The activity of private equity funds in Italu is blooming with primary market transactions, consolidation and ambitious exit plans.Unicredit sold to Ardian its stake in SwanCap Partners, the management company of private equity fund (see here a previous post by BeBeez). SwanCap is a spin-off of the private equity activities of HVB (part of Unicredit) that has asset under management of 2.5 billion of euros. The list of SwanCap investors includes Ardian, Alpinvest Partners, the secondary market arm of The Carlyle Group. Cesare Buzzi and Florian Kreitmeier worked as managing directors for SwanCap, which invests in mid-market private equity funds, directly coinvests in target companies, and carries on secondary market transactions in Europe and North America.
Morellato, the Italian jewellery and watch brand, is of interest to private equity firms (see here a previous post by BeBeez). The company hired Unicredit to explore options for a minority stake. Morellato belongs to ceo Massimo Carraro and his family and has sales of 165.4 million of euros, an ebitda of 23.1 million, and net financiel debts of 21.9 million.
Italian mid-market private equity fund Alto Partners, acquired 95% of Bia, an Italian producer of cous cous (see here aprevious post by BeBeez). Luciano Pollini, ceo of Bia, owns the remaining 5% of the business through Gescad, an IT consultancy firm. Bia has sales of 28.9 million of euros, an ebitda of 1.45 million. Press reports say that the business has an enterprise value of 20 million, or 9x ebitda.
Ambienta, an Italian private equity with bureaus in Milan, Düsseldorf, and London and with a focus on environmental sustainability made new hires across Europe (see here a previous post by BeBeez). Johannes Bayer (principal of the investment team), Nicolaas Hackbarth and Lennart Götz (associates) will support Ambienta in Germany. Guido Emanuele Facci, Andrea Florio, Marco Riva, and Nevena Batchvarova joined Ambienta and will support the fund in various functions and roles.
Travaglini Group, an Italian logistic company, acquired the motorbikes transport unit of Europet Trasporti (xee here a previous post by BeBeez). Intesa Sanpaolo and BPER provided the financing for this transaction. Fabrizio Petronti founded Europet in 1994, his wife Nicoletta Finoli holds a stake in the business. Europet has revenues of 10 million of euros and an ebitda in the region of 0.9 million. Travaglini Group has sales of 25 million (+4.4 million or +21% yoy), and after such an acquisition it may generate revenues of 27 million.
French-American market research firm BVA Group will buy the whole of Alchimia, the investment holding of Marina Salamon, that owns 90% of Doxa (see here a previous post by BeBeez). Mrs. Salomon will reinvest in BVA the majority of the proceeds of such sale. After such acquisition, BVA will have revenues of 200 million of euros. Vilma Scarpino, ceo and 10% owner of Doxa, will keep her role. Alchimia has revenues of 101.7 million, an ebitda of 11.9 million, and net financial debts of 21.9 million. Doxa has sales of 24 million, an ebitda of 0.5 million, and net financial debts of 2.9 million. BVA Group belongs to four entrepeneurs (49%), while Naxicap acquired 51% in June 2017 from Montefiore Investments. BVA has sales of 180 million. Pierpaolo Luzzatto Fegiz founded Doxa in 1946. Ennio Salamon, Marina’s father, led the company between 1956 and 2006. Marina Salamon acquired the business in 1991.
Sia, the Italian provider of IT infrastructures for the financial services sector in which Cdp Equity holds a controlling stake, may fetch one billion of euros through the launch of an ipo, said the ceo Nicola Cordone (see here a previous post byBeBeez). The company may go public through the launch of a capital increase and the sale of shares of the current owners: FSIA Investimenti (the vehicle of Cdp Equity and Poste Italiane) (49.48%), infrastructures investor F2i (17.05%), HAT Orizzonte (8.64%). Banco Bpm, Intesa Sanpaolo, Unicredit, Mediolanum, and Deutsche Bank hold the remaining stakes. In September 2016, Cdp Equity sold part of its interest in Sia to Poste Italiane on the ground of an equity value of 2 billion euros. However, press reports said that Cdp Equity would favour a merger of Sia with e-payments company Nexi, that belongs to Bain Capital, Advent International and Clessidra, and applied with Consob, the Italian stock market regulator, for launching an ipo by mid-April on the ground of an enterprise value of 7.5 billion. Cordone said that the company are not discussing to this end, and that Antitrust issues may delay an evenutal merger. Furthermore, Cordone said that an IPO would allow Sia to raise resources for international acquisitions.Â
