Italy may soon change its name with Spacsland. New ipos in town, while the established vehicles give fabulous returns. Meanwhile private equity firms keep their deal flow very robust.
Gabelli Value for Italy (GVI), the Special Purpose Acquisition Company that US bespoke finance professional Marc Gabelli launched together with a group of Italian businessmen, listed on Aim Italia market after having raised 110 million euros (10 million above the initial target) among international investors (see here a previous post by BeBeez). The following professional make GVI team: Marc Gabelli, chairman and ceo of the Gabelli Group, Alessandro Papetti, former partner of Italian private equity Clessidra, Nicolò Brandolini d’Adda, former co-head of Equities Europe at JP. Morgan Markets – Bear Stearns, Micaela Capelli, former director of capital markets at UBI Banca, Douglas Jamieson, chairman and ceo of the parent company Associated Capital Group, and Carlo Gentili, founder and ceo of Nextam Partners.
A consortium of Chinese financial firms Yufeng Capital, Wandong, Tianyi Shanghai FTZ Fund and medical devices producers Yuyue and Kangda announced its investment in Italian diagnostic company Esaote (See here a previous post by BeBeez). Ares Life Sciences, the healthcare focused investment firm of Swiss-Italian entrepreneur Ernesto Bertarelli, sold its 48% of Esaote, together with Neuberger Berman (19.2%, MpVenture (13.2%), Equinox (13.2%), and the company itself (3.8%). In 2016 rumours said that the company’s owners wanted to exit on the ground of an enterprise value of 400 million of euros. In 2016 Esaote generated sales of 270 million (280.1 million in 2015).
Xenon Private Equity acquired a controlling stake of Tecno Pool, a producer of machinery for the food industry based in Padua (see here a previous post by BeBeez). In 2016 Tecno Pool generated abroad 80% of its sales of 37 million of euros, with an ebitda of 9.8 milioni and a net debt of 5.3 million. Banco Bpm, Mps, Crèdit Agricole, and Banca Ifis financed the transaction.
Fondo Italiano d’Investimento (FII) subscribed through its firm FII Tech Growth a capital increase of 10 million of euros for acquiring a minority of Italy’s Seco, a company active in the field of computer miniaturization (see here a previous post by BeBeez). Last year Seco had revenues of 50 million of euros di fatturato. Its clients list includes Cimbali, Esaote, Technogym e Vimar. The company will invest such resources for expanding its foreign activities.
Avm Private Equity hired Mediobanca to sell Selesta Ingegneria, a Genoa based producer of access control and biometrics systems, sources said to BeBeez (see here a previous post by BeBeez). The vendor expects to fetch 40 million of euros. Avm acquired the asset from private equity Wise in 2008. In 2016 Selesta posted sales of 21.6 million, an ebitda of 3.9 million, and a net financial debt of 16.9 million. Avm is is ending its activity. The firm’s portfolio still includes mineral water bottlers Pejo and Goccia di Carnia, IT player Softeco Sismat and furniture company Hub Design.
Financial firm Venice Shipping & Logistics (VSL) is about to sell the vessel Rosita (fka Taunus) to undisclosed Nigerian buyers that tabled a bid of 10.2 milion of US dollars (see here a previous post by BeBeez). Vsl acquired the asset in 2011 together with Italian shipping company Perseverenza di Navigazione. Matrix Group is rumoured to be the buyer. Venice Shipping&Logistics is working with RiverRock Capital Partners on the launch of a new debt fund with a focus on the shipping industry.
Private equity firm Peninsula is holding exclusivity talks with the Percassi family for acquiring a stake in Italy’s leveraged cosmetics reatailer Kiko (see here a previous post by BeBeez). The firm may subscribe a capital increase worth in the region of 100 million of euros for achieving a 30% stake in Kiko, which is also negotiating its current financial maturities with its advisor Rothschild. The company’s gross debt is of 200 million, which include 50 million of untouched banking overdraft and a 6 years bond of 130 million with a 6.5% coupon issued in 2014. Last year the company generated sales of 610 million and appointed as ceo Cristina Scocchia, previously chairman and ceo of L’Oreal Italia.
There are two months left for exercise the warrants for Italian Wine Brands (IWB), the Italian wine merchant born out of the merger of Giordano Vini with Provinco Italia that pre-booking company Ipo Challenger carried out (see here a previous post by BeBeez). Investors will achieve a return of 80% in little less than four years, but may exercise their warrants by 21 June 2018, 60 days after IWB stocks met the acceleration condition, which means that the average monthly price was above 13,30 euro per share. Such event happened on 31 March, when the average stock price has been of 13,3152 euro.
FSI acquired from the Scudieri family a 28% stake of Adler Group, a producer of components for the automotive sector (see here a previous post by BeBeez). FSI will be able to invest up to 200 million of euros, partially at the closing, partially as deferred payment finally as support for developing the business organically or through M&A. Paolo Scudieri, the son of the company’s founder Achille, heads the company that generates revenues of 1.4 billion and has manufacturing facilities spread worldwide with more than 11000 workers. Maurizio Tamagnini, the ceo of FSI said that the firm will support Adler for an important acquisition and the listing on Milan stock market in three years. Adler issued bonds worth 350 million listed in Germany and Ireland that pay a 4.125% coupon and are due to mature in 2024. These liabilities refinanced a bond of 280 million with a 7.5% coupon that the company issued in 2014 and listed on Luxembourg stock market. FSI raised 1.3 billion and its list of investors includes sovereign funds like Kuwait’s one and Singapore’s Temasek, and Italy’s Cdp. FSI set a fundraising target of 2 billion that may complete in December 2018.
Temakinho’s founders Linda Maroli, Santo Bellistri, and Francesco Marconi, hired Milan’s M&A boutique Vitale & Co for sounding the interest of financial partners (see here a previous post by BeBeez). Private equity firm 21 Investimenti held talks with the Japanese-Brazilian chain of restaurants without reaching an agreement. The company has revenues of 25 million of euros and an ebitda of 4 million.
Augustea, the Naples shipping company that belongs to the Zagari family, subscribed an agreement with Nasdaq-listed Star Bulk Carriers (SBK) for a swap of assets (see here a previous post by BeBeez). SBK belongs to ceo and majority shareholder Petros Pappas, and financial firms Oaktree Capital Management and Senator Investor Group. Augustea, York Capital and Bunge will receive a 14.1% stake in SBK in exchange of 16 vessels for dry shipment. SBK will also take 310 million of US dollars of debt for these assets.
Italian mid-market private equity fund Alto Partners, raised funds for 210 million of euros and achieved the hard cap level (see here a previous post by BeBeez). Stefano Scarpis and Raffaele de Courten founded the firm that recently acquired Italian textile companyMillefili and cosmetics producer Tricobiotos. Alto Partners portfolio includes Virosac, a shoppers producer, IPE, a luxury furniture firm, Pastificio di Chiavenna, a manufacturer of pasta for special dietary, Harbor, which makes cosmetics, La Suissa, a sweet maker, Legami, a fancy stationery maker, Artebianca and Semenzato which both produce bread and cookies.