Cronos Capital Partners acquired 70% of Lampa, a producer of high-end fashion accessories, from the Bertoli family (see here a previous post by BeBeez). Cronos Capital Partners is a fundless fund that Alessandro Besana and Lorenzo Bovo founded. The two are young private equity managers with past experience in EOS Private Equity. Cronos financed ceos Mirko and Luca Bertoli for the family buyout of Lampa. Credit Agricole Italia financed the transaction. Lampa has sales of 16.5 million euros. Cronos Capital is a private equity startup that signed co-investiment partnerships with private investors for a total committement of about 30 million euros. Besana and Bovo said to BeBeez that Cronos aims to find two or three further transactions of this size. Cronos executives don’t get a management fee, but only the payment of a variable carried interest for each deal and a floating fee as a percentage of the return on the invested equity.
Italian shipping company Premuda, a portfolio company of Pillarstone Italy is starting a phase of m&a campaign after having completed its turnaround and reached very good results in 2018. The company announced it has bought from DM Shipping (a joint venture that d’Amico International Shipping signed with Mitsubishi) the vessel High Efficiency for above 16 million US Dollars (see here a previous post byBeBeez) and that it had sales of 36.2 million euros in 2018, with an ebitda of 10.9 million or a 30% ebitda margin. Pillarstone acquired Premuda in April 2016. Premuda board members are: Alcide Ezio Rosina (chairman), Gaudenzio Bonaldo Gregori (vice-president of Premuda and managing partner di Pillarstone Italy), Marco Fiori (ceo), Jens Martin Arveschoug Jensen, Roberto Rondelli, and Enrico Barbieri. Fiori previously said that Premuda aims to grow through m&a.
Italian dry fruit producer Besana hired UBS as it is looking for a new minority or majority financial partner (see here a previous post byBeBeez). The company aims to grow its presence in Asia and North Europe. Brothers Emilio and Vincenzo Besana founded the company in 1921. Pino and Riccardo Calcagni currently head the company that has sales of 147 million euros, an ebitda of 6.7 million and a net debt of 47.1 million. In January 2019, Banca di Credito Popolare provided two mid term financing facilities amounting to 10 million that have the warranty of the European Investment Fund
Listed Italian motorway group Atlantia hired Goldman Sachs and Mediobanca for selling a 30% stake of Telepass, a provider of payment tools (see here a previous post by BeBeez). Telepass could be worth in the region of 2 billion euros and may launch an ipo in the future. Partners Group, General Atlantic, Kkr, and Ardian are said to be interested in the asset. Telepass has sales of 188 million and an ebitda of 111 million.
US private equity Metalmark Capital increased its stake in Valagro, a producer of chemical products for agriculture (see here a previous post by BeBeez). Metalmark acquired 15% of the company in October 2016 through a capital increase. Ottorino La Rocca and Giuseppe Natale are the chairman and the ceo of Valagro. The company had sales of 138.1 million euros in 2018 (117.6 million yoy), an ebitda of 28.9 million (27.2 million), and net cash of 4.8 million (3 million). Metalmark Capital portfolio is worth in the region of 3.7 billion US Dollars.
Casan Holding and Mbb Holding, two United Arab Emirates investors, invested in London-based Peninsula Capital (see here a previous post by BeBeez). Peninsula Capital raised one billion euros mostly from Middle East investors in 2015 for investing in assets based in the Mediterranean basin.
GMC, a Greek shipping company that equally belongs to Rimorchiatori Mediterranei, Neri, and Cafimar, acquired 80% of Greek competitor Zouros from the eponymus family (see here a previous post by BeBeez). Vendors will keep a 20% stake in the business. Rimorchiatori Mediterranei is in turn participated by the DWS Pan European Infrastructure II with a 35% stake.
Italian outdoor curtains Gibus was listed at the Aim Italia market with a market capitalization of 30 million euros (see here a previous post by BeBeez). Gibus ceo is Gianfranco Bellin. The company raised 5 million through a capital increase and listed a 16.65% stake. Gibus has sales of 34 million and an ebitda of 4.6 million. The company used to be participated by Fondo Nem imprese II managed by Alkemia sgr (former Nem sgr) before the Bellin-Danieli family decided to buy the stake from the fund and reach 100% control of the company in July 2018.
Oaktree Capital Management acquired 40% of Italian theme parks operator Costa Edutainment for 40 million euros (see here a previous post by BeBeez). Giuseppe Costa will keep his role as company’s chairman. Vei Capital (part of Palladio Finanziaria) sold a 16.45% stake in Costa that acquired in January 2016 for 5 million. Giorgio Bertolina is the ceo of Costa Edutainment that has sales of 60.2 million, and an ebitda of 10 million, and a net financial debt of 33.6 million.
Italian baby food producer Plasmon is of interest to PAI Partners and Swiss peer Hero (see here a previous post by BeBeez). NYSE listedKraft Heinz is reportedly selling Plasmon on the ground of an enterprise value of 700 million euros. Advent, Permira, Lion Capital , BC Partners, and Investindustrial were also reportedly interested in Plasmon.
