Last week has been quite intense for private equity funds and a new Spac came to town. The firms carried on transactions on the primary and secondary market and added-on assets to their portfolio companies.
Italmobiliare paid 140 million of euros for 60% of Naples-based Aromatika, the owner of the brand Caffé Borbone, that Massimo Renda founded (see here a previous post by BeBeez). Renda, who founded the company in 1996, will be the Aromatika’s executive chairman and hold a 40% stake in the business that last year posted sales of 94 million of euros (71.9 million in 2016).
Marc Gabelli together with some Italian professionals (with former Clessidra sgr’s Alessandro Papetti) started in London a road show for raising funds ahead of a target of 100 million of euros for their new Spac that will list on Milan’s AIM (see here a previous post by BeBeez). Mr. Gabelli is the chairman and coo of NYSE listed Asset Management firm Gamco Investors. UBI Banca will act as Nomad, specialist and joint global coordinator together with Unicredit for this listing. According to BeBeez data ( see here BeBeez Spac Report of March), pre-booking companies for the Italian market raised 3.7 billion of euros since 2011 and invested 980 million in 12 companies while further transactions worth 300 million are close to the business combination.
Banca del Fucino (BDF), a Rome-based private bank that belongs to the Torlonia family, is holding sale talks with Barents (see here a previous post by BeBeez). Rothschild, BDF’s advisor, granted to Barents an exclusivity period for completing a due diligence after which it will decide whether to subscribe BDF capital increase of 50 million of euros and sell 300 million of NPLs that belong to the target. Barents aims to implement a buy-and-build strategy for BDF and list the asset. JC Flowers, a US private equity investing in financial services, competed with Barents for acquiring BDF.
Vinventions, the North-Carolina producer of closures for alcoholic drinks that belongs to private equity firm Bespoke Capital Partners, announced to have acquired Italy’s competitor Alplast (See here a previous post by BeBeez). The Italian company posted sales of 38 million of euros in 2016, an ebitda of minus 2.35 million and net debt of 28.7 million.
Karton, an Italian packaging company delisted its Polish competitor Gekoplast from Warsaw Stock Exchange(See here a previous post by BeBeez). Karton launched an offer of 22 million of euros for the target that in which Polland’s private equity firm TFI Capital Partners held a 73.7% stake. Veneto Region’s corporate lender Finest supported Karton with undisclosed financing and an injection of equity. Last year Karton posted sales worth more than 70 million of euros. After the acquisition of Gekoplast, Karton’s sales are above 100 million.
Comdata, an Italian provider of services for customer care and business processing outsourcing that belongs to LBO giant Carlyle since 2015, signed a binding agreement for acquiring Paris-based competitor CCA International from French financial firm LFPI Group (see here a previous post by BeBeez). The parties expect to close the transaction by the end of 2Q18. CCAI’s generates in non-French markets more than one-third of its sales of 164 million of euros, while Comdata this year foresees to post revenues of 1 billion. Massimo Canturi, the buyer’s ceo, said that he is interested in making further acquisitions of providers for outsourcing services in the field of customer experience in France, Germany, England, and Belgium.
Covisian, another Italian provider of services for Business Process Outsourcing that belongs to financial sponsor Aksìa Group, acquired RBS-Retail banking Services, an Italian customer management company for financial (see here a previous post byBeBeez). RBS founder Alessandro De Angelis will keep its chairman role, while Carlo Rosini, previously deputy general manager of Covisian, will be the target’s ceo. Covisian expects to post sales of 180 million of euros in 2018 (130 million last year). Aksìa built Covisian at the end of 2015 after having acquired and merged Contacta and Visiant Contact.
Antoine Le Bourgeois and Gilles Nobécourt led the management buyout of Edmond de Rotschild Investment Partners (EdRIP), that changed its name to Andera Partners (see here a previous post by BeBeez). Andera will manage EdRIP’s assets worth 2 billion of euros and 96 portfolio companies. The newco will take from EdRIP the funds Cabestan Capital (LBO and growth capital for French small-caps), ActoMezz (mezzanine financing for French small & mid caps), BioDiscovery (investing in biotech companies and medical devices producers), and Winch Capital (LBO and growth capital for French and Italian mid-caps). Mast Capital Partners, an Italian firm of Massimo Massari and Luca Ravano, is Winch’s Italian advisor.
