Cassa Depositi e Prestiti gave the green light on February 24th to the binding offer for an 88.06% stake in Autostrade per l’Italia (ASPI), held by Milan-listed Atlantia, and up to 100% of ASPI in the event of the exercise of the right of co- sale by the minority shareholders of the company. The offer has been sent the same day as part of the consortium formed by Cdp Equity, Blackstone and Macquarie Infrastructure and Real Assets (MIRA). The deal implies that the shareholding in ASPI is acquired by the consortium through a newly established Italian company (BidCo), which will be owned, directly or indirectly, 51% by Cdp Equity and 24.5% respectively by Blackstone and MIRA. Cdp Equity will have the possibility to sell part of its shares to other institutional investors, with whom it will jointly hold the majority of the BidCo capital (see here a previous post by BeBeez). Atlantia’s Board of Directors will analyze the offer today February 26th.
Sator, which owns 62.4% of Milan-listed Banca Profilo and hired Lazard for selling the asset, declined a binding offer of Banor sim for acquiring the business (see here a previous post by BeBeez). Banca Profilo is also of interest to Banca Finint, which aims to buy and merge with Banca Profilo in order to accelerate its project of listing on the Italian Stock Exchange. In any case, chairman Enrico Marchi said, the bank will list by 2022 (see here a previous post by BeBeez). Banca Finint’s financial and services margin amounts to 56.1 million euros (+5.8% yoy), net fees of 49.8 million (+5.6%), a brokerage margin of 57 million (+3.2%), and gross profits of 18.8 million.
On 20 February, Saturday, the Gavio family and Ardian Infrastructure said that they will launch a public offer on Milan-listed ASTM, a motorway company (see here a previous post by BeBeez). The bidders aim to delist the business and pay 25.6 euros per share or more than 1.7 billion euros. At the closure of trading on 19 February, Friday, the company’s shares price was of 20.1 euros. ASTM belongs to the Gavio family (60%) and Ardian (40%), has sales of 860 million, an ebitda of 185.5 million and net profits of 33.7 million.
Funds managed by Ardian also raised to 60% its stake in Italian martech company Jakala (see here a previous post by BeBeez). Jakala, of which the chairman Matteo de Brabant owns a 25% stake, attracted Ardian’s investment in early 2018 and generates abroad 35% of its 300 million euros turnover. At the same time club deal private investors gathered in The Equity Club are divesting with a 2x capital return.
The Rivetti Family and Temasek officially signed the agreement or selling Stone Island to Milan-listed fashion firm Moncler in a deal that was announced last December (see here a previous post by BeBeez). Stone Island’s enterprise value amounts to 1.15 billion euros or 16.6x ebitda. The target has sales of 240 million (28% in Italy, 52% in the rest of Europe and 20% in the rest of the world). The Rivetti Family and Temasek will reinvest 50% of the raised proceeds in shares that Moncler issued at a price of 37.51 euros. The Rivetti Family will pay 402.5 million for a 3.921% of Moncler, while Temasek will pour 172.5 million for 1.68% of the fashion firm and will hold a 6.2% of the company.
Milan-listed TIM said it’s the new financial and technological partner of Dazn for the tv rights of Serie A football matches for 2021-2024 (see here a previous post by BeBeez). Dazn tabled an offer of 840 million per year while Sky made a bid of 750 million that may help to create a TV channel for Italy’s Lega Calcio. However, DAZN bid would sum up with TIM’s one worth 340 million per year.
Hellman&Friedman officially reinvested in Teamsystem, an Italian publisher of B2B software (see here a previous post by BeBeez). HG Capital (HG) and te managers of the company reinvested in a minority. The buyers financed the transaction through the issuance of 3.5% fixed rate senior bonds worth 300 million and due to mature in 2028 and with senior secured bonds with a floating rate worth 850 million and due to mature in 2028. Teamsystems also issued Pay-If-You-Want PIK Toggle notes for 300 million that will mature in 2029. TeamSystem called its secured senior bonds with a floating rate worth 200 million due to mature in 2025 and its senior floating rate bonds of 550 million due to mature in 2023. The company also received a revolving credit line of up to 180 million. TeamSystem also acquired Caliò Informatica and Sogesi two distributors and providers of services.
Piaggio Aero Industries and Piaggio Aviation, two companies in receivership that belong to Piaggio Aerospace, a portfolio company of Mubadala, attracted the interest of five undisclosed bidders said extraordinay administrator Vincenzo Nicastro (See here a previous post by BeBeez). The bidders may table their offers by 5 March, Friday. Since 2014, Piaggio Aerospace belongs to Mubadala. The company has sales of 100 million with debts of 618.8 million.
Itago IV Fund, the first fund launched by Itago sgr, after its management team spun-off from Banca Finint, acquired the majority of SR-Mecatronic, an Italian producer of accessories for cars and caravans, from the ceo and founder Marco Santoli (see here a previous post by BeBeez). The target has sales of 10 million euros and aims to double such a figure in the next three years through m&a and organic growth. Private equity Itago has resources of 120 millions and attracted the investment of Fondo Italiano di Investimento (FII) as cornerstone investor.
Milan-listed Antares Vision, a visual inspection company for the pharmaceutical sector, acquired US-based Software-as-a-Service (SaaS) rfXcel Corporation for 120 million US Dollars (see here a previous post by BeBeez). Glenn Abood and Jack Tarkoff founded rfXcel in 2003 and in August 2017 attracted the investment of Kayne Anderson Capital Advisors. Antares listed on Milan stock market in 2019 after the business combination with the Spac ALP.I. Nevada-headquartered rfXcel generates in the USA 80% of its 17 million turnover with an above 85% ebitda.
IPI Partners aims to acquire Supernap Italia, an Italian company for the design, construction and management of data centre ecosystems that belongs to Supernap International sa (21.26%) and ACDC Holdings (78.74%). (see here a previous post by BeBeez). In December 2020, Supernap Italia issued a Milan-listed bond of 63 million euros due to mature in December 2025 and paying a coupon with a rate of 6 months euribor plus 375 basis points. IPI Partners is born in 2016 out of a joint venture that Iconiq Capital signed with Iron Point Partners and raised 1.145 billion US Dollars for its IPI Data Center Partners Fund, ahead of a target of 1.5 billion.
On 12 February, Friday, Fyntyre, an Italian producer of tyres whose controlling shareholder is Bain Capital, filed a final receivership application (see here a previous post by BeBeez). In November 2020, Springwater Capital tabled an offer for subscribing a 50 million euros capital increase of Fintyre (30 million in equity and 15 million in financing facilities). Fyntyre’s debt amounts to 270 million, 130 million of these with GSO Capital Partners (part of Blackstone Group) that will get shares in the company without voting rights. The company’s has 30 million of banking debts with Hsbc, BancoBpm, Bnp Paribas, Ikb, Ing, and Ubi Banca which will receive the repayment through the collaterals that received from the company.
Private equity HG Capital hired GCA Altium for selling its 60% of EidosMedia, an Italian provider of software and platforms for publishing and financial companies (see here a previous post by BeBeez). HG acquired EidosMedia in December 2015 from Aksìa Group and Wise for 10x the ebitda it generated in 2014. The vendors gained 2.6x their investment. EidosMedia has an ebitda of 6 million euros and is of interest to Capza (fka Capzanine), whose country manager is Stefano Zavattaro. Capza is born in 2004 and has the support of French insurer Axa and Eurazeo since 2005. Capza already owns a minority of Italian food company Monviso since January 2018.
Adler Pelzer Group, an Italian producer of automotive components in which FSI invested, acquired Faurecia Acoustics and Soft Trims (AST) from Paris-listed Faurecia (see here a previous post by BeBeez). Faurecia has a turnover of 17.8 billion euros.
Caprari, a provider of industrial components for the water sector, attracted the investment of private equity Ambienta (see here a previous post by BeBeez). The Caprari Family sold the majority of the company and created Wateralia, a sector consolidation platform, with Ambienta. Caprari has sales of 101 million euros with an ebitda of 10.5 million.
Tages Capital acquired 19 photovoltaic plants based in the Southern Italian Region of Apulia with a power of 19MW (See here a previous post by BeBeez). Tages aims to raise 400 million euros by May for its vehicle for investing in photovoltaic plants.
Marco Boglione, the chairman and founder of Milan-listed textyle firm BasicNet, aims to acquire the shops and the brand of Corneliani, a troubled Italian fashion house (See here a previous post by BeBeez). Boglione is not interested in the production assets of Corneliani which reportedly attracted the interest of Blackwood Fashion Investments which, however, could not provide solid warranties. Corneliani belongs to Investcorp (51.4%), Cristiano, Corrado and Stefano Corneliani (48.6%). Investcorp invested in the company in 2016 on the ground of an enterprise value in the region of 100 million US Dollars.
Mediobanca Private Banking and BlackRock Private Equity Partners aim to launch a private equity fund for international co-investments with top tier players (See here a previous post by BeBeez). Mediobanca will invest a 10% ticket in each deal proposal of the fund that aims to attract the commitment of investors for 3-5 years.
On 8 February, Monday, Italian-Monegasque businessman Manfredi Lefebvre d’Ovidio listed on Nasdaq the UK-based spac Centricus Acquisition Corp (CAC) which has resources of 345 million US Dollars (see here a previous post by BeBeez). In July 2020, Lefebvre d’Ovidio sold to NYSE-listed Royal Caribbean his 33% of luxury cruises company Silversea and reinvested for a 2.5% of Royal Caribbean. Further shareholders of CAC are Garth Ritchie (40%) and Carlo Calabria (20%).
Zest launched Zest US Spac Fund (ZUSF) to target Wall Street Spacs (see here a previous post by BeBeez). The fund will sell its ownership in the spacs as soon as they complete their business combinations with targets. ZUSF is a Luxembourg-based Raif (Reserved Alternative Investment Fund) for institutional and well-informed investors that have to pour at least 0.125 million US Dollars/euros/CHF and pay an annual fee of 1.2% for the management and one of 15% with the high water mark for the performance. Antonio Midolo is the manager of ZUSF.
Renato Giallombardo, a seasoned Italian business lawyer, joined EY Studio Legale e Tributario for heading Rome’s bureay and leading the m&a, private equity and venture capital of SLT Legal as well as the Middle East desk (See here a previous post by BeBeez). Giallombardo previously worked for Gianni & Origoni, a firm that he joined in 1991 and of which he became partner in 2001.
Carmine Reho is a new partner of Italian Law firm Gentili & Partners (G&P) (see here a previous post by BeBeez). Reho, 42 years old, will work in G&P’s Luxembourg office. The firm as bureaus in Milan and London.
The Italian bureau of Orrick law firm appointed Andrea Gentili (Energy & Infrastructure -E&I), Mario Scofferi (Employment) and Alessandro Vittoria (Tech) as partners (See here a previous post by BeBeez). Carlo Montella heads Orrick’s E&I department and Gentili joined it in 2008. Scofferi heads the Employment department in Italy. Vittoria is in charge of m&a, private equity and venture capital transaction at the Tech department that Attilio Mazzilli heads.
Banco Azzoaglio, Incanto and other institutional investors founded Anteos Capital Advisors, an Italian advisory firm for the midmarket M&A (See here a previous post by BeBeez). Anteos will have bureaus in Turin and Milan and provide services for corporate finance (debt and equity), investment advisory and special projects. Anteos directors are Lodovico Simone (chairman), Mario Bottero (ceo), Alberto Franco, Erica Azzoaglio, and Simone Azzoaglio. Elena Cabutti (chairwoman), Luca Arese and Manuela Ramona Fozzi make the firm’s auditing board.