Sia, the Italian provider of payment infrastructures of which Cdp Equity has 83.19%, will list on Milan market by Summer 2020 (see here a previous post by BeBeez). Nicola Cordone, the company’s ceo, previously said that Sia aims to fetch one billion euros out of an IPO that would take place through the launch of a capital increase and the sale of shares. Cordone also said that an eventual merger with Italian competitor Nexi wotuld have been expensive and raised antitrust issues. Sia is a company monitored by BeBeez Private Data (find out how to subscribe for only 110 euros a month)
BeBeez is one of the media partners of 23rd annual SuperReturn International, the global event for private equity, venture capital, and private debt. The conference will take place at Berlin InterContinental Hotel from 25 to 28 February 2020 (see here a previous post by BeBeez). More than 3,000 senior members of the financial community and more than 1,000 investors will attend the SuperReturn Conference where it will be possible to arrange one-to-one meetings. BeBeez readers can get a 10% discount booking with the VIP code FKR2487BEBEEZ.
Centurion Global Sicav acquired 2.1% of Italian toys distributor Giochi Preziosi on behalf of the Vatican City (see here a previous post by BeBeez). Centurion has 70 million of euros of assets under management and belongs to Lucio Barresi and Enzo Filippini. Centurion paid 13 milioni for the asset on the ground of the target’s enterprise value of 619 million. Giochi Preziosi may list by the end of 2020. The company called off the announced IPO plans for 2019 as it was negotiating the acquisition of Spain’s Famosa Toys and Italian Trudi. Giochi Preziosi has sales of 500 million euros with an ebitda of 63 million. In September 2018, Centurion Global Sicav has been part of the club deal that acquired mineral water companies Pejo and Goccia di Carnia. AVM Associati led the club deal that the Borromeo Family, MetaSystem Group, Alberto Bombassei, Indigo Capital, and Orienta Partners also joined.
The vehicle for investing in Italian infratructures that F2i will manage on behalf of Ania (the Association of Italian insurers) reached its firs closing of 320 million euros ahead of a 500 million target (see here a previous post by BeBeez). The first closing is abive the the 250-300 million target. F2i outbeaten the competition of Deutsche Bank Asset Management and of Swiss Partners Group for Ania ‘s call for appointing a manager.
Italian baked items producer San Giorgio Dolce & Salato is of interest to private equity backed competitors (see here a previous post by BeBeez) Houlihan Lokey, the company’s advisor, received offers from Forno d’Asolo, which belongs to BCPartners since 2018, and from Dolciaria Acquaviva, which sold a controlling stake to Ergon Capital in 2019. San Giorgio is reportedly worth in the region of 150 million and belongs to Sabato Bruno, who founded the business in the 80s. The company has sales of 34.7 million and an ebitda of 10 million.
Spanish Angulas Aguinaga, a packaging company of which Portobello Capital owns a controlling stake, acquired the majority of Italian competitor © from the Coppola Family (see here a previous post by BeBeez). Angulas Aguinaga, born in 1974, has sales of 220 million euros (+18% yoy) and owns the brands Krissia, La Gula del Norte and Aguinamar. Portobello acquired 51% of the company in 2006. Ria has sales of 54.5 million and an ebitda of 2.78 million.
Isaia e Isaia, an Italian high-end fashion house, acquired Tessitura di Quaregna, an Italian manufacturer of luxury fabrics, from the Ghione Family (see here a previous post by BeBeez). Isaia launched the brand Quaregna-La Tela di Penelope. La Tessitura has sales of 2.37 million euros and an ebitda of minus 95,000 euros. Earlier this year, Isaia received a banking multi-tranche facility of 10 million euros from Banca Popolare di Torre del Greco, Iccrea, and Bppb. Third-generation family member Gianluca Isaia is the company’s chairman and ceo and owns 16.92% of the business. The company has sales of 61.6 million, an ebitda of 9.1 million, and a net financial debt of 36.1 million. On 12 December 2019, Isaia e Isaia issued two Milan-listed minibonds of 7.5 million each, one with a 4.5% coupon and due to mature on 1 January 2027, and the other with a 5.2% coupon that will mature on 1 July 2027. In July 2015, the company issued 2 Milan-listed minibonds worth 7.5 million each that Anthilia Capital Partners subscribed
Vito Gamberale, the former ceo of F2i and of Autostrade per l’Italia (ASPI), is about to launch two infrastructure funds in partnership with Pramerica, the asset management firm of Gruppo UBI Banca (65%) and of Pramerica Financial (35%), part of Prudential Financial (see here a previous post by BeBeez). Earlier in January, Banca d’Italia authorised Pramerica Iter to start to fundraise through the launch of an Eltif. The fundraising target of the two funds is of 700 million euros. Iter Capital Partners, the company that Gamberale (chairman) and Mauro Maia (ceo) founded, is the exclusive advisor for the funds that may hold talks for acquiring ASPI, of which Milan-listed Atlantia owns 88%. Pramerica Iter will invest in infrastructures and silver economy assets based in Italy and Southern Europe with an ESG (Environmental, Social, Governance) approach.
Australian pasta maker San Remo Macaroni Group acquired Italian competitor Pastificio di Chiavenna from private equity Alto Partners (see here a previous post by BeBeez). Luigi Crotti founded San Remo in 1936. Alto Partners acquired 82% of Pastificio di Chiavenna in 2015 from the brothers Fabio, Andrea, and Marco Nicola Moro who kept an operative role in the company and a stake of 18%. Pastificio di Chiavenna has sales of 15.5 million (13.5 million) euros and an ebitda of 3.2 million (2.4 million), and a net financial debt of 4 million. According to market rumours, the target’s enterprise value is in the region of 8X ebitda 2019. In 2013, San Remo acquired Italy’s Pastificio Mennucci
TeamSystem, an Italian developer of b2b software that belongs to Hellman&Friedman, and IT company Soluzioni Informatiche acquired Aldebra’s units for tha sale of software solutions and the consultancy services (see here a previous post by BeBeez). Aldebra has sales of 14.1 million euros, an ebitda of 0.517 million and net cash of 0.273 million. Soluzioni Informatiche is an IT consultancy firm that has sales of 1.66 million and an ebitda of 0.113 million. Hellman&Friedman acquired Teamsystem from Hg Capital in December 2015, which reinvested for a minority and acquired a controlling stake in the company from Bain Capital in 2010. In October 2019, Teamsystem acquired 51% of TechMass, a startup that develops software for the digitalization of production processes, from Gellify, auxiell, and the founder Andrea Massenz who kept a minority. In July 2019, Teamsystem signed a partnership with Factor@Work and invoice financing firm Whit-e to facilitate and increase the generation of investment invoices by the securitization vehicles of which Factor@Work is the agent. Teamsystem has sales of 356.1 million and an ebitda of 139.8 million, with a net financial debt of 751.1 million or 5.37 X ebitda
Permira outbeaten the competitors for the acquisition of Italian fashion firm Golden Goose from Carlyle (see here a previous post by BeBeez). The asset reportedly attracted the interest of Advent International, Cinven, Apax Partners, Eurazeo, and Acamar Acquisition Partners, the US Spac that Juan Carlos Torres Carretero, the chairman of Nasdaq-listed duty free player Dufry launched in February 2019 after having raised 300 million US Dollars from investors. Permira tabled a bid on the ground of an enterprise value of 1.28 billion euros, or in the region of 13 X the target’s expected ebitda for 2020. Venice-based Golden Goose has sales of 260 million. In 2018, the company generated revenues of 185 million with an ebitda of 55 million and net debts of 100 million. In April 2019, the company paid to Carlyle an extraordinary dividend of 100 million that allowed the fund to get back half of the equity value it invested. Permira is reportedly selling UK iconic fashion brand Dr Martens that reportedly attracted the interest of Carlyle.
The shares of Italian eyewear company Safilo went up 3% on 12 February, Wednesday, after it acquired 61.34% of Privè Revaux (see here a previous post by BeBeez). Tsg Consumer Partners sold the asset to Safilo, of which Hal Holding has a controlling stake. David Schottenstein, the target’s founder and ceo will keep his role and 15.5% of the company, of which further shareholders are celebrities Jamie Foxx, Hailee Steinfeld, and Ashley Benson, senior managers and private investors. Minority shareholder will be able to exercise their put and call options from 2023. Privè Revaux costed 67.5 million US Dollars (61.6 million euros). Safilo financed the transaction with its own resources and the support of Hal Holding. Safilo invested 30 million euros of the 90 million euros financing it received in December 2019 from Multibrands Italy. The remaining 60 million financed the acquisition of Blenders Eyewear in December 2019. HAL acquired 50.479% of Safilo since the end of 2018. Further shareholders are Bdl capital Management (15%), Brandes Investment Partners (2.78%), and Vittorio Tabacchi, the son of the founder Guglielmo Tabacchi, (1.77%). Safilo has sales of 962.9 million.
Gruppo Italiano Progetti, the financial holding of the CingolaniFamily that Giampiero Allegri heads, acquired 80% of New Crazy Colors, a provider of visual merchandising and window display services for the fashion sector (see here a previous post by BeBeez). Palladio Finanziaria Holding sold the asset. New Crazy Colors has sales of 10.5 million euros, an ebitda of 67,000 euros, and net cash of 0.787 million.
Astaldi, the troubled Italian listed construction group, received the approval for its receivership plan (See here a previous post by BeBeez). The company’s creditors will hold a meeting on 26 Marche before Rome Bankrunptcy court in front of the Judge Angela Coluccio. Italian listed contractor Salini Impregilo reportedly tabled a bid for Astaldi in the frame of the Progetto Italia, a consolidation project for the Italian construction industry that Cassa Depositi e Prestiti is supporting as anchor investor. Astaldi net debt is of 2.05 billion euros (1.86 billion in 3Q19). This amount includes a 75 million bridge loan that Fortress Investment issued in February 2019.
After having invested 9.7 million on 30 September 2019, UK fund Attestor Capital poured 27.1 million euros on 31 December 2019 for subscribing the capital increase of Banca Intermobiliare (Bim) (see here a previous post by BeBeez). Attestor invested a total of 44.1 million for the bank’s capital strenghtening. The UK fund also suggested Jürgen Dennert, the former ceo of Medio Credito Centrale who replaced Maurizio Lauri, for the role of chairman, and Claudio Moro, the former ceo of Banca Leonardo who replaced Matteo Colafrancesco, for the role of ceo. Attestor acquired 68.807% of BIM in October 2017 from Veneto Banca and later increased its holding by a further 2.606%. Bim’s brokerage margin is of 54.6 million (+1.7% yoy); commissions revenues are of 32.6 million (-6.8%), and losses of 38.8 million (-74,8%). The firm’s banking debt is of 257.5 million (280.4 million; -8,2%), while banking credits are of 96.3 million (74,3 million; +29.6%). Bim’s CET1 Ratio and Total Capital Ratio Phased-in are of 29.27% (19.74%). Bim has assets under management amounting to 5.1 billion (-7.5%).
Eurizon launched Eurizon Capital Real Asset (ECRA), a vehicle for investing in private market (see here a previous post by BeBeez). ECRA is born out of a joint venture between Eurizon Capital (51%) and Intesa Sanpaolo Vita and has resources of 3.4 billion euros. Ten professionals with skills in the fields of Private Equity, Private Debt, Infrastructures, and Real Estate are part of the team that will manage alternative investment funds allocated for the insurance division Insurance, institutional investors, family offices, clients of Intesa Private Banking and of Banca dei Territori. Tommaso Corcos is the ceo of Eurizon, while Silvana Chilelli is the ceo of ECRA. Stefania Peveraro, the chief editor of BeBeez, detailed about the private market products for private banking clients in her book “Private Capital. Esperienze e soluzioni. Ecco perché la finanza alternativa funziona” (click here for free download) of which EdiBeez is the publisher.