Equinox, the private equity that Salvatore Mancuso founded, appointed Giorgio Mercogliano as new managing partner after Mr. Macuso, 70, passed away some days ago (see here a previous post by BeBeez). Mercogliano, 48, has been working with Equinox since its foundation in 2001. Equinox raised its third fund in 2017 targeting 500 mln euros.
Fabrizio Carretti, 49, co-head of Permira‘s office in Italy in Milan also passed away a few days ago (see here a previous article by BeBeez). Mr. Carretti Carretti had joined Permira in 2006, where he personally worked at some of the major deals in Italy (ie Sisal, La Piadineria, Arcaplanet, Valentino) and Europe (ie Dr. Martens, Hugo Boss). He had been joined as Italy’s co-head by Francesco Pascalizi last October.
Tim and Vodafone sold shares for a whole 8.6% stake of Inwit (Infrastrutture Wireless Italiane) through an accelerated book-building procedure to institutional investors on April 22nd (see here a previous post by BeBeez). Tim and Vodafone each diluted their 37.2% stake of Inwit to 33.2% each. An auction had been opened for them to sell a 12.5% stake each to a third investor in order to reduce their holdings to 50.1%, but the coronavirus crisis stopped the deal while Inwit stock prices rose to quite attracting levels for Tim and Vodafone to sell on the market.
Italian dairy company Granarolo hired Euromerger for selling its 50% stake in Pastificio Granarolo that acquired in 2015 (see here a previous post by BeBeez). The Mattei family owns the other half of the asset. Pastificio Granarolo has sales of 8 million euros with a 7% ebitda margin. Granarolo aims to focus on the dairy business and therefore is going to sell also Pandea Dietetica, a manufacturer of bakery with sales of 11 million and Conbio, a producer of vegetal and biological food. Granarolo belongs to co-operative company Granlatte (77.48%), Intesa Sanpaolo (19.78%) and Cooperlat (2.74%). The company has sales of 1.317 billion (1.302 billion yoy), an ebitda of 76.4 million (-4.4%), net profits of 13.3 million (16.7 million), and net financial debts of 161.8 million (146.5 million). The debt includes the senior bond of 60 million issued in private placement in 2017 and due to mature in March 2023 and a sustainable linked loan of 30 million.
EF Solare, a portfolio company of F2i, signed the closing of the acquisition of Spain’s competitor Renovalia Energy Group from Cerberus Capital Management (see here a previous post by BeBeez). José Manuel Olea will keep his role as the target’s ceo. Previous press reports said that Renovalia’s enterprise value was of 700 million euros. F2i may now sell a  30% of EF Solare for 600 million on the ground of a total enterprise value of 2 billion.
Fondo Italiano per l’Efficienza Energetica (FIEE), paid more than 10 million euros for acquiring Italy’s Cremonesi an Italian energy management company (see here a previous post by BeBeez). In July 2018, FIEE acquired  50.59% of Comat Servizi Energetici for 16 million. These two acquisitions will allow the 160 million fund to close its investment period 6 months in advance. FIEE’s chairman and cofounder Raffaele Mellone is already testing the waters for launching another vehicle with a fundraising target of 175 million. The European Investment Bank acted as anchor investor for the first fund that overachieved its 150 million target. Further founders of FIEE are Fulvio Conti, Maurizio Cereda, Andrea Agnelli, Raffaele Mellone, and Andrea Marano, the ceo of the fund. FIEE’s Irr is of 10.6% and aims to double the invested capital in 12 years.
Fonderie di Montorso, a company of which the Innnovazione e Sviuppo fund, managed by Fondo Italiano d’Investimento sgr, has 70% since December 2018, acquired Italian competitor Fonderia Scaranello (see here a previous post by BeBeez). The target has sales of 6.3 million euros. Fonderie di Montorso acquired Fondmatic in 2016.  Patrizia Comello, ceo, and her family acquired Fonderie Montorsio in 2010. The company has sales of 76 million euros.
Kedrion, the Italian plasma derivatives maker company controlled by the Marcucci family (little above 54%), FSI Investimenti (owned by Cdp Equity and KIA) and the FSI I fund (managed by FSI sgr), generated 808.2 million euros in revenues in 2019 (+17.5% from 687.9 millions yoy) (see here a previous post by BeBeez). Kedrion’s ebitda is of 101.3 millions (46.5 million in 2018), while the adjusted ebitda amounts to 166.1 millions (+11.7% from 148.7 millions). Net profits amount to 38.2 millions (11.6 millions). In July 2017, the company issued a Dublin-listed 350 million bond due to mature in July 2022 with a 3% coupon. On 27 April, Monday, Kedrion announced to have signed a partnership with Israel’s Kamada for developing remedies for the coronavirus. FSI, the fund that Maurizio Tamagnini heads, acquired 19.59% of Kedrion in October 2019 with an investment of 150 million euros (100 million for buying shares from the Marcucci family and 50 million for subscribing a capital increase). FSI Investimenti (of which Kuwait Investment Authority has 22.88%) subscribed a further capital increase of 16.7 million for keeping unchanged its 25.06% stake in the business. Kedrion is a company monitored by BeBeez Private Data (find out how to subscribe for only 110 euros a month)
Morato Pane is holding talks for acquiring Italian competitor Roberto Industria Alimentare (see here a previous post by BeBeez). The target company has sales of 57.1 million euros and an ebitda of 2.74 million. Morato Pane’s turnover is of 250 million. In 2006, the Morato family, which owned 30%, acquired the remaining stake from Kamps-Barilla with the support of Aliante Equity Investments and Alkemia Capital (fka Nem). Buyers conducted the acquisition with the newco Progetto Pane (60% Morato, 25% Aliante and 15% Alkemia). Morato Pane grew through acquisitions and in 2019 it acquired Piadine Orva from the owner Luigi Bravi. In June 2018, Orva issued two minibonds. Anthilia subscribed a 5 million bond. BPER (0.6 million) and Anthilia (0.4 million) subscribed a 1 million liability.
At the closure of trading of 29 April, Wednesday, Italian listed retailer OVS share price has been of at 0.81 euros (+3.85%) after a 0.847 euros (+8%) intraday peak, after Gianni Tamburi, the head of Milan-listed investment company Tamburi Investments Partners (TIP), said in a press interview that he’s ready to support OVS for m&a transactions. TIP has 22.7% of OVS. In March 2019, it acquired 17.835% from Coin at 1.85 euros per share or 74.9 million euros. Alessandra Gitti, the ceo of TIP, said that OVS has cash for 200 million and eventually a further 70 million from the exercise of warrants due to expire in June. TIP is one of the private capital investors that BeBeez Private Data monitors. Find out here how to subscribe for the Combo version that includes BeBeez News Premium.
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