The Italian deal flow for Private Equity and Spacs keeps itself steady, whether it be on the primary, the secondary market, or add-ons for portfolio companies.Investindustrial acquired Dutch company Louis Poulsen Lighting from Denmark’s Polaris Private Equity (See here a previous post by BeBeez). Polaris acquired the asset in February 2014 for 94 million of euros from Italian industry peer Targetti Sankey Group. Louis Poulsen has sales of 107 million.
Selecta, the Swiss vending machine company that belongs to private equity giant Kkr and that owns Italian competitor Argenta , could list by end 2018 or early 2019 (See here a previous post by BeBeez). Lazard is working on the launch IPO on Swiss stock that could be worth 870 million of euros. UK catering firm Compass Group delisted Selecta in 2001 and sold the asset to Allianz Capital Partners and BlueBay in 2007. In 2015, KKR acquired 90% of the company from Allianz Capital Partners, while Bluebay kept 10%. Last year in March, Selecta issued a senior secured bond due to mature in 2024 and worth 1.3 billion for refinancing its debt. Selecta has revenues of 1.5 billion and an ebitda in the region of 240 million.
Eugenio de Blasio, ceo of Green Arrow Capital (GAC), said that by 2024 his firm aims to manage 2.6 billion of euros of assets from the current 1.3 billion (See here a previous post by BeBeez). GAC aims to become a pan-European investor in private equity, private debt, and infrastructures. De Blasio said that the firm s launching a Special Credit Situations fund with a fundraising target of 200 million of euros. GAC expects to close by September 2018 the 150 million fundraising for its private debt fund, while in early 2019 it will launch a fund for Energy Infrastructures with a fundraising target of up to 700 million. GAC also has a microcredit fund with resources of 115 million of US dollars with an annual yield of 15%.
Enel invested 150 million of euros for 21% of Ufinet International, a wholesale operator in the field of optic fiber in Latin American countries, that signed long term contracts worth 700 million of euros with big tlc players (See here a previous post by BeBeez). Gruppo Enel will financ the transaction with its own resources and may sing the closing by the end of July. Ufinet Internationl wholly belongs to private equity Cinven. The financial firm acquired Ufinet in January 2014 from Gas Natural Fenosa, while last year in May sold the company’s Spanish activities to Antin Infrastructure Partners. Ufinet International has sales of 159 million.
Grandi Stazioni Retail (GSR), the company that manages commercial and advertising spaces of Italian rail stations, acquired Retail Group, a manager of flagship stores, monobrand and temporary stores in the main Italian train stations (See here a previous post by BeBeez). GSR purchased Retail Group from Italian entrepreneur and investor Nicolò Marzotto, shareholder of Gruppo Zignago Santa Margherita. GSR belongs to Antin Infrastructure, Icamap and BG Asset Management (part of Borletti Group) since June 2014. These firm paid 953 million of euros for acquiring the asset from Ferrovie dello Stato, the Italian trains operator, and investment vehicle Eurostazioni, which belongs to Edizione, Vianini lavori, Pirelli and French railway operator Sncf.
ABK Group Industrie Ceramiche, an Italian tiles producer, will list after a merger with Italian Spac Capital For Progress 2 (CFP2) (See here a previous post by BeBeez). Massimo Capuano (the former ceo of Borsa Italiana and of Centrobanca, the IB arm of UBI), Antonio Perricone (previously a managing partner di B&S Private Equity and advisor of hedge fund Amber Capital), and Marco Fumagalli (the former head of Capital Markets unit of Centrobanca) launched CFP2 last year in August after having raised 65 million of euros. Further partners of the Spac are Alessandra Bianchi (an analyst of Amber Capital), Bruno Gattai, managing partner of law firm Gattai, Minoli, Agostinelli & Partners. Michelangelo Fortuna and Andrea Guidorzi, founded ABK in 1992. Roberto Fabbri joined the company as shareholder in 1996. The company generates abroad 68% of its revenues worth 115.4 million of euros, while the ebitda is of 18.7 million. ABK has net profits of 12.6 million and net financial debt of 8.1 million. ABK founders and shareholder will keep between 61.3% and 70.4% of the business after the merger with CFP2.
Tecnomeccanica spa, an Italian foundry business, acquired Italian competitor Mea from industry peer Olsa (See here a previous post by BeBeez). After such acquisition, Tecnomeccanica, which belongs to Italian private equity Idea Efficienza Energetica e Sviluppo Sostenibile, will have sales of 27 million of euros. The Agradi family sold the business, while Intesa Sanpaolo financed the buyers.
Jakala Group, the Italian marketing and big data analysis company of de Brabant and Mussetto families, sold a stake to Equity Partner Investment Club (Epic) (See here a previous post by BeBeez). Equity Partner Investment Club is an origination company that belongs to Mediobanca and of which Roberto Ferraresi, a former partner of PAI Partners, is the managing partner and Giancarlo Aliberti, a partner of Apax Partners is a senior advisor. Further to Epic, also Pfc (the holding of Paolo Marzotto family), private equity firm Ardian Growth and investment holding H14 acquired a stake in Jakala. Mediobanca will acquire a 20% stake of all the business that Epic will originate, while the network of Italian families and entrepreneurs will have the possibility to decide whether to invest in each opportunity. The list of Epic investors includs Doris, Lucchini, Marzotto, Marco Fossati, Gabriele and Marco Galateri di Genola, Pecci, Branca, Catelli, Renzo Rosso, Giuliana Benetton, Roberto Bertazzoni delle cucine Smeg, Leonardo Ferragamo, Boscolo, Sergio Dompé, Sandro Veronesi, Fabio Franceschi, Leonardo Bagnoli, Emanuela Barilla, Francesco Gianni and H14, the holding of Luigi, Barbara and Eleonora Berlusconi.
