The single tlc network project, as envisioned by CDP Equity, Open Fiber, Macquarie Asset Management, TIM and KKR, went definitively into the dust this week. And likewise, the expectations of a full takeover bid on TIM completely receded. Indeed, during his speech in Rome on November 30th at 5G Italy, the international conference promoted and organized by CNIT (National Interuniversity Consortium for Telecommunications), Undersecretary to the Minister of Enterprise and Made in Italy, Alessio Butti, said. Actually Mr. Butti made it clear that there are no economic conditions to proceed with the Memorandum of Understanding for TIM’s network and that the totalitarian opa is a fantasy (see here a previous post by BeBeez). Until November 30th early morning it was thought that the single network project was still on the table, although not on schedule, since on Nov 29th a note, signed by the Minister of Enterprise and Made in Italy (formerly MISE), Adolfo Urso, and Mr. Butti explained that the government was taking more time until Dec. 31st to decide on Cassa Depositi e Prestiti’s offer to integrate the networks of TIM and Open Fiber and thus create a single national network (see here a previous post by BeBeez). The note also called on all the key players in the affair to sit down at a table to define “the best viable market solutions to maximize the interests of the country, the companies involved and their shareholders and stakeholders, taking into account existing national and European regulations and economic, financial and employment balances”. That’s why on Nov. 30th morning CDP Equity, Macquarie and Open Fiber responded with a joint statement in which they aligned themselves with the government’s decision and said they “consider it appropriate to postpone the deadlines set out in the Memorandum of Understanding related to the integration project between the networks of TIM and Open Fiber signed on May 29, 2022 also with TIM and KKR, and express as of now full willingness to participate in the aforementioned working table.
Schema Alfa (65% Benetton family, 35% Blackstone) closed the last step of its tender offer on Milan-listed Atlantia (see here a previous post by BeBeez). Schema Alfa now owns 95.933% of Atlantia and will carry on the squeeze out and the delisting in the first half of December.
On 23 November, Wednesday, Italian IT company Engineering launched the awaited public offer of Milan-listed competitor Be Shaping the Future (see here a previous post by BeBeez). Bain Capital, NB Renaissance and NB Aurora are the owners of Engineering. The offer will end on 16 December, Friday. Engineering will pay 3,45 euros per share for an equity value of 441 million euros and an enterprise value of 483 million (2.1x sales o 13x ebitda) .
Anna, Riccardo and Andrea Illy acquired the stake of 20.7% that their brother Francesco held in the family holding that owns IllyCaffè and Polo del Gusto (see here a previous post by BeBeez). The buyers hired SabelliBenazzo, Simonelli Associati and Studio Legale Biscozzi Nobili Piazza. Francesco Illy hired Alantra, Studio BonelliErede, Studio Paoloni & Associati, and Studio Legale Salvatore Francesco Donzelli. Earlier in August, Bebeez reported that the siblings were close to reach an agreement.
Eni has signed with BF spa, an investment holding company listed on Euronext Milan, a collaboration agreement to evaluate the development of crops suitable for energy production in Italy, recovering degraded, abandoned or polluted land, without competing with the food chain (see here a previous post by BeBeez). BF spa is an agro-industrial group, having in its perimeter all the subjects of the supply chain from genetics, up to its own brand, passing through the ownership of the land, industrial processing plants, a technology company for precision agriculture, and the network of Consorzi Agrari d’Italia. Ownership of the land (over 11 thousand hectares distributed mainly in 3 regions Emilia Romagna, Tuscany and Sardinia) is under the subsidiary Bonifiche Ferraresi. This decision follows the two major agreements that the holding company made with Eni and Intesa Sanpaolo a year ago that provided for the latter to invest 60 million euros at various levels in the BF Group. BF spa is also anchor investor of the new Fondo Italiano Agritech & Food (FIAF) managed by Fondo Italiano d’Investimento sgr.
Star Capital acquired the majority of Edicom, an Italian manager of insolvency auctions, from Stefano Castagna and Gennaro Brancaccio who will keep a minority and their managemenr roles (see here a previous post by BeBeez). Sella Corporate & Investment Banking, Studio Associato Ferrari Pedeferri Boni e Soci and Belluzzo International Partners assisted Edicom. Star Capital retained as advisors Giliberti Triscornia e Associati, Deloitte, Russo De Rosa e Associati, and ERM Italia.
Tre Zeta Group, an Italian producer of components for high-end shoes that belongs to Koinos Capital sgr, acquired Italian competitor Stil Stampi from Luca Longhin, Stefano Vettorato and Roberto Vettorato that will keep their operative roles (see here a previous post by BeBeez). Tre Zeta has sales of 37.7 million euros, an ebitda of 2.9 million and a net financial debt of 10.7 million
BIP (Business Integration Partners), a consultancy firm that since 2021 belongs to CVC Capital Partners, acquired FC Italia, an Italian provider of certifications for the automotive sector (see here a previous post by BeBeez). The target’s managers Paolo Cavinato, Francesco Preti, Sabrina Casarsa, Maria Paola Borriello, and Giorgio Trischitta sold their stakes. BIP retained Studio Legale Bertacco Recla & Partners, Studio Legale Michelini, and Trotter Studio Associato. FC Italia has sales of 2 million euros, an ebitda of 0.2 million and net cash of 0.5 million.
NeoApotek, an Italian network of drugstores that the Riva-Cocchi-Passoni created in 2019 with the support of Banca Profilo, is holding exclusive talks with PAI Partners (see here a previous post by BeBeez). The company’s advisor Rothschild also received the offers of Eurazeo and EQT on the ground of an enterprise value of 700 million euros.
MinervaHub, an Italian producer of components for luxury items that was born earlier in April out of the merger of Ambria Holding and XPP Seven, has attracted non-binding offers for the auction that Rothschild is handling (see here a previous post by BeBeez). The asset attracted the interest of CVC Capital Partners, Carlyle, Investindustrial, and TowerBrook Capital Partners on the ground of an enterprise value of above 500 million euros. MinervaHub has sales of 180 million, an ebitda in the region of 50 million and net profits of 15%.
Czechoslovak Group (CSG) acquired 70% of Fiocchi Munizioni, an Italian bullets producer, from Charme Capital Partners (see here a previous post by BeBeez). The Fiocchi family and Charme retained a minority of the business. Dentons acted as legal advisor to CSG. The Fiocchi Family retained Bird & Bird, Charme Capital Partners hired Gatti Pavesi Bianchi Ludovici and Spada Partners. Fiocchi Munizioni has sales in the region of 280 million euros.
Orienta Capital Partners acquired the majority of Polyform Composites, an Italian producer of aerospace components, from the Boscolo family (see here a previous post by BeBeez). Orienta Capital Partners hired as advisors Deloitte (financial and tax due diligence,) MAYS International (business due diligence and financial), Shearman & Sterling (legal), and EY (debt advisor). Polyform has sales of 16 million euros with an ebitda in the region of 0.368 million
HIG Capital beaten the competitors for the acquisition of Polygon (fka Tecnologie Sanitarie), an Italian producer of medical devices, from the Zanzi family (see here a previous post by BeBeez). Polygon has sales of 116.7 million euros, an ebitda of 27.3 million, net profits of 19.8 million, net cash of 61.2 million and equity of 89.2 million. Vitale & Co auctioned the asset
Gruppo MGM, an Italian producer of sneakers that belongs to the Foglio (56.36%) and Congiu Families (46.34%) acquired Romania’s competitor Rekord, a company that Alcide Giacometti founded in 1994 (see here a previous post by BeBeez). The buyers financed the transaction with a capital increase and the support of Clessidra Private Debt, Smart Capital, SIP, and Brixia Finanziaria. The buyers also issued a bond that Clessidra Private Debt, Banca Ifis, Anthilia Capital Partners, and Veneto Sviluppo subscribed.
The Moretti family acquired back from FSI a 35% stake in Lumson, an Italian packaging company (see here a previous post by BeBeez). The fund invested in the business in 2018. The family financed the transaction with senior bonds that Anima Alternative and Oquendo Capital subscribed. Lumson has sales of 130 million euros.
Cassandra Investments, a firm that Emanuele Charalambis and Riccardo Donadel created in October, raised 0.64 million euros for its search fund (see here a previous post by BeBeez). The vehicle attracted the resources of Vonzeo Capital, Ambit partners, JB46, Search Fund Club, Vito Giurazza, Antonio Zotti, Alessandro Pace, Sandro Mina, Tobias Raeber, and Thomaz Conde. Cassandra aims to acquire an Italian SMEs with a 15 – 40 million euros transaction value.
The Riverside Company acquired Italian food company Canuti Tradizione Italiana as add-on for the portofolio company Il Pastaio di Brescia (see here a previous post by BeBeez). Studio MBA acted as M&A advisor to Riverside. Canuti retained Studio Cortellazzo & Soatto (tax) and SAT (legal and corporate). Pasquale Maestri and Angelo Zampedri kept 25% of Canuti which generates abroad 45% of its 8.3 million sales and its ebitda amounts to 1.4 million
Briolf Group, a Spanish chemical company, acquired Areco Italia, an Italian producer of painting, from Paolo Raffaghello (see here a previous post by BeBeez). Areco retained Translink Corporate Finance and Laways as financial and legal advisor. AZ Capital acted as financing advisor to Briolf which expects to generate sales of 220 million euros.
Rinaldo Sassi, ceo of the Italian network of independent advisors and family office Scouting Tra Partners Group, said to BeBeez that he finds convenient to open bureaus in several Italian cities (see here a previous post by BeBeez). The company recently opened a branch in Turin.
