Unicredit launched a private equity platform for investing in Italian SMEs (see here a previous post byBeBeez). Unicredit will invest 200 million as institutional sponsor and anchor investor. Investment funds and international and Italian development agencies signed commitments that boost the fund’s powerfire to 2 billions. In 2019, the fund may close 3 or 5 minority deals with an investment period of 5-7 years. Andrea Casini, co-ceo commercial banking Italy of Unicredit, said that the fund will target healthy manufacturing SMEs.
European Private Equity Activity 2018, the report of the European Private Equity funds association Invest Europe, said that private equity and venture capital funds invested in Europe a total amount of 80.6 billion euros, an all-time peak (see here a previous post by BeBeez). In 2017 the figure was of 77 billions.Fundraising in 2018 amounted to 97 billion, while the peak of 112 billion was in 2006.
US private equity Värde Partners acquired 20% of Italian construction company Borio Mangiarotti through a reserved capital increase (see here a previous post by BeBeez). Borio Mangiarotti has sales of 58 million euros, an ebitda of 5.5 million, and a net debt of 40.3 million. Luca Malighetti heads the Italian operations of Varde Partners.
Nice Group, the Milan listed domotics company, acquired 80% of Coldline, a producer of professional fridges (see here a previous post by BeBeez). Gradiente sold the asset, while Alessandro Bagante and Gianluca Bagante will keep a minority of the business. Coldline has sales of 19.6 million euros, an ebitda of 3.67 million and a net debt of 249k euros.
SprintItaly will announce soon the business combination with SICIT (Società Industrie Chimiche Italiane), the Italian chemical company (see here a previous post by BeBeez). Fineurop, Gerardo Braggiotti, Matteo Carlotti, and Francesco Pintucci launched the spac Sprintitaly in July 2017 and raised 150 million euros. SICIT has an equity value of 160 million and will sell to the Spac a 54% of the merged entity (60%, fully diluted). SprintItaly will pay the shareholders an extraordinary dividend of 2.669 euros per share, for a total amount of 37.5 million.
Disruption Investment Platform will subscribe a capital increase of 2 million euros and a convertible bond of 1.5 millions of Energica Motor Company, an Aim Italia listed producer of electric motorbikes (see here a previous post by BeBeez). The capital increase will price shares at 85% of their value in the last three montrhs. The bond has a two years term and pays a fixed coupon of 2% with a conversion price of 90% of the price of the transactions recorded 20 days before the chosen date.
Hig Capital acquired Italian firms Cadica, Tessilgraf, and Bernini (see here a previous post by BeBeez).Gradiente sold Cadica. Founding families sold Tessilgraf and Bernini. MPS Capital Services, Banca Ifis, and UBI Banca financed the transaction. The companies produce labels and packaging for luxury fashion firms. Cadica has sales of 30.76 million euros and an ebitda of 1.8 million. Tessilgraf has revenues of 8.73 million and an ebitda of 0.369 million. Bernini has a turnover of 2.4 million and an ebitda of 0.483 million.
Alto Partners acquired 30% of Olimpia Splendid, an Italian producer of air conditioning items of which the Saccone and Dalla Bona Families own 70% (see here a previous post by BeBeez). The company will invest such proceeds in its organic development and m&a in view of achieving revenues of 100 million euros in three years and list on the stock market. Roberto Saccone is the company’s chairman, Marco Saccone (Roberto’s son) and Giannello Lupidi are the ceos. Olimpia has sales of 61.5 million euros (+5,6% yoy), net profits of 1.9 million, and a net financial debt ot 8.7 million.
On 10 May 2019, Friday, will end the possibility to accept the public offer for the shares and convertible bonds of Aim listed medical logistic company Bomi (see here a previous post by BeBeez). French healthcare private equity ArchiMed already raised 82.911% of the company’s shares and 49.467% of the bonds and signed with Crédit Agricole an agreement for a financing of 45 million euros that will also allow Bomi to refinance its liabilities. The RuiniFamily (50.4% owners), Quaestio Capital Management (12.4%) and First Capital (5.6%) already agreed to sell their interests in Bomi. Ruini, the company’s ceo, will reinvest more than 40% of the amount that he will get from ArchiMed for acquiring 5% of Bomi and will keep his role together with the other managers. André-Michel Ballester, a partner of ArchiMed will be the company’s chairman. Bomi has sales of 126 million (117.8 million yoy), an ebitda of 12.1 million (11.3 million), and a net financial debt of 35.2 million (25.5 million).
Consilium acquired Italian frozen food producer Gelit together with Progressio and MMM, which belongs to Massimo Menna, a minority shareholder of Italian pasta producer Garofalo (see here a previous post by BeBeez). Gelit ceo Stefano Mattioli will keep his role. The value of the transaction is of 80 million euros. NYSE listed ConAgra Brands sold Gelit and hired Bnl Bnp Paribas and Jones Day as financial and legal advisors. Gelit has sales of 41.2 million, an ebitda of 8.5 million, and net cash of 13.9 million. In BeBeez Private Data you can find all the Italian frozen food businesses in which private equity and private debt funds invested (find out here how to subscribe to the Combo version for just 110 euros per month).
TriMas, a Nasdaq listed company operating in the packaging sector for the aerospace and petrochemical industry, acquired Italy’s Taplast from the Santagiuliana Family and private equity Alkemia sgr (fka Nem) (see here a previous post by BeBeez). Alkemia acquired 35% of Taplast in January 2009. Evans Santagiuliana founded Taplast in 1974. The company has sales of 32 million of US Dollars.
US fund Tengram Capital Partners is selling the fashion luxury brand Luciano Barbera to Swiss entrepreneur Philippe Camperio (see here a previous post by BeBeez). Luciano Barbera owns also Peplo that has sales of 5.41 million euros, an ebitda of minus 1.5 million, a net loss of 1 million and net cash of 0.107 million
H4.0, the club deal of investors with a focus on the SMEs based in the North East of Italy, acquired 80% of Scame Forni Industriali, a producer of industrial ovens for 6 million euros (see here a previous post byBeBeez). The investors acquired the asset from the company’s ceo Sergio Grillo that will keep his role and his undisclosed partner. Vendors will hold a minority interest of Scame that has sales of 6.53 million, an ebitda of 0.518 million and net cash of 0.834 million.
Capital For Progress 2 (CFP2), the Italian Spac that failed its business combination with ABK, is trying to find alternative routs for keeping its business activity (see here a previous post by BeBeez). The company may rebrand as Capital For Progress 2 Single Investment and extend its activity. Massimo Capuano, Antonio Perricone, Marco Fumagalli, Alessandra Bianchi, and Bruno Gattai launched CFP2 in August 2017 and raised 65 million euros.
