Italian private equity firm keep their deal flow robust and steady, even though talks for major transactions hit a stalemate. Renewable energies infrastructure deals are on the raise.
Exclusive talks between FCA and KKR for the sale of automotive components producer Magneti Marelli frozen (see here a previous post by BeBeez). The US private equity tabled a bid worth 5 billion of euros, but FCA expected to fetch 6 billion out of this sale. John Elkann and Mike Manley, the chairman and the ceo of FCA, may stick to the announced plan of spinning-off Magneti Marelli and then list the asset. Press reports mentioned as further interested parties Bain Capital, Apollo Global Management. Sources said to BeBeez that Magneti Marelli was of interest also to Cinven and Carlyle. Ferdinando Uliano, national secretary of Italian union Fim Cisl, said that the spin off of the company was a preferred option for workers.
Fondo Agroalimentare Italiano, the food financial sponsor that French holding Unigrains launched, acquirea a minority of Agrimola, an Italian fruit company (see here a previous post by BeBeez). Luca Sassi, ceo of the business, will hold a majority of Agrimola, which has sales of 36 million of euros and export 40% of its output.
Clessidra subscribed a capital increase of 5 million of euros for smoothing out Roberto Cavalli’s losses of 33.65 milioni di euro (see here a previous post by BeBeez). The Italian fashion brand has revenues of 152.4 million (155.2 million in 2016), an ebitda of minus 7.1 million (-26.2 million). The company’s creative director Paul Surridge and the ceo Giangiacomo Ferraris are working on relaunching the business. In 2015, Clessidra acquired 90% of Cavalli on the ground of an enterprise value of 380-390 million or 16X the ebitda of 23 million that the company posted in 2014.
Italian private equity firm 21 Investimenti acquired the majority of engineering, manufacturing and construction company Bodino from the business owner Giuseppe Scigliano (see here a previous post by BeBeez). Bodino has sales of 21.1 million of euros, an ebitda of 4.6 milioni, net profits of 2.6 million and net financial debts of 0.96 million. Last year the company acquired Italian competitors Officine Tosoni Lino and Stratex.
Sonnedix Power Holdings, an international alternative energy company in the portfolio of JPMorgan Asset Management, acquired Sonnergia from listed Italian TerniEnergia, part of Gruppo Italeaf (see here a previous post by BeBeez). Sonnergia’s enterprise value is of 31.1 million of euros. Sonnedix now owns photovoltaic plants with 125 MW of power capability. On another front, TerniEnergia and private equity firm Green Arrow Capital closed four deals (see here a previous post byBeBeez). While TerniEnergiada bought from Renewable European Investment Italy 3 (controlled by Green Arrow’s Radiant Clean Energy fund) a 50% stake in two jv owning solar platns for a total of 1.7MW, on the other hand TerniEnergia sold to REI III a 50% stake of other two jv owning solar plants for a total of 1.6MW.
A2A, Erg, and Tages have reached the second round of the Rothschild-led auction for the Italian photovoltaic assets of Glennmont Partners which are worth 300 million of euros (see here a previous post by BeBeez). In Italy, Glennmont invested more than 350 million of euros and built also wind farms with a power capability of 330 MW. Glenmont grouped such activities under CEF 3 Wind Energy spa, in which the Dutch asset manager PGGM holds 49.9%. Last year in October, CEF 3 Wind Energy listed a on Milan ExtraMot Pro a minibond worth 170 million of euros for refinancing its liabilities.
Aref Renewables Investment, the alternative energy fund that belongs to Allianz Global Investors, acquired eight photovoltaic plants from North-Eastern Italian companies Gruppo Sorelle Ramonda, and Pohlin (see here a previous post by BeBeez) In 2016, Aref Renewables Investment raised 350 million of euros.
