The deal-flow for private equity firms is still robust for acquisitions and for add-ons. Companies with troubled reputation also seek a financial partner. Meanwhile new Spacs are born for mitosis.
Palamon Capital Partners paid 1.6 million of euros for raising from 49% to 51% its stake in Business School24 (BS24), an education company of Il Sole 24 Ore, that now holds 49% of the asset (see here a previous post by BeBeez). After this transaction, BS24 shareholders appointed the following board members: Giorgio Fossa (chairman), Fabio Massimo Giuseppetti, Maurizio Santacroce (ceo), Julian Eduardo Carreras, Ettore Scandale, Franco Moscetti, Salvatore Lo Giudice. Last year in August, Il Sole 24 Ore fetched 36.7 million for selling 49% of BS24 ahead of a sale of payment of 4.1 million for a 54.5% due by 2023.
Pillarstone Italy acquired 100% of Italian producer of films for packaging, sellotape, and labels Manucor (see here a previous post by BeBeez). The financial firm took Manucor’s mid-term debt from Intesa Sanpaolo in December 2015. Last year the company posted sales of 136 million of euros (140 million in 2016) with an ebitda of 3.3 million. Manucor has still liabilities worth 25 million that are part of Pillarstone’s portfolio. Such debt will mature in 2022 with a bullet structure.
Mezzalira Investment Group acquired Sitland, an Italian producer of chairs for office and for contract clients (see here aprevious post by BeBeez). Sergio Bellin founded the company in 1977. Sitland exports 85% of its revenues of 21 million of euros. MIG belongs to Gianmaria Mezzalira and since 2016 is building through acquisitions a production pole of high end furniture. MIG’s brand portfolio includes Jesse (house furniture), Sinetica (office furniture), and Rotaliana (luxury lighting).
EPS Equita PEP Spac, the Spac that Equita Group and Private Equity Partners listed on Aim Italia last year in July after having raised 150 million of euros, is finalizing the announced spin-off and launching EPS Equita PEP Spac 2 (see here a previous post by BeBeez). EPS merged with Industrie Chimiche Forestali, but it did not invest all of its resource which will build the available equity worth 74.36 million for EPS2.
Optima, the Italian producer of semifinished products for the food industry that belongs to Charterhouse Capital Partners, acquired the competitor Giuso Guido spa (see here a previous post by BeBeez). Last year Optima generated revenues of 110 million of euros, while it expects sales of 190 million in 2018. Last year in November, Oprima acquired Modecor Italiana, a producer of patisserie garnishments.
Zonin 1821, an Italian wine producer that belongs to the eponymous family, is looking to sell a stake to a financial investor for solving generational issues (see here a previous post by BeBeez). Gianni Zonin, the former owner of the company, left the business and is under investigation for the bankruptcy of Banca Popolare di Vicenza, which he chaired. Mediobanca is the financial advisor to the vendors. The dossier has attracted the interest of private equity firms Idea Taste of Italy, 21 Investimenti, and FrenchUnigrains. Zonin could be worth between 400 and 500 million of euros. Last year the company generated revenues of 201 million, such figure makes Zonin the fifth Italian wine producer for sales after Cantine Riunite (594 million), Caviro (315 million), and Antinori (221 million).
Financial firms Ersel Investimenti, the investment holding of the Giubergia Family, and Bravo Capital Partners acquired 95% of Arbo, an Italian distributor of components for heating and air conditioning (see here a previous post by BeBeez). Bper Banca, MPS Capital Services, and Crédit Agricole Cariparma financed the buyers and provided further credit lines for developing the business. Ersel Investimenti acquired 80% of Arbo from Quadrivio sgr in 2011 for 14 million of euros. The company has revenues in the region of 60 million.
Ambienta sgr sold its stake in German paints producer Oskar Nolte (ON) to Hambourg-based family office Peter Möhrle Holding (see here a previous post by BeBeez). In April 2015, Ambienta invested more than 20 million of euros for a cquiring its interest in ON from the family of the ceo Guido Pühse, which will be member of the company’s supervisory board. Ambienta helped the company to increase its international presence. Last year, Oskar Nolte generated sales of 50 million with a 40% ebitda. According to roumors the value of the transaction should be in the region of 100 million.
Permira signed a binding agreement for subscribing 50% of UK’s Corin Orthopaedics Holding, from Italian private equity firms Idea Opportunity Fund and IP, US investor Hunt Capital, and other investors (see here a previous post by BeBeez). Stefano Alfonsi will keep its role as Corin Ceo as well as the other managers. Last year, the company generated sales in the region of 100 million of British Pounds and an ebitda of 20 million, while for 2018 it foresees revenues of 120 million with a 24.7% ebitda margin.
Monviso, the Italian producer of gluten-free bread and cookies, acquired Italian competitor Grissinificio Europa from the MoscaFamily (see here a previous post by BeBeez). Last year the company generated abroad 60% of its revenues worth 6.5 million of euros with an ebitda margin of 20%. Monviso belongs to French private equity firms Céréa Partenaire and Capzanine.
Italian entrepreneur Egidio Stefano Brugola acquired back from financial sponsor Neuberger Berman AIFM (NB) a 15.8% stake of Brugola OEB Industriale, the Italian producer of automotive components (see here a previous post by BeBeez). The stake was part of the portfolio that Neuberger Berman bought from Fondo Italiano d’Investimento sgr. The transaction is worth 11.232 million of euros. In 2016 Brugola OEB posted sales of 120.9 million, an ebitda of 10.8 million and net financial debt of 19.5 million. After this agreement with NB, the Italian entrepreneur owns 76% of the company.
