Fondo Italiano d’Investimento (FII) is changing its shareholders structure (see here a previous post by BeBeez). FII currently belongs to Cdp (43%), Banca Mps, DEPOBank, Intesa Sanpaolo, Unicredit (12.5% each), Abi, the Italian association of banks, and Confindustria, the Italian association of entrepreneurs, (3.5%). Cdp will acquire part of the stakes of Mps and of DEPOBank and will raise its stake to 68%. Cdp previously announced its intention to grow over 51% its stake in FII. FII is managing the following 8 closed investment funds with a total of asset under management worth 2.7 billion euros:
Innovazione e Sviluppo, an investor in Italian SMEs, with a fundraising target of 700 million;
FII Tech Growth (FII TG), with a focus on Italian tech SMEs, with a fundraising target of 150 million;
Fondo Italiano di Investimento Fondo di Fondi (FII – FoF) and FoF PE 2, two investors in Italian private equity funds. Fof Pe 2 raised 200 million ahead of a fundrasing target of 600 million. Cdp already committed for 200 million and may pour further 100 million with other investors.
Fondo Italiano di Investimento FII Venture (FII Venture), Fondo di Fondi di Venture Capital (FoF VC) and FoF VC 3, who invest in Italian venture capital funds. FoF V3 set a fundraising target of 200 million.
Fondo di Fondi di Private Debt (FoF PD), an investor in Italian private debt funds, which raised 400 million between 2014 and 2016. Fof PD invested all its resources and announced the launch of a second fund of funds. FII may launch in 2020 a new private equity fund with CDP that will act as cornerstone investor. Cdp and FII will directly invest in monorities of Italian companies with this vehicle.
On 29 October, Tuesday, Newlat Food, the Italian multi-brand food company, launched its ipo on Milan market (see here a previous post by BeBeez). Newlat will invest the proceeds of such listing though capital increase in its organic growth and m&a. The chairman and ceo Angelo Mastrolia will keep the majority of the company. Newlat priced its shares at 5.80 euros each at the bottom of the price range for a market capitalization of 230 million euros. The placement ended after a deferral to 24 October of the roadshow and the offer period (See here a previous post by BeBeez). The list of investors includes Algebris, Allianz Global Investors, Fideuram, Eurizon, Mediolanum, Anima, Arca, and Romed, the investment vehicle of Carlo De Benedetti that poured 0.5 million. In 1H19 Newlat posted sales of 158.9 million, an ebitda of 12.4 million, and a net financial debt of 22.2 million. At the opening ot trading on 30 October, Wednesday, Newlat’s shares price has been of 5.736 and 5.8364 euros for a market capitalization of 230 million. The total proceeds from the institutional placement, based on the offer price and after the commissions due for the institutional placement, without taking into account the exercise of the greenshoe option, amounted to about 70.5 million. Barbara Lunghi, the head of Primary Markets of Borsa Italiana, reminded that Newlat’s ipo has been the first listing on Star segment for 2019. (See here a previous post by BeBeez).
Oaktree is going to buy 80% of C.E.B.A.T., an Italian producer of components and systems for the electric energy transmission (see here a previous post by BeBeez). The fund acquired the stake from the company’s management and the Montanari Family. Cebat has sales of 85 million euros, an ebitda of 22.5 million, and net cash of 5.5 million.
Arca, an asset management firm that belongs to Bper (57.06%) and Banca Popolare di Sondrio (36.83%), is again of interest to private equity funds (see here a previous post by BeBeez). In 3Q19, Arca had 31.8 billion euros of asset under management. Bper and Banca Popolare hired McKinsey as advisor for assessing a listing, a merger with an industrial partner, or the sale of a stake to a fund. In July 2018, Banca Popolare di Sondrio and BPER acquired 40% of Arca from Banca Popolare di Vicenza and Veneto Banca. In November 2015, the US fund Atlas Merchant Capital tabled a bid for Arca on the ground of an enterprise value of one billion. Arca also attracted the interest of Centerbridge, AIM-listed Anima Holding, Amundi (the asset manager of Credit Agricole) and of Ardian.
Italian turnaround investor QuattroR, a fund with resources of more than 700 million euros, aims to invest in Italian diversified industrial company Gruppo Maccaferri (see here a previous post by BeBeez). QuattroR tabled an expression of interest for Officine Maccaferri, an engineering subsidiary of the group with sales of 530 million euros, and for Seci, the holding through which the Maccaferri Family controls the group. However, Gruppo Maccaferri will not make a decision soon as it attracted the interest of foreign debt funds and aims to complete the sale of its energy assets for 250 million. Earlier in October, Gruppo Maccaferri sold its renewable energy subsidiary Exergy to Nanjing Tica Thermal Solution, a Chinese peer, for 16.5 million. The group also sold Exergy Turkey. Gruppo Maccaferri may also ask Bologna Court to grant an extension for the delivery of its restructuring and reorganization plan in order to focus the core business on Officine Maccaferri, Sigaro Toscano (a manufacturer of cigar), and on industrial components producer Samp. The previously scheduled deadline was 4 November 2019. Gaetano Maccaferri and Lapo Vivarelli Colonna are the chairman and the ceo of Gruppo Maccaferri who has sales of 1.039 billion, an ebitda of 118 million, and a debt of 750 million (including the 187.5 million bond of Officine Maccaferri and the minibonds of Sampsistemi). The company’s main lenders are Intesa Sanpaolo, Banca Imi, Unicredit, and Banco Bpm.
US Private Equity RiverForce Partners acquired a stake of Eusphera, an Italian producer of nutraceutical products (see here a previous post by BeBeez). Nicola Oriano D’Addazio (ceo) and Giorgio Velletrani founded Eusphera in 2016 in Uruguay. In 2017, Eusphera moved its asset in Italy and signed a licence agreement for brands and formulae with EAV HEMP SOLUTION.
Intercos, an Italian third-parties producer of cosmetics, hired Ubs, Bnp Paribas, Morgan Stanley, and Jefferies as global coordinators for the launch of an ipo (see here a previous post by BeBeez). Intercos enterprise value could be in the region of 1.5 billion euros. In 1H19, the company generated a turnover of 346.9 million, an ebitda of 46.3 million, and a net financial debt of 205 million. In August 2017, Ontario Teachers’ Pension Plan Board acquired 20.588% of Intercos from Dario Ferrari, the company’s founder, and the fund L Catterton, who replaced Tamburi Investment Partners in December 2014. Earlier in 2014, the company dropped its IPO plans. In summer 2016, the company hired Samsung Securities for a listing on Seul stock market. The company could have fetched 230 million British Pounds out of a listing of a 40-50% of the business.
Italian-Brazilian fashion designer Paula Cademartori purchased back her brand from Otb (Only the brave) of Renzo Rosso (see here a previous post by BeBeez). Cademartori founded in 2010 the eponymous brand of shoes and purses. In 2016, Otb acquired the majority of Cademartori. Otb has sales of 1.44 billion euros and owns the brands Diesel, Maison Margiela, Marni, Viktor&Rolf, Amiri, Staff International, and Brave Kid. Otb has also the licence for the brand Just Cavalli since 2011 and in June 2018 tabled a bid for Italian fashion firm Roberto Cavalli, that now belongs to Dubai real estate investor Damac.
Giuseppe Zafferri is the new ceo of the Italias subsidiary of US real estate investor CA Ventures (see here a previous post by BeBeez). Zafferri will directly report to the company’s European manager Carlo Matta. Zafferri previously worked for Eurotekna Milano as the head of M&A and signed joint ventures with JP Morgan and BlackRock. CA plans to invest 170 million euros per year in Europe.
Francesco Pascalizi is the new co-head of Milan bureau of pan European private equity Permira (see here a previous post by BeBeez). Pascalizi will support Fabrizio Carretti. Pascalizi actively contributed to Permira’s business development in the Italian market and carried on several investments in the industrial and consumer fields. The list of assets includes La Piadineria, Arcaplanet, eDreams, OdigeO, and Marazzi Group (Permira sold it in 2013). Pascalizi is a board member of Arcaplanet and La Piadineria. Before joining Permira, Pascalizi worked for Bain Capital and for Ubs in Milan and London.
AssoAim (Associazione Emittenti Aim Italia) is born for representing issuers, institutions and advisor that are active on Aim Italia (See here a previous post by BeBeez). Giovanni Natali, the chairman of 4Aim Sicaf, created AssoAim together with Vincenzo Polidoro, ceo of First Capital, and Marco Fumagalli, chairman of Capital For Progress Single Investment (a Spac fka Capital For Progress 2). AssoAim’s objectives are the study, the dissemination and treatment of issues related to the trading of financial instruments on Aim Italia; the promotion of initiatives and projects for the stable and efficient growth of the market and the resolution of related issues, also in collaboration with institutions and supervisory authorities, as well as the requirements of access to and permanence in the market. AssoAim will have a board of directors that associates will appoint. An external auditor will look at the association’s accounts for a three-years period. A scientific board will make proposals for the activity of AssoAim.
Euro Group, an industrial holding that controls several suppliers of producers of electric engines and generators such as Tesla, is holding talks with private equity funds (see here a previous post by BeBeez). FSI, Ambienta, Tikehau, TowerBrook, and the club deal that Space Holding launched, are interested in the asset that Banca Imi and Unicredit are selling. The Lori Family owns Euro Group that has sales in the region of 350 million and an ebitda of 40 million. Euro Group is the owner of Euroslot, Corrada, Saf, Alcast, and Eurotranciatura who in 2014 issued a minibond of 5 millio listed on Milan ExtraMot Pro
Arkios Italy and Banca Valsabbina signed an agreement for acquiring a 77% of Italian financial services firm Integrae sim (see here a previous post by BeBeez). The transaction is subject to the approval of the competent authorities. Arkios Italy will buy 51% and Banca Valsabbina 26% of Integrae. The banks will acquire the stake of the Macchiaverna Family that in June 2017 subscribed together with minibonds advisory firm Kon a one million euros tranche of a capital increase amounting to 2.5 million. Also Kon will sell its interest in Integrae. Simone Sinai, will hold 20% of Integrae, Luigi Giannotta, the coo of the company and Antonio Tognoli, head of sales and trading, will own the remaining 3%. Paolo Cirani, the founder and ceo of Arkios Italy and Marco Bonetti, vice general manager of Banca Valsabbina, will be Integrae’s ceo and chairman. Paolo Gesa (the head of the business division of Banca Valsabbina), Alberto Della Ricca (equity partner and shareholder of Arkios Italy), and Simone Sinai will be board members of Integrae.
Retelit, the Italian ICT company, acquired Italian competitor Partners Associates (Pa) Group from Ennio Baracetti (46%), Roberto Cella (14%), RiverRock Italian Hybrid Capital Fund, and FVS (27% in total) (see here a previous post by BeBeez). In January 2018, FVS and RiverRock invested 18 million euro in Partners Associates’ equity and hybrid instruments. The bidding price for PA Group is of 60 million on the ground of an enterprise value of 74 million or 7.4X the expected ebitda for 2019 that will be of 10 million, while sales will be of 60 million. Buyers will pay a further earn-out up to 13 million diluted in three years linked to the achievement of overperformance targets for 2019, 2020, and 2021. Retelit may close the transaction by 10 January 2020 and will finance the acquisition with its own resources and a 103 million loan that Banca IMI, Ubi, Intesa Sanpaolo, and MPS Capital Services provided. PA Group has sales of 60 million and an ebitda in the region of 10 million.
French private equity Argos Wityu acquired from the Moro Family the Italian manufacturer of dairy products Latteria e Caseificio Moro (See here a previous post by BeBeez). Argos’ fund Euroknights VII, which already invested half of its resources of 520 million euros, conducted the transaction. Maurizio Moro, the ceo of LCM, will keep his role and focus on the company’s organic development and international expansion. Alessio Manigrasso is the partner of Argos Wityu that carried on the transaction. LCM has sales of 40 million euros, an ebitda of 8.57 million, and net cash of 9.9 million.
Made in Italy Fund, the private equity of Quadrivio and Pambianco, acquired 80% of Prosit, an Italian wine producer (see here a previous post by BeBeez). Prosit’s founder Sergio Dagnino sold the stake. The fund and the company aims to create a pole of Italian producer of high-end wine generating sales of 100 million through the acquisition of Italian wine producers. The first targets of Gruppo Prosit are Torrevento and Collalbrigo Grandi Vini. Sergio Dagnino founded Gruppo Prosit. Torrevento generates abroad 80% of its 12 million sales. Alessandro Binello, Walter Ricciotti, David Pambianco, Alessio Candi, Alessio Rossi, and Mauro Grange make Made in Italy Fund’s management team. The fund raised 100 million ahead of a 200 million target
Rigamonti, an Italian producer of bresaola that belongs to listed Brazilian JBS, acquired Brianza Salumi (see here a previous post by BeBeez). Such an acquisition will help Rigamonti to increase its range of products with bio cured meats. Rigamonti aims to create a group with sales of 300 million euros. Luigi Vismara founded Brianza Salumi in 1978. Brianza Salumi has sales of 13.85 million euros, an ebitda of 1.58 million. Rigamonti has sales of 130 million (+4.5% yoy). JBS has a market capitalization of 18 billion and sales of 40 billion. JBS owns the brands Swift, Friboi, Seara, Maturatta, Plumrose, Pilgrim’s Pride, Gold’n Plump, Gold Kist Farms, Pierce, 1855, Primo, and Beehive.
Green Arrow Capital acquired infrastructure and renewable energy investor Quercus Assets Selection (QAS) from Quercus Investment Partners (see here a previous post by BeBeez). QAS owns renewable energy plants with a power of 300 MW. After such acquisition, Green Arrow Capital is now one of the top ten renewable energy operators and has plants with a power of 400 MW. Quercus Investment Partners sold these assets as it aims to focus on investments in grid parity, without Government incentives. Green Arrow Capital has assets under management worth 1.7 billion euros, and 200 investors (of which 90% are institutional and 30% foreigners) poured resources in its funds. Eugenio de Blasio, Daniele Camponeschi, and Alessandro Di Michele founded Green Arrow Capital in 2013. Luisa Todini is the company’s chairman, while Stefano Russo and Francesco Giovannini have executive roles. Diego Biasi and Simone Borla founded London’s Quercus Investment Partners in 2010. The company has 5 funds with focus on renewable energies active in Italy, the UK, Spain, Romania, and Bulgaria that are Quercus Renewable Energy (QRE), Quercus Renewable Energy II (QRE II), Quercus European Renewables (QER), Quercus Italian Wind Fund (QIWF), and Quercus Italian Solar Fund (QISF).
Franchi Umberto Marmi, a company active in the luxury marble sector based in Massa Carrara, is heading to the launch of an ipo on Milan market by early 2020 (see here a previous post by BeBeez). Press reports say that the company held talks for a minority stake with private equity Peninsula. However, negotiations are now at a stalemate. A report of Leanus and BeBeez said in September 2018 that, in light of its financials, Franchi Umberto Marmi could be an ideal target for private equity investors (See here a previous post by BeBeez). The Franchi Family founded the company in 1971. FUM has sales of 62 million euros (+26% yoy), a 48% ebitda margin, and net cash of 16 million.
Abitare In, the AIM-listed developer of real estate projects for Milan area, is of interest to private equity funds (see here a previous post by BeBeez). The company hired Mediobanca for sounding the potential interest of investors. Abitare In belongs to Luigi Francesco Gozzini (23.72%), Marco Claudio Grillo (18.26%), Kairos Partners (5.9%), and has a publicly traded equity of 52.12%. A report of Leanus and BeBeez said in September 2018 that the company, in light of its financials, could be an ideal target for private equity investors (see here a previous post by BeBeez). Abitare In has a market capitalization in the region of 115 million euros. In 1H19, it posted sales of 29.7 million and an ebitda of 5.9 million, with a projects pipeline worth 86.2 million. Earlier in June, Intesa Sanpaolo provided the company with a financing of 10 million.
IlliquidX Ltd opened a branch in Milan (see here a previous post by BeBeez). IlliquidX is a London-headquartered investor in distressed assets, trade claims and shares of troubled companies. Should the UK leave the European Union with a no deal, IlliquidX will be able to keep operating in Italy for the whole transition period after having given notice to the competent authorities. IlliquidX is a boutique investor that serves institutional and qualified investors and high net worth individuals. Celestino Amore founded the company in 2009 after having gained experience London with the international sales team of Morgan Stanley and the equity convertible bonds/equity derivatives/relative value sales and research department of HSBC. IlliquidX allows clients to price and negotiate instruments of debt, credit and distressed illiquid assets.
GVS, an Italian producer of industrial filters, is considering the launch of an ipo (see here a previous post by BeBeez). Grazia Valentini founded the company in 1979 and in 2002 let her sons Marco and Massimo Scagliarini in charge of managing the business. GVS owns several industrial patents and has sales of 203 million euros with a 22% ebitda margin. In July 2017, GVS acquired Kuss Filtration, a producer of filters for the automotive industry based in the USA, from the private equity fund Industrial Opportunity Partners and financed the transaction with a 90 million loan of Bnl Bnp Paribas, Mediobanca, and Unicredit and the issuance of a 40 million bond that Pricoa Capital Group (part of Prudential Financial) entirely subscribef, and that refinanced a bond of 10 million that GVS privately placed to Pricoa earlier.
During the event Azimut Libera Impresa (ALI) Expo, a two-days convention about the investments in the real econmy for which BeBeez is media partner, Italian asset manager Azimut announced the creation of an investment veichle for the sectors of real estate and infrastructures; a partnership with B2B innovation platform Gellify; an agreement with London fintech Wiserfunding; and the launch of venture capital fund Italia 500 through a partnership with P101 (See here a previous post by BeBeez). Azimut aims to invest 10 billion euros in private assets and to this end it will launch funds for institutional and qualified investors and wealthy individuals with a least ticket of 0.5 million and funds for retail clients willing to invest at least 5,000 euros. ALI’s ceo Marco Belletti said that the company may rely on its in-house professionals or collaborate with other firms. Matteo Bruni leads Azimut’s private equity team that launched the fund Demos 1 which has resources of 350 million. Italia500 will instead target start ups with a turnover of up to 5 million and SMEs with sales of 5 – 50 million. The fund has a term of 10 years. Andrea Cornetti will head Azimut’s real estate and infrastructures division after having previously worked as coo of Prelios. Azimut has also acted as lead investor for the last financing round of 15 million of Gellify in which a club deal of investors also poured resources. Azimut and Gellify may also launch a closed investment fund for qualified investors and HNWI that may target B2B Software as a Service (SaaS) start-ups operating in the fields of Industry 4.0, Artificial Intelligence, Internet of Things, blockchain, and cybersecurity.
Platinum Equity acquired the majority of Gruppo De Wave from Xenon Private Equity (see here a previous post by BeBeez). De Wave’s management will keep a minority of the company that designs, produces and installs public areas of ships. MPS Capital Service, Banco BPM, UBI Banca, and Banca Ifis provided Platinum with the financing. In early august 2019 Xenon auctioned the asset which attracted the interest of NB Renaissance and Stirling Square Capital Partners. De Wave was born at the end of 2014 as a spin-offof Demonts, a company that builds oil&gas fields, as well as industrial and power generation plants. Xenon Private Equity supported Giovanni Battista Bozzo, ceo of De Wave and 3% owner, for a management buy out. The company has sales of 160 million euros (63 million yoy) and acquired Italian competitor Gruppo Precett and Gruppo Spencer from the Pompili Family.In 1995, Tom Gores founded Beverly Hills-based Platinum Equity that has 13 billion US Dollars of resources and closed more than 250 transactions in the last 25 years.
Italian-Russian private equity Mir Capital is in advanced talks for subscribing a capital increase of Cioccolatitaliani, an Italian chain of sweets and ince creams shops (see here a previous post by BeBeez). Cioccolatitaliani belongs to the Ferrieri Family who founded the company in 2009 and opened shops in Italy, Qatar, Albania, Kuwait, Arabia Saudita, Oman, Kosovo, and Bahrein. Cioccolatitaliani has sales of 40 million euros. Mir Capital started its activity in February 2013 when Gazprombank and Intesa Sanpaolo signed an even partnership. In October 2013, the fund acquired a minority of orthopaedic prostheses producer LimaCorporate from Imi Investimenti that EQT acquired in December 2015. In July 2019, the fund acquired a minority Cotril, an Italian producer of hair care products.
Fila, an Italian producer of stationery and pencils, signed a binding agreement for acquiring Arches from Finnish Ahlstrom-Munksjö Oyj (See here a previous post by BeBeez). Arches is a producer of premium paper for labels, printing and fine art with an estimated enterprise value of 44 million euros and an ebitda of above 4 million. Arches produces paper for fine art since 1492. Van Gogh, Matisse, Chagall, Picasso, Braque, Miro, Dali, Warhol and others used its products. Ahlstrom-Munksjö Oyj is listed on Helsinki and Stockolm that was born in 2017 out of the merger of Ahlstrom Corporation and Munksjö Oyj. Fila was born in 1920 in Florence and the Candela Family manages the business since 1956. Fila is listed on Milan market since November 2015 after it carried out a business combination with the Spac Space spa and has sales of 600 million euros.
Fedrigoni, an Italian producer of premium paper for packaging, artwork, and stickers that belongs to Bain Capital, acquired Ritrama an Italian producer of stickers, from the Rink family, the founders that will keep the business in North America (See here a previous post by BeBeez). Fedrigoni will finance the 250-300 million euros worth transaction with its own resources and debt that might be in the region of 4X ebitda.
Ritrama has sales of 400 million. Since December 2017, Fedrigoni, born in 1888, belongs to Bain Capital who acquired a controlling stake in the business for 650 million. The fund acquired the asset with the support of a bridge loan that in April 2018 refinanced with a 455 million bond and another issuance of 125 million in July 2018. Fedrigoni, the owner of iconic Italian above 750 years old paper manufacturer Fabriano, has sales of 1.2 billion and in May 2018 acquired Cordenons, an Italian producer of premium paper.
Ethica Global Investments, a private equity investment vehicle that belongs to Ethica Group, subscribed a capital increase for acquiring 40% Elledue, the whole owner of Ideal, an Italian producer of components for the eyewear industry (see here a previous post by BeBeez). Elledue contextually acquired specs parts manufacturer Biemme from Giuliano Casanova who reinvested the proceeds of the sale for acquiring a 20% of Elledue. The company created out of this transaction will have a turnover of 14 million euros. The shareholders of Ethica Global Investments are Italian entrepreneurs which Milan M&A boutique Ethica holds long-time releations with. Ethica Global Investments has resources of 70 million for investing in Italian SMEs and is going to launch a 30 million capital increase for achieving a 100 million target.
Previndai, the pension fund of Confindustria (the association of Italian corporates) and of Federmanager (the association of executives operating in Italy), will invest 200 million euros in the sectors of private equity, direct lending, and infrastructures, said Giuseppe Noviello, the chairman of the fund (see here a previous post by BeBeez). Previndai’s almost 80,000 associates annualy pour 870 million in the fund that has resources for 11.5 billion currently investes in two insurance divisions (9.5 billion) and two financial divisions (2 billion). Previndai will invest 10% of its financial portfolios in private equity (44 million), direct lending (59 million), and infrastructures (107 million). Up to 50% of this plan will be for the Italian market, and investments in illiquid alternative assets will have a 15 years term.
Milan Court accepted the debt restructuring proposal of Libera Energia, a troubled Italian gas distributor (See here a previous post by BeBeez). In light of this plan, Libera Energia sold some of its subsidiaries for paying its creditors. A controlling stake in Libera Energia belongs to Geifin/Italtrading, whose executives face allegations for false invocing and for a bankruptcy of 200 million euros. Libera Energia sold to A2A Energia, part of listed utility A2A, its 45% stake in ASM Energia, an Italian utility based in Lombardy. ESA Italia acquired Rotagas, Aimet, and Sorento Power and Gas and the commercial assets of Libera Energia. In April 2017 signed a debt restructuring with 12 lending banks after a recapitalization of 12.7 million. In 2015 Libera Energia posted sales of 148 million with a loss of 18 million.