Private equity market has been quite active in the last week in Italy.
Sator Private Equity acquired the last stake of 16% it did not owned yet in Italian fashion firm L’Autre Chose from the Boccaccini Family (see here a previous post by BeBeez). L’Autre Chose has sales in the region of 13 million of euros and exports 40% of its output. Alice Carli is the company’s ceo, while Nicolò Beretta is the creative director.
Equilybra, the private equity that Matteo Gatti and Paolo Prati founded, acquired a minority of fashion e-commerce company Giglio.com (see here a previous post by BeBeez). Equilybra acquired shares of the company and also subscribed a capital increase. The target company belongs to Giuseppe, Federico, and Michele Giglio, and has sales of 9.3 million of euros, an ebitda of 88,000 euros and net cash of 0.18 million.
Olon, an Italian producer of active ingredients, acquired pharma business Capua BioServices from German industrial holding Livia Group (see here a previous post by BeBeez). Olon has sales of over 350 million of euros and belongs to P&R, an Italian chemical and pharmaceutical group that the Pizzocaro and Rossi control and that has revenues of 800 million. Capua BioServices has sales in the region of 40 million.
F2i acquired 55% of Trieste Airport di Ronchi dei Legionari for 32.8 million of euros from Aeroporto Friuli Venezia Giulia, which belongs to Regione Autonoma del Friuli Venezia Giulia (see here a previous post by BeBeez). The business plan 2019-2022 of F2i aims to increase the number of passengers up to 3.750.000 units; improve the company’s ebit and strengthen the infrastructures; invest in services 3 million.
Hong Kong’s investment firm Lion Rock Capital paid 150 million of euros for a 31.05% stake of Football Club Internazionale Milano (Inter) that belonged to Indonesian entrepreneur Erick Thoir (see here a previous post by BeBeez). Daniel Kar Keung Tseung, a Chinese-American businessman and alumnus of Princeton and Harvard, founded LRC in 2011. The fund focus on the sectors of sport, e-commerce, food, and medical and already holds a relevant stake in Suning Sports, part of Suning of the Zhang Family, that holds the remaining stake in the Italian football team. Inter has adjusted sales of 220.7 million.
Equinox acquired from the Cremonese family a 40% stake of Manifattura Valcismon, a manufacturer of skiwear and owner of the brands Sportful, Castelli, and Karpos (see here a previous post by BeBeez). The company enterprise value is in the region of 200 million of euros. Equinox acquired this stake from GiordanoCremonese and his kids Alessio (ceo), Alberto (chairman), Dario and Gioia Cremonese; and the company’s brand manager Steve Smith.Banco Bpm, Unicredit, and Crédit Agricole will finance this transaction. MV has sales in the region of 80 million, an ebitda of 15 million, and will invest the proceed of this transaction in its organic growth in view of the launch of an IPO in the mid-term.
NB Renaissance and Alpha Private Equity are holding exclusive talks for acquiring a controlling stake of Rino Mastrotto Group, an industrial tannery company (see here a previous post by BeBeez). Rino Mastrotto group attracted interest also from Ardian, Kkr, and CVC Capital Partners that was considering a merger of the target with its portfolio asset Pasubio. The target company has an enterprise value of 300 million of euros, sales of 320 million, an ebitda of 45 million.
Gruppo Erg  the Italian energy company, acquired 78.5% of Perseo, the owner of photovoltaic plants with a power of 51.4 MW (see here a previous post by BeBeez). Soles Montalto, part of European investor in renewable energy Aream, sold the asset for 221 million of euros. The plants are based in Montalto diCastro, and have an ebitda of 31 million. Luca Bettonte is the ceo of Erg.
European Energy, a Danish investor in renewable energy, acquired the 50-50 joint-venture that MPE (Merloni Progetto Energia) and Foster Wheeler Italiana, owner of the project for the construction of  Solecaldo, a 41 MW photovoltaic plant based in Sicily (See here a previous post by BeBeez). European Energy has sales of 186.7 million euros.
FVS, part of Veneto Sviluppo, acquired 49% of La Gastronomica, a Padua based corporate catering company (See here a previous post by BeBeez).Massimo Zanin, the chairman and ceo of La Gastronomica, holds 51% of the business together with the other managers. Luca Briotto, partner of FVS, will join the the company board. La Gastronomica has sales of 10.9 million, an ebitda of 1.4 million, net cash of 1.3 million, and aims to generate revenues of 20 million within the next 5 years.
Rothschild is waiting to receive binding offers for Roberto Cavalli, the fashion firm that belongs to private equity Clessidra since 2015, while L-GAM and Chow Tai Fook Entreprises, the Hong Kong investment holding of the Cheng Family, own a minority of the business (see here a previous post by BeBeez). Clessidra acquired Cavalli for 390 million of di euros. The company has sales of 152.4 million (155.2 million yoy), an ebitda of minus 7.1 million (-26.2 million), a net loss of 33.6 million (55.2 million). Asian funds, Otb, a company of Renzo Rosso, and Swiss fashion firm Philipp Plein (maybe together with the Blue Skye fund) tabled their offers for Cavalli. On another side Mediobanca is advising Philipp Plein for finding a financial partner. The Swiss company has revenues in the region of 300 million and attracted interest from Advent, Permira, and on the ground of an enterprise value of above 700 million.
Charme Investments, a Luxembourg regulated private equity fund that the Montezemolo Family founded in 2003, announced the end of its activity (see here a previous post by BeBeez). Charme Investors list included bespoke Italian entrepreneurs Diego Della Valle, Nerio Alessandri, Giorgio Marsiaj, Giovanni Punzo, Franco Moschini, and Isabella Seragnoli. The fund posted a loss of 92,000 euros with asset worth 24.5 million.
