The Italian secondary market for private equity is sparkling. Mature sectors such as food and traditional financial services attract the interest of sponsors
Swedish private equity EQT acquired a majority stake in Facile.it, an Italian online broker for utilities services, mortgages, and car insurance policies (see here a previous post by BeBeez). The target belongs to London’s Aim-listed Oakley Capital, the company’s founders Mauro Giacobbe and Angelica Pellizzari, and siblings Barbara, Eleonora, and Luigi Berlusconi. OakleyCapital will reinvest for a minority of the business, while Giacobbe will keep his role as the company’s ceo. Oakley acquired 75% of Facile.it in 2014 for 27 million of euros, while the founders and the Berlusconi’s kept a 25% stake. Earlier in May 2018, Facile.it acquired a 60% of Nexus, an Italian consumer credit broker. The online broker has revenues of 66 million, an ebitda of 12.6 million, net profits of 1.2 million, and a net financial debt of 37.3 million.
Candy, the iconic Italian brand for house appliances, doesn’t rule out the sale of a stake to a financial sponsor to support its m&a plans (see here a previous post by BeBeez). Brothers Beppe (ceo) and Aldo Fumagalli own 90% of the company. The company is not interested in launching an ipo, but it may issue bonds. Last year Candy generated sales of 1.15 billion of euros (1 billion in 2016) with an ebit of above 44 million. The company expects to generate sale worth 2 billion within four years.
Private equity firm Attestor Capital, launched its public offer on 68.81% of Milan’s Banca Intermobiliare (Bim) after it acquired Veneto Banca’s stake in the business for 24.08 million of euros and an earn-out (see here a previous post byBeBeez). The offer will end on the 22nd of June. Attestor will pay up to 0,89244 euro per share or up to 37.6 million. According to the fairness opinion of Paolo Gualtieri and Kpmg Advisory, Attestor should sweeten its bid. Italian financial authorities asked Attestor to securitise a gross amount of NPLs of 633 million within 2021. The firm will also give for free junior securities to BIM’s shareholders. The private equity firm also aims to strengthen BIM’s CT1 with 121 million, through a capital increase of 91 million and the disposal of non core assets.
Fondo Italiano per l’Efficienza Energetica (FIEE), an Italian private equity with a focus on energy efficiency, invested together with pan-European infrastructure firm Marguerite in City Green Light, a public lighting company (see here a previous post by BeBeez). FIEE will have 57% of CGL from 33.1 for over 58 million of euros, Marguerite will hold 39% for 40 million, while the vendor Gemmo will keep the remaining 4%. The company will invest such proceeds in the development of the business. FIEE and Marguerite already signed an option for raising their holding in CGL.
The Rothschild and Mediobanca-led auction for the Italian backery products company Forno d’Asolo , is gaining momentum (see here a previous post by BeBeez). The asset belongs since February 2014 to private equity firms 21 Investimenti (56%), NEIP, Green Arrow Capital, and to the Gallina family. The sell-side advisors expect the expressions of interest by June the 4t. Sources say that FDA is of interest to financial sponsors Charterhouse, Triton Partners, BC Partners, Hig Capital, Idea Taste of Italy, Cerea Capital, and Towerbrook Capital. The list of trade buyers includes Spain’s Europastry, French Delifrance and Belgian Vandemoortele. Last year, FDA sales have been in the region of 100 million of euros (87.5 million in 2016) with an ebitda of 20 million (14.5 million), that this year could be of up to 25 million. The company’s enterprise value could be of 300 million.
