On 22 October, Friday, at 11 AM, the Italian web TV Finanza Now will broadcast in live streaming the BeBeez Cafè Event about luxury management and private equity. This will be the premiére of the BeBeez Live format. The list of speakers includes Giacomo Santucci, chairman of Di Luccia&Partners, Claudia d’Arpizio, head of luxury goods vertical Bain&Co, Marco De Benedetti, managing partner of Carlyle, and Maurizio Tamagnini, ceo and founder of FSI. Sign up here for the Event
Italian MP Luigi Marattin said to BeBeez that the next tax reform in Italy must aim to facilitate the institutional investors to pour resources in the real economy and SMEs (see here a previous post by BeBeez). Marattin heads the Finance Commission of the Italian Parliament.
Sergio Corbello, the chairman of Assoprevidenza (the Italian association of pension funds), said that the Italian Government should implement a tax reform that would allow to channel the resources of complementary welfare firms to the real economy (See here a previous post by BeBeez). Corbello was speaking during an event of Legali Riuniti Lex, a Milan-based law firm of which Gianluca Leotta is the managing partner. Corbello said to BeBeez that the taxation of the capital gains for the Italian pension funds should align with those of the other European countries. Assoprevidenza’s associates are eligible for a 15% discount on the subscription fee to BeBeez Private Data, the Database that BeBeez developed with FSI, monitors. Further information available here.
As for preliminary data, Spain’s Asterion Industrial Partners, raised 94.68% of Milan-listed ICT Retelit (see here a previous post by BeBeez). As Asterion raised more than 90% of the threshold, it will delist the target. Asterion could receive the support of coinvestors. Retelit has sales of 165.2 million euros with an ebitda of 54.2 million. The 2021-2025 business plan set as targets for 2025a turnover of 234-248 million with an ebitda 88-94 million.
On 6 October Intermonte sim started a bookbuiding procedure ahead of the launch of an ipo the Milan Stock Exchange (see here a previous post by BeBeez). Up to 42.8% of the Italian financial services firm will publicly trade at 2.6 – 2.9 euros per share or a market capitalization of 83.6 – 93.2 million euros (94.1 – 105 million including the company’s own shares). Intermonte’s directors Guglielmo Manetti, Fabio Pigorini, Andrea Lago, Guido Pardini, and Dario Grillo and the founders Alessandro Valeri and Gian Luca Bolengo will sign a lock-up agreement of 36 months. In 1H21 Intermonte posted a turnover amounted to 24.2 million (+60.8% from 15 million in 1H20) and net profits of 5.5 million (+205.7% from 1.8 million).
Industrie De Nora, an Italian producer of electrochemical machinery for water treatment, may list both through the launch of a capital increase and through a shares sale by its shareholders (see here a previous post by BeBeez). De Nora previously considered to launch an IPO on the ground of an enterprise value in the region of 900 million euros. However, the company decided to sell a 33% to Blackstone Tactical Opportunities (BTO). In November 2020, Milan-listed Snam acquired BTO’s 33% in De Nora based on an enterprise value of 1.2 billion. De Nora has sales of above 500 million and an ebitda of 90 million and a net financial debt of 100 million. Paolo Dellachà, the ceo of De Nora, previously said to BeBeez that the company aims to expand in the field of hydrogen treatment.
Fidia, a Milan-listed IT company, applied for receivership as part of the negotiations with Negma Group, a provider of debt and equity instruments, and FAI Futuro all’Impresa (see here a previous post by BeBeez). Giuseppe Morfino (52.03% owner of Fidia) will subscribe 2.1 million euros of the total capital increase of 4.1 million of newco. Negma will subscribe the remaining 2 millions. Upon acceptance of the receivership plan, the newco will be liquidated and Fidia’s new shareholders will be Negma (55%), FAI (25%) and Morfino (20%). Fidia will issue a convertibile bond cum warrant (POC) for up to 10 million. Fidia has sales of 45.8 million with an ebitda of minus one million and a net financial debt of 12.6 million.
Fondo Italiano di Minoranze per la Crescita (FIMiC), part of Fondo Italiano d’Investimento, started to fundraising (see here a previous post by BeBeez). Andrea Montanino and Antonio Pace are the chairman and ceo of the asset management company, while Luca Ravano has been appointed ad find manager of FIMiC. Mr. Ravano co-founded in 2010 Mast Capital Partners and Winch Italia Sicaf, the Italian platform of Edmond de Rothschild Investment Partners (now Andera Partners) and, previously, started and managed Aletti’s investment programs in Italian SMEs for years. FIMiC aims to raise 800 million euros with a first closing of 400 millions. The vehicle aims to support the organic and external growth of Italian companies with sales of 20 – 250 millions. The managers of FIMic will receive incentives for achieving ESG targets.
Kyma raised its first 100 million euros ahead of a 130 million target and invested in Datlas (see here a previous post by BeBeez). Luciano Hassan, Gianluca Losi, Carlo Privitera, and Michele Fontana Sabatini created Kyma which attracted the resources of Fondo Italiano di Investimento (FII) sgr), the European Investment Fund (EIF), Family Offices and HNWIs. The fund aims to acquire Italian SMEs with an ebitda of 3-7 million that aims to carry on a digitalization of their business. Datlas is an outsourcer of data validation and data integration services through Robotic Process Automation (RPA) tools of its proprietary platform Dome. Kyma acquired 70% of the business while the ceo and founder Fabrizio Soru will keep a 30% stake. Datlas has sales of above 12 million with an ebitda of 1.8 million.
Migal, an European producer of industrial components, acquired Italy’s competitor TMV (see here a previous post by BeBeez). Migal belongs to Equinox (60%) and the Mingotti Family (40%) and has sales of above 100 million euros with an ebitda in the region of 18 million.
Milan Listed Salcef, a builder of railways infrastructures, issued 2 million shares and placed them at 16 euros each through 32 million euros an accelerated bookbuilding procedure (see here a previous post by BeBeez). In October 2020, the company’s shareholders decided to launch a capital increase of up to 50 million euros.
German private equity Bregal Unternehmerkapital (BU) acquired the majority of Safety21, an Italian software operating in the sectors smart road and smart city, from Gianluca Longo and HAT (see here a previous post by BeBeez). Banco BPM financed the transaction. Bregal Unternehmerkapital has resources of 1.875 billion euros and targets mid-market companies based in the North of Italy, Germany, Austria and Switzerland.
MCE Locam, an Italian consumer credit company of which Seer Capital owns a controlling stake, closed a cash and in-kind capital increase that the fund and DNA Holding (a vehicle of Vincenzo Giacomini and Luciano Seminara) subscribed (see here a previous post by BeBeez). Seminara and Giacomini will be the chairman and ceo of MCE Locam. The company’s new directors will be Alessandro Maione, Giacomini, Seminara, Paolo Morelli, and Richard d’Albert (principal, co-chief investment officer and chief risk office). MCE aims to issue financing facilities of 200 million euros in 2023 and 2024.
CS Investimenti, a search fund that Toby Sacchi Clarence-Smith launched in early 2019, acquired Italy’s Essedi, an Italian provider of videoconferences support and services (see here a previous post by BeBeez). Illimity financed the transaction. Essedi’s founders Sergio Cerri and Silvio D’Angelantonio will keep their operative roles.
EOS Investment Management fetched 80 million euros out of the sale of 27 renewable energy plants based in Italy with a total power of 32 MW (see here a previous post by BeBeez). Prejeance Industrial, a French portfolio company of Asterion Industrial Partners, acquired the assets.
Tages Capital acquired a 4 MW photovoltaic plant of and a 46.5 MW Aeolian farm based in Calabry and Sicily (see here a previous post by BeBeez). Earlier in May, Tages raised 477 million euros, well above the 350-400 million target.
Nutkao, an Italian manufacturer of chocolate cream and semifinished sweets products that belongs to White Bridge Investments, acquired Belgium’s competitor Boerrineke (see here a previous post by BeBeez). The target has sales of 14 million euros. Nutkao has revenues of 157 million, an ebitda of 11 million and a net financial debt of 63 million. Nutkao aims to grow further in BeNeLux, France and Germany. In 2018, White Bridge Investments acquired the majority of the company from the Braida Family who kept a minority together with a club deal that Banca Profilo arranged. Banco Bpm arranged a fronting financing facility that White Bridge, Antares and Green Arrow Private Debt took over.
Palladio Holding (PFH) acquired a minority of Bios Line, an Italian producer of natural cosmetics and food integrators, from the founder Paolo Tramonti (see here a previous post by BeBeez). Mediobanca and Ethica Corporate Finance assisted the vendors. The company attracted the interest of Idea Taste of Italy, Aksia, NB Renaissance Partners, Clessidra, White Bridge, and 21 Invest. Bios Line has sales of 35 million euros.
Deutsche Invest Capital Partners (DICP), acquired 75% of Pinsalab, an Italian B2B food company, sources said to BeBeez (see here a previous post by BeBeez). Claudio Campani, Gianluca Ghiaroni and Cristian Lin sold their stakes in the business. Fabio Grillo and Mauro Delle Vacche will reinvest with DICP in Pinsalab which aims to generate sales of 11 million euros in 2021.
Aksìa Group acquired Master, an Italian food company, from Adriano Bianco and Giovanni Favretto who will reinvest in the business and keep their roles of chairman and ceo (see here a previous post by BeBeez). Banca Ifis financed the transaction. Master has sales of 20.2 million euros with an ebitda of 2.3 million. The company may grow also through acquisitions.
Milan-listed NB Aurora, an investment vehicle of which Neuberger Berman is the main shareholder, acquired 42.75% of Exacer, an Italian specialty chemicals company (see here a previous post by BeBeez). After such a transaction, the company’s ceo Massimiliano Secchi will have the majority of Exacer. Dorvan Bevini sold his interest in the business which has sales of 5.5 million euros with an ebitda of 1.9 million and cash of 2.9 million.
TMCI Padovan, an Italian manufacturer of machinery for the production of wine, beers and drinks, acquired the competitor SAP Italia from the Radice family (see here a previous post by BeBeez). Synergo Capital is the owner of TMCI since 2014. SAP Italia has sales of 5.25 million, an ebitda of 2.2 million and net cash of 4.3 million. Paolo A. Bonazzi is the chairman of Synergo Capital.
Francesco Moccagatta is the new ceo of DC Advisory, a financial advisory that belongs to Japanese Daiwa Securities (see here a previous post by BeBeez). Moccagatta replaced Alberto Vigo in the role and has formerly been the chairman and managing partner of Alantra, a Milan-based M&A firms. On 1 Octber, Friday, Vigo joined Italian private equity Nextalia, a fund that Francesco Canzonieri created, as head of origination.
Epta, an Italian producer of commercial fridges that belongs to the Nocivelli (80%) and Triglio Godino (20%), aims to list on Milan market (see here a previous post by BeBeez). The company has sales of 908 million euros, net profits of 19 million and equity of 313 million. Epta will invest the raised resources also in M&A transactions.
Curti, a subsidiary of Italy’s Euricom (European Rice Company) that owns the brand Curtiriso, acquired Riso Flora from Colussi, an Italian food company (see here a previous post by BeBeez). Bruno Sempio is the chairman of Euricom who in 2019 acquired from Marbour Dutch Van Sillevoldt Rijst, Pollish Przedsiębiorstwo Rol-Ryż, and Italy’s Gariboldi. Earlier in August, Euricom received from UniCredit, Banco Bpm, Banca Popolare di Sondrio, and Cassa Depositi e Prestiti a financing facility of 95 million with a tenure of 6 years and the warranty of SACE. The company recorded a turnover of 650 million, an ebitda of 43 million and a net financial debt of 187.6 million.
Lifeanalytics, a subsidiary of Lifebrain, acquired Ecol Studio, a firm active in the field of analysis, consultancy and training aimed at protecting the environment, health and safety of people (see here a previous post by BeBeez). Claudio and Guido Fornari sold the Ecol Studio which has sales of 20.2 million euros and an ebitda of 3.6 million. Lifebrain’s controlling shareholder is Cerba HealthCare, a portfolio company of EQT and PSP Investments.
Italian Frozen Food Holding (IFFH), a company that Mandarin Capital Partners created in 2018, acquired Italy’s Farma&Co, a producer of gluten free bakery goods from the Betti Family (see here a previous post by BeBeez). Silvio Betti will reinvest in Italian Frozen Food Holding and hold the role of head of the company’s “free from” products. Farma&Co has sales of 3 million euros with a 20% ebitda. IFFH has revenues of 63 million.
PM&Partners sold Relevi, an Italian producer of households items, to Spain’s ProA Capital (see here a previous post by BeBeez). Relevi has sales of 75.9 million, an ebitda of 11 million and a net financial debt of 26 million. Banca Ifis, UBI Banca and Unicredit are the company’s lenders. PM&Partners acquired Relevi in November 2010.
Gruppo Florence, an Italian pole for luxury fashion that Vam Investments created together with Fondo Italiano d’Investimento and Italmobiliare acquired Metaphor Italy, an Italian textile company that belongs to Andrè Leruth (se here a previous post by BeBeez). Gruppo Florence appointed Massimiliano Tosi as ceo of Metaphor.
Nuo Capital, the holding of the Pao family based in Hong Kong, and Jakyval (the Luxembourg-based holding of Edouard, Julie and Blaise Guerrand) acquired 3.5% of Italian chocolate producer Venchi (see here a previous post by BeBeez). Tommaso Paoli will be a director of Venchi whose other shareholders are ceo Daniele Ferrero (24.95%), Nicolò Cangioli (17.62%), Giovanni Battista Mantelli (11.81%), Andrea Guerra (1.09%), Pietro Boroli (9.42%), Luca Baffigo Filangieri (10.63%). Venchi has sales of 71.5 million euros, an ebitda of 5.5 million, net losses of 3.5 million, and a net financial debt of 6.1 million.