the ceo of Edizione, the financial holding of the Benetton Family. In September 2019, Patuano founded the investment and advisory firm MP Invest.
US Investment bank Stout appointed managing directors Simone Bassanini and Giacomo Mogni for opening a bureau in Milan (See here a previous post by BeBeez). Stout already opened three further bureaus in Europe. Nick Jachim heads Stout. Bassanini previously worked as ceo of Sodica, part of Crédit Agricole. Mogni previously worked as ceo of Euromerger.
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 protected]
BeBeez will be the partner of Azimut Investimenti for the event Azimut Libera Impresa Expo (ALI Expo) The Art of Entrepreneurship that will take place at Rho Fiera in Milan on 29 and 30 October 2019 (See here a previous post by BeBeez). Click here to join the event with an invitation of BeBeez. At least 10,000 advisors, investors, and entrepreneurs will attend the event. Paolo Martini is the ceo of Azimut.