Private equity firms are hectically active in decadent sectors such as FFF (food, fashion, and furniture) and luxury nightlife
EOS PE, part of EOS Investment Management, acquired 67% of Neronobile, a producer of tea and coffee in capsules, from the Furia Family(See here a previous post by BeBeez). Equita Private Debt Fund wholly subscribed a subordinated bond worth 8.9 million of euros that a newco controlled by EOS issued for financing the buyout. The Furia family founded the company in 2002. Giampaolo Furia is the ceo of Neronobile that has sales of 20 million and an ebitda of 3.2 million. Neronobile aims to carry on further sector acquisitions. Paolo Pendenza, the fund manager of EPDF, said that the firm invested 70% of its resources.
Chequers Capital out beaten the competitors for the acquisition for riri, a Swiss-Italian producer of accessories for high-end fashion (see here a previous post by BeBeez). Gilde Buyout Partners sold the majority of the asset which acquired in 2014. The company’s managers will hold a minority. Equistone, L-Catterton and Clessidra reportedly competed for riri, a company that Italian financial firm Sofipa merged in 2006 withCobrax. Renato Usoni is the ceo of the company that has sales of 92 million of euros with an ebitda of 20 million. Last year riri acquired SwissMR Plating and Italian SPM Pressofusione (fka Spm Die Casting).
Elliott Management, will subscribe the 65 million of euros worth reserved capital increase that Italian financial investor Credito Fondiario is about to launch (see here a previous post by BeBeez). Credito Fondiario received the authorizations from the European Central Bank and theBank of Italy to launch such capital increase. Elliott will raise to 69.48% its current 40% stake in Credito Fondiario. However, the US firm may reach 81.63% of the asset. Elliott, Tages and the target’s top management will sign governance agreements in view of an IPO that Credito Fondiario may launch in 2019 if the stock market conditions will be convenient.
Cristina Calori sold fashion company Woolrich International to L-GAM Advisors (see here a previous post by BeBeez). L-GAM, a financial company that includes Luxembourg monarchs in its investors, acquired Woolrich together with Japanese Goldwin. Woolrich International has sales of 180 million of euros and aims to launch an IPO within five years from now, said Paolo Corinaldesi, the company’s ceo.
BC Partners owned Italian restaurant chain Cigierre – Compagnia Generale Ristorazione acquired the majority of Temakinho a group of Italy-based japanese-brazilian restaurants (see here a previous post by BeBeez). Private equity funds Armonia, Argos Soditic, Vam Investments and Green Arrow Capital also tabled bids for Temakinho’s advisor Vitale & Co, that previously end fruitless talks with 21 Investimenti. Temakinho’s founders Linda Maroli, Santo Bellistri, Francesco Marconi, and Fabrizio Pisciotta, will hold a minority of the company that has sales of 25 million of euros with a 4 million worth ebitda. On the other front, Cigierre’s reported sell-side advisors Rothschild and JP Morgan are said to have received offers for Cigierre for an enterprise value in the region of 700 million of euros from Carlyle, Permira, Onex, and Cinven, while Apax Partners dropped the race. However, the asset’s value is volatile as the Italian Government may opt for the Sunday’s closure of shopping malls. In such spaces Cigierre has many of its restaurants.
Saba Italia, the Italian iconic brand for high-end furniture, joined Italian Design Brands, the Italian design and furniture pole that Private Equity Partners’s founders Fabio Sattin and Giovanni Campolo created together with Paolo Colonna, Giovanni and Michele Gervasoni, and other private investors (see here a previous post by BeBeez). Amelia Pegorin will keep managing the company that has sales of 13 million of euros. After Saba’s acquisition, IDB will have sales of 91 million.
Recycling materials companies Benfante Group and Cartiera Bosco Marengo signed an industrial alliance and named it ReLife Group (see here a previous post by BeBeez). Xenon Private Equity, which holds a minority of Benfante since 2014, supported such project. ReLife expects to generate sales of 140 million of euros. Last year Benfante acquired Gruppo Ecolfer from the Cecotto Family who took a minority of the buyer.
Italian entrepreneur Flavio Briatore may sell a stake of luxury restaurant and club chains Billionaire and Twiga (see here a previous post byBeBeez). Mediobanca is sounding the interest of private equity funds for a minority, but shareholders Daniela Santanchè and Briatore may also consider offers for a majority stake. The clubs and restaurants have an ebitda of 25 million of euros.
Ethica Global Investments closed its first private equity transaction as it acquired Italian thermohydraulic company GIA from Star Capital (see here a previous post by BeBeez). In 2012 Star Capital acquired a 68.2% stake in GIA together with the company’s ceo Fabrizio Pasquini(current 5% holder) from Alma Invernizzi. GIA has sales of 8 million of euros, an ebitda of 3 million. Cosimo Vitola and Fausto Rinallofounded Ethica Global Investments together with Italian entrepreneurs and professionals that provided the company with resources worth in the region of 70 million. The fund aims to invest in companies with sales between 10 and 30 millionand in startups.
Principia acquired 65% of Gada, a distributor of high added-value medical devices (see here a previous post by BeBeez). Davide Ciattoni, Antonio Gualtieri, Alessandro Pellegrinelli sold their stakes. Ciattoni and Pellegrinelli reinvested for a 35% of the business together withAntonio Biagio De Marinis, one of Gada’s managers. Gada has sales of 65 million of euros, an ebitda of 10.6 million and net profits of 5 million.
