Teamsystem, an Italian software provider for corporates and accountants that belongs to Hellman&Friedman, generated a turnover of 417.9 million euros and an adjusted ebitda of 170.5 million with a net financial debt of 750.9 million (see here a previous post by BeBeez). According to the value of the transactions for the sector, Teamsystem may be worth 10 – 13x ebitda or 1.7-2.2 billion euros. The coronavirus impact on the tech sector has not been relevant and H&F might be ready for a divestment. In December 2015, Hellman&Friedman acquired the majority of Teamsystem from Hg Capital, which reinvested for a minority, while Bain Capital sold all of its interest in the business.
Ambienta is finally buying a 70% stake in Italian IT company Namirial on the ground of an enterprise value of 150 million euros (see here a previous post by BeBeez). The founders and even owners Enrico Giacomelli (vice president) and Claudio Gabellini (president) will keep a total of 30% of the company. In 2018, the asset attracted the interest of Marlin Equity Partners and Clessidra, while Milan-based advisory firm Klecha handled the auction. The company has sales of 46.5 million and an ebitda of 7.83 million.
The Covid-19 turmoil could push Sia, an Italian provider of IT infrastructures for the financial services sector of which Cdp Equity has a controlling stake, to merge with Milan-competitor Nexi instead of listing on the Italian Stock Exchange as it was its preferred option (see here a previous post by BeBeez). Sia is reportedly working on a dual-track procedure and hired JPMorgan for m&a transactions or a listing. Nicola Cordone, the ceo of Sia, said that the company aims to raise 1 billion euros through the launch ipo and achieve a market capitalization of 4 billion. A report of Goldman Sachs said that Sia’s enterprise value would be of 3-3.5 billion in the case of a merger with Nexi, which would have a majority role.
Elco Group’s ceo Carlo Guidetti acquired back 29.76% of the business from Milan-listed investment company NB Aurora (see here a previous post by BeBeez). In December 2011, Elco sold for 5 million euros a minority to Fondo Italiano d’Investimento. NB Aurora (who owns 44.5% of FII) acquired the stake in Elco for one million. Elco Group will pay an undisclosed price to FII if it will sell the whole company in the next 36 months. Elco Group, a producer of printed circuits, acquired the majority of Dutch competitor Pcb Ramaer in February 2014 and has sales of 42 million with an ebitda in the region of 1.2 million. NB Aurora is conducting a capital increase of 150 million and will pay a dividend of 1,06 euros per share amounting to 18.95 million.
On 10 April, Friday, Banca Ifis tabled a binding offer for a 70.77% of Farbanca, the Italian lender for pharmacies, (see here a previous post of BeBeez). Individual shareholders own 29.23% of the target. Mediobanca is handling the sale. Banca Ifis owns 70% of Credifarma, a provider of financial services for pharmacies of which Federfarma has 30%. Earlier in February, Banca Popolare di Sondrio reached an agreement for buying 70.77% of Farbanca for 30 million euros, but the Bank of Italy asked the buyer to focus on the reduction of its distressed credits. Farbanca is up for sale since 2017, when Chinese CEFC China Energy Company could not close the acquisition. The asset is of reported interest to Credito Valtellinese, Blue Skye and Atlas. Banca Ifis acquired Credifarma. Farbanca has net profits of 4.1 million (-18.7% yoy), net equity of 65.5 million (+4.6%), and a CET1 ratio of 15.72%.
On 8 April, Wednesday, Brisa-Auto Estradas de Portugal, the owner of the concession for 15 Portuguese motorways, received the binding offers for its reported auction (see here a previous post by BeBeez). Arcus Infrastructure Partner and José de Mello, who own 40% of Brisa each, are selling the asset. Bidders are Italian Gruppo Gavio in partnership with Ardian; Dutch pension fund Apg (the owner of Itinere, the manager of motorways for the North of Spain), Abertis (part of Atlantia), Japon’s Marubeni, and Globalvia, a consortium of China State Construction Engineering Corporation and Cnic Corporation. The previous round of the auction attracted also the bids of Roadis, of which Canadian pension fund PSP Investments is the controlling shareholder, Aleatica, an asset of Australian IFM Investors, Macquarie, CDPQ, and CPPIB. Brisa has a turnover of 746 million euros and its enterprise value is below 3 billion euros.
Orange Capital is in exclusive talks for acquiring La Sanfermese, an Italian producer of ingredients for the meat-analogue and dairy alternative sectors (see here a previous post by BeBeez). Ubs is handling the sale of La Sanfermese. Orange Capital is a private equity in which invests the money of South-East Asian companies that aim to acquire European assets or sign partnerships with European investors. La Sanfermese has sales of 46.13 million euros and an ebitda of 1.67 million.
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