Apollo Capital Management reached an agreement for acquiring 48.7% of Milan-listed gambling company Gamenet from Trilantic (see here a previous post by BeBeez). Apollo signed two different contracts with the target’s main shareholderes: one with Trilantic Capital Partners Europe and the Chiarva Family (28.7% owners), another with Intralot Italian Investments (20%). Apollo paid 12.5 euros per share (182.5 million euros) for 8.6 million of Gamenet shares. Apollo will launch a public offer on the remaining shares of the company for delisting it. However the offer is based on a ratio EV/ebitda of 4.4, well below the sector’s 9-10 usual value of the figure. Gamenet lost 8.39% of its market value as its share price at the closure of trading on 22 October, Tuesday, was of 12.66 euros.
FSI, the fund that Maurizio Tamagnini heads, signed an agreement for acquiring 19.59% of Italian hemoderivatives producer Kedrion (See here a previous post by BeBeez). The Marcucci family has a controlling stake of Kedrion. FSI will pay 100 million for acquiring shares of Kedrion and 50 million for subscribing a capital increase. FSI Investimenti will also subscribe a capitl increase of 16.7 million for not diluting its 25.06% stake. After these two capital increases of 66.7 million, Kedrion’s shareholders Sestant Internazionale and Sestant will own more than 54% of the company. Kedrion has sales of 687.9 million (41% generated in the USA; 36.2% in Europe – of which 25.3% in Italy- and 22.8% in the rest of the world. An Interview of Maurizio Tamagnini about Kedrion is available in the Italian-written book about Private Capital and alternative investments of Stefania Peveraro, the editor of BeBeez. Kedrion is a company monitored by BeBeez Private Data (find out how to subscribe for only 110 euros a month)
Sun Capital won the auction for Vetrerie Riunite, a producer of glass windows for washing machines (see here a previous post by BeBeez). The fund paid 110 million euros for the asset that has a turnover of 109 million. Vetrerie attracted bids also from Vam Investments, US private equity Opengate Capital, and British Abbeydale Partners. Opera and Style Capital (fka Dgpa) acquired 52% and 24% of Vetrerie in 2008 for 112.5 million. Finanziaria Del Vetro (Finvetro) who previously controlled the company sold its interest and kept a 24% of Vetrerie.
RCF Group, a designer and manufacturer of products and systems for professional audio, of which Palladio Holding and Amundi Private Equity have 30%, dropped its ipo plans (see here a previous post by BeBeez). RCF planned to list 33.7% of its equity on 22 October through the issuance of 122 million new shares through a capital increase and the sale of 9 million shares. The ipo price was of 1.15-1.45 euros per share, for an equity value of 448 – 565 million euros post capital increase. In 2018, RCF acquired Danish DPA Microphones from The Riverside Company. RCF has sales of 183 million, an adjusted ebitda of 39.9 million, and net financial debt of 54.8 million. RCF Group’s ceo Arturo Vicari delisted the company in 2013.
Luxury yacths producer Ferretti Group dropped its IPO plans (see here a previous post by BeBeez). The company said that the offers it received were not in line with the shareholders expectations. Ferretti will considera gain the launch of an IPO as soon as the uncertainty of the financial markets, separately said Tan Xuguang, the chairman of Weichai Group the owner of 86% of Ferrett. Pietro Ferrari and AdTech own 11.1% and 2.79% of the company. Ferretti’s ceo Alberto Galassi said that the company will consider again the launch of an IPO as soon as budget year is completed.
Newlat Food, the Italin multi-brand food company, finally closed the order book for its ipo at the minimum price of the price range (see here a previous post by BeBeez), after having deferred to yesterday the final closing of its institutional placement (see here a previous post by BeBeez). Newlat also decreased from 17 million to 12.7 milioni the amount of shares that are part of the greenshoe option, while the over-allotment went down to 1.85 million shares from 2 million. The company will then list at a 5.80 euros per share price versus a 5.80-7.30 price range, for a pre-money equity value of 157 million euros. Newlat will invest the proceeds of such listing though capital increase in its organic growth and m&a. The chairman and ceo Angelo Mastrolia will keep the majority of the company.
Borletti Group acquired 25% of luxury fashion company MooRER from the majority owner and founder Moreno Faccincani (see here a previous post by BeBeez). Antonella Bompensa, an experienced manager of the fashion sector, will be the target’s general manager, while Faccincani will keep his role of chairman and creativity director. MooRER generates abroad 75% of its 30 million euros turnover. Borletti Group is an investment holding that Maurizio Borletti, a heir of the founder of Italian iconic store Rinascente, founded in 2005 together with seasoned investment banker and fashion firms executive Paolo De Spirt .
Antonio Quintino Chieffo, the founder of AC Finance and of incubator Bemycompany, launched the holding Bemycompany Capital Partner for supporting small companies for m&a transactions and the launch of IPOs (see here a previous post by BeBeez). The holding has resources of 2 million euros and aims to raise up to 15 million. Twenty entrepreneurs and managers are part of Bemycompany that will target companies with a turnover of 0.5 – 15 million and that posted an annual growth rate of 10%.
Carlyle’s Italian fashion firm Golden Goose attracted offers from Advent International, Permira, Cinven, Apax Partners, and Eurazeo (see here a previous post by BeBeez). However, the vendors advisor BofA Merrill Lynch may also carry on an ipo. Any exit will take place in 2020. Earlier in April 2019, Carlyle rejected unsolicited bids of below 1 billion euros from private equity funds and trade buyers. Press reports said that luxury fashion companies Tapestry (the owner of the brands Coach, Kate Spade, and Stuart Weitzman), Pvh (the owner of Tommy Hilfiger and Calvin Klein), and Vf Corporation tabled bids for Golden Goose, which has sales of 185 millions, an ebitda of 55 millions. The company already paid to Carlyle a dividend of 100 millions, half of the equity investment that the fund carried out in February 2017. Ergon and DVR Capital sold the asset for an equity value of 400 million after having acquired the majority of the company in May 2015 from the founders Alessandro Gallo and Francesca Rinaldo, Riello Investimenti, and Style Capital (fka Dgpa).
Spactiv, the SPAC that Maurizio Borletti and Paolo De Spirt launched through Borletti Group together with Gabriele Bavagnoli, filed an informative document for the business combination with Betty Blue, the fashion brand of the designer Elisabetta Franchi (see here a previous post by BeBeez). The deal had already been announced last September. The target’s equity is of 195 million euros, for an enterprise value of 190 millions. Betty Blue has net cash of 5 millions after the payment of dividends for 15 millions. The company’s ebitda is in the region of 23.3 millions for an EV/ebitda ratio in the region of 8.2X. Spactiv may buy at least 34.9% of the business for 63 million and up to 41.7% for 77.5 million. Elisabetta Franchi will keep 58.3% – 65.1% of the company. Seasoned executive of fashion companies Enrico Mambelli is holding talks for becoming the ceo of Betty Blue.
HAT Sicaf sold 96.35% of Italian office chairs producer Luxy to Lunedes, a company that belongs to Italian entrepreneur Giuseppe Cornetto Bourlot (see here a previous post by BeBeez). Lunedes acquired the remaining 3.65% of Luxy from the company’s managers. Luxy’s board members will be Giuseppe Cornetto Bourlot, ceo Libero Gregoletto, Gianluigi Russo, Marco Pittini, and Daniele Pelli. Luxy has sales of 7.6 million euros and an ebitda of 0.486 million. HAT acquired Luxy in February 2016 for 5 million from the Marchesini Family (20%), Opera (72.7%), and Quadrivio (7.3%), who both the company in 2011 from Cape Natixis and Fondamenta. HAT supported Libero Gregoletto (ceo) and other executives for a management buyout. Ignazio Castiglioni, the ceo of HAT, said that after the sale of Luxy the fund’s annual IRR is of above 20% with a cash multiple greater that 2.5 times of the invested capitals. Castiglioni talked about the funds’ return in in the Italian-written book about Private Capital and alternative investments of Stefania Peveraro, the editor of BeBeez. Nino Attanasio and Castiglioni head HAT, which has resources of 400 million.
Chinese fund Nuo Capital paid 50 million euros to the Martelli family for a 30% of Italian producer of shaving items and cosmetics Proraso (See here a previous post by BeBeez). Nuo will buy the company’s shares and subscribe a capital increase on the ground of an enterprise value of 150 million euros. Gca Altium is assisting the vendors. Proraso has sales of 55 million, an ebitda of 10 million, profits of 9.6 million, and net cash of 6.9 million. World-Wide Investment Company Limited, the family office of the Pao Chengs, founded Nuo Capital in 2016. Tommaso Paoli, a former manager of Intesa Sanpaolo, heads Nuo which owns 10% of Elite, a company that previously wholly belonged to Borsa Italiana.
Engineering, the Italian IT company that NB Renaissance and Apax Partners delisted in 2016, acquired 80% of Italian software house Digitelematica (see here a previous post by BeBeez). Digitelematica has sales of 0.99 million euros, an ebitda of 0.108 million and net cash of 0.215 million. The transaction will allow Engineering to to strenghten its supply of services for the sectors of Digital Retail & Fashion and Digital Industry. Maurizio Pecori, the Head of Industry & Services Market of Engineering, will chair Digitelematica. Engineering’s chairman and ceo are Michele Cinaglia and Paolo Pandozy. Apax Partners and NB Renaissance equally own 88% of the business, while the Cinaglia has 12%. Permira and BC Partners have expressed interest for the asset that is worth 1.5 billion on the ground of sales of 1.18 billion, an adjusted ebitda of 147.2 million (+19.8% yoy), net profits of 57.7 million (+10%), and a net financial debt of 69 million (138 million yoy). In September 2019, Engineering acquired Italian fintech Deus Technology.
DeA Capital Alternative Funds launched Madrid-based food-focused fund Idea Taste of Italy II and set a fundraising target of 250-300 million euros (See here a previous post by BeBeez). The fund will have a pan European focus. Taste of Italy 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.
Aksìa Capital’s food company Casa Della Piada CRM acquired Italian competitor Gastone (See here a previous post by BeBeez). Aksìa Capital acquired Casa della Piada CRM in March 2018. Gastone has sales of 2.9 million euros and an ebitda of 0.259 million. Renzo Montagnani and Carla Rebecchi founded Casa Della Piada CRM in 1974. The company has sales of 20 million euros, an ebitda margin of 20%.
The number of Italian millioniares tripled in 10 years from 424k in 2010 to 1.496 millions in 2019, said the Global Wealth Report 2019 of Credit Suisse (see here a previous post by BeBeez). These wealthy individuals could invest in private equity, private debt, and venture capital given the current negative official interest rates. The Global Wealth Management Report of EY said that alternative investments are among the priorities of the Italian clients of private bankers and wealth managers that have a net worth of 5 million euros and above. Download here for free the Italian-written book about Private Capital and alternative investments of Stefania Peveraro the editor of BeBeez.
Fideuram Alternative Investments is launching its second alternative investments fund for the clients of Fideuram-Intesa Sanpaolo Private Banking (see here a previous post by BeBeez). FAI-Mercati Privati Europei will have a 9 years term with the possibility for an extension of 3 years and investment period of 4 years. Fai will adopt ESG criteria and receive support from Tikehau Capital. The least investment ticket is of 0.100 millions. The fund will invest in equity, direct lending, real estate, and special opportunities.
New Deal Advisors and Studio Tasca merged in order to provide services fairness opinions, valuations and independent opinions (See here a previous post by BeBeez). Roberto Tasca will head this unit that will be operative from November and provide also impairement test and purchase price allocation activities Tasca is a full professor of Business Finance at Bologna University and since 2016 Councillor for Budget and State Property of the Municipality of Milan.