Milan-listed Saipem, an energy infrastructure company of which Milan-listed ENI has 30.5% and Cassa Depositi e Prestiti 12.5%, sold to Scotland’s competitor KCA Deutag (KCAD) its drilling onshore activities for 550 million US Dollars and a 10% of the newco that will be born out of the transaction (see here a previous post by BeBeez). Since the end of 2020 KCAD has been controlled by the former lenders, who, following the debt restructuring, have acquired the entire capital, leaving warrants to the former controlling shareholder Pamplona Capital Management, founded by Alexander Knaster, and to the former minority shareholder, Al Qahtani Investments (AQI). While the other minority shareholders GoldenTree Asset Management, EIG Global Energy Partners and BlackRock have definitively left the scene.
On 3 June, Friday, ABN Amro Sustainable Impact Fund (SIF) announced the sale of MP Solar to Milan-listed ERG Power Generation, an Italian renewable energy company (see here a previous post by BeBeez). MP Solar owns 18 photovoltaic plants based in Italy with a total power of 34 MW. The closing of the acquisition is expected for July. The enterprise value of the target amounts to 128 million euros or a 7.7 EV/ebitda ratio. ERG has an ebitda of 399 million and aims to invest 2.9 billion (2.8 billion for the growth in the renewable energy sector).
On 1 June, Wednesday, RedBird Capital Partners announced the acquisition of iconic Italian football team AC Milan from Elliott Management (see here a previous post by BeBeez). The closing will take place by September 2022. AC Milan’s value amounts to 1.2 billion euros. Elliott will keep a minority (rumours say 30%) and will provide RedBird with a vendor loan of 200-300 million with a 6% -7% rate. Elliott will get a up to 6% reward if RedBird managed to sell AC Milan at a higher price. Press roumours said that Elliot may get an up to 500 million earn-out upon the achievement of financial targets.
Biondi Santi, an Italian wine producer that since 2016 belongs to EPI Wine & Champagne, acquired Italy’s competitor Isole e Olena from Paolo De Marchi (see here a previous post by BeBeez). EPI Wine & Champagne is an investment vehicle for the enological sector that belongs to French EPI. Mr. De Marchi will keep his role of chairman of Isole e Olena. Isole e Olena has sales of 4.8 million euros, an ebitda of 2.9 million and net cash in the region of 0.5 million.
White Bridge Investments announced the acquisition of the majority of CEI – Costruzione Emiliana Ingranaggi, an Italian producer of automotive components from Spare Partners, a sector club deal platform that Alto Parters launched in 2020 (see here a previous post by BeBeez). Banca Akros acted as financial advisor to White Bridge Investments while Banco BPM financed the transaction. Vitaliano Borromeo Arese (1.6%), Francesco Baggi Sisini (2.4%), Gerardo Braggiotti (3.2%), and Investitori Truck (9.5%) are further shareholders of Spare. Investitori Truck is a vehicle of Hydro Holding, a company that since 2018 belongs to NB Renaissance. Spare Partners acquired the majority of CEI in 2020 from the BoniFamily who kept a 20% of the business. CEI has sales of 61.4 million euros, an ebitda of 15.4 million and net cash of 13.4 million.
Italian Design Brands (IDB) acquired the majority of Gamma Arredamenti International from the founders Gabriele Ghetti and Carla Botti who will keep their management roles and reinvest for a minority (See here a previous post by BeBeez). Private Equity Partners, Paolo Colonna, Giovanni Gervasoni, Michele Gervasoni, and other investors founded IDB in 2015. Unicredit financed the transaction. Gamma Arredamenti International has sales of 26 million euros (90% export). IDB aggregate sales amount to 112 million (70% export), an ebitda of 18 million and a net financial debt of 15.5 millioni.
Gruppo Florence, an Italian luxury fashion pole of which Vam Investments, Fondo Italiano Consolidamento e Crescita – FICC (part of Fondo Italiano d’Investimento – FII) and Italmobiliare own 65%, announced the acquisition of Barbetta’s majority from the eponymous Family that reinvested for a minority (see here a previous post by BeBeez). Gruppo Barbetta is a company that Luciano Barbetta and his wife Ileana founded in in 1973 and that manufactures high-end jersey made clothes for luxury brands. Barbetta has sales of 41.9 million euros, an ebitda of 5.5 million and a net financial debt of 1.96 million.
Italian midmarket private equity 21 Invest acquired the majority of Energreen, an Italian producer of machinery for professional and urban gardening (see here a previous post by BeBeez). Sources said to BeBeez that 21 Invest acquired a large majority of Energreen from the Fraron family. Brothers Lino and Ivo Fraron founded Energreen in the late ‘90s. For 2022, the company set target revenues of 70 million euros ahead of doubling such a figure through the international expansion especially in USA.
Caronte & Tourist, an Italian shipping company of which Basalt Infrastructure Partners has a stake, sold the ro-pax vessel Epsilon to Poland’s Euroafrica for 50 million euros (see here a previous post by BeBeez). Caronte & Tourist acquired Epsilon in March 2019 from Visentini with a financing facility of 34 million euros that Banco BPM provided with the warranty of SACE. Earlier in April, the Italian Authority Antirust imposed a 3.7 million fine on the company for exploiting its market power to charge unjustifiably high prices to consumers on the Strait of Messina connection. Caronte&Tourist was born in 2003 out of the merger of Caronte with Tourist Ferry Boat. Basalt Infrastructure acquired 30% of Caronte&Tourist in 2019 through the subscription to a capital increase and the purchase of shares from the Franza and Matacena Families, who keep a 35% each. The company has sales of 203 million, 125.7 million, an ebitda of minus 31.5 million and a net financial debt of 74.3 million.
VeNetWork, a network of 65 Veneto-based entrepreneurs, launched a vehicle for investing in the production of specs and components for the industry (see here a previous post by BeBeez). Venevision, the holding of VeNetWork for the Italian eyewear sector, acquired Fotomeccanica (an Italian laser cutting company) from the Bastianon family. Be Advisor (fka Berto & Associati) assisted VeNetWork while Fotomeccanica hired BModel. The target has sales of 6 million euros, an ebitda of 0.6 million and net cash of 1.7 million. Maurizio Bastianon will keep his ceo role.
Concordia, a subsidiary of HOFI (Holding Funeraria Italiana), the investment vehicle of Augens Capital and BMO Global Asset Management for the funerals sector, acquried 70% of Italy’s funeral house Bondoni (see here a previous post by BeBeez). Marco Bondoni will keep a 30% of the business and his director role, while Stefano Bellinazzi will act as ceo. HOFI and Concordia received assistance from law firm LMS, Advanced Consulting and Studio Sampietro. The Bondoni Family hired law firm Bocci. The target has sales of 2.4 million euros.
Green Arrow Capital announced to have signed a commercial agreement with Paris-listed Société Générale for pitching Green Arrow Infrastrutture per il Futuro (GAIF) with institutional investors (see here a previous post by BeBeez). Eighteen months after its launch, GAIF raised 261.5 million euros ahead of a target of 500 – 750 million. In December 2020, Eugenio De Blasio, the cofounder and ceo of Green Arrow, said to BeBeez that GAIF had already raised 100 million, while a few weeks later, the vehicle announced to have raised 140 million. BeBeez reported the launch of GAIF in August 2019.
KYMA Investment Partners rebranded as KYIP Capital and said to have raised 130 million euros at the third closing of its fund that aims to support the digital trnsformation of Italian SMEs ahead of the final closing for 3Q22 (See here a previous post by BeBeez). Luciano Hassan, Gianluca Losi, Carlo Privitera, and Michele Fontana Sabatini founded KYIP in November 2020. Sources said to BeBeez that the fund attracted 30 million from Fondo Italiano di Investimento, 40 million from the European Investment Fund, 10 million from Cassa Forense (the pension fund of Italian lawyers), 5 million from Banco BPM, and 50 million from private investors, family offices and HNWI.
Investcorp-Tages Impact Fund, an investor in private equity, raised 60 million euros to allocate in impact vehicles (80% of the resources) and direct co-investments with firms that target Europan deals (20%) (see here a previous post by BeBeez). Investcorp-Tages is a global multimanager investment company that Investcorp and Tages Group launched as an even joint venture. In July 2021, the company already raised 40 million.
Cherry Bay Capital Group (CBC), a Montecarlo-based multifamily office, launched Cherry Bay Capital Investment Club, a club deal platform with a pledge fund strategy (see here a previous post by BeBeez). Cherry Bay Capital Investment Club launched a capital increase that will end in late June. Investors may pour tickets of 50k -500k euros, for up to 5% of the future investment opportunities. The vehicle already raised almost 3 million ahead of a final target of 100 million to invest in 3-5 years in minorities of Italian SMEs. Mattia Rossi and Luca Morandi head Cherry Bay Capital Investment Club. Martina Grossi and Luigi Capitani are also part of the company. Ettore Riello, Bernardo Cassia and Michele Padovani (co-founder) are part of the board of Cherry Bay Capital Group.
Monforte Capital Partners, an Italian search fund that Simone Botti and Marco Polato launched with the support of other investors, entrepreneurs and managers, raised 600k euros (see here a previous post by BeBeez). Grimaldi and Eptalex acted as legal counsel and tax advisor. Monforte Capital attracted the resources of Vonzeo Capital, Istria Capital, Alza Capital, JB46, Search Fund Club, Simon Webster, and other Italian and foreign investors. The fund aims to acquire a manufacturing or service company with 5 – 40 million sales, high margins, recurring and growing sales, and solid cash flows.
From 1 July, Friday, Carlo Roncalli will head the Italian operations of Blackstone’s Private Wealth Solutions division (see here a previous post by BeBeez). Mr. Roncalli previously worked for Neuberger Berman as Vice President Client Group Italy and as Senior Vice President. Before then, he acted as Sales Director for Janus Capital (2012 – 2014) and worked for JP Morgan AM (2006 – 2012).
The European Council published its position about a review of the regulation of the ELTIF sector (see here a previous post by BeBeez). The Council aims to channel more funding to SMEs and long-term projects by removing existing constraints on the portfolio composition of ELTIFs, especially those exclusively available to professional investors; make the ELTIFs more attractive to retail investors; keep high standards of investor protection and full disclosure of risks.