JP Morgan is interested in acquiring DEPObank, a depository bank that Milan-listed payment company Nexi spun off in July 2018 (see here a previous post by BeBeez). Private equity funds Advent International, Bain Capital, and Clessidra, the controlling shareholders, aim to sell the asset in 1H20. DEPObank’s head is Fabrizio Viola, while Paolo Tadini act as ceo and coo. The company’s equity is of 600 million euros and has not financial debt. Previous press rumours said it could attract the interest of Société Générale Securities Services, Bnp Paribas Securities Services, State Street, Attestor, JCFlowers, Oaktree, and SC Lowy. Market rumours say that Mediobanca is assisting a potential buyer. In August 2019, DEPOBank acquired from PrestaCap Holdings a controlling stake of Cara Services, the owner of Prestacap
For the third consecutive year BeBeez will be one of the media partners of IPEM (International Private Equity Market) the annual conference about private equity, venture capital, and private debt (see here a previous post by BeBeez). IPEM will host more than 1200 attendees that may arrange meetings through an online platform. BeBeez readers can get an early bird 10% discount by signing up here by 19 December
Johnny El Hachem, ceo of Edmond de Rothschild Private Equity (EDR), said to BeBeez that Italy could provide interesting investment opportunities and added that Italian insurers and pension funds poured resources in the fund (see here a previous post by BeBeez). The real estate funds of EdR acquired Milan based Four Points by Sheraton together with Aina Hospitality, a firm that Jaume Tapies, the former ceo of Relais & Châteaux, founded. In 2018, some of EDR executives carried on a management buyout of the private equity activities of Edmond de Rotschild Investment Partners and rebranded them as Andera which has 2 billion euros of assets under management. Edmond de Rothschild Private Markets invested 8 billion in real estate assets, almost 4 billion in private equity, and 2 billion in infrastructures. The management team invested 1% and the Rotschild Family 7%. EdR’s Amethis funds look at Africa, while Moringa looks at the agro-ecology sectors in Africa and Latin America. Trajan Capital fund is an accelerator for search funds currently active only in France. However, it could expand its activity to other European countries. Kennet is a venture capital investor that looks at European and US tech companies with a B2B business model.
Flavio Briatore could sell 49% of the clubs Twiga, Billionaire, Cipriani Beefbar, and Crazy Fish to UK Clementy Asset Management (see here a previous post by BeBeez). The clubs are based in Montecarlo, London, Dubai, and Forte dei Marmi and have an enterprise value of 150 million euros with a turnover in the region of 70 million. One and a half years ago Briatore hired Mediobanca. Clementy will not buy the following assets: the fashion activities of Billionarie Couture (real estate developer Antonio Percassi and fashion designer Philippe Plein invested in the brans 2 years ago); the leisure African activities; and the tour operator Billionaire Travel, based in Switzerland. In 2013, Briatore sold to Singapore’s Bay Capital the majority of Clubs Billionaire based in Sardinia, Istanbul, Bodrum, and Montecarlo and of Twiga Beach Club Versilia. Managing partner Bruce Bower heads Clementy Asset Management, a London-based family office with bureaus in Geneve, Moscow, and Rome. The firm invests in unlisted retail and tech companies. Bower previously worked for Russian funds Kazimir Partners and Verno Capital.
Banca Profilo launched Apotek, a platform for acquiring 40-50 pharmacies based in the North of Italy (see here a previous post by BeBeez). The bank created the holding Neo Apotek for financing the transactions through a two rounds capital increase of up to 30 million, said Fabio Candeli, the ceo of Banca Profilo and added that the aim is creating a pole generating sales of 60 million in 5 years. In November 2018, F2i acquired a controlling stake in Farmacrimi, the Rome-based owner of 12 pharmacies and 14 para pharmacies, and a wholesale distributor of drugs. Vincenzo Crimi is the minority shareholder.
Guglielmo Fiocchi and Maurizio Perroni founded F&P4BIZ, a club deal platform (see here a previous post by BeBeez). Fiocchi belongs to a family of entrepreneurs that last year sold a controlling stake in their bullets producing company to Charme Capital Partners. Perroni previously worked for Cape Live, Siparex Italia, and Quadrivio. F&P4BIZ already acquired Test Industry, a producer and vendor of desks for industrial tests that was born in July 2017 out of the merger of Bimal with Leonardo and that has sales of 30 million euros. IGI Private Equity acquired 42% of Test Industry in August 2019, Equilybra has 18%, the former shareholders of Leonardo and Bimal have 17% while the club deal of Route Capital Partners and F&P4BIZ reinvested 10 million for a 23% stake.
Milan-listed insurance broker Assiteca, a portfolio investment of Tikehau Capital, paid 5.95 million euros for acquiring the competitor Arena Broker from the founder Mauro Galbusera and Banco Bpm (see here a previous post by BeBeez). Galbusera kept his role as the company’s chairman. Luciano Lucca, Nicola Girelli, and Carlo Orlandi joined the company’s board. Arena sold a 57.3% stake to Banco Bpm. The company’s equity is worth more than 3 million while its portfolio is of 2.2 million. Earlier in November, Tikehau Capital acquired a 23.43% of Assiteca through the subscription of a 25 million capital increase at 2.5 euros per share. Lucca, the vehicle of the Assiteca’s chairman Luciano Lucca, diluted its 60.38% of Assiteca. In 1H19, Assiteca gross turnover has been of 70.7 million while gross revenues amounted to 63.7 million, with an ebitda of 11 million and net profits of 5.4 million. The company said it will pay a dividend of 0.07 euros per share.
L&B Capital (66.22%) and Enventi (32.78%) sold to Eni gas e luce a 70% of photovoltaic energy producer Evolvere (see here a previous post by BeBeez). Eni has a call option on the remaining 30% of the asset. Rothschild & Co and L&B Partners Avvocati Associati assisted the vendors as financial and legal advisors. Barclays and Pedersoli Studio Legale supported Eni’s M&A team for financial and legal advisory. Evolvere owns photovoltaic plants with a power of 58 MW, has an equity of 38 million euros with sales of above 32 million and an ebitda of 12.5 million. L&B Capital is a financial holding that L&B Partners and law firm L&B Partners Avvocati Associati, both of the Di Terlizzi Family, launched. Further shareholders of L&B Capital are the company’s ceo Michele Cappone and DEMI5, an investment holding of the de Miranda Family, who owns 50% of Ori Martin, a steel company with sales in the region of 500 million di euro. L&B Capital has in its portfolio 80% of Esapro,a renewable energy company; 33% of Alba, a financial holding that delisted from Milan market in 2017; 16.5% of United, a provider of real estate and security services; and 9.08% of fashion company Gimel. Enventi is an engineering company operating in the energy infrastructures sector.
M Stretch, the holding of Manupackaging Group (fka Gruppo Manuli Stretch and now part of Oxy Capital), sold two photovoltaic plants to Italia T1 Roncolo, the holding of Basalt Infrastructure Partners (see here a previous post by BeBeez). The assets have a 2 MW power. Italia T1 Roncolo belongs to Mareccio Energia, an asset of London’s Basalt Infrastructure Partners, and aims to reach a power of 100MW. Basalt has over 2 billion dollars of assets under management. In September 2019, Italia T1 Roncolo subscribed the first tranche of the closing for the acquisition of 11 photovoltaic plants worth 10.3 million euros from TerniEnergia. In June 2019, Italia T1 Roncolo acquired from AEGA ASA and AEGA YIELDCO AS 7 plants based in the North of Italy with a total power of 8 MW. Manupackaging Group is a packaging business with bank debts of 55 million, an ebitda of 9 million, and sales of 280 million. In September 2018, Oxy Capital and Credito Fondiario invested in the company. Oxy aims to focus the company’s business on high-margins products and push the ebitda to 13.4 million.
Italian financial services company Mittel acquired 90% of Sport Fashion Service, the owner of sportswear and outdoor brands Ciesse Piumini, Ciesse Outdoor, and West Scout (see here a previous post by BeBeez). Mittel invested more than 15 million euros with its own resources: 11.3 million for the buy and 4.1 million for the financing of the shareholders. Vendors may get a potential earn-out of 3.9 million. Mittel appointed Fabio Primerano as executive chairman of Ciesse Piumini. Blue Fashion Group, which belongs to Italian entrepreneur Franco Stocchi, sold the asset. Blue Fashion Group acquired 15.53% of Mittel in September 2014 from Carlo Tassara Holding of Romain Zaleski. Blue Fashion Group acquired 70% of Sport Fashion Service in 2017 after a receivership procedure that Italian entrepreneur Flavio Milani started. Milani acquired Ciesse Piumini in 2010 from private equity fund Gem Global Fund, who purchased the company in 2006 from US Sports Brands International, which in turn acquired the company in 2003 from Hdp together with Fila Nederland, Fila Sport, and Fila Usa. Mittel aims to implement an omnichannel distribution strategy for Ciesse Piumini. Sport Fashion Service, based in Rome area, has sales of 18.9 million euros and an ebitda of 4.2 million. The company expects to generate revenues of above 25 million for 2019 with a 20% ebitda margin. Mittel previously acquired the majority of Gruppo Zaffiro (November 2016), Ceramica Cielo (June 2017), Industria Metallurgica Carmagnolese (September 2017), Galassia Group, and Disegno Ceramica (July 2019).
Guido Rivolta is the new ceo and coo of Partners, a Milan based provider of financial advisory and consultancy services (see here a previous post by BeBeez). Michele Preda (the former chairman of Borsa Italiana)is the chairman of Partners, whose managing partners are Angelo Provasoli (the former Chancellor of Bocconi University) and Guido Corbetta. Giovanni Gorno Tempini left his rolo of advisor of Partners as Cassa Depositi e Prestiti appointed him as chairman for replacing Massimo Tononi. Giovanni Gilli, the current chairman of Intrum Italy (a joint venture of Intrum Group and Intesa Sanpaolo for the distressed credit recovery) is the advisor of Partners. In August 2019, Rivolta resigned as coo of Cdp Equity while he kept his role of chairman of Ansaldo Energia and board member of Trevi, which are both part of the portfolio of CDP Equity. Rivolta is an alumnus of Milan Polytechnic University, previously worked for Ambienta and is currently a board member of Italian co-living business DoveVivo.
Italian glass curtain walls company Permasteelisa is again for sale (see here a previous post by BeBeez). Barclays is assisting Japanese Lixil for selling the asset. The vendors previously failed to close a 467 million euros sale to Chinese Shenzen-listed contractor Grandland Group as in November 2018 the Committee on Foreign Investment in the United States-CFIUS blocked the transaction. Permasteelisa previously attracted the interest of Alpha, Permira, Cinven, Pai, and Carlyle, which could bid again. Permasteeelisa has sales of 1.28 billion, an ebitda of 29.6 million (20.9 million yoy) and net losses of 26.3 million (-41,1 million), with net financial debt of 295 million (382 million). Lixil belongs to JS Group, who acquired Permasteelisa in August 2011 for 573 million from Alpha Private Equity (40.8%), Investindustrial (47.5%), and Lucio Mafessanti (11.7%).
The Italian Antitrust authority gave the conditioned authorization to F2i for the acquisition of Persidera, an Italian company that owns towers for TV signal transmission, that the fund aims to integrate with its portfolio company Ei Towers (see here a previous post by BeBeez). F2i acquired the asset from Tim (70%) and Gedi (30%) for an enterprise value of 240 million euros. Persidera will split its activities in NetCo, infrastructure for TV signal, and MuxCo, which will own the rights for the use of TV signals. F2i will create a newco for acquiring MuxCo and integrate NetCo with EI Towers. The Italian Antitrust said, however, that after the acquisition of Persidera, EI Towers could achieve a dominant position in the fields of digital broadcasting, free TV, pay TV, and TV advertising. The competition authority said that Ei Towers has to provide access to hosting services at fair conditions and has to prevent the risk of exchange of information among MuxCo, NetCo, EI Towers, F2i, and Mediaset. Persidera’s ceo is Paolo Ballerani. The company has sales of 76.1 million euros (72.6 million yoy), an ebitda of 39.5 million (39.6 million), and net profits of 14.4 million.
Italian fashion brand Missoni aims to list by 2023 said Angela Missoni, the company’s chairman (see here a previous post by BeBeez). In September 2019, the company’s vice-president Michele Norsa said too that Missoni could list in 2023. In June 2018, FSI acquired 41.2% of the business from the Missoni Family, who has 58.8% of the eponymous company, through a 70 million euros capital increase. Ottavio and Rosita Missoni founded the company is 1953. The business has sales of 150 million with a 10% ebitda.
Italian jewellery company Morellato acquired French retailer Cleor, which has sales of 80 million euros (see here a previous post by BeBeez). The transaction is worth in the region of 50 million, and Unicredit supported Morellato, who in 2018 acquired Italian online vendor Kronoshop and French wholesale Mister Watch. The latter transaction was worth 11.5 million. The owner of Mister Watch has 2% of Morellato, while the CarraroFamily controls the business of which Marina Salamon and Matteo Marzotto have a minority stake. Morellato has sales of 178.2 million and an ebitda of 28.6 million. Unicredit is reportedly assisting the company for evaluating bids for a minority sale.
Atlantia, the Italian motorway operator, put again for sale Telepass, a provider of authomated payment tools (see here a previous post by BeBeez). Atlantia may sell a majority of the asset on the ground of a solid business plan. Goldman Sachs, Mediobanca and Banca Imi are reportedly handling such a sale. Telepass attracted interest from joint bidders FSI, Sia and Generali; Warburg Pincus (who tabled a 2.3 billion dollars bid), Partners Group (2.1 billion), and Apax Partners (1.95 billion). Telepass value is of 2 billion euros or 12-13 X the company’s expected ebitda for 2019 which is in the region of 150 million (111 million in 2018). Telepass operative revenues are of 188 million. Atlantia may invest the proceeds of such a sale in further investments. Atlantia acquired Telepass from Autostrade per l’Italia (96.15%) and Autostrade Tech (3.85%) for 1.148 billion in December 2016, when the company posted sales of 158 million with an ebitda of 91.3 million.
Australian Accolade Wines, a company that belongs to Carlyle, is interested in Italy’s competitor Farnese Vini (see here a previous post by BeBeez). NB Renaissance Partners, the private equity born in 2015 out of a partnership of Neuberger Berman and Intesa Sanpaolo, hired Lazard in October 2019 for selling the asset or launch an ipo. Valentino Sciotti (chairman and ceo) and Filippo Baccalaro founded Farnese in 1994. The company owns the brands Caldora, Feudi di San Marzano, Vesevo, Vigneti del Vulture, and Vigneti Zabu. In January 2013, 21 Investimenti, the private equity firm that Alessandro Benetton heads, acquired the majority of the business from the De Iuliis Family, la Cascina Holding Bv and Tommy Investments and in August 2016 sold to NB Renaissance an enterprise value in the region of 70 million euros. Farnese has sales of 75 million (68.7 million yoy), an ebitda of 18.8 million, and could be worth an enterprise value of at least 130 million.
Azimut will invest in US alternative asset managers that operate in the field of private equity, private credit, infrastructure, and real estate through AACP – Azimut Alternative Capital Partners whose ceo is Jeffry Brown (see here a previous post by BeBeez). AACP will focus on alternative asset manager with resources of less than 3 billion Dollars. Brown previously worked as managing director of Dyal Capital Partners, a minority investor in alternative asset managers that is part of Neuberger Berman, Bear Stearns Asset Management and Morgan Stanley Asset Management. In the next 10 years, AACP aims to have more than 7 billion of asset under management pro-quota (more than 20 billion of total assets under management).
Marco Brunetti joined m&a advisory firm Seta Capital (see here a previous post by BeBeez). Brunetti will handle the Dutch market that could be a post-Brexit hub for managing the Chinese market. Brunetti is an alumnus of Turin Polytechnic University Seta Capital has a bureau in Shanghai. Tommaso Lazzari and Tanya Wen are the company’s managing partners. In May 2019, Seta Capital originated and structured the acquisition of 15% of Italy’s Carioca, a stationery company, from Chinese M&G Stationery.