Italmobiliare acquired a controlling stake of Italian charcuterie producer Salumificio Capitelli from Angelo Capitelli, the son of the founder Claudio Capitelli who will be the company’s president (see here a previous post by BeBeez). The firm has sales of 11.6 million euros, an ebitda of 2.43 million and net cash of 3 million.
RINA, an Italian diversified energy and infrastructure group, is considering the launch of an ipo on Milan market in 1H20 (see here a previous post by BeBeez). Ugo Salerno is the ceo of RINA, which has sales of 443 million, an ebitda of 51 million and a net financial debt of 131 million. In August 2018, the company refinanced its 150 million debt. In 2014 Intesa Sanpaolo, Vei Capital and Venice Shipping & Logistics invested in RINA. In 2016, NB Renaissance acquired the stakes from the investors. In May 2016, the company acquired UK competitor Edif Group Limited for about 150 million. In 2018, RINA acquired the majority of Comete Engineering.
EPS Equita PEP Spac 2, the Milan Spac born in May 2018 out of a spinoff of EPS Equita PEP Spac acquired back 98.61% of its own shares through a public offer (see here a previous post by BeBeez). The offer started on 11 November and closed on 9 December. On 16 December the Spac will redeem the remaining shares at 10 euros for a total amount of 72.7 million euros. On 10 December, the Italian stock market suspended from trading the shares of EPS 2 and decided for their withdrawal on 16 December.
Antares Vision, the Milan-listed visual inspection that merged with the Spac ALP.I, acquired 37.5% of Italian Artificial Intelligence comapny Orobix, through a 3.25 million euros capital increase (see here a previous post by BeBeez). Pietro Rota (ceo) and Luca Antiga (cto) founded Orobix in 2009. The company has sales of 1.3 million euros and an ebitda of minus 1,287 euros. Antares subscribed an agreement with Orobix controlling shareholder Girolamo Initiatives (GI) for gradually increasing its holding in the company up to the whole capital. GI may swap its shares in Orobix with shares in Antares. Rota and Antiga will keep their management roles. Antares Vision has sales of 118.8 million, an ebitda of 33.6 million, and net cash of 28.7 million.
Italian Frozen Food Holding, the frozen food group that Mandarin Capital Partners launched in 2018, acquired Alcass, the owner of frozen food brand Amica Natura, from the Bonaglia (see here a previous post by BeBeez). The vendors will reinvest for a minority. Alcass was born in 1987 and sells in Europe and USA 10% of its output. Alcass has sales of 13.1 million euros (+33.6% yoy) with an ebitda of 1.47 million. Italian Frozen Food has sales of 45 million (+12%), and after such an acquisition it will generate a turnover in the region of 60 million.
Glennmont Partners acquired Andali Energia, the owner of a windfarm with a power of 30 MW (see here a previous post by BeBeez). Sunshine, who acquired the asset in 2017 from the multiutility Estra, sold Andali Energia. L&B Partners supported Andali Energia for the issuance of a bond that financed the construction of the windfarm and later for structuring a project financing of 49.2 milioni euros with Unicredit. The 30 million bond is listed on Vienna market and French private debt fund RGreen Invest subscribed it. Earlier in January, Glennmont Partners sold to Tages Capital three photovoltaic plants with a power of 85,4 MW.
Mediobanca Private Banking closed the fundraising of Mediobanca Private Markets Fund, a private market vehicle that launched in partnership with Russell Investments (see here a previous post by BeBeez). The fund raised almost 100 million US Dollars. Professional and qualified investors may pour at least 0.5 million euros.
Ersel, a wealth management boutique, launched a private equity fund together with Fondaco, a firm that Ersel founded (see here a previous post by BeBeez). Institutional clients of Fondaco and private clients of Ersel may invest in the fund that will have a growth, venture and mid-market investment approach. Ersel has 18 billion euros of assets under management, Fondaco’s assets under management amount to 15 billion.
The shares price of Safilo, the Milan-listed eyewear producer of which Hal Holding owns a controlling stake, went up 10.48% at 1,602 euros after the announcement of the 90 million US Dollars acquisition of 70% of Blenders Eyewear, a California-based digitally native brand that surfer Chase Fischer created (see here a previous post by BeBeez). Safilo’s market capitalization is in the region of 406 million euros. Fischer will keep the ceo role and 30% of Blenders Eyewear, but he may sell in 2023 on the ground of put&call agreements. Safilo financed the transaction with its own resources and a 30 million shareholders financing that Hal Holding issued.
Gruppo Bouvard, a manifacturer of bakery products, is about to acquire from the Lago family a stake of sweets producer Lago Group, which has a turnover of 52 million euros (see here a previous post by BeBeez). Pierre Josselin will act as the company’s ceo. Gruppo Bouvard has saled of above 350 million and recently acquired Italy’s Forneria Gusparo, while in July 2015 it acquired 70% of Euro Cakes from Roberto and Livio Battistin (30% owners) and rebranded it as Bouvard Italia.
Beltè, the Italian soft drinks brand, now belongs to Spumador (Refresco Italy) who acquired it from Gruppo San Pellegrino, part of Swiss giant Nestlè (see here a previous post by BeBeez). Beltè generates sales in the region of 10 million euros. Dutch Refresco acquired Spumador in 2011 from Trilantic Capital Partners and in March 2017 it acquired mineral water brand Recoaro for 6.3 million. In April 2013, Refresco merged with UK Gerber Emig and listed on Euronext market in 2015 after the exit of private equity 3i. Pai Partners and Cubalibre Holding acquired 97.4% of Refresco in 2018 and delisted. In 2004, 3i acquired Refresco on the ground of an enterprise value of 240 million euros and sold the asset in 2006 to Kaupthing Bank, FL Group, and Vifilfell Bottling Group for 463 million. However, in 2010, 3i invested 21 million of British Pounds for acquiring 20% of Refresco and signed an agreement for pouring further 26 million
The Corneliani Family, the 48.6% owner and founder of the eponymous fashion firm, filed a lawsuit with Brescia Court versus private equity Investcorp, which owns a 51.4% of the company since 2016 (see here a previous post by BeBeez). The family asked the Court to check whether it’s possible to dismiss the current board of Corneliani. Investcorp acquired the majority of the company on the ground of an enterprise value of 100 million US Dollars, while Cristiano Corneliani kept 23.76%, Corrado Corneliani 22.81%, and StefanoCorneliani 0.95%. The fund has still to pour 17 million euros in the company that agreed to invest by June 2021 at the moment of the deal. Corneliani has sales of 108 million (110 million yoy), an ebitda of minus 5.7 million (minus 1.1 million) and net losses of 12.1 million (minus 2.6 million). The company recently appointed Giorgio Brandazza as new ceo for replacing Luigi Ferrando, who in November 2018 took over Paolo Roviera in the role
French Private Equity Chequers Capital acquired Italy’s MTA a HVAC&R and Compressed Air & Gas Treatment company from the Pengo and Mantegazza Families (see here a previous post by BeBeez). Marco Motton is the new ceo of MTA and the management will re-invest for a minority. In 2017, MTA signed a preliminary agreement for a sale to Bosch without closing the deal. MTA generates abroad 80% of its 83.2 million euros sales.
M-Cube digital engagement, an Italian group for audiovisive marketing solutions for retailers that belongs to HLD Europe, acquired Belgium’s Storever, a provider of radio in-store and digital signage services (see here a previous post by BeBeez). Paris-listed Belgium’s Audio Valley sold its 80.97% stake, while the minority owners sold the remaining stake. The current ceo of Storever, Bernd Hofstoetter, will be part of M-Cube. The acquisition value is of 15 million euros. Storever has sales of 7.7 million and an ebitda of 2 million. In 1H19, Storever posted sales of 3.8 million, an ebitda of 1.1 million, and a net financial debt of 3.5 million. Francesco Silleni, senior advisor for Italy for HLD Europe between November 2014 and May 2019, carried on the acquisition of 65% of M-Cube in September 2017. Jean-Philippe Hecketsweiler, Jean-Bernard Lafonta, and Philippe Donnet founded HLD Europe, which also received the support of Claude Bébéar (the founder of Axa), Norbert Dentressangle, Jean‐Charles Decaux, Jean-Pierre Mustier, Philippe Donnet, the Cathiard Family, and the De Agostini Family. HLD targets companies with revenues of 50-500 million and in November 2018 opened an office in Milan that Alessandro Papetti heads.
List, a software publisher that belongs to TA Associates, acquired a majority of IT Software, a fintech business (see here a previous post by BeBeez). IT Software was born in 1993 and has offices in Milan, London, Hong Kong, Chicago, Singapore. IT Software has sales of 6 million euros, an ebitda of 0.138 million, and net cash of 1.57 million. List has sales of 61.2 million, an ebitda of 24 million, and net cash of 54.4 million.
Engie Italia is going to acquire the Italian assets of Renvico, an owner of wind farms based in France and in Italy that belongs to Australian Macquarie Group (See here a previous post by BeBeez). Rothschild is handling the sale on the ground of a 400 milioni euro value and an equity value of 150 million for a total power of 334 MW. The 8 Italian plants have a power of 142 MW and attraced the interest of Erg, A2A, Enel, Dolomiti Energia, and renewable energy funds like Quercus and Tages. Revinco was born in 2015, after Macquarie acquired Sorgenia Green. Renvico owns the French assets through a 50\50 joint venture with KKR.
Epta, an Italian producer of refrigeration systems for big distribution chains, acquired Polland’s Linus Eco (see here a previous post by BeBeez). Epta’s controlling shareholder is the Nocivelli Family thile the Triglio Godino Family has 20%. This year Epta bought Kysor Warren, a refrigerated display cases and commercial refrigeration systems producer in Usa, while in 2018, acquired DAAS in Romania and in September 2017 acquired Libre in Polland, King Richard Shop System in the Philipines, and Portanuova in Chile and Peru. Marco Nocivelli, the chairman and ceo of Epta, said that by 2020 the company aims to generate a one billion euros turnover with a double digit ebitda. Epta has currently sales of 921 million (+3.7% yoy) and net profits of 44 million (+12%). In March 2016 Epta issued a 20 million bond that Prudential subscribed by the terms of a shelf contract, that includes the possibility to place further bonds issuances of up to 120 million US Dollars or of an equivalent amount in euros. The bonds will mature in 2023 and pay a fixed rate of 2.3%.
The market capitalization of Milan-listed fashion firm Moncler increased by 6.52% after the rumours of an interest of Kering in the asset (see here a previous post by BeBeez). Moncler capitalization is of above 10 billion euros. Kering is the holding that Francois-Henri Pinault heads and that owns luxury brands such as Gucci and Yves Saint Laurent. In 3Q19, Moncler generated sales of 993.5 million. In 2018 the company posted a turnover of 1.42 billion, an ebitda of 500.2 million, and a net financial debt of 450.1 million.
Palladio Holding acquired the majority of Santi, an Italian producer of steel tanks, from the eponymous family (see here a previous post by BeBeez). Intesa Sanpaolo financed the transaction. The company has sales of 20 million euros
