Albacore, the multi-family office of which Francesco Fabiani is the ceo, generated an average annual yield of 15.6% between 2006 and 2016 (see here a previous post by BeBeez). The firm generated a 14.4% yield between 2002 and 2014. Albacore manages alternative assets on behalf of several weatlhy families and handles assets worth in the region of one billion euros. Elena Giordano, partner of Albacore, said to BeBeez that alternative assets generated a gross annual yield of 12-15%. In November 2018, Alvarium Investments (fka LJ Partnership) acquired a minority of Albacore. In 3Q18, Alvarium managed assets worth 15 billion US Dollars.
Giordano stressed that “between 2016 and 2018 Albacore has invested with greater emphasis in growth capital funds, that is, private equity funds that provide capital for development and join entrepreneurs. We have invested in the US, Europe and China. We have subscribed private debt funds, also dedicated to non-performing loans and distressed assets in Italy and Eastern Europe, and in specific real estate transactions. Historically we have been little exposed to venture capital “. Venture capital is the asset class that almost all institutional investors normally, at least in Italy, have so far been a little afraid of considering. Moreover, pension funds and insurance companies often still have a great deal of hesitation in investing in the much more weel known private private equity sector, while private debt, although only recently offered as an investment asset in Italy, has struggled less to win the favor of these investors, because coupon flows allow pension funds and insurance companies to give their investors a return on their investment right away, without having to wait for the disinvestment as in the case of private equity and venture capital.
On Tuesday 2 July at 9 AM, Stefania Peveraro, the Editor of BeBeez, will chair a conference about Alternative investments and private capital. The event will take place at MF Milano Finanza in Via Burigozzo, 5 Milan. The panelists are: Anna Gervasoni, the general manager of AIFI, the Italian Association of Financial Investors; Antonella Massari, the general secretary of AIPB, the Italian association of private banking; Massimo Mazzini, Head of Marketing and Business Development at Eurizon (yet to confirm); Angelo Viganò, Head of Mediobanca Private Banking; Paolo Martini, ceo ofAzimut Holding; Giovanni Carenini, co-coo of Amundi; Stefano Russo, co-founder of Green Arrow; Filomena Cocco, managing director of European marketing & client relations at Muzinich&Co; Gianandrea Perco, ceo of Dea Capital Alternative Funds. Sign up here for the event
Milan listed investment firms will price with the last unitary amount of their Net Asset Value (Nav) that the issuer communicated to the market (see here a previous post by BeBeez). NB Aurora, the Milan listed private equity fund, will communicate biannually its Nav. On 31 December 2018, such a figure was worth 198 million euros or 13,0288 euros per share (NAV over the total amount of shares). The price is of 11,7848 euros per shares once made the adjustments for the payout of ordinary dividends for 18.9 million or 1,057408 euros per shares.
Maschio Gaspardo, the Italian producer of agricultural machinery, is of interest to private equity funds (see here a previous post by BeBeez). The company signed an agreement with 24 lending banks for restructuring is debt of 240 million euros. MG has sales of 324 million. Andrea and Mirco Maschio hold 86% of the company, while Friulia and Veneto Sviluppo have 14%. However, the financial investors may rise their stake to 20% each and Maschio Holding would hold 60%. The company appointed three new board members: Pietro Del Fabbro, chairman of Friulia, Fabrizio Spagna, chairman of Veneto Sviluppo, and Giuliano Gabrielli. Luigi De Puppi is the company’s ceo. Alberto Baban is a board member.
Italian Strategy, the third private equity fund that Riello Investimenti Partners launched, announced its first closing of above 50 million euros ahead of a fundraising target of 150 million (see here a previous post by BeBeez). Institutional investors and wealthy families poured resources in the fund. Nicola Riello (head), Luigi Terranova, and Andrea Tomaschù make the investment team. Riello Investimenti Partners is one of the investors that BeBeez Private Datamonitors. Find out here how to subscribe to the Combo Version that includes the reports and the insight views of BeBeez News Premium 12 months for 110 euros per month.
Clessidra is close to acquiring the majority of lighting and design company L&S Light from Alfredo Rubino (see here a previous post by BeBeez). The company’s enterprise value is in the region of 100 million euros, which is the same amount of L&S turnover. Once closed such a transaction, Clessidra will have invested 70-75% of its resources and start new fundraising with a target of 400-500 million. In 2Q18 Clessidra’s gross Irr was of 28.9%.
Italian producer of automotive component Adler Group, signed a partnership with Naples University Uniparthenope for the project Hydro, aimed at developing innovative solutions for hybrid vehicles (see here a previous post by BeBeez). Mediocredito Centrale will finance the project with the resources of the European Investment Banks. FSI Mid Market Growth Equity has 28.1% of Gruppo Adler since April 2018, while Paolo Scudieri and his Family hold the majority of the business. Adler has sales of 1.47 billion euros, an ebitda of 130 million, and net debts of 350 million.
Italian infrastructure investor F2I acquired Gruppo Porto di Carrara (GPC), the owner of the Ports of Carrara, Marghera, and Massa Carrara, from Enrico Bogazzi (see here a previous post by BeBeez). GPC has sales of 59 million euros. The value of the transaction is of 50 million and Intesa Sanpaolo may lend 25 million to F2i. Renato Ravanelli, the ceo of F2i, said that the fund aims to make further acquisitions for GPC.
Proraso, the Italian cosmetics company, hired international M&A boutique firm Gca Altium for finding a (See here aprevious post by BeBeez). Carlo Dawan heads Milan’s Gca Altium, while Alessandro Soprano is a partner of the firm that is sounding the interest of Italian and international private equity funds for a relevant minority, a majority stake or the whole of Proraso that could be worth 150 million euros. The Martelli family (90% owner) founded Proraso in 1908. The company has sales of 60 million, an ebitda of 13.17 million, and net profits of 9.6 million, while banking debts stand at 6 million.
Quantum Capital Partners acquired Italian automotive company GKN Wheels Carpenedolo from GKN Wheels Groupand rebranded it as Fad Wheels (see here a previous post by BeBeez). Quantum will integrate Fad with its portfolio company Gianetti Ruote that has sales of 39.53 million euros, an ebitda of minut 1 million and net cash of 0.743 million.
Remazel Engineering, the Italian producer of industrial machinery for the energy and oil&gas sectors that belongs to Alpha Private Equity, acquired cranes producer Concrane (see here a previous post by BeBeez). Concrane has sales of 7.97 million euros, an ebitda of 1.22 million and net cash of 2.26 million. Alpha acquired 60% of Remazel Engineering in 2014.
BeMyCompany Bike, the club deal that Italian incubator Bemycompany arranged, acquired 5% of Focus Italia, a bike distributor (See here a previous post by BeBeez). The investor aims to raise its holding to 10% in the next weeks. Luca Sivero and Giorgio Garofoli founded Focus Italia Group which has sales of 14.8 million euros, an ebitda of 1 million and net profits of 0.5 million.
Riverside Company won the auction for acquiring Italian soft drinks La Galvanina from the Mini family (see here aprevious post by BeBeez). Vendors will keep a minority of the business, and Rino Mini, will be the company’s onorary chairman. Goldman Sachs Private Capital provided financing facilities for such a transaction. La Galvanina attracted interest also of Ferrarelle, Alto Partners, and Dea Capital Alternative Funds. According to market rumours, Riverside paid 80 million or 8 the company’s ebitda for acquiring the asset. La Galvanina has sales in the region of 50 million.
Taste of Italy fund acquired 70% of Abaco, a software house with a focus on agriculture (see here a previous post by BeBeez). The company’s founder and chairman Alberto Iori and the managers will hold 30% of the business. Abaco generates abroad 60% of its sales of 9 million euros with an ebitda of 3 million. Taste of Italy is one of the investors that BeBeez Private Data monitors. Find out here how to subscribe to the Combo Version that includes the reports and the insight views of BeBeez News Premium 12 months for 110 euros per month.
Italian road safety company Safety21 (S21), a portfolio company of HAT Sicaf since 2016, launched a capital increase of 14 million euros that current shareholders wholly subscribed (see here a previous post by BeBeez). Gianluca Longo is the founder and ceo of Safety21, Domenico Mazzilli is the chairman and represents HAT. Further shareholders of the company are Laurent Asscher (the founder of Airtek Capital Group) and the family office of Germano Fanelli. Safety21 received a senior financing of 15 million from UBI Banca and Banco Bpm. S21 acquired Multiservizi, a company that handles the payment in outsourcing of fines. The target has sales of 2.6 million, an ebitda of 0.711 million, and net cash of 0.637 million.Ignazio Castiglioni, ceo of HAT, said that S21 will carry on further acquisitions. The company has sales 25 million and an ebitda of 7 million.
Ei Towers, an Italian broadcasting company that belongs to infrastructure investor F2i, is acquiring together with F2i the competitor Persidera(see here a previous post by BeBeez). Tim (70%) and Gedi (30%) sold the asset on the ground of an enterprise value of 240 million euros. Paolo Ballerani is the ceo of Persidera which has sales of 76.1 million, an ebitda of 39.5 million, and net profits of 14.4 million.
Palladio is holding talks for acquiring a stake in Sio, an Italian provider of intelligence solutions to Courts and Police (see here a previous post by BeBeez). Elio Cattaneo founded the company in 1992. Sio has sales of 23.4 million, an ebitda of 6.2 million, net profit of 2.6 million, and a net financial debt of 6.5 million.
Scouting Capital Advisors hired Giuseppe Sartorio, the former Global Relationship Manager Financial Sponsors Coverage & Alternative Funds at Intesa Sanpaolo, as managing partner for developing the midmarket m&a and private equity business (see here a previous post by BeBeez). Rinaldo Sassi founded Scouting Capital Advisors in 2000 and hiredFilippo Bratta and Marco Musiani as managing partners.