Cdp and Assofondipensione launched a vehicle that will invest in private equity, private debt, and infrastructures (see here a previous post by BeBeez). The fund aims to raise at least 500 million euros from pension funds and Cdp, while Fondo Italiano d’Investimento (FII) will manage the resources. Investors and partners will provide further details about the fund on 15 January, as soon as the boards of Cdp, FII, and of the pension funds will provide approval. This project of Cdp, FII and Assofondipensione, the Italian association of Pension Funds, comes after Progetto Iride, a consortium of pension funds Foncer, Fondenergia, Fondogommaplastica, Pegaso, and Previmoda, that will invest 216 million in the private equity sector. Neuberger Berman will manage the vehicle and invest 30% of the portfolio in Italy with the help of Milan-listed NB Aurora. Davide Squarzoni, the ceo of Prometeia Advisor sim, said that further initiatives of this kind would take place.
Ania, the Italian Association of Insurers, is launching a private equity infrastructures fund that F2i will manage (see here a previous post by BeBeez). The fund aims to raise 250-300 million euros by early 2020 ahead of a total fundraising target of 500 million. Generali, Cattolica, Poste Vita, Intesa Vita, Axa, and Allianz poured resources in the fund. Deutsche Bank Asset Management and Swiss Partners Group competed with F2i for managing the fund.
FAI-Mercati Privati Europei (FAIMPE), the second fund for private clients of Fideuram Alternative Investments, raised almost 350 million euros, for total fundraising of 1.2 billion (See here a previous post by BeBeez). FAIMPE is a product for the clients of Fideuram-Intesa Sanpaolo Private Banking (ISPB) and has a 9 years tenure with an eventual extension of 3 years and an investment period of 4 years that follow ESG principles. Tikehau Capital is collaborating with FAIMPE. The least ticket is of 0.1 million and its investment strategies include private capital, direct lending, real estate, and special opportunities. The fund will mainly target direct investments, but eventually also funds, said Fabio Cubelli, the co-coo of Fideuram. In April 2019, Fideuram closed the 530 million fundraising for Fideuram Alternative Investments – Mercati Privati Globali, which invests in private equity, private debt, infrastructure, and real estate. This fund invests in unlisted companies with a 50 -150 million ebitda together with Partners Group.
EPS Equita PEP SPAC 2 (EPS2), the Milan-listed Spac born in May 2018 out of a spinoff of EPS Equita PEP Spac (EPS), will close on 9 December the public offer for buying back its own shares (See here a previous post by BeBeez). EPS Equita PEP Spac is the Spac that Equita Group launched together with Private Equity Partners in July 2017 after having raised 150 million euros. EPS2 launched the buyback offer on 11 November. EPS merged with ICF in May 2018 and poured 74.36 million euros in EPS2 which didn’t close any business combination by the deadline of 10 November 2019. EPS 2 will pay 10 euros per share for an amount of 72.7 million.
Ideami, a Milan-listed Spac, ended its activities (see here a previous post by BeBeez). Banca Imi and Dea Capital launched the vehicle in December 2017 after having raised 250 million euros (200 million from other investors and 50 million from the promoters). In December 2018, the shareholders of the Spac declined to implement the business combination with A. Agrati, an Italian producer of components for the automotive industry. Roberto Capone will be in charge of the Spac’s liquidation. The firm’s shares price is of 9.9 euros.
Sanlorenzo, the Italia yachts producer, will list on the Italian Stock Exchange next December 10th (see here a previous article by BeBeez). The company just fixed the price at 16 euros per share (see here the press release) versus a 16-19 euros range equal to an equity value pre-money of 480 – 570 million euros (or 552-656 millions post-money). The company’s controlling shareholder Holding Happy Life, a vehicle of the Perotti Family, will sell part of its shares and get 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.
Xenon Private Equity acquired a controlling stake of A&A Pelli Pregiate, a merchant of fine reptile leathers (see here a previous post by BeBeez). A&A owns a New Orleans-based crocodiles farming and the majority of the tanneries Zuma and Casadacqua. Andrea Dolfi, Antonio Guicciardini Salini, Stefano Pieroni, and Giuseppe Baronti sold their stakes and reinvested for 13% of A&A. Xenon also acquired Just Gators Inc and Quake Ricami, two companies operating in the sector of luxury and fashion. A&A has sales of 13 million euros. 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)
Milan-listed investment company Tamburi Investment Partners (TIP) raised to 20.001% its stake in Elica, a listed Italian cloaks producer (see here a previous post by BeBeez). TIP acquired 14.582% of Elica in July 2019. TIP invested 1.2 billion euros in companies whose aggregate turnover is of 26.5 billion. TIP portfolio includes stakes in listed assets like Amplifon, Be, Ferrari, Hugo Boss, iGuzzini-Fagerhult, Interpump, Sesa, Moncler, Ovs, Prysmian, and Roche Bobois and unlisted companies Alpitour, Beta Utensili, Azimut Benetti, Chiorino, Eataly, and Octo Telematics. Tip owns StarTip, an investment bank that holds stakes in startups like Alkemy, Bending Spoons, Buzzoole, Centy, Digital Magics, Talent Garden, and MyWoWoe Alesia.
Dedalus Holding, a portfolio company of Ardian that owns IT company Dedalus-Noemalife, is holding talks for acquiring Agfa-Gevaert (see here a previous post by BeBeez). Dedalus tabled a bid for Agfa activities in the fields of software for hospitals and IT imaging-based Germany, France, Austria, Switzerland, and Brazil. These assets generate sales of 260 million euros. Belgium’s Agfa-Gevaert has sales of 2.2 billion. Dedalus has sales of above 210 million. In 2016 Ardian acquired 60% of Dedalus Holding from Hutton Collins Partners and The Three Hills Capital Partners (14%), Mandarin Capital Partners (35.59%) and Giorgio Moretti (10.41%), the founder and ceo of the company who has 40% of the business. In 2016, Tamburi Investment Partners sold to Dedalus its 14.94% stake of NoemaLife and issued to Dedalus Holding a convertible vendor loan of 9.2 million due to expire in 2018 with a 9% coupon. In December 2016, Dedalus Holding refinanced the debt with a Vienna-listed 72 million bond due to mature in 2023 that Tikehau Capital subscribed.
Green Arrow Capital acquired packaging company Poplast from Eos Investment Management and directors Carlo Callegari, Pierangelo Fantoni, and Fabio Firenzuoli (see here a previous post by BeBeez). The managers reinvested for a minority of the business, whose value is of 110 million euros, rumours say. Crédit Agricole Italia and Deutsche Bank financed the acquisition. Callegari and Fantoni acquired Poplast in 1975 and sold a stake of 86.5% in November 2016. In October 2017 Poplast purchased Sala and in Ferbuary 2019 took over FM Plastic and reached a turnover of above 63 million (25% generated abroad) and an ebitda of 10 million. The company will carry on furhter acquisitions consistent with an ESG strategy. Green Arrow invested more than 70% of the commitment resources.
Italian turnaround investor Oxy Capital and private equity HPS are interested in Gruppo Maccaferri (see here a previous post by BeBeez). The two funds are elaborating a restructuring plan for the debt of Gruppo Maccaferri and for pouring 100 million euros in the company. HPS was born in 2016 out of a spinoff from Highbridge Capital Management of JP Morgan. At the end of November 2019, press reports said that The Carlyle Group aims to acquire the 190 million bond of Officine Maccaferri. QuattroR is interested in Officine Maccaferri and Seci, the holding through which the Maccaferri Family controls the whole group. In September 2018, Oxy Capital and Credito Fondiario invested in packaging company Manuli Stretch. Oxy and Attestor Capital invested in troubled Italian listed fashion firm Stefanel.
OCTO Telematics, a provider of telematic services and advanced solutions for advanced analysis of IoT data, acquired the whole Nebula Systems, of which it held a minority (see here a previous post by BeBeez). Nicola Veratelli is the ceo of OCTO since September 2019 and replaced the co-founder Fabio Sbianchi. Octo Telematics belongs to Renova (48.55%), to the chairman Sir John Peace and the co-founder Fabio Sbianchi (25%), and to Pamplona (26.5%). Renova acquired a controlling stake of the company in February 2014 from Charme, Amadeus Capital Partners, and Keensight Capital, while the management reinvested for a 5% of the business. Renova, a fund of Russian oligarch Viktor Vekselberg, later acquired a stake of Octo. In April 2018 Peace and Sbianchi increased their interest in order to make the company independent from the fund and avoid sanctions. Previous rumours said that Octo was planning the launch of an IPO on the ground of a 1.2 billion value, revenues of 239 million, and an ebitda of 117 million.
Plurima, a provider of logistic for healthcare and administrative outsourcing that partially belongs to Siparex, acquired 90% of Log-Os. (see here a previous post by BeBeez) Zanardo Servizi Logistici, the company that belongs to ceo Damaso Zanardo, sold Log-Os, but kept his role of institutional relations manager, while Luca Marconi, the controlling shareholder and ceo of Plurima, will be the chairman and ceo of Log-Os. Andrea Gianola, a partner of Siparex, will join the company’s board. Log-Os. Plurima has sales of 26.28 million (+13.28% yoy) and expects sales of above 30 million in 2019.
Octopus Renewables, a company that belongs to UK investment firm Octopus, acquired Italian solar plants with a power of 700 MW based in Sardinia (see here a previous post by BeBeez). The in grid parity assets don’t receive any subsidy. Matt Setchell heads Octopus Renewables. Octopus Renewables has a portfolio of alternative energy assets worth 3 billion British Pounds and a 2.5 GW power. Octopus invests in financial services and energy and has resources of 8.3 billion through its subsidiaries Octopus Energy, Octopus Investments, Octopus Renewables, Octopus Real Estate, Octopus Ventures, and Octopus Wealth.
Wise Equity received the award for Best Italian LBO Fund at Paris Private Equity Exchange Awards (see here a previous post by BeBeez). Italian fund 21 Invest received a special mention award at the same prize. A jury of 80 influential members of the financial community awarded Wise for the third time in the last five years. Wise Equity recently raised 260 million euros, while 21 Invest’s equity is worth in the region of 1 billion.
Galeazzo Pecori Giraldi is a new independent director of Milan-listed NB Aurora after Maria Pierdicchi resigned (See here a previous post by BeBeez). Pecori Giraldi is also the chairman of Hedge Invest and replaced the founder Antonello Manuli and previously worked for Société Gènèrale as Global Head of the Private Investment Banking. NB Aurora board members are Francesco Moglia, Karl Pardaens, Patrizia Polliotto, Alessandro Spada, and Galeazzo Pecori Giraldi. Patrizia Micucci, senior partner and managing director of Neuberger Berman, heads NB Aurora together with Francesco Sogaro and Lorenzo Baraldi.
Jessica Fiorani and Chiara Perego are the new partners of Milan-law firm Gitti and Partners (see here a previous post by BeBeez). Fiorani and Perego gained their experience with Italian and international firms. Gitti and Partners founders are Gregorio Gitti, Carlo Andrea Bruno, Vincenzo Giannantonio, Angelo Gitti, Stefano Roncoroni, and Matteo Treccani.