Private equity firms keep carrying on m&a in Italy and manage their portfolios holding their deal flow steady.
Green Arrow has finalized its merger with Quadrivio Capital sgr after the go ahead of Bank of Italy (see here a previous post by BeBeez). Quadrivio’s founders Walter Ricciotti and Alessandro Binello will keep the Quadrivio brand, while Eugenio de Blasio, managing partner of Green Arrow, will be the ceo of the new firm. De Blasio, Daniele Camponeschi, Stefano Russo, and Alessandro Di Michele founded Green Arrow in 2012. Luisa Todini, the former chairman of Poste Italiane, joined the firm in 2016 as a partner.
The Bacchini family is again the whole owner of Surgital, an Italian food producer for Ho.Re.Ca. clients (see here a previous post by BeBeez). The family acquired the minority that belonged to Milan listed investment firm NB Aurora and private equity Neuberger Bergman. Romana Tamburini is Surgital chairman, her kids Massimiliano, Elena, and Enrica work as executives, Edoardo Bacchini is the company’s ceo. Fondo Italiano di Investimento, which later sold its portfolio to NB and NB Aurora, acquired 15% of Surigital in 2013 for 11 million of euros. Last year the company posted sales of 75 million.
Industrie Chimiche Forestali (ICF), the Italian producer of glue for industrial use, completed its business combination with EPS Equita PEP and became an Aim Italia listed company (see here a previous post byBeBeez). EPS paid 69.075 million of euros for the whole ICF that belonged to private equity firms Progressio, Mandarin Capital Partners, and Private Equity Partners since June 2014. Guido Cami will be the ceo and chairman of ICF, Giovanni Campolo (ceo of Private Equity Partners) will be in charge of the company’s business development. ICF aims to grow through M&A. At the closure of its first day of trading, ICF share price was of 9.9 euro for a market capitalisation of 70.8 million. Last year the company generated sales of 78.7 million with an ebitda of 9.1 million and net financial debt of 13.8 million.
Private equity turnaround fund Idea Corporate Credit Recovery II (Idea CCR II) prepares to get the majority of Snaidero, the Italian producer of kitchens, after having presented the Udine Court a debt restructuring plan including new finance (see here a previous post by BeBeez). The financial investor purchased the company’s debt. In 2016, Snaidero posted sales of 126.6 million with an ebitda of 2.5 million and liabilities of 25 million. Massimo Manelli, an experienced manager, will help the Snaidero family to relaunch the business, while Edi Snaidero, the son of the company’s founder Rino, will be the company’s chairman. Idea CCR II acquired Snaidero’s debt from the creditor banks at a price worth 65% of the nominal value of the liabilities and may achieve 51% of the company’s equity.
Buffetti, the Italian stationery and software retailer that belongs to Italian software house Dylog, acquired a 40% stake of Cartiere Paolo Pigna (see here a previous post by BeBeez). Further shareholders of Pigna are Idea CCRI fund (31%) and Jannone Group (29%) that previously held 51% and 49% of the business. Idea CCR I acquired last year from Banco Bpm, Bnl, Mps and Unicredit Pigna’s debts worth 10 million of euros and tabled a bid to convert the liabilities in equity. Cartiere Pigna generated revenues of 28 million.
Italian private equity firm Ambienta sgr raised 635 million of euros for its second private equity fund focused on environmental deals and hit the hard cap ahead of an initial target of 500 million and of a demand worth more than 1 billion (see here a previous post by BeBeez). Ambienta attracted investments from pension funds, insurers and bank based in Europe (75%), the UK (15%), and Usa (10%). The limited partners that previously financed Ambienta increased their investment in new fund. Ambienta II reimbursed LPs with more than 100% of funds raised. London placement agent Rede Partners assisted Ambienta, of which Nino Tronchetti Provera is a managing partner. The firm has bureaus in Milan, Düsseldorf, and London, and invested in 26 companies based in 8 European countries.
Italian private equity firm Alcedo sgr acquired 60% of sneakers brand of premium segment Atlantic Stars (see here a previous post by BeBeez). The target founders Alessandro Squarzi, Cristiano Martelli, Gian Luca Zucchelli, and Matteo Zoni will keep 40% of the business as well as their roles for the company’s style, production and distribution. Atlantic Stars onws the luxury brand Rov. Alcedo and the executives target to grow sales to 40 million within the next five years. The company generates 65% of its turnover in Italy, 25% in Japan and 10% in Europe. Atlantic has a showroom in Milan, a flagship store in Tokyo, and distribution agreements with 500 multibrand shops and stores.
Fondo Italiano d’Investimento sgr launched Venture Capital 3 and Private Equity 2, two funds of funds (see here a previous post by BeBeez). Cassa Depositi e Prestiti (Cdp) will be an anchor investor in the initiatives and will provide up to 100 million of euros either in FoF VC3 and FoF PE2, which have a fundraising target of respectively 200 millions and 600 millions. FoF VC3 will invest in innovative Italian startups and SMEs and venture capital firms. FoF PE3 will support private equity firms that invest in SMEs with innovative proprietary technology and that aim to grow through m&a.
Italian private equity firm Investindustrial will buy medtech company HTL Strefa, from financial sponsor EQT (see here a previous post by BeBeez). After the closing, HTL will be integrated with with PIC, the healthcare unit of Artsana, which belongs to Investindustrial and the Catelli Family since 2016. Mikkel Danvold, the current ceo of HTL, will lead the new entity. Unicredit is the sole global coordinator for the financing of the creation of PIC-HTL Group. HTL has revenues of 80 million of euros.
Tages Capital, a financial firm based in Milan and London, closed the first fundraising round for Tages Emerging Opportunities II, a fund that will invest in alternative asset managers in the field of seeding & acceleration phase (see here a previous post by BeBeez). The new fund raised 203 million dollars in the form of commitments from European and Asian institutional investors and will keep looking for resources for the next 12 months.
Italian infrastructure fund F2i and paneuropean Marguerite fund merged their TLC portfolio companies Infracom, KPNQwest Italia, MC-link, and BigTLC and created Irideos, a company that will have revenues in the region of 160 million of euros (see here a previous post by BeBeez). Mauro Maia (a senior partner of F2i sgr) and Alberto Trondoli (former ceo of tlc player Metroweb) will be respectively the ceo and the chairman of Irideos. F2i and Marguerite acquired last year in September 90% of KPNQwest Italia. F2i launched a public offer on MC-Link and delisted the business last year in June. MC Link acquires BigTLC in July 2016.
Bracchi, an Italian logistic company controlled by Igi Private Equity, its coinvestor Siparex, the Annoni Family and some managers, acquired Italian competitor Bas Group, the owner of Logistic Net, Bas Sped, Bas Expressand Il Corriere brands (see here a previous post by BeBeez). Bper Banca and Banco Bpm financed the transaction. Bracchi has revenues of 90 million of euros while Bas Group has a turnover of 30 million. Igi acquired 64% of Bracchi in May 2016, Siparex both 26%a stake and the Annoni family kept 10% of the business, while Arner Private Equity sold all its interests in the business. Matteo Cirla, ceo of Igi sgr, also pointed out that his firm set a fundraising target of 150 million.
