Bnl Bnp Paribas Private Banking and Wealth Management (BNL) signed an agreement for distributing to its clients the BlackRock Private Equity Opportunities ELTIF, a vehicle through which BlackRock will invest in unlisted assets together with international private equity funds (see here a previous post by BeBeez). BeBeez said in its Insight View of March 2019 (find out here how to subscribe to BeBeez News Premium for just 20 euros per month) that BlackRock had launched an Eltif targeting the Italian private bank clients. The least investment ticket is of 125,000 euros. This is to be read in the same framework that see many italian privte bank and tradizional asset manager to look at private assets as a solution to offer higher yields to their clients. Banca Generali too said actually a few days ago that the bak is working at the launch of its own Eltif by the end off March 2020 (see here a previous article by BeBeez). Stefania Peveraro, the chief editor of BeBeez, detailed about the private market products for private banking clients in her book “Private Capital. Esperienze e soluzioni. Ecco perché la finanza alternativa funziona” (click here for free download) of which EdiBeez is the publisher.
Cdp, Assofondipensione, and Fondo Italiano d’Investimento (FII) are boosting the launch of Progetto Economia Reale (PER), a platform that aims to funnel the resources of pension funds towards the real Italian economy through vehichles of private equity, private debt and infrastructures investors (see here a previous post by BeBeez). PER has a fundraising target of 500 million euros on top of the 550 million amount that CDP already invested in private equity and private debt funds. The pension funds have resources of 100 billion euros. The chairman of Assofondipensione Giovanni Maggi previously said that PER should have resources of one billion with Cdp that could provide 30% – 50% of such amount together with six pension funds.
UK infrastructures investor Equitix, acquired four hospitals from Astaldi, Techint, and Impresa Pizzarotti (see here a previous post by BeBeez). Equitix acquired 98% of SA.T, the owner of the concession for the development and project financing management of Ospedale di Lucca, Ospedale di Pistoia, Ospedale di Prato, and Ospedale di Massa-Carrara.
Natuzzi, the NYSE-listed Italian furniture producer, hired Mediobanca for selling non-core assets in the next 12-18 months (see here a previous post by BeBeez). Natuzzi has sales of 428.5 million euros, an ebitda of minus 15.5 million (minus 12.6 million yoy), and a gross financial debt of 56 million. The company’s main lenders are Ubi Banca, Banca Popolare di Puglia e Basilicata, and Banco Bpm.
Banca Farmafactoring (BFF) is considering the launch of an offer in cash and equity for DEPOBank, whose advisor is JPMorgan (see here a previous post by BeBeez). Nexi, the Milan-listed payment company, spun off DEPOBank in July 2018. Private equity funds Advent International, Bain Capital, and Clessidra control Nexi through Equinova UK Holding Limited. DEPObank’s owners would become Farmafactoring’s shareholders together with private equity Centerbridge (21.77% owner).
Marco Eccheli is the new managing director of AlixPartners bureau in Milan (see here a previous post by BeBeez). Eccheli joined AlixPartners in 2015 and will lead the firm’s Consumer Goods & Retail unit. The manager previously worked for Bain & Company Italia and Kraft Foods.
Italmatch Chemicals, a portfolio company of Bain Capital, acquired RecoPhos Project Technology from Israel Chemicals (see here a previous post by BeBeez). In July 2018, Bain Capital acquired Italmatch Chemicals from Ardian which both the company from Mandarin Capital Partners and the Malacalza Family in 2014. The company has been part of Investindustrial’s portfolio between 2004 and 2014. Since 2016 Italmatch acquired assets from Chinese Jiayou Chemical Co., US Detrex Corporation, FRX Polymers, Compass Chemical International, Water Science Technologies, Brazilian Sudamfos do Brasil, French Magpie Polymers, Belgium’s Solvay, UK’s BWA Water Additives, Norway’s Eco Inhibitors. Itamatch has sales of above 650 million euros. Italmatch is a company monitored by BeBeez Private Data (find out how to subscribe for only 110 euros a month)
The shareholders of private equity firm Principia sgr rejected the acquisition offer that received from Milan’s advisory and investment firm Ethica Group (see here a previous post by BeBeez). Antonio Falcone resigned from his role as ceo of Principia in September 2019 even though he still owns a stake of 18% in the company. Principia sgr manages Principia III Health Fund which raised 206 million euros in 2014. The fund’s LPs are Enpam (the pension fund of doctors and dentists, that invested 150 million euros), Cnpadc (the pension fund of Italian chartered accountants that invested 10 millions), and the pension funds of the employees of Bnl, Intesa Sanpaolo, and of BCC (which invested 25 million). The managing company has not yet replaced Falcone, who is now equity partner and chief investment officer of Cube-Labs.
Impresa San Siro American Funerals, an asset of Augens Capital and BMO Global Asset Management, acquired 70% of competitor Onoranze Funebri Serpi Fabio (see here a previous post by BeBeez). Giorgio and Aldo Serpi will keep their roles as the target’s directors. Serpi has sales of 1.7 million euros and an ebitda of 0.3 million. Andrea Cerato, the chairman of Impresa San Siro, said that the company is interested in further buys. Augens Capital and BMO Global Asset Management acquired 80% of San Siro in 2019 from Andrea and Massimo Cerato, the sons of the founder Alcide, who kept a 20%
Pantofola d’Oro, an Italian producer of sport shoes, hired Jast Capital for finding a buyer of the stake of 20% that belongs to Mercurio Capital Partners (see here a previous post by BeBeez). Press reports say that the whole company is worth 6.5 – 9 million euros and may be of interest to Puma. Cristiana Benigni and the ceo Kim Williams own 51% and 29%. Pantofola d’oro has sales of 3.9 million, an ebitda of minus 1.1 million, and net cash of 0.55 million. In June 2008 Mercurio Capital Partners acquired 20% of the company together with Lapo Elkann, Andrea Tessitore, and Giovanni Accongiagioco through the subscription of a capital increase.
Italian investment holding Capex acquired 25% of FlavourArt from the founders Massimiliano Mancini and his wife Anna Facchino (see here a previous post by BeBeez). Marco Garro and Salvo Mazzotta head Capex. FlavourArt, a producer of liquid aromas, is born in 2006 and has sales of 16 million euros with an ebitda of 4 million. The company generates 50% of its turnover in Usa and 50% in Europe and the rest of the world. FlavourArt may carry on further acquisitions.
Sinergia Holding, a vehicle that belongs to Paolo Alessandro Bonazzi, Simone Crolla (the managing director of the American Chamber of Commerce in Italy), Gabriel Monzon Cortarelli (a partner of Orrick Law Firm), Alessandro Ermolli (a seasoned M&A banker), acquired 80% of private equity firm Synergo sgr (see here a previous post by BeBeez). Gianfilippo Cuneo, the founder of the firm, sold all his stake while Italian Mezzanine kept a 20%. Cuneo, a bespoke consultant and a veteran of the investment sector, is the chief investment officer of Boutique Italia, an investiment holding that targets Italian SMEs that aim to list on Aim, and is salso part of IPE (Investimenti in Private Equity)
Italian infrastructure investor F2i aims to sell 30% of EF Solare, a provider of photovoltaic energy (see here a previous post by BeBeez). The stake could be worth 600 million euros on the ground of an enterprise value of 2 billion. The fund may start such a sale once closed the acquisition of Spain’s Renovalia from Cerberus Capital Management through EF Solare Italia. Renovalia’s value is in the region of 700 million
The public offer of Apollo Global Management for Milan-listed gambling company Gamenet will start on 27 January, Monday (see here a previous post by BeBeez). Apollo acquired 66.97% of Gamenet in December 2019 from Trilantic Capital Partners Europe, the Chiarva Family (28.7% owner), and Intralot Italian Investments (20%) at 12,5 euros per share or 182.5 million. However, at the closing on 16 December, Apollo paid 13 euros per share or 189.8 million. Gamenet has sales of 778.1 million and an ebitda of 145.1 million. In 3Q19 the company posted a turnover of 531.2 million, an ebitda of 118.8 million, and a net financial debt of 412 million
Raffaele Cappiello, the special commissioner of Italian troubled fashion house Stefanel, aims to look for new investors for the company (see here a previous post by BeBeez). The Italian Ministry for Economic Development (Mise) will decide in 30 days whether to accept the business plan of Cappiello or ask for further information. On 12 September 2019, Venice Court accepted Stefanel application for receivership. I Stefanel has been alredy in distress in 2016 and in September 2017 Oxy Capital and Attestor Capital acquired 71% of the business (Giuseppe Stefanel kept a minority)through the subscription a capital increase of 10 million euros as part of a debt restructuring agreement of the company with its stakeholders that TrevisoCourt accepted in October 2017. However, the funds failed to relaunch the business.
Cadicagroup, a producer of labels and tags for premium and absolute luxury fashion brands that belongs to HIG Capital, acquired the majority of Italian packaging producer Scatolificio Cartotecnica Giorgi (See here a previous post by BeBeez). MPS Capital Services, Banca Ifis, and UBI Banca financed the transaction. In April 2019, HIG acquired Cadica, Tessilgraf, and Bernini and created Cadicagroup. Scatolificio Cartotecnica Giorgi is the second add-on for Cadicagroup, who acquired Estro in July 2019. Scatolificio Cartotecnica Giorgi has sales of 5.67 million euros, an ebitda of 1.86 million and debts of 0.777 million. Raffaele Legnani, the managing director of HIG Capital in Italy, said that Cadicagroup is interested in further acquisitions
Bruin Sports Capital aims to sell Deltatre, an Italian provider of sport data (see here a previous post by BeBeez). Evercore is handling the sale process and expects two-digits multiples non-binding offers by the end of this week. The asset could attract the interest of Eqt, Ardian, Permira, Bc partners, Apax, and Bain Capital. Deltatre has sales of 51.7 million euros, an ebitda of 6.6 million, and net cash of 0.496 million. In November 2018, Deltatre paid 112 million for acquiring Massive Interactive,a provider of technology for leisure and sport communication. Bruin Sports Capital paid 122 million for acquiring 51% of Deltatre in July 2016 from Mediacontech (fka Euphon) of which Synergo had then 78.371%. The sale of Deltatre was part of the debt restructuring agreement that Mediacontech signed with its lenders.