Italy is again attracting top tier private equity funds, while seasoned Italian bankers join international firms. Meanwhile, the deal flow is still robust either on the primary and secondary market.
Neuberger Berman (NB) created NB Aurora (NBA) for acquiring part of the portfolio companies of Fondo Italiano d’Investimento (FII) and raise new capitals for investing in Italian not listed SMEs (see here a previous post by BeBeez). NB will list NBA on Market for Investment Vehicles (MIV), a Milan stock market’s segment, once completed a fundraising of at least 150 million of euros. Such placement for institutional investors will end on 26 April. The minimum investment ticket will be of 0.15 million for 10 euros per share. NBA will launch such ipo by the end of May through a book-building procedure. NBA will invest the proceeds of such listing for buying 44.5% of FII’s portfolio that NB acquired in November 2017 and for acquiring minorities of export-oriented Italian companies that generate revenues of 30-300 millions that then are compliant with the selection criteria of PIR investment funds. NBA managers will be Patrizia Micucci, senior partner and managing director of NB,Francesco Sogaro, and Lorenzo Baraldi, former managing directors of FII, Lorenzo Carù, Viviana Gasparrini, Stefano Tatarella, Piero Migliorini, and Mauro Facchini.
NB is also active on the sell side as it hired Banca Imi for selling its 35.56% stake in Italian food company Rigoni di Asiago (see here a previous post by BeBeez). Rigoni was part of FII’s portfolio that NB acquired. FII invested in Rigoni in February 2012. Last year Rigoni generated sales of 136 million of euros (114.8 million in 2016), an ebitda of 17 million (12.2 million), while net financial debt was of 50 million (43.4 million). The amount of debt includes the 7 million minibond listed on ExtraMot Pro due to mature in July 2019 paying a 6.25% coupon that Rigoni issued in 2014. Andrea Rigoni, chief executive officer and 64.5% owner of the company, tabled a bid for NB’s stake, but the firm didn’t accept it. Rumours say that the asset may attract interest of Italian peer Ferrero, while Dutch food group Royal Wessanen, may make an offer on the ground of an enterprise value of 11 times Rigoni’s ebitda. L-Catterton,Ambienta and Epic Private Equity may also look at the asset.
Alpitour will pay 100 million of euros for acquiring Italian tour operator Eden Viaggi (see here a previous post by BeBeez). Nardo Filippetti, the target’s founder, will keep an executive role. The closing of the transaction needs the authorization of the Italian competition authority. The aggregated revenues of Eden and Alpitour will be in the region of 1.6 billion, but post-integration synergies may allow reaching sales of 2 billion by 2019. Listed Italian financial firm Tamburi Investment Partners (TIP) and 30 Italian Family Offices aim to increase their 32.67% stake in Alpitour, which they own through the investment vehicle Asset Italia. TIP and its associates may buy part of 35.26% stake in Alpitour that belongs to Wish, the SPV that private equity firms Wise and J. Hirsch & Coequally own. However, Chinese conglomerate Fosun, which owns French tour operator Club Med, and other tour operators likeBarcelò and Wamos are also interested in the asset. J.Hirsch and Wise supported Alpitour’s MBO in 2012 and acquired the asset from Exort, the financial holding of Agnelli-Elkann families, for 225 million of euros. Since then, Alpitour’s chief executive officer and3.39% owner Gabriele Burgio relaunched the business that was troubled. Last year the company posted an ebitda of 46 milioni (+28,6% from about 36 million in 2016), while in March, Alpitour gained control of Rome-based tour operator Swan Tour.
Apax Partners France appointed Francesco Revel-Sillamoni as head of the firm’s Milan office (see here a previous post by BeBeez). Francesco Panfilo has been named as senior advisor of Apax Partners France. Mr. Panfilo is chairman of Italian venture capital Panakes Partners and previously founded PM&Partners. He will support Rever-Sillamoni for scouting opportunities. The firm aims to invest in the sectors of TMT, consumer, healthcare and services in Italy. Apax Parnters France has already added-on Italian assets to its portfolio companies: Telemar, an Italian producer of systems for telecommunication and navigation, for Marlink; Stroili Oro, an Italian jewellery retailer, for THOM Europe.
Nuo Capital acquired a minority of Italian luxury furniture producer Sozzi Arredamenti, which owns the brands Promemoria and Bottega Ghianda (see here a previous post by BeBeez). The firm appointed a chief operating officer to support the company’s founder Romeo Sozzi and his three kids Stefano, Davide, and Paolo for the opening in 2018 of new monobrand stores in Munich, Hamburg, Hong Kong, and Miami. The company already has flagship stores in Milan, London, Paris, Moscow, New York, Munich, and Hamburg and generates abroad over 90% of its sales. In 2016 Sozzi generated revenues of 30.6 million of euros, an ebitda of 1.6 million and net financial debts of 4.76 million. Nuo, based in Hong Kong, already invested in the following Italian companies: Tannico, an e-merchant of Italian wine; Artemest, an e-commerce platform for high end hand-made products; Elite, the Italian stock market segment for Italian mid-market companies with good growth perspectives.
Michele Russo, a seasoned Italian private equity professional, joined Park Square Capital as head of special special situations Londra (See here a previous post by BeBeez). London and New York based PSC is an investor in senior and subordinated debt and direct lending in support of private equity transactions. Managing partner Robin Doumar founded the firm which has 9 billion of asset under management. Russo left private equity firm Terra Firma last year in September, together with senior managersAlex Williams and Jyrki Lee Korhone, after having joined the firm in May 2016. Russo acquired in 2007 from Renato Preti Italian private equity firm Opera, and added-on to the fund the financial firm CapeNatixis.
Aeroporto Friuli Venezia Giulia spa, the airport manager of the North Eastern Italian region of Friuli Venezia Giulia, started the auction for a 45% stake of Trieste airport Ronchi dei Legionari (see here a previous post by BeBeez). Buyers will get a call option for a further 10% stake in the asset. The deadline for tabling binding offers is 12 June. The concession will last until December 2050. Financial investors in infrastructures like Italy’s F2I sgr are expected to join the race for the asset.
