Financial sponsors keep robust their activities and look at traditional sectors of Italian industrial production, but also cross the Ocean for investing in US businesses.
Marval, an Italian producer of automotive components for top tier industrial players in which Mandarin Capital Partners holds a 27% stake, hired Milan’s GCA Altium for auctioning the business (see here a previous post by BeBeez). Financial firms Stirling Square and Sun Capital, and a trade buyer are in the final stage of the process.
Centria, part of energy company Estra, acquired the gaz distribution services for several municipalities of the South of Italy from 2i Rete Gas, an asset of financial firms F2i and Ardian (see here a previous post by BeBeez). Centria will pay 42 million of euros to 2i Rete Gas that auctioned these assets as the Italian competition authority set such condition for authorizing the Autorità Antitrust come condizione necessaria per autorizzare l’acquisizione del 2i to gain the control of Nedgia and its subsidiary Cilento Rete Gas. Estra is a Tuscan multiutility that serves the areas of Arezzo, Florence, Grosseto, Pistoia, Prato, and Siena. Estra’s ceo Alessandro Piazzi carried on several acquisitions and financed them through the issuance of minibonds worth 80 million listed on Dublin stock market. Estra has sales of above 1 billion of euros, an adjusted ebitda of 86.7 million, and net financial debts of 216.9 million.
Investindustrial Growth acquired 70% of Dispensa Emilia, an Italian fast casual restaurant chain, from the founder Alfiero Fucelliwhich will be the company’s chairman and ceo (See here a previous post by BeBeez). Dispensa Emilia has revenues of 20 million of euros. Investindustrial Growth will support Dispensa Emilia in its domestic and international expansion. The financial sponsor previously acquired Benvic, a French producer of pvc, and OKA, an UK furniture producer(see here a previous post by BeBeez).
Ferrarini, the troubled Italian ham producer of the eponymous family, is no longer in exclusive talks with turnaround funds Italmobiliare and QuattroR (see here a previous post by BeBeez). Shareholders of Gruppo Ferrarini made such decision. Amadori, an Italian food company, denied its interest in Ferrarini after press speculations that liaised the two firms. Ferrarini has debt of 250 million of euros, of which 112 million towards Unicredit (30 million), Sga (30 million), Banco Bpm (10 million), Intesa SanPaolo (20 million), Carisbo, Credit Agricole, and Banca del Mezzogiorno (32 million). Ferrarini has revenues of 335 million with an ebitda of 29.5 million, and a net financial debt of 123.8 million, which includes two minibonds listed on Milan ExtraMot Pro. Ferrarini issued in December 2016 a liability worth 5.5 million due to mature in December 2020 with a 5.625% coupon. Duemme, part of Gruppo Mediobanca, subscribed this bond. In April 2015, Ferrarini issued a 30 million bond that will mature in April 2020 paying a 6.375% coupon.
Marco Galateri di Genola, Vitaliano Borromeo, and Giovanni Lega, bespoke members of the Italian business and financial community, launched TheSpac, a vehicle that they aim to list on Aim Italia stock market (see here a previous post by BeBeez).Banca Imi is the firm’s global coordinator and Nomad. TheSpac’s fundraising target is of 50 million of euros for buying an Italian company with a pre-money equity value of 70 – 200 million. The founders will invest 10.1 million in the spac.
Corob, an Italian producer of systems for the painting industry, sold a controlling stake to private equity Ardian Expansion (see here a previous post by BeBeez). The company’s ceo Fernando Bertoni, the management team, and financial firm Wise will keep a minority of the business. In 2016 Wise acquired 100% of Corob from Nordic Capital, which in turn purchased the businessin 2008 from CPS Color (a portfolio company of Industri Kapital) Corob has revenues of 100 million of euros and generates 37% of its sales in the Emea area and 57% in America and Asia. Last year, Corob acquired Canada’s Novaflow. Ardian will support the company’s plans for organic growth and M&A.
An investors club acquired 75% of Italian lunch bar chain Panini Durini , sources said to BeBeez (see here a previous post byBeBeez). Nino Dell’Arte, Nicola Avi, and Bernardo Calculli, chairman and partners of Italian advisory firm Astraco, led the club and grouped 11 families of entrepreneurs under the newco Macon which issued a mezzanine debt instrument of 4.8 million of euros that Fondo Impresa Italia, part of Riello Investimenti Partners, subscribed. The sources said that the liability is in the form of PIK (payment-in-kind), pays a 10% coupon and is due to mature in 2023. Stefano Saturnino, Ilaria Puddu, and Alessandro Di Pace, founded the company in 2011. Panini Durini has revenues expects to generate 11 million of sales in 2018. Domenico Mazzeo, part of the investors club, will be the company’s ceo.
Style Capital, the private equity firm that Roberta Benaglia heads, acquired 30% of Re/Done, a Los Angeles based luxury denim brand that Sean Barron and Jamie Mazur founded (see here a previous post by BeBeez). Re/Done generated sales worth 20 million of US dollars in its first three years of activity. Style Capital invested also in Msgm, Sundek, and forte_forte.
Capital Dynamics, the Zurich-based manager of alternative assets, acquired Advanced Capital, a Milan-based fund of funds thatRobert J. Tomei founded in 2004 (See here a previous post by BeBeez). Advanced Capital is still raising resources for the fundAdvanced Italia, which has a target of 200 million of euros and aims to invest in Italian private equity firms, Spacs and club deals.
Shareholders of the Italian Spac Innova Italy 1 approved the proposed merger with Fine Foods & Pharmaceuticals Ntm, an Italian third-pary manufacturer of nutraceutial and pharmaceutical products (see here a previous post by BeBeez). Fulvio Conti, Marco Costaguta, Paolo Ferrario, and Francesco Gianni founded Innova Italy, while Marco Eigenmann is the executive chairman of Fine Foods. The company’s board members are:Marco Francesco Eigenmann, Giorgio Ferraris, Federico Oriani, Adriano Pala Ciurlo, Fulvio Conti, Paolo Ferrario, and Marco Costaguta. Fine Foods may list 44% of its equity and will have cash of 100 million of euros to invest in acquisitions and in its organic growth. Fine Foods generates abroad 60% of its revenues worth 119.6 million, an adjusted ebitda of 16.7 million, and net financial debt of 20.4 million.
Financial sponsor Idea Efficienza Energetica e Sviluppo Sostenibile (IEESS) sold 10.71% of Aim-listed Smre, a producer of components for the green mobility sector (See here a previous post by BeBeez). IEESS sold over the counter 2.34 million of shares at 5.27 euros each. IEESS acquired Smre in 2012 and listed it in April 2016 at 2.5 euros per share. Smre’s ceo and chairman Samuele Mazzini now holds 47.61% of the business, while financial investors Atlas Special Opportunities and Atlas Capital Markets subscribed convertible bonds worth 10 million of euros.
London turnaround firm Njord Partners is close to acquire Aerdorica, the company that manages Marche’s Airport Raffaello Sanzio (see here a previous post by BeBeez). Earlier in June, Njord tabled a binding offer and competed with Air Vallée, and Spanish logistic company Daccimet Hispania.