Cassa Depositi e Prestiti announced the name of candidates for its subsidiaries and companies of which it has stakes, with some names that are of significant interest for the private capital community (see here a previous post by BeBeez).
– SACE, the Italian insurer for foreign trade: Rodolfo Errore (President), Pierfrancesco Latini (CEO), Ilaria Bertizzolo, Elena Comparato, Filippo Giansante, Federico Merola, Monica Scipione, Mario Giro, Roberto Cociancich.
– SIMEST: Pasquale Salzano (President)* Roberto Rio (Vice Presidente) Mauro Alfonso (CEO) Gelsomina Vigliotti Ilaria Bertizzolo *Salzano will also work as Chief International Affairs Officer of CDP
– Fintecna: Vincenzo delle Femmine (President) Antonino Turicchi (CEO)
– CDP Immobiliare: Giorgio Righetti (President) Marco Doglio (Vice President) Emanuele Boni (CEO) Alessandra Ferone Paolo Fontanelli Silvia Viviani Ada Lucia De Cesaris
– CDP Investimenti: Raffaele Ranucci (President) Marco Doglio (CEO) Manuela Sabbatini Giorgio Righetti Caterina Miscia
– Fondo Italiano d’Investimento sgr: Antonio Pace (CEO) Vito Lo Piccolo Esedra Chiacchella Simonetta Acri Gianluca Lo Presti Anna Chiara Sala Cristina Pozzi
– Invitalia Ventures sgr: Enrico Resmini (CEO) Pierpaolo Di Stefano Marco Bellezza Isabella de Michelis di Slonghello Lucia Calvosa Antonio Margiotta
– SIA: Federico Lovadina (President) Fabio Massoli Andrea Pellegrini Carmine Viola Andrea Cardamone
– Salini Impregilo: Donato Iacovone (President) Pierpaolo Di Stefano Francesca Balzani Giuseppe Marazzita Marina Natale
Fondo Italiano d’Investimento (FII) Cdp, and Assofondipensione aim to launch a one billion euros private capital vehicle for pension funds (see here a previous post by BeBeez). The firms may officially announce the launch on 2 December, during the annual meeting of Assofondipensione. Giovanni Maggi, the chairman of the association of negotial pension funds, said that Cdp may pour 30% – 50% of the raised resources together with six pension funds. The vehicle will invest in private equity, private debt, and infrastructures.
Open Fiber, the Italian tmt infrastructure company that equally belongs to Enel and Cdp, received non-binding offers for Flash Fiber, a joint venture that Telecom (80%) signed with Fastweb (20%) and further FTTH (Fiber to the Home) assets of TIM (see here a previous post by BeBeez). The plan could lead to the merger of the three companies into a single Italian group owning fibre optic networks, as TIM said in June in response to press rumours. The company signed a confidentiality agreement with CDP and Enel in view of appraising forms of integration of the fibre optic networks of TIM and Open Fiber, also through an eventual reorganization of the shareholders structure. TIM’s ceo Luigi Gubitosi said that he aims to shortlist one or more funds. The funds could take up to 50% of Open Fiber while the remaining 50%, or just below, could go to TIM, CDP, and the fund that Enel could sell for cash. Market rumours say that F2i, Ardian, Athena, Brookefield, Macquaire, Kkr, GS Global Infrastructure (Goldman Sachs), Allianz European Infrastructure, and other infrastructure funds tabled a bid. Mediobanca said in a report that Enel asked to outline that Open Fiber is worth 8 billion. Press reports say that TIM thinks that the asset’s value is in the region of 5-6 billion.
The shares of Milan-listed Nexi went up to 9.923 euros (+0,95%) on 22 November, Friday, after having posted a + 4.9% on 20 November, Wednesday, when the company and Intesa SanPaolo said that the bank could buy a stake in the company that belongs also to Advent International, Bain Capital, and Clessidra (see here a previous post by BeBeez). Intesa may buy less than 25% of the company without launching a public offer for delisting the company. In 2016, Intesa Sanpaolo sold the payment network Setefi (i pos) and cards provider Isp card to Nexi (fka Icbpi) for 1 billion euros. Intesa could now sell to Nexi its acquiring activities, the business that links merchants with payment networks in exchange for cash and shares of the buyer. Intermonte said that the deal could be worth 1.9 billion, Akros said that the value is of 1.8 – 2.4 billion.Nexi launched an IPO on Milan on 16 April 2019 and 35.6% of its equity is publicly traded. After the listing, Mercury, the vehicle through which Advent International, Bain Capital and Clessidra own the company, lowered its 61.8% stake. Nexi’s new shareholders are Singapore’s sovereign fund GIC (more than 3%); French Amundi (more than 2%), Marshall Wallace, Moneta Asset management, and Dws (slightly below 2%), Unipol, Azimut, Amina Sgr, Davide Leoni & Partners, and General Investments.
Banca Mps is of interest to private equity Bain, Fortress, and Apollo (see here a previous post by BeBeez). An investment bank submitted the dossier to a Middle-East sovreign fund. The Italian Ministry of Economy has to sell its 68% stake by 2021 and is already discussing with the European Commission the sale of a 10 billion euros worth portfolio of distressed credits to AMCO (fka SGA). The Italian Government has to communicate to the Dg Competition of the European Commission by December how it aims to exit from the troubled Italian bank. The parts are negotiating the split of Monte dei Paschi between a bad bank and a good bank that would rapidly go up for sale. The European Commission is requiring MPS to sell its distressed credits at the current market conditions. However, if such prices were too lower than the credits book value, the bank would risk to reduce its core tier 1 and should launch a new capital increase. In 3Q19, Mps NPE gross ratio was of 14.64% (from 16.3% in 2Q19), with a gross NPL ratio of 8.18% (8.51%), the other big Italian banks posted a gross NPE ratio of 8.95% (9.93%) and a gross NPL of 4.71% (5.34%) (for details on the credit quality of the seven biggest Italian banks at the end of September, BeBeez News Premium subscribers can read BeBeez’s Insight View here, discover here how to subscribe for only 20 euros a month). MPS could alternatively merge with Ubi Banca, Banco Bpm, or Bper. MPS core real estate assets are of interest to Apollo, Varde, Cerberus, Partners Group, Starwood, Bain Capital, Oaktree, and Lone Star.
Thailand’s Indorama Ventures Public Company Limited acquired Sinterama, an Italian textile company (see here a previous post by BeBeez). Dea Capital CCR (part of DeA Capital Alternative Funds) and Paolo Piana sold the asset together with other shareholders. Indorama appointed Piana as the new ceo of Sinterama. Dea CCR acquired 51% of the company in May 2017 with a debt-equity swap transaction after fund had become Sinterama’s main lender. Sinterama previously sold to Indorama its 25% of Germany’s Trevira Holdings, a textile business. Indorama and Sinterama acquired together Trevira in 2011, while it was in receivership and generated sales of 240 million euros. The transaction costed 40 million. Indorama Ventures now has the whole of Treviri and Sinterama. Aloke Lohia is the ceo of Indorama Ventures. Sinterama has sales of 135 million while Indorama’s turnover is of 10.7 billion US Dollars.
ForVei II, a joint venture that Foresight and Vei Green (Palladio Holding) signed, acquired 34 photovoltaic plants based in Italy with a power of 37 MW and one in Slovak Republic with a power of 4 MW (see here a previous post by BeBeez). The remuneration of the plants is under the long-term Feed-in Tariff (FiT) regime. Florida’s Origis sold the assets. ForVei II is the second investment vehicle of Palladio with a focus on photovoltaic assets and announced a first closing for 90 million euros ahead of a target of 120 million. Chinese NWS Holdings Limited, a conglomerate of Hong Kong Family Chow Tai Fook, is one of the investors in the fund. ForVei, the first joint venture, was born in 2011 and ERG acquired it for 336 million in 2018.
In 3Q19, TeamSystem, an Italian developer of management and accounting software that belongs to private equity Hellman&Friedman (H&F) since December 2015, posted sales of 263.9 million euros (+14% yoy) and an adjusted ebitda 98.2 million (+28.8% from 78.9 million yoy) (see here a previous post by BeBeez). In 2018 TeamSystem posted sales of 356.1 million and an ebitda of 139.8 million with net financial debt of 753.9 million (5.39 X ebitda). The company’s net debt in 3Q19 is of 753.7 million (4.86 X ebitda). In March 2018 the company issued two secured bonds of 550 million due to mature on 15 April 2023 and another of 200 million due to mature on 15 April 2025. Both the Luxembourg-listed liabilities pay a coupon worth 400 basis points spread over the 3 Months Euribor and a 0% floor. TeamSystem’s adjusted LTM ebitda for the last 12 months amounts to 155.2 million for an enterprise 1,5-2 billion. Hellman&Friedman could exit the asset on the ground of this figure. H&F acquired the majority of the company from Hg Capital, which kept a minority, while Bain Capital sold all of its interest. In October 2019, TeamSystem acquired 51% of TechMass, an Italian startup that develops software for the digitalization of production processes. Gellify, H-Farm and the founder Andrea Massenz sold the asset and kept a minority of the company. In July 2019, Teamsystem signed a partnership with cash invoice firm Factor@Work and the platform for invoice financing Whit-e.
Engineering, the Italian publisher of software for business that belongs to Apax and NB Renaissance since 2016, is again for sale (see here a previous post by BeBeez). The asset is of interest to Pai and Bain Capital, Permira, and BCPartners among others. NB Renaissance and Apax equally own 88% of Engineering, whose 12% (6% voting rights) belongs to Michele Cinaglia. The funds invested 846.5 million euros for delisting the company and paid 533.85 million with their own resources and the rest with bank loans. NB Renaisssance and the Cinaglia Family could reinvest for a minority of the business. Engineering’s value is of above 1.5 billion or 9X Ebitda. Engineering has sales of 1.18 billion (+15% yoy), an adjusted ebitda of 147.2 million (122.9 million or +19,8%), net profits of 57.7 million (+10% or 52.3 million), net financial debts of 69 million (138 million). In September 2019, Engineering acquired Italy’s Deus Technology, while in October it acquired 80% of Digitelematica
Arcaplanet, the chain of pet shops that belongs to Permira (majority), the ceo Michele Foppiani and Andera Partners, acquired Italian competitor Fauna Food (see here a previous post by BeBeez). Earlier in June, Arcaplanet acquired 15 shops from Zoodom Italia. Arcaplanet has sales of 227.48 million euros, an ebitda of 11.11 million, and a net debt of 113.76 million. Credem Private Equity sold the asset in 2010 to Motion Equity Partners, which sold the company in 2016 to Permira. Andera’s stake in Arcaplanet is the outcome of a re-investment of the fund who sold Fortesan to the catalyst company.
Italian entrepreneur Giordano Emendatori asked Milan Court to block the sale of Pernigotti Maestri Gelatieri, an I&P business that currently belongs to Turkey’s Toksöz, to MEC3–Optima (see here a previous post by BeBeez). The first hearing will take place on 14 January. Emendatori signed a closing in August 2019 for acquiring the asset, but negotiations stopped and in October 2019 MEC3–Optima, an Italian food company that belongs to private equity Charterhouse, purchased the company. Emendatori claims that vendors held concealed talks with Optima and sued Pernigotti for the loss of revenues that he’s facing in light of the failed acquisition of the I&P business. On the other side, Pernigotti may sue Emendatori for reputational harm. In November 2016, Charterhouse acquired MEC3-Optima from Riverside, which in turn both the business in 2014 from Emendatori. Pernigotti is an iconic Italian chocolate producer that Stefano Pernigotti founded in 1868. In 1995, the Pernigotti family sold the company to Averna, the Italian spirits and chocolate producer that is part of Milan-listed Campari. Averna sold Pernigotti in July 2013 to Toksöz for an enterprise value of 60-70 million euros on the ground of a turnover of 75 million. Pernigotti has sales of 51.8 million, an ebitda of minus 5 million, and net debt of 9.5 million
Francesco Bertocchini is Italy’s new managing director for Nomura (see here a previous post by BeBeez). Bertocchini will report to the bank’s head of Italy’s Investment Banking Stefano Giudici. The banker previously worked for Franco Bernabè & C., Rothschild, and Bain & Co. Nomura previously hired Marco Patuano as senior advisor for the European investment banking. Japan’s Nomura was born in 1925 and has four business divisions: Wholesale (Investment Banking and Global Markets), Merchant Banking, Asset Management, and Retail.
Sanlorenzo, the Italia yachts producer, started the institutional placement for its shares at a price of 16-19 euros for a pre-capital increase value of 480 – 570 million euros and a post-capital increase value of 552-656 million (see here a previous post by BeBeez). Sources said to BeBeez that the first trading day for Sanlorenzo could be 6 December, Friday. The company’s controlling shareholder Holding Happy Life, a vehicle of the Perotti Family, will sell part of its shares in view of a publicly traded capital of 35%, the least requirement for a listing on Milan Star market. After the exercise of the Greenshoe option, the company’s publicly traded equity could be of up to 35.1%. Gianfranco Cecchi and Giuliano Pecchia founded the company in 1958 and Giovanni Jannetti acquired it in 1972. In 2005 the Perotti Family took over Sanlorenzo and in 2010 sold a minority to Fondo Italiano d’Investimento. In September 2013 Chinese Sundiro Holding subscribed part of Sanlorenzo’s 30 million capital increase. In July 2018, the Perotti Family paid 22 million for acquiring back the stake it sold to Fondo Italiano d’Investimento from Neuberger Berman. Sanlorenzo has sales of 327 million (231 million yoy) and an adjusted ebitda of 38 million.
James Pallotta may sell a stake in listed Italian football team AS Roma (see here a previous post by BeBeez). Pallotta set December 2019 as deadline for tabling bids for the team which reportedly attracted the interest of Friedkin, an importer of Toyota cars in USA, private equity funds Permira, Blackstone Kkr, Carlyle. Mayhoola, a Qatar financial firm that owns fashion companies Valentino and Pal Zileri, and Qatar Investment Authority (QIA) withdrew from the race after Pallotta, who expected to fetch 1 billion euros, refused a bid of 550 million. AS Roma aims to launch a capital increase of 150 million. New shareholders will not get more than 25% of the asset who has debt of 210 million and listed on Vienna Market a senior secured bond of 275 million. The bond is due to mature in August 2024 and pays a 5.125% coupon.
Kaleyra, an Italian provider of messaging services, listed on NYSE after a business combination US Spac GigCapital (See here a previous post by BeBeez). Kaleyra opened the trading at 11.35 US Dollars per share. Dario Calogero, the founder of Kaleyra, will keep heading the company, while Avi Katz, the president of GigCapital, will be the company’s chairman. The companies approved the business combination on the ground of a value of 192 million or 1.5 times its expected revenues. Kaleyra’s current shareholders will own 33% of the business, while the rest belongs to GigCapital. Kaleyra was born in 2018 after Italy’s Ubiquity acquired Indian company Solutions Infini. In August 2018, Kaleyra purchased US-based Hook Mobile.
DoveVivo, an online platform for co-living, acquired a controlling stake of RtmLiving, an Italian student housing company, from Gruppo Soges (see here a previous post by BeBeez). In February 2020, DoveVivo will acquire the remaining stake in the target. In July 2019, DoveVivo launched a capital increase of 50 million euros and said that would have invested the proceeds in developing its operations abroad and in the field of students housing in view of generating a 150 million turnover by 2023 from current 21 million. DoveVivo is born in in 2007 and William Maggio and Valerio Fonseca control the company through DV Holding, which poured 12 million in the capital increase. Tikehau Capital acquired a 19% stake in the company after having invested 29 million in the capital increase. ISA (Istituto Atesino di Sviluppo) and Seac Fin invested 7 million. The team of DoveVivo invested 0.5 million. The current company’s shareholders are DV Holding (61%), Tikehau (19%), ISA (5%), and further private shareholders (15%). The list of investors in the company includes Roberto Nicastro, the former coo of Unicredit, Francesco Perilli, the head of Equita, Guido Rivolta, the former ceo of Cdp Equity, Maurizio Cereda, a board member of Fondo italiano per l’efficienza energetica, Roberto Marsella, the business development officer of Cdp Equity, Marco Lucchini, the former investment manager of Cdp Equity, Fabio Troiani, the founder of BIP-Business Integration Partners. Further to the capital increase, DoveVivo received 22.5 million from Illimity Bank. Sign up here for BeBeez Real Estate newsletter.
German airline Lufthansa filed a 1.66 million euros bankruptcy request for Farvem Real Estate, a company of Massimo Ferrero, the chairman of Italian football team Sampdoria (see here a previous post by BeBeez). In light of this filing, Farvem applied for a receivership procedure. The firm has 170 flats in Rome and posted a loss of 0.562 million, ahead of a turnover of 2.85 million and debts of 40.57 million (4.23 million with the Italian Inland Revenue and 4.27 million with pension firms). Eleven Finance, another cinema and real estate business of the Ferrero Family that belongs to Vanessa and Giorgio Ferrero (the daughter and the nephew of Massimo), has banking debts of 47.7 million, tax debts of 25.4 million and equity of minus of 5.3 million. Sign up here for BeBeez Real Estate newsletter.
French Insurance broker Verspieren, a company that raised insurance policies worth an amount of 3.8 billion euros aims to increase by 20% the number of its brokers, said country manager Pierluigi Mugnani (see here a previous post by BeBeez). The company may invest 5 – 7 million euros. Verspieren would expand in the field of Cyber Risk.
Xenon Private Equity supported the birth of Impresoft Group, the outcome of a merger of tech companies Impresoft, 4Ward, Brainware, Gruppo Formula, and Qualitas Informatica (see here a previous post by BeBeez). Xenon acquired Impresoft which added on 4Ward. Antonello Morina, the chairman of Impresoft Group, Rossano Ziveri, ceo, and other managers sold their stakes in the catalyst firm and reinvested for a minority. Christian Parmigiani, Andrea Pichler, as well as other shareholders and managers sold 4Ward and reinvested in Impresoft Group. Banco Bpm, Crédit Agricole Italia, and Mps Capital Services Banca per le Imprese financed the transaction. Impresoft has a turnover of above 55 million euros and an ebitda of 11 million. Xenon Private Equity is one of the private capital investors that BeBeez Private Data monitors (find out how to subscribe for only 110 euros a month)
Antas, an energy efficiency company for the public sector, acquired Energy Wave, a company born in 2018 out of a spin-off of Restiani, from he Restiani Family and Ambienta (see here a previous post by BeBeez). In July 2017, Ambienta acquired 80% of Restiani from Total Erg . The eponymous family kept a 20% of the asset. Sergio Giglio founded Antas in 2006 and has sales of 170 million euros. Prior to selling Energy Wave, Ambienta sold a controlling stake in Safim, a producer of industrial components, to US peer DexKo Global in September 2019. In August 2019, Ambienta acquired a controlling stake in Amutec, an Italian industrial business. Ambienta is one of the private capital investors that BeBeez Private Data monitors (find out how to subscribe for only 110 euros a month)