Holidays have been short for private equity professionals that are again on the hunt for deals.
Buyout firms KKR, Apollo Global Management and Bain Capital are among the suitors for Magneti Marelli, the automotive components producer that FCA is reportedly going to spin-off and list by early 2019 (see here a previous post by BeBeez). KKR may merge the asset with its Japanese portfolio business Calsonic Kansei Corp and create a company generating sales of 18 billion euros.
However, on another front, KKR is dealing with the troubled situation of Qui! Group, the Italian issuer of food stamps that Gregorio Fogliani founded (see here a previous post by BeBeez). Qui! Group is risking bankruptcy while Mr. Fogliani reportedly said that the Italian Government owes Qui! Group a relevant amount of payments in arrear. KKR owns 91.8% of Qui! Group as it subscribed a minibond of 50 million euros that the company issued six months ago. Qui! Group has sales of 560 million and an ebitda of 19.3 million. However, the company posted losses of 206.9 million.
Hig Capital aims to acquire the troubled Interporto Regionale della Puglia, a logistic centre based in the Southern Italian region of Apulia, that has debts of 114 million of euros (see here a previous post by BeBeez). Hig may invest 40 million euros in IRP that has debt with Montepaschi and Veneto Banca.
The Zannoni Family and private equity firm QuattroR aim to launch a public offer for Gruppo Ceramiche Ricchetti, the listed Italian producer of tiles (see here a previous post by BeBeez). QuattroR and the Zannoni Family will acquire 62.414% of Ceramiche Ricchetti at 0.215 euros per share. Maurizio Piglione, the company’s ceo, and coo Matteo Davoli, will also invest in this transaction. Ceramiche Ricchetti has sales of 162.2 million, an ebitda of minus 1 million, net losses of 22 million, and net financial debt of 89.8 million.
Star Capital acquired Educom, a digital communication company for the pharmaceutical sector (see here a previous post by BeBeez). Star Capital aims to integrate the asset with its portfolio company CSO Pharmitalia, an Italian Contract Sales Organization. Oscar Lambrughi is the ceo of Educom, which has sales of 4 million euros and a 40% ebit.
Tages Capital announced the first closing of 120 million of euros for the fundraising of Tages Helios, an investor in alternative energy, ahead of a target of 400 million (see here a previous post by BeBeez). The list of investors includes Aviva, Intesa Sanpaolo Vita, Reale Mutua Assicurazioni, and UnipolSai Assicurazioni.
F2i, an Italian investor in infrastructure, and listed media company Mediaset launched a public offer of Milan-listed Ei Towers, a transmission tower company (see here a previous post by BeBeez). The bidders will finance the transaction with a loan of 480 million euros that received from Intesa Sanpaolo, Mediobanca and Unicredit. Renato Ravanelli, the ceo of F2i, said that the firm will invest 700 million in equity. Singapore’s GIC, Canadian pension fund PSP Investments provided resources to F2i which, together Mediaset, will offer 57 euro per share for Ei Towers.
CreditAccess Asia, an Asian microcredit provider, listed its Indian subsidiary CreditAccess Grameen (CAG) on Mumbai stock market (see here a previous post by BeBeez). Paolo Brichetti is the ceo of CrediAccess, while Italian investors hold 40% of the company. CAG raised 141 million euros with its IPO and will invest these resources in its organic growth. After the listing, CreditAccess Asia will own 80.3% of CAG.
NYSE-listed Timken, a manufacturer of industrial components, acquired Italy’s Rollon Group from private equity firms Chequers Capital (70%), IGI Investimenti (20%), and the company’s management (10%) (see here a previous post byBeBeez). Eraldo Bianchessi is the ceo of Rollon. In late 2013, Chequers and IGI acquired the asset from Ardian and Consilium on the ground of an enterprise value of 100 million euros. Since then, Rollon acquired Germany’s Hegra, selected assets of Italy’s Tecno Center and T-Race. Rollon has sales of 120 million, an ebitda of 25.4 million, and net financial debts of 41.2 million. According to market rumours, Timken acquired Rollon for an enterprise value of 500 million.
Shereholders of Spaxs, the listed Italian Spac that Corrado Passera founded, approved the business combination with Banca Interprovinciale (see here a previous post by BeBeez). The firm rebranded as Illimity, which will be a challenger bank, a fully digital company that will supply financing to low-rated or unrated SMEs. Passera will be the ceo of Illimity that aims to raise assets 7 billion of euros worth by 2023 and net profits of 300 million, a cost/income ratio below 30%, a 25% Roe, and a Common Equity Tier 1 ratio of above 15%.
Investindustrial and other coinvestors are ready to launch the ipo of Aston Martin, the iconic British producer of luxury cars (see here a previous post by BeBeez). Investindustrial (37.5%), Kuwait’s Tejara Capital (former Investment Dar) and Adeem Investments (54.5%), German car producer Daimler (4.9%) Aston Martin’s ceo Andy Palmer and the management (3%) will sell their shares without launching a capital increase. Aston Martin will list at least 25% of its shares on the ground of an enterprise value in the region of 5.5 billion of euros (5 billion of British Pounds). Investindustrial acquired the asset in 2012 for an enterprise value of 940 million euros (740 million of British Pounds).
Rina Group, an Italian engineering and consultancy company active in the fields of energy, marine, transport and infrastructure, refinanced its debt worth 150 million of euros with mandated lead arrangers and bookrunners BnpParibas and UniCredit (see here a previous post by BeBeez). Since April 2014, Rina (former Registro Italiano Navale) belongs to private equity firms Vei Capital, Venice Shipping & Logistics, and NB Renaissance (which bought its stake from Intesa Sanpaolo). These funds initially subscribed a capital increase of 25 million, with a commitment to invest further 100 million in equity and convertible bonds for up to 30% of the company’s shares. Ugo Salerno is the ceo and chairman of Rina that has revenues of 437 million (398.9 million in 2016) and an ebitda of 51.7 million (47.8 million).
Quercus Assets Selection Sicav Sif acquired the windfarm development Lucania Wind Energy, from Danish European Energy (see here a previous post by BeBeez). The project will be operative on 5 September with a 39 MW power.Norddeutsche Landesbank Girozentrale financed the project as lender and agent, Siemens Bank as lender. Quercus Assets Selection is the General Partner of Quercus Assets Selection Sicav Sif, for whom British Quercus Investment Partners act as advisor. Ceo Diego Blasi and Simone Borla founded Quercus Investment Partners in 2010, Vito Gamberale chairs the company. Quercus Assets Selection is also setting with Italian energy group Erg a 40%/60% joint venture for investing up to 350 million euros in photovoltaic plants with a below 1 MW power by 2021. Erg will hold a call option for acquiring QAS shares in this JV between 1 January and 31 March 2029, after this deadline QAS may sell its interest. QAS also signed a JV Swiss Life Asset Managers named Quercus Swiss Life Italian Solar.
