Apollo Global Management improved its offer for SECI, the holding of the Maccaferri Family, ahead of the hearing before Bologna Court of 18 May, Tuesday, for discussing the receivership proposals for the company (see here a previous post by BeBeez). Sources said to BeBeez that Apeiron Management, Apollo’s advisor for the Italian market, tabled a binding bid of 215 million euros, and sweetened the 200 million offer it made in March. SECI has a gross debt of 750 million (500 million financial debt).
Italian utility Edison, part of Paris-listed Edf, aims to sell up to 40% of its renewable nergy business for at least 400 million euros (See here a previous post by BeBeez). Lazard and Société Générale are advising the vendors. This transaction is consistent with the European trend of mid-size and blue-chip carve-outs (see here the Insight View of BeBeez, available for the subscribers to BeBeez News Premium).
Revo, the Milan Spac for the insurance sector that Alberto Minali and Claudio Costamagna launched, aims to raise up to 200 million euros (10 euros per share) (see here a previous post by BeBeez). The cornerstone investors Vittoria Assicurazioni, Fondazione Cariverona, Scor Reinsurance Group already poured 15 million and signed a lock-up of one year after the listing. Sources said to BeBeez that if the Spac attracted a public offer or changed control, 40% of the promoters’ special shares would become ordinary with a 12.5 euros price and the subsequent 60% once reached the price of 14 euros. The Spac’s founders invested 7 million, more than 3.5% of the fundraising target.
Vam Investments, a buyout and growth capital holding, and Francesco Trapani are mulling to raise 300-400 million euros for a Spac to list on Euronext Amsterdam (see here a previous post by BeBeez). The vehicle will target European producers of luxury and consumer products. Marco Piana is the ceo of Vam.
KPS Capital Partners is close to acquiring 75% of Metra, an Italian extruder of aluminium, from the founding families Bertoli, Giacomelli, Marinelli, and Zanetti who will keep 25% of the company (see here a previous post by BeBeez). Enrico Zampedri is the ceo of Metra which has sales of 250 million euros.
Milan-listed NB Aurora paid 36 million euros for a 30% of Veneta Cucine, an Italian producer of high-end kitchens, on the ground of an equity value of 120 million (see here a previous post by BeBeez). Veneta Cucine has sales of 220 million.
Swiss Syngenta Crop Protection, part of ChemChina, and its subsidiary Valagro said that they are mulling for a public offer on Milan-listed agrochemical company Sicit (see here a previous post by BeBeez). On 16 April, Friday, NB Renaissance tabled a 16 euros per share delisting offer for Sicit. Rumours say that Syngenta may pay 17.3 euros per share without any reduction for the 0.55 euros dividend. Sicit has sales of 63.2 million, adjusted profits of 14.6 million, an ebitda of 24.1 million, and net cash of 20.5 million. Sicit listed on May 2019 at 10 euros per share after a business combination with the SprintItaly, a Spac that Fineurop, Gerardo Braggiotti, Matteo Carlotti, and Francesco Pintucci launched in July 2017 after having raised 150 million.
Witor’s, an Italian producer of ingredients for sweets, attracted the interest of 21 Invest on the ground of an enterprise value in the region of 100 million euros (see here a previous post by BeBeez). Witor’s has sales of 80 million and belongs to the Bonetti Family.
On 5 May, Wednsesday, Milan-listed Salcef, a railway infrastructures company, signed an agreement for acquiring German competitor Verwaltung und Beteiligung Nord from Ralf Peter Wagner and Thomas Siepke for 8.5 million euros (see here a previous post by BeBeez). The vendors will keep their operative roles. Salcef has sales of 340.3 million, an ebitda of 78.9 million, and net profits of 41.3 million.
Whysol Investments, a club deal platform for Energy Transition and Digital Transformation sectors that Alberto Bitetto, Roberto Marcon and Giovanni Gios founded, created Whysol Tech Voco (WTV) (see here a previous post by BeBeez). WTB’s shareholders are Gianluigi Buffon, Michele Catelli, Elio Catania, Marc Edouard Dwek, Leopoldo Zambeletti, and Colussi family office.
Eccellenze Campane, an Italian chain of restaurants and food shops that belongs to the Scudieri Family, acquired above 80% of Obicà Mozzarella Bar from London-based Neo Investment Partners (NIP), which acquired the target in 2012 and tried to sell it in 2018 (see here a previous post by BeBeez). Tenax Capital Limited and Bridge Fund Management Limited converted in equity part of the Obica’s bond that subscribed and extended the maturity of the liability. Davide di Lorenzo and Giuseppe Procopio are Obica’s ceo and cfo. The company has sales of 25.2 million euros, an ebitda of 0.896 million and net cash of 1.25 million.
On 4 May, Tuesday, Augusto, the controlling shareholder of Aedes siiq and Restart, two Milan-listed real estate investors, applied for receivership (see here a previous post by BeBeez). Since the end of 2014, Augusto belongs to Sator Private Equity Fund, Tiepolo, Prarosa, and Agarp who subscribed a 179.5 million euros capital increase of the company. At the end of December 2018, Aedes spun off Aedes siiq and Restart. Earlier in April, Palladio Holding acquired 5.08% of Milan-listed Aedes siiq as part of a capital increase at 0,19 euros or 45.7 million (see here a previous post by BeBeez). On 19 April, Monday, Augusto, reduced its holding in Aedes from 48.35% to 43.087%. Palladio is one of the private capital investors that BeBeez Private Data monitors (find out how to subscribe for only 110 euros a month)
On 18 May, Tuesday, Investindustrial will launch a public offer at 8.2 euros per share for delisting Milan-listed packaging company Guala Closures, which carried on a business combination with Space 4 in August 2018 (see here a previous post by BeBeez). The public offer will end on 7 June, Monday. Investindustrial already owns 47.829% of Guala and 42.573% of the voting rights and may invest 265.4 million euros for such a transaction. Guala Closures has sales of 572 million, an adjusted ebtida of 98 million, and a net financial debt of 464.2 million
The Lameri family repurchased 51% of HDI Holding Dolciaria Italiana, which owns the brands Sorini and Feletti 1882 from Avenue Capital (See here a previous post by BeBeez). The Lameri Family owned 49% of HDI which attracted the interest of Sperlari, Novi, Bauli, and private equity funds operating in the food sector. Hdi has an ebitda in the region of 3 million euros and a 30 million turnover.
Tages Capital raised 477 million euros, well above the 350-400 million target, for its renewable energy vehicle Tages Helios (See here a previous post by BeBeez). Tages attracted the resources of Fondazione Enpam, Sara Assicurazioni, three banking foundations, family offices and qualified investors
Etichettificio LGL, an Italian producer of labels that belongs to the search fund Maestrale Capital, acquired Italian competitor Sefran Etichettificio from the founder Franco Domeniconi (See here a previous post by BeBeez). Sefran has sales of 4.4 million euros. Etichettificio LGL has a turnover of 11 million.
Obton A/S, a Danish investor in renewable energy, acquired a pipeline of 7 photovoltaic plants based in in Emilia Romagna with a power of 7 MW from Zegrona Holding Limited (See here a previous post by BeBeez). Obton’s photovoltaic plants have a power of 982 MW.
Fintyre, a tyre distributor that belongs to Bain Capital and is in receveirship, sold 21 Pneusmarket shops to Italian competitor All Tyre Service as part of a receivership procedure (see here a previous post by BeBeez) All Tyre Service belongs to Umberto Prato, who also owns Sicur Tyres Group. Tyre Retail has sales of 40.3 million euros, an ebitda of minus 4.5 million, net losses of 10.9 million, and net cash of 3.3 million.
Project Informatica, an Italian IT company that belongs to Hig Capital since July 2020, acquired Italian competitor Centro Computer from Paolo Pedretti, Giuseppe Costa and Roberto Vicenzi (See here a previous post by BeBeez). Alberto Ghisleni is the founder, ceo and minority owner of Project Informatica which has sales of 130 million euros. After such an acquisition, Project Informatica expects to generate sales of 180 million.
In 1Q21, Dea Capital’s assets under management amounted to 24 billion euros (+12.2% yoy) (See here a previous post by BeBeez). Dea Capital allocated 11.2 billion in real estate, 3.1 billion in credit, 2.3 billion in private equity, and 8 billion in multi-asset/multi-manager instruments. DeA Capital Alternative Funds is one of the private capital investors that BeBeez Private Data monitors (find out how to subscribe for only 110 euros a month)
Milan-listed producer of eco-friendly plastic Bio-On did not attract any bid for its sale process on the ground of 95 million euros (see here a previous post by BeBeez). Marco Astorri and Guy Cicognani founded the company in 2007. In July 2017, activist shareholder Quintessential Capital Management (QCM) claimed that Bio-On faked its financials. Gabriele Grego, the head of Quintessential, said that 95 million is not a fair enterprise value, as the company has debt of 70 million and therefore the equity would be worth 25 million, less than 2% of its market capitalization before the crash. Antonio Gaiani and Luca Mandrioli are the insolvency administrators of Bio-On that must receive the authorization of the Italian Government to sell to a foreign buyer in light of the golden power clause. The company attracted the interest of Siti, the italian trade union for the protection of investment and savings which groups 7% of the minority shareholders. Siti could launch Phoenix, a Spac for the minority shareholders that may acquire Bio-On’s production plants and its patents.
On 29 April, Thursday, Stefania Peveraro, the Editor in chief of BeBeez, chaired and moderated the event of MF Milano Finanza about the new trends in private and public financial markets (See here a previous post by BeBeez, see here the first part of the event and here the second part of the event)