AIFI, the Italian association of venture capital, private debt and private equity funds, confirmed Innocenzo Cipolletta in its role of chairman for the next (see here a previous post by BeBeez). Aifi’s board members are: Marco Canale (Value Italy), Fabrizio Carretti (Permira), Giuseppe Donvito (P101), Stefano Ghetti (Wise), Giovanni Landi (Anthilia Capital Partners), Massimiliano Magrini (United Ventures), Eugenio Morpurgo (Fineurop), Leone Pattofatto (CdP Equity), Filippo Penatti (The Carlyle Group), Stefano Romiti (Antares AZ I), Mauro Roversi (Ambienta), Lorenzo Stanca (Mandarin Capital Partners), Luisa Todini (Green Arrow Capital), and Renato Vannucci (Vertis).
Comdata, the customer care and business process outsourcing company that belongs to private equity giant Carlyle, aims to acquire German competitor Arvato from media company Bertelsmann (see here a previous post by BeBeez). Massimo Canturi, the ceo of Comdata, implemented an aggressive acquisition strategy and led the company to generate sales of 1 billion euros. An integration of Comdata and Arvato would create a company with sales of 2 billion. Arvato’s enterprise value is of 600-700 million and is also of interest to Webhelp, a Kkr portfolio company; Bain Capital’s Atento; Spanish Konecta, which belongs to PAI Partners and Banco Santander; and Nasdaq-listed TTEC (fka TeleTech).
Spaxs and Banca Interprovinciale are about to complete their business combination (see here a previous post by BeBeez). Banca Interprovinciale will serve unrated or not highly rated Italian SMEs with services for invoice and crossover lending, and turnaround through the acquisition of UTPs and NPLs. Banca Interprovinciale aims to reach by 2020 net profits of 40-50 million of euros and a 6%-7% Roe. Corrado Passera will be the bank’s ceo, while Andrea Clamer will head the NPLs division, Enrico Fagioli Marzocchi will be in charge of the SMEs unit. Carlo Panella will be responsible for Information Technology and Retail.Francesco Mele will act as Chief Financial Officer & Central Functions.
Andera Partners raised 360 million of euros for Winch Capital, its French and Italian mid-market fund (see here a previous post by BeBeez). The final closing will take place by the end of 2018. Mast Capital Partners, a firm that Massimo Massari and Luca Ravano founded, advised Winch for its Italian investments. The list of Winch investors includes European Investiment Fund, BPI France, Sogecap, BNP Paribas Cardiff, Umr and Macsf. Andera Partners strengthened Winch team hiring as investment managers Vincent Bazzocchi (ESCP Europe; EdRCP, Bridgepoint, Groupe M6) and Francesco Gonzaga (Bocconi; Goldman Sachs, GIC), and Quentin Tarasconi (HEC Paris; EdRCF, PAI Partners, Ardian) as analyst.
Idea Corporate Credit Recovery II acquired Italian kitchen producer Snaidero (see here a previous post by BeBeez). Vincenzo Manganelli and Federico Giribaldi, managing director and investment director said that fund would inject in the company resources for strengthening the company’s equity and reducing its debt. Massimo Manelli will act as ceo, Edi Snaidero will chair the company. Manganelli, Salvatore Spiniello, Maurizio Merenda will be part of the company’s board. Snaidero has sales in the region of 126.6 million of euros, an ebitda of 2.5 million, and net financial debts of 25 million.
Italian security company AllSystem will buy Italian competitor Ivri and will generate sales for 400 million of euros with 6,000 workers (see here a previous post by BeBeez). Vincenzo Serrani, the majority owner of AllSystem, will buy Ivri together withPrivate Equity Partners. Ivri belongs to the Basile Family, that acquired the asset from private equity firm 21 Investimenti in February 2014 for 65 million.
Rbd Armatori hasn’t received any offers for its 13 vessels that auctioned for 200 million of US dollars (see here a previous post by BeBeez). Before the 19 July, the deadline for tabling bids for the assets, the creditors and the administrators of Rdb, the Naples based shipping company, didn’t accept the offer of financial firm Pillarstone Italy wanted to buy for 185 million 7 vessels out of those for sale. The fund acquired from Banco di Napoli (Intesa Sanpaolo), Mps, and Mps Capital ServicesRDB’s debts with a gross value of 560 million euros. The list of RDB creditors also includes Goldman Sachs and Deutsche Bank to whom the company owes 260 million of euros. These banks acquired such liabilities from Unicredit, Ge Capital, andBanco Popolare. Market rumours say that the vessels attracted the interest of US peer Star Bulk Carrier and its Italian subsidiary Augustea Atlantica, but these companies didn’t make an offer.
Italian private equity Clessidra is said to be willing to sell part of its 90% stake in Roberto Cavalli, the Italian fashion firm that owns since 2015,(see here a previous post by BeBeez). Cavalli’s creative director Paul Surridge and ceo Giangiacomo Ferraris relaunched the business that has sales of 152.4 million of euros, an ebitda of minus 7.1 million and net cash of 1.2 million. Clessidra acquired Cavalli for an enterprise value of 390 million or 16 times the 2014 ebitda that was worth 23 million, while revenues were of 210 million.
Italy’s renewable energy investment fund Tages Helios and Delos Power, a company of which it holds 40%, refinanced a portfolio of photovoltaic parks with 140MW of power for 452.5 million of euros (see here a previous post byBeBeez). DP was born out of a partnership between Tages Capital, to whom TH belongs, and Renam, an Italian renewable energy company. Banca Imi, Banco Bpm, Banco Santander, Bayerische Landesbank, BNP Paribas, MedioCredito Italiano, MPS Capital Services., Société Générale, and Unicredit provided this financing through 5 credit lines, three of which are multi-tranches, and in turn two of them will help to refinance the photovoltaic plants that TH and DP are acquiring. This financing structure also allows transferring the ownership of the assets to TH that can lease them to Delos Power.
On another front, Tages acquired 34% of Vam Investments Group, growth capital and buyout investment firm that ceoMarco Piana founded (see here a previous post by BeBeez). Francesco Trapani, vice president and shareholder of Tages Holding, will be Vam’s executive vice president. In the next three years, Tages could acquire the whole of VIG and Piana and managing partner Giuliano Palazzo could become shareholders of Tages. VIG invests in each transaction through club deals that group the firm’s investors and managers. Trapani and Tages will now invest in VIG deals. The firm invests in Italian opportunities worth 20 and 300 million euros. Trapani explained that Tages put in standby the reported project for the launch of a Spac. Panfilo Tarantelli, Sergio Ascolani, and Salvatore Cordaro founded Tages in 2011. Umberto Quadrino (president of Tages), Jamie Kermisch, Charlie Porter, and Trapani are shareholders of the firm. Lorenzo Bini Smaghi, a former member of the executive board of the European Central Bank, chairman of the board of Societe Generale, and chairman ofItalgas, is an independent board member of the firm.
Pillarstone Italy and FVG, the alternative asset manager of Veneto Sviluppo, launched a fund aimed at supporting North-Eastern Italian companies that have liquidity problems, but a solid business model (see here a previous post by BeBeez).Fabrizio Spagna is the chairman of FVS and Veneto Sviluppo. Food companies Pasta Zara and Melegatti could be potential targets. Institutional investors, entrepreneurs and family offices may invest in the firm, while KKR could provide resources for specific transactions. The fundraising target is of 150 million euros, with a hard cap of 200 million. The fund will invest in equity, semi-equity and debt instruments worth on average 20 million.
Private equity firm Peninsula Capital is close to buying one-third of Kiko from the Percassi family (see here a previous post by BeBeez). The Italian cosmetics retail chain has financial problems and is worth an enterprise value of 220 million euros. Peninsula will invest 70 million for subscribing Kiko’s 80 million capital increase. The company will also extend the maturity of its gross debt of 200 million to 2021. In the next four years, Peninsula could exit the business through an IPO or a sale. Kiko has revenues of 610 million. Ceo Cristina Scocchia, the former ceo and chairman of L’Oreal Italia, is relaunching the business and plans to invest 90 million in three years for strengthening the company’s development.
Ferrarini and its subsidiary Salumi Vismara, two well known Italian charcuterie producers, applied for receivership before Reggio EmiliaCourt (see here a previous post by BeBeez). Earlier in July, the company of which Lisa Ferrarini is the chairman suspended talks with turnaround firms Italmobiliare and QuattroR.
