Bain Capital acquired the control of Engineering Ingegneria Informatica from 88% owners Apax and NB Renaissance, which delisted the company from Milan market in 2016 (see here a previous post by BeBeez). Apax fully sold its holding, but NB, the company’s ceo Paolo Pandozy, and other managers will reinvest for a minority. Engineering’s founder Michele Cinaglia sold his 12% stake, but will keep his role in the business. Engineering enterprise value is of 1.5 – 1.6 billion euros (846.5 million in 2016) or 9.5-10 C the adjusted ebitda in 2019. Stefano Bontempelli and Michele Quaranta, Senior Partner and Partner of NB, said that the company is interested in further acqusitions.
Centerbridge Partners aims to acquire Zobele, an Italian producer of insecticides (See here a previous post by BeBeez). The fund aims to incorporate Zobele with its US portfolio company Kik Custom Products. DH Private Equity Partners (fka Doughty Hanson) hired Guggenheim Partners for selling its 75.6% stake in Zobele. In early 2013, the company issued a minibond of 180 million euros for refinancing the credit lines that lenders issues in 2006 as a support of the buyout of DH. The Luxembourg-listed bond is due to mature in February 2018 and pays a 7.875% coupon. In February 2017 Zobele repaid the bond and refinanced its liabilities with a syndicated loan of 210 million that Interbanca, Hsbc, Natixis, and Unicredit issued. Zobele has sales of 400 million (+ 17% yoy) with an above 10% ebitda.
Stirling Square hired Rothschild for selling Itelyum, a business born out of the merger of Viscolube with Bitolea (see here a previous post by BeBeez). In 2019, Itelyum reached an ebitda in the region of 60 million euros while in 2018 sales have been of 139.7 million, ebitda of 25.7 million, net losses of 7.38 million, net banking debts of 95.3 million, and equity of 31.2 million. Stirling Square acquired the majority of Viscolube in December 2011 from Rietschaar and Giorgio Carriero, who kept a minority and previously purchased the asset from Eni. In 2012, Clessidra accquired 80% of Bitolea from the Intini Family who kept 20% of the business. In July 2017, Clessidra sold Bitolea to Viscolube and the Intini Family sold its stakes.
Cold Chain Capital Holdings Europe (CCHE) acquired Roen Est from US private equity DE Shaw Global (see here a previous post by BeBeez). Roen Est, a producer of heat exchangers, has sales of 35 million euros (two thirds of them generated abroad) and an ebitda of 3.3 million. Giovanni Bordin is the ceo of Roen Est since 2012. CCC Hodings Europe is a club deal vehicle whose leader is Greg Deldicque, a seasoned entrepreneur in the sector of HVACR (Heating, Ventilation, Air Conditioning, and Refrigeration). Didier Da Costa, Eric Parrot and Jean-Pierre Xiberras are CCHE senior consultants, while Italmobiliare and Luca e Alberto Pretto are investors in the firm. Deldicque said that CCCHE aims to acquire three to five assets in the next 24 months for creating a HVACR group with sales in the region of 200 million. In 2007, Sofipa, that later sold to Synergo, acquired Roen Est. In December 2015, Synergo sold Roen to DE Shaw Global, which acquired the company’s senior debt with GE Interbanca, Ikb, and Bnp Paribas. DE Shaw covered the company’s losses and converted its credits in a subordinated financing of the shareholders amounting to 8 million, and invested 1.5 million in a capital increase. After the transaction, Ron’s equity amounted to 13 million, without any mid and long term debt and short-term credit lines of 4 million.
EQT aims to fetch one billion US Dollars out of the sale or the listing of Limacorporate, a producer of orthopaedic protheses (see here a previous post by BeBeez). Morgan Stanley and Credit Suisse are exploring options for the company that Gabriele Lualdi founded in 1945. The Lualdi Family, Ardian, NB Reinassance, and Mir Capital sold Limacorporate in December 2015 to EQT, while ceo Luigi Ferrari kept a minority of the business. In August 2017, Limacorporate issued two Milan-listed bonds amounting to 275 million euros aimed at refinancing resources that borrowed mainly from Unicredit and Ubs in early 2016 for supporting the buyout of EQT. Limacorporate has sales of 205.8 million euros, an adjusted ebitda of 50.2 million, and a net financial debt of 270 million. EQT is one of the private capital investors that BeBeez Private Data monitors. Find out here how to subscribe for the Combo version that includes BeBeez News Premium.
Aston Martin Lagonda Global Holdings said that Lawrence Stroll and a pool of investors acquired 16.7% of the company through a reserved capital increase and another injection of fresh resources amounting to 500 million British Pounds (See here a previous post by BeBeez). Stroll will be the executive chairman of Aston Martin and will replace Penny Hughes. The company has debts of 800 million mainly due to the investment for launching the luxury SUV model DBX. The pool of investors that Stroll leads includes André Desmarais (former ceo of Power Corp. Canada), Michael de Picciotto (vicepresident of the Supervisory Board of Engel & Volkërs), Silas Chou, John Idol, Anthony Bamford, and John McCaw. Aston Martin’s main shareholders are Investindusrial and Kuwait’s Adeem/Primewagon (50.5%)
Alpha Private Equity hired Mediobanca to sell 60% of Remazel Engineering, a producer of machinery for the energy sector (See here a previous post by BeBeez). Remazel Engineering is born in 2010 out of the merger of Zambetti and Lumina with Rema Engineering. Alpha acquired 60% of the business in 2014, while Miro Radici Family of Companies, Media Finanziaria di Partecipazione, and Gianfranco Gamba have 40%. In May 2019, Remazel Engineering acquired Concrane. The company has sales of 57.2 million euros, an ebitda of 11.3 million, and net cash 17.7 million. Alpha promoted Paolo Magni as partner and Pasquale Cavaliere as director for Italy (See here a previous post by BeBeez). Alpha Private Equity is one of the private capital investors that BeBeez Private Data monitors. Find out here how to subscribe for the Combo version that includes BeBeez News Premium.
Fedrigoni, an Italian producer of special paper and labels that belongs to Bain Capital, acquired Italy’s competitor Ritrama from the Rink Family that will keep the company’s North America subsidiary (See here a previous post by BeBeez). Ritrama has sales of 400 million euros. After such a transaction Fedrigoni sales will be in the region of 1.6 billion. Marco Nespolo is the ceo of Fedrigoni. Bain Capital acquired a controlling stake of Fedrigoni in December 2017 for 650 million and financed the buy with a bridge loan that refinanced in 2018 through a 455 million bond and another bond in July 2018 for 125 million. Fedrigoni has sales of 1.2 billion.
Acetaia Fondo Montebello, a vinegar producer of which Bemycompany Capital Partner owns a controlling stake, acquired US 7 Import&Export (See here a previous post by BeBeez). The target is a distributor of made in Italy wines. In October 2029, Bemycompany Capital Partners invested 0.25 million euros through a capital increase for acquiring a stake of 8% in Acetaia, whose CEO is Francesco Piccolo. Antonio Quintino Chieffo, the CEO di Bemycompany, said that Acetaia aims to acquire further targets in USA. The Piccolo-Cantile Family acquired Acetaia Fondo Montebello in 2013. The company has sales of 0.912 million euros and an ebitda of 0.17 million.
CRIF, a corporate credit intelligence provider, acquired from Andrea Cinelli the whole of Inventia, an Italian provider of Digital Onboarding and biometric services (See here a previous post by BeBeez). Enrico Lodi is the new ceo of Inventia of which CRIF acquired a controlling stake in March 2019. Inventia has sales of 1.6 million euros and an ebitda of minus 0.133 million.
Ethica Global Investments, the club deal vehicle of Ethica Group that Cosimo Vitola and Fausto Rinallo head, acquired Italian textile business Lanificio dell’Olivo (See here a previous post by BeBeez) and 67.5% of Resitape (See here a previous post by BeBeez). Vittoria Varianini (chairman), Fabio Campana (ceo), Gianluca Bazzi (cfo) and Pierluigi Biagini (cto) will keep their roles in Lanificio from which Gradiente and the Taddeucci Sassolini Family carried on an exit. Gradiente acquired the asset in July 2015 and sold it at 6-7 X ebitda through a leveraged buyout that MPS Capital Services financed. Lanificio has sales of 18.45 million euros, an ebitda of 2.3 million, and net cash of 0.927 million. Clara Poli and Noel Murray sold instead their interest in Resitape and reinvested for a 23%, while the managers and other investors have the remaining stake. Unicredit financed the acquisition with a senior credit line. Resitape has sales of 7.6 million and an ebitda of 0.481 million. Ethica Global Investments has resources of 70 million to invest in Italian SMEs ahead of a target of 100 million. Italglobal Partners, a company that Ruggero Jenna and Francesco Sala founded, manages Ethica Global Investments which is one of the private capital investors that BeBeez Private Data monitors. Find out here how to subscribe for the Combo version that includes BeBeez News Premium.
Cartiere Carrara, the owner of tissue brands Tuscany and BulkySoft, acquired Carind and Crc from the Caldaroni family (see here a previous post by BeBeez). The two targets have an aggregate turnover of 35 million euros and will boost the sales of Gruppo Cartiere Carrara to above 300 million. Mario Carrara, the head of business deveolpment of the buyer, said that the company is interested in further acquisitions.
Chinese Guangdong DongFang Precision Science & Technology (GDF) acquired 60% of Italian BP Agnati (see here a previous post by BeBeez). Gruppo Brivio Pierino acquired BP Agnati ten years ago. BP has sales of 40 million euros nel 2019. In 2019, GDF acquired Spain’s Tiruna. Alberto Brivio, is the ceo and owner of BP Agnati. Massimiliano Bianchi, is the ceo of Fosber Group, the Italian subsidiary of GDF.
Affide (fka Custodia Valore – Credito su Pegno), part of Austrian art auctioner Dorotheum, paid 38 million for acquiring InPegno from CreVal (see here a previous post by BeBeez). In November 2019, Banca Sistema paid 34 million for acquiring the credit upon pledge unit of Intesa Sanpaolo and integrated it with ProntoPegno.
Rothschild, the advisor that BCPartners hired for selling Cigierre – Compagnia Generale Ristorazione, will start the auction process in March (See here a previous post by BeBeez). Cigierre is the owner of restaurant chains Old Wild West and Temakinho. Vendors called off an auction in 2018, as the Italian Government was planning to bound shopping centres to close on Sundays. The auctioneer decided for such a timing in order not to overlap with the sale process of Golden Goose, an Italian fashion firm that belongs to Carlyle and that expects binding offers worth 1 – 1.2 billion euros by 10 February, Monday. Both assets may attract the interest of Permira. In previous auctions, Rothschild and JP Morgan received bids in the region of 700 million for Cigierre. However, the current asset value could be of 600 million. Further potential buyers are Carlyle, Onex, and Cinven. Cigierre sold a stake of 85% to BCPartners in November 2015 on the ground of an enterprise value of 310 million. The founder and ceo Marco Di Giusto and other investors have 15% of the asset. Cigierre has sales of 306.6 million, an ebitda of 45.57 million, losses of 15.65 million, an banking debts of 256.9 million. The company also own the restaurant chains American Graffiti, Pizzikotto, Weiner Haus, and Temakinho.
London wealth manager 1Oak Group opened a bureau in Rome ahead of a second opening in Milan (see here a previous post by BeBeez). The firm’s ceo and co-founder Giovanni Bonnaccorso said that the company made such a decision in light of the Brexit outcome. Bonaccorso and the chairman Gilles Rothwell founded 1Oak Capital in 2009. Rothwell previously worked in London as Global Head of Sales for structured products for retail and private banking clients at JP Morgan and as Global Head of Investor Solutions at Barclays Capital. Bonaccorso is the former Head of European distribution, origination, and innovation of alternative products for the Private Investor Product Group team of Goldman Sachs in London and of Barclays Capital. Wealth manager 1Oak Group has 2 billion US Dollars of assets under management and aims to raise a further 2 billion euros from Italian investors. The firm aims to set its presence in Singapore and in USA. Ubaldo Palmidoro, the former ceo and cofounder of Centaurs Credit Management, will head the Italian branch of 1Oak.
The Bologna’s Court hearing for discussing the restructuring plan of Seci (the holding through which the Maccaferri controls the eponymous group), Samp, and Officine Maccaferri will delay to mid-February from the previously scheduled date of 4 February, Tuesday (See here a previous post by BeBeez). Sale-side advisor Rothschild received the bids of Carlyle, which reportedly acquired the company’s Milan-listed 190 million euros bond of Officine Maccaferri, Oxy Capital, which offered to inject 200 million together with Hps for the whole Gruppo Maccaferri, and of Fortress Investment Group, an US subsidiary of Softbank. On 23 January, Thursday, the board of directors of Officine Maccaferri, appointed Lapo Vivarelli Colonna as the company ceo.
Italian iconic fashion firm Missoni, of which FSI Mid-Market Growth Equity has a stake, acquired high-end furniture designer T&J Vestor, which has the licence for Missoni Home brand since 1983 (See here a previous post by BeBeez). Missoni financed the transaction with the proceeds of a 70 million euros worth capital increase that FSI subscribed in 2018 for acquiring 41.2% of of the company, while the eponymous family kept a 58.8% stake. T&J Vestor has sales of 17 million and an ebitda of 0.59 million. In 1953, Ottavio and Rosita Missoni founded Missoni that currently generates abroad 75% of its 150 million turnover with a 10% ebitda.
Arrigoni, a producer of fabrics and nets for agricolture, hired Mediobanca for selling a 70% stake (see here a previous post by BeBeez). The company’s founder Paolo Arrigoni may keep a 30% of the business that could be worth 60 million euros. Arrigoni has sales of 29.5 million and an ebitda of 5.9 million. In 2016, the company acquired its Italian competitor Artes Politecnica and doubled its turnover.