Italian private equity investors came quickly back to business, after having closed more than 110 transactions in 8 months till Aug 31st (see here a previous post by BeBeez). Such figure includes restructuring transactions, add-ons of portfolio companies and business combinations of Spacs.
AEB (Azienda Enologica Bresciana), an Italian manufacturer of yeast for the production of wine and beer, is again up for sale (see here a previous post by BeBeez). SK Capital Partners acquired the asset from Investindustrial in 2015 and is currently holding exit talks with Apax France. Investindustrial and AEB’s managers hold a minority of the company. AEB has revenues in the region of 100 million.
Italian infrastructure investor F2i sgr is in advanced talks for the acquisition of a 60% stake in Farmacrimi, the Rome-based pharmacies chain that belongs to brothers Vincenzo and Rocco Crimi (see here a previous post by BeBeez). F2i aims to create a pharmacies network with sales worth 500 million euros.
Temakinho, the Italian chain of Japanese-Brazilian restaurants, has attracted offers from private equity firms Armonia sgr, Argos Soditic, Vam Investments, and Green Arrow Capital (see here a previous post by BeBeez). Milan’s investment bank boutique Vitale & Co is advising the company. Linda Maroli, Santo Bellistri, and Francesco Marconi are the founders of Temakinho that has sales of 25 million euros and an ebitda of 4 million. Temakinho has restaurants in Milan, Rome, Ibiza, and it plans further openings in London.
The net asset value (NAV) of Milan-listed investment vehicle NB Aurora, which belongs to Neuberger Berman, rose by 14% at the end of June from the ipo value last May (see here a previous post by BeBeez). After that, in July and August, NB Aurora cashed in capital gains worth 12.8 million of euros out of the sale of its stakes in Italian businesses Rigoni di Asiago (honey and marmelade maker), Sanlorenzo (yacht maker), and Truestar (provides service for wrapping luggage in the airports) and the payment of a backlog credit from the shareholders of Italian Entertainment Network (events organizer and media contents provider). These assets were part of the portfolio of Fondo Italiano d’Investimento which Neuberger Berman acquired in November 2017 and then partially sold to NB Aurora. The Nav of NB Aurora will increase further once realised the exit from Megadyne, an Italian producer of industrial belts. Patrizia Micucci, the Managing Director of NBA, said that the firm might close deals worth a further 100 million of equity.
Tikehau Capital, the Paris-listed investment firm, appointed Roberto Quagliuolo as the Italian head of private equity activities (see here a previous post by BeBeez). Luca Bucelli, Italy’s country manager of TC, will coordinate with Quagliuolo, and Emmanuel Laillier (previously working at Eurazeo PME) will be responsible for TC’s European activities. Quagliuolo is 37 and graduated in Engineering and Management at Politecnico di Milano.
The market capitalisation of Trevi Finanziaria Industriale on Milan stock market reached a new low of 48.8 million of euros (see here a previous post by BeBeez) and the company’s bond listed on ExtraMot Pro is trading at 79% of face value. Market participants are cautious about Trevifin which received a binding offer from Bain Capital Credit. The deadline for taking or leaving the proposal of the financial firm is 14 September. Trefin shareholders are Cdp Equity (16.85%) and the Trevisani family (32,73%). Bain Capital Credit is in exclusive talks for subscribing a capital increase of Trevifin and restructuring the company’s debt. If the company reaches a standstill agreement for 93% of its banking liabilities, Bain Capital Credit will provide a super senior of up to 100 million that will be convertible in equity in a variable amount. Trevifin has sales of 460 million (519.3 million in 1H16), an ebitda of minus 18.8 million (+ 62.3 million in 1H16), and a net loss of 118.3 million (23.6 million in 1H16).