Italian private equity funds and portfolio company are holding their activities at a hectic level, while private banks and asset managers try to involve retail investors in the industry.
Investindustrial started to raising funds for its private equity vehicles and set a target of 3 billion of euros (see here a previous post by BeBeez) The fund will have invest in Europe with a particular care to Italy and Spain.
Private equity Värde Partners is holding talks for acquiring a 20% stake of Milan construction company Borio Mangiarotti (see here a previous post by Bebeez). Borio Mangiarotti’s ceo is Edoardo de Albertis. The company has sales of 58 million of euros, an ebitda of 5.5 million, and net debt of 40.3 million.Luca Malighetti heads Värde’s operations in Italy.
Italian IT company Seco, part of the portfolio of Fondo Italiano d’Investimento (FII), acquired the majority of China’s IT Fannal Electronics (see here a previous post by BeBeez). Lesen Ding, the founder of Fannal, will hold a minority of the company and will act as ceo and coo. Ivan Brambilla, a director of Seco, will join the board of Fannal. In April 2018, FII invested 10 million of euros in Seco. Daniele Conti and Luciano Secciani founded Seco, that has sales of 50 million.
FinecoBank and Dea Capital Alternative Funds are offering to retail clients a fund of private equity and private debt funds (see here a previous post by BeBeez). The least investment ticket is of 0.1 million of euros with a tenure of 8 – 10 years. The fund aims to invest in 15-20 private equity companies (Blackstone is one of them), based in Europe and North America (85%) and emerging markets. The annual yield target is in the region of 8% and it will be possible to invest in the fund between 5 February and 19 April.
Kaleyra, an Italian provider of SMS advertising to banks and corporates, will list on NYSE after merging with US Spac GigCapital (see here a previous post by BeBeez). Italy’s Ubiquity acquired India’s Solutions Infini last year and rebranded as Kaleyra. Dario Calogero is the ceo of Kaleyra, that merged with Gig on the ground of an enterprise value of 192 million of US Dollars. After the business combinantion, Kaleyra’s current shareholders will own a 33% stake GigCapital chairman is Avi Katz. Cowen and Company LLC acted as GigCapital financial advisor, while Crowell & Moring provided legal counsel. Kaleyra hired Northland Capital Markets and GCA Altium as financial advisors, while it received legal assistance fromCooley and Chiomenti.
Open Mind Investment sold to several buyers a portfolio of photovoltaic plants with a power of 5 MW (see here a previous post by BeBeez). Rumours say that NextEnergy Capital is one of the acquirors. Hideal Partner and King & Wood Mallesons acted as sell-side advisor and legal counsel. OpenMind belongs to Giovanni Saladino and Domenico Grassi.
Bassini 1963-Antico Forno della Romagna, a baked food producer that belongs to club deals platform Orienta Partners, acquired competitor Glaxi Pane from Fondo Agroalimentare Italiano (FAI) and Indigo Capital (see here a previous post by BeBeez). Glaxi Pane founders Silvio Galante, Annamaria Stocco, Andrea Stocco and Adriano Schiavo reinvested for a minority of Bassini. Mediocredito Italiano provided acquisition financing. Bassini has sales of 11 million of euros and an ebitda of above 2 million. Serio Galant founded Glaxi Pane that has sales of 10 million and an ebitda of 1 million. Orienta Partners managing directors are Augusto Balestra, Fabio Fabbri, Giancarlo Galeone, Mario Gardini, and Sergio Serra.
AEB, the Italian producer of active ingredients for manufacturing wine, beer and spirits that belongs to Apax France, acquired a controlling stake in Danish Danmil, a company active in the field of filtration items to the pharmaceutical, chemical and beverage industries (see here a previous post by BeBeez). Danmil has sales of 9 million of euros and posted a 15% median growth in the last two years. Michael Lindh, a member of the company’s founding family, will keep his ceo role.Mario Tomasoni is the ceo and chairman of AEB, which has sales in teh region of 100 million. In September 2018, Apax France acquired AEB from US private equity SK Capital Partners on the ground of an enterprise value of 200 million.
Covisian, an Italian provider of business process outsourcing and of customer care solutions that belongs to Aksìa Group, acquired Spanish CRM company Grupo GSS (see here a previous post by BeBeez). Crédit Agricole Italia, Bnl-Gruppo Bnp Paribas and Banco Bpm supported the buyer with acquisition financing. Antonio Turroni is the chairman of Covisian that has sales of 180 million of euros, but will have revenues in the region of 300 million after GSS acquisition. Marco Rayneri, partner of Aksìa, said that the company is interested in carrying on further acquisitions.
Ambienta’s portfolio company Safim acquired the majority of German competitor Omni Hydraulik Ritter a producer and distributor of components for hydraulics (see here a previous post by BeBeez). Jörg Müller will keep heading Omni. Safim belongs to Ambienta since July 2017 and has sales of 35.4 million of euros, an ebitda of 7.3 million, and net financial debts of 21.1 million. Pietro Santoro, the ceo of Safim, and Francesco Lodrini, Partner of Ambienta, said that the acquisition of Omnia will bring further internationalisation opportunities for the company. In May 2018, Ambienta closed its 635 million fundraising, above the initial target of 500 million
Sources said to BeBeez that Pool Service-Medavita, a manufacturer of professional haircare products, will send the information memorandum to potential buyers. (See here a previous post by BeBeez). However, the sources said that two further companies in the sector may attract the interest of private equity funds. Cotril, which belongs to Marco Artesani, hired PwC as financial advisor. Landoll, the owner of bespoke brand Naschi Argan that belongs to Fabrizio Ascoli may also go on the block. Landoll has sales in the region of 15.1 million of euros, an ebitda of 2.27 million, and net cash of 0.22 million. Cortril has revenues of 17 million, an ebitda of 1.55 million, and net financial debts of 3.6 million. Club deals platformAccord Management owns 76.72% of Pool Service, while the Cattaneo Family owns 20%, and the company’s chairmanStefano Banfo has the remaining stake. Sources said to BeBeez that Banfo and the Cattaneo family aim to reinvest in the company for financing a growth strategy through M&A. Banfo founded Accord Management in 2009 together with Maurizio Spampinato, Gianluca Bolla, and Vittorio Riccardi. Pool Service enterprise value in 2016 was of 6.6 the company’s expected ebitda of 7 million. Sales were of 36 million. Pool Service acquired Medavita in July 2015 from siblings Andrea andSara Verona. Italian private equity Alto Partners, owner of peer Tricobiotos, might be interested in acquiring Pool Service Media Vita.
