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.
Italian restaurant chain Spontini is of interest to Aksia, Palamon Capital and other funds (see here a previous post by BeBeez). The asset belongs to Massimo Innocenti and 40% shareholder Andrea Caraceni, the ceo of Cfo sim. Previous press reports said that the company is looking for an investor that may support the company’s domestic and international expansion. Spontini owns 30 restaurants, of which 3 in Japan and one in Kuwait, and has sales of 27 million euros (23.5 million yoy). In the next five years, the company aims to have 100 restaurants under direct management and in franchising.
Telecom and KKR could table a joint bid for acquiring Open Fiber from even owners Enel and Cdp (see here a previous post by BeBeez). Press items say that KKR made an offer to Tim for a 48% stake of its secondary network on the ground of an enterprise value of 7-7.5 billion euros. Infrastructure investors actually reportedly expressed interest for Open Fiber, for Flash Fiber (a joint venture of Telecom and Fastweb) and for the FTTH (Fiber to the Home) assets of Tim. The ceo of Telecom Luigi Gubitosi reportedly said that the company aims to shortlist a private equity for tabling a joint bid for Open Fiber. Financial investors may acquire in the region of 50% of Open Fiber while Tim could acquire the remaining stake through the acquisition of the target’s FTTH assets with a newco that belongs to Tim and the funds. Enel’s ceo Francesco Starace reportedly said that he doesn’t want to sell his company’s stake in Open Fiber, while Cdp is willing to dispose the asset. Open Fber reportedly attracted the interest of F2i, Ardian, Athena, Brookefield, Macquaire, Kkr, GS Global Infrastructure (Goldman Sachs), Allianz European Infrastructure, and the main investors in infrastructures. Despite an initial evaluation of 3 billion for Open Fiber, Mediobanca, upon mandate of Enel, said that the company is worth 8 billion, of which 2 billion come from synergies. Press items say that according to Tim the asset is worth 5-6 billion. KKR, Ardian Infrastructure and F2i are reportedly interested in acquiring 25% of Milan-listed Inwit, the owner of the mobile phones towers of Tim that is waiting for the European antitrust approval for merging with Vodafone Towers.
Apollo Global Management acquired 96.58% of Gamenet and succesfully concluded its public offer (see here a previous post by BeBeez). Apollo will now carry on the delisting by 26 February of the company from Milan stock market and pay 13 euros per share (See here a previous post by BeBeez).
Argos Wityu acquired a controlling stake of Sicura, a provider of job safety services, from Rekeep (fka Manutencoop) on the ground of an enterprise value of 54.5 million euros (see here a previous post by BeBeez). Rekeep will retain a 6%, while the management will hold 4.5%. Banca Ifis and Banco Bpm provided acquisition finance facilities to Argos Wityu. Sources said to BeBeez that Sicura has sales of 42-43 million with an ebitda of 6 million. In 2008 Rekeep acquired Sicura, who in July 2019 acquired 80% of Emmetek, a provider of fire fighting systems. Lamberto Cuppini, the ceo of Sicura, said that Argos Wityu will support the company for its M&A plans.
Ascend Performance Materials, a chemical company that belongs to US private equity Sk Capital Partners, acquired Poliblend and Esseti Plast Gd from Gruppo D’Ottavio (see here a previous post by BeBeez). Poliblend and Esseti Plast, born in 1999, have aggregate sales of above 80 million euros and an ebitda of 11 million. Ascend Performance Materials is based in Houston, Texas and has sales in the region of 2.4 billion. In March 2015, SK Capital Partners acquired a controlling stake of AEB (Azienda Enologica Bresciana) from Investindustrial and sold it to Apax in 208. The portfolio assets of SK are worth 4.7 billion US Dollars with an aggregate turnover of about 9 billion.
Arcadia acquired 60% of Italian packaging company Grafiche Favillini together with industrial partners (see here a previous post by BeBeez). Alberto and Eugenio Favillini (ceo) will keep 40% of the business and their operative roles. Crèdit Agricole Italia financed the buyers. Grafiche Favillini has sales of 13.4 million euros with an ebitda of above 25%. Grafiche Favillini aims to grow through acquisitions. Arcadia’s portfolio includes Chiorino Technology, a tannery company (March 2018) and 75% of Castello Italia, a producer of industrial components (September 2018). The fund raised 80 million in May 2019.
On 12 February, Wednesday, the shareholders of Italian Spac Spactiv approved the business combination with Betty Blue, the fashion brand that belongs to Italian designer Elisabetta Franchi (see here a previous post by BeBeez). Maurizio Borletti, Paolo De Spirt, and Gabriele Bavagnoli launched Spactiv and listed it on Milan stock market in September 2017 after having raised 90 million euros. The company that will be born out of the business combination will have the name of Elisabetta Franchi and will initially trade on AIM segment and later on MTA segment. The equity value of Betty Blue is of 195 million for an enterprise value of 190 million, and net cash of 5 million, after the dividend payment of 15 million. The company’s ebitda is of 23.3 million for a ratio EV/ebitda in the region of 8.2 times. Spactiv will buy 34.9% of Betty Blue for 63 million or 41.7% for 77.5 million. Betty Blue has sales of 115.6 million, an ebitda of 19.3 million, net profits of 15 million, and net cash of 9.25 million.
Bludental, a chain of dental clinics of which Verlinvest has a controlling stake, opened a new surgery in an Auchan shopping mall in Bergamo (See here a previous post by BeBeez). In November 2018, Verlinvest acquired a 92.41% stake in the asset from the from the ceo and founder Fabio Valleriani. Previously, Swiss SRD SARUDA Investments had acquired 49% of Bludental Holding sa in February 2016 annd then resold it at the beginning of 2017. SRD SARUDA belongs to Sante Giovanni Albonetti, Daniel J. Novacek, and Ruth Ch. Gessner.
Lutech, an Italian consultancy firm for system integration and IT outsourcing of which One Equity Partners (OEP) has a controlling stake since July 2017, hired Raymond James for selling a stake to a private equity investors (see here a previous post by BeBeez). One acquired the control of the asset from the founder Enrico Magni and other minority shareholders. Magni had previously acquired 19% of Lutech from Hat Orizzonte. Tullio Pirovano is the ceo of Lutech which has sales of 318.8 million euros, an ebitda of 23.1 million, and a net financial debt of 113.4 million. The company carried on several acquisitions since it sold a controlling stake to OEP. In 2019 Lutech acquired Disc, Finance Evolution, Enigen, Mediana. In 2018 Lutech acquired Diem Technologies, Tecla.it, CDM Tecnoconsulting, and Nest 2. Earlier in January, Lutech incorporated Sinergy (acquired in October 2017) and Nest2. The company aims to generate a turnover of one billion in three years through organic growth and acquisitions.
Roen Est, an Italian producer of heat exchangers of which CCC Holdings Europe (CCCHE) has a controlling stake, acquired Enex, a provider of highly efficient refrigeration systems (see here a previous post by BeBeez). Enex has sales in the region of 8.66 million euros, an ebitda of 0.514 million, and net cash of 0.103 million. Roen Est has a turnover of 35 million with an ebitda of 3.3 million. DE Shaw sold a controlling stake of Roen to CCC Holdings Europe earlier in February. CCCHE is a club deal vehichle that Greg Deldicque, a seasoned entrepreneurs of the HVACR (Heating, Ventilation, Air Conditioning, and Refrigeration) European and US sector, leads together with Didier Da Costa, Eric Parrot, and Jean-Pierre Xiberras and the support of investors Italmobiliare and Luca e Alberto Pretto.
Italian Design Brands (IDB) acquired Flexalighting, an Italian LED lighting company, from the founder Roberto Mantovani, who will keep his ceo role, Lapo Grassellini, Paolo Pagani, and Simone Francalanci (see here a previous post by BeBeez). Unicredit financed the transaction. The target has sales of 5 million euros with an ebitda of 1.16 million and net cash of 0.233 million. Giorgio Gobbi is the ceo of IDB that was born in 2015 upon initiative of Private Equity Partners, the fund that Fabio Sattin created with Giovanni Campolo, Paolo Colonna (the former chairman and ceo of Permira e associati), Giovanni and Michele Gervasoni. Further investors of IDB are Paolo Basilico (the founder of Kairos), Maurizio Costa (Mediobanca), Marco Costaguta (co-founder of Bain&Co, Long Term Partners, and co-promoter of Innova Italy), Gaetano, Stefano, and Paolo Marzotto, Carlo Micheli, Umberto Nicodano, Franceso Perilli (Equita sim), Umberto Quadrino (Tages Holding), Dante Roscini, Gian Mario Tondato (Autogrill), and Marco Santandrea. IDB exports 70% of its above 100 million turnover and by 2021 it aims to list on Milan market and generate a turnover of 200 million, Gobbi said to BeBeez in June 2019
Assiteca, a Milan-listed insurance broker of which Tikehau Capital owns a 23.43% stake since November 2019, acquired the remaining 78.79% of Italian competitor 6Sicuro for 9.041 million euro on the ground of an enterprise value of 11 million or 11 X the target’s expected ebitda for 2020 (see here a previous post by BeBeez). Assiteca founded 6Sicuro in 2000 Luciano Lucca is the chairman of Assiteca, while Edoardo Loewenthal is a shareholder and ceo of 6Sicuro. In 1H19 Assiteca generated a gross turnover of 70.7 million and 63.7 million net, an ebitda of 11 million (15.6% of gross revenues), and net profits of 5.4 million (+18.1% yoy). Assiteca will cut a dividend of 0.07 euros per shares. Tikehau acquired its holding in Assiteca through the subscription of a reserved capital increase of 25 million at 2.5 euros per share.
Tages Helios, the Tages Capital unit for investing in renewable energies, acquired a portfolio of photovoltaic plants with a total power of 14.5 MW (See here a previous post by BeBeez). Tages Helios was born in 2018, and in November 2019 it refinanced with 425 million euros a portafolio of photovoltaic plants and wind farms with an aggregate power of up to 142 MW. In 2019, the fund received a financing of a further 85 millio from Holdco Ortigia Power 31 on top of loans that banks issued in 2018
Officine Maccaferri made a forbearance agreement with Carlyle and the other investors in the company’s Milan-listed 190 million euros bond with a 5.75% coupon and maturing in 2021 (See here a previous post by BeBeez). The fund and its co-investors have 54% of the bond agreed with the company the following guidelines: the waiver of the exercise of the rights and protections provided for the non-payment of interest on the bond due on 2 December 2019; the right to revoke any declaration of acceleration and its consequences, as long as such revocation does not conflict with sentences of the court having jurisdiction. At the end of January 2020, Carlyle proposed to write-off the Officine Maccaferri’s existing liabilities (except banking debts) and to pour fresh resources in the business and in Seci, the controlling shareholder of Gruppo Maccaferri. At the end of January, Fitch Ratings downgraded Officine Maccaferri to RD (restricted default) in view of the forbearance agreement. Oxy Capital and Hps, Fortress Investment Group, Quattro R reportedly tabled offers for Gruppo Maccaferri. After the forbearance agreement, these bidders will have to negotiate with Carlyle as well.
Oaktree will invest up to 120 million euros in a capital increase for acquiring up to 40% of logistic company MBEWorldwide through a capital increase (see here a previous post by BeBeez). Previous press items reported that the company’s capital increase was of up to 100 million for an up to 50% stake. The Fiorelli Family, the vendors, will keep the majority of the business. The company is looking for a minority partner since April 2019. Mbe Worldwide acquired US competitors AlphaGraphics and PostNet in 2017. MBE has sales of 918 million (861 million yoy). In 2019, Oaktree acquired 80% of CEBAT, a provider of systems for electric energy distribution, and 40% of Costa Edutainment, the owner of theme parks. In 2018, Oaktree acquired fashion firms Magital-Cruciani and Caraggi and wine producer Azienda agricola Caprai, while at the end of 2015 it acquired Banca Lecchese and rebranded it as Banca Progetto.
Style Capital, an Italian private equity that Roberta Benaglia heads, is in exclusive negotiations for acquiring the Australian luxury fashion firm Zimmermann (see here a previous post by BeBeez). The target’s enterprise value is of 400 million euros, on the ground of an ebitda of 38 million. Nicole Zimmermann will keep a relevant stake in the business she co-founded with her sister Simone and her role of creative director. For 2019, Zimmermann expects to generate sales of 250 million Australian Dollars (50 million in 2015).