CVC Capital Partners is holding talks for acquiring 20% of Lega Calcio di Serie A (Serie A), the top professional league for Italian football clubs, for 2 billion euros (See here a previous post by BeBeez). CVC would buy a minority of a subsidiary of the Serie A that owns the tv rights for broadcasting matches. In 2019, CVC invested 200 million British Pounds for acquiring 27% of Premier Rugby Limited, the firm that manages the Premiership Rugby, the top professional league for English rugby clubs. The fund also paid 600 million US Dollars for investing in Bruin Sports Capital (BSC) together with Jordan Company. BSC is an investment holding that owns organizers of events for the sports sector and in Italy owns a controlling stake in Deltatre, a data provider for sports. CVC is reportedly holding talks for acquiring a minority of Irish Six Nations Rugby for 300 million British Pounds. However, the coronavirus emergency delayed the negotiations. Serie A attracted a 100 million euros financing offer from private equity fund Blackstone as well (See here a previous post by BeBeez). Italian team may not receive the payments for tv rights from Sky and other broadcasters as a consequence of the lockdown due to the coronavirus emergency. Private equity funds are also showing interest in French Ligue 1, Spanish Liga, German Bundesliga, and British Premier League. Christian Seifert, the ceo of Bundesliga, reportedly hired an undisclosed advisor for negotiating the issuance of a bridge loan with KKR, Apollo Global Management and private equity investors of the top percentile.
The Italian Ministry for Economy and Finance (MEF), Invitalia, and Cdp are going to allocate 50 billion euros for the recapitalization of companies that faced the coronavirus emergency (see here a previous post by BeBeez). The fund may provide SMEs with equity, temporary debt-equity-swap instruments, or other hybrid instruments. The fund may exit its investments through the buyback of shareholders or the sales of the assets. Entrepreneurs could invest in the recapitalization, while Cdp and Invitalia could co-invest with other institutional investors like banking foundation, banks, and pension funds.
Cdp invested further 100 million euros in the fund of private equity funds FOF Private Equity Italia (FOF PE Italia) that Fondo Italiano d’Investimento (FII) (See here a previous post by BeBeez). FoF PE Italia set a fundraising target of 600 million, while Cdp as anchor investor previously subscribed a commitment of 200 million and further 100 million together with other investors. The fund will invest in Italian mid-market private equity funds.
Japanese Lixil sold Permasteelisa to Atlas Holding (See here a previous post by BeBeez). In November 2018, Shenzen – listed Grandland Group held unsuccessful talks for acquiring Permasteelisa as the Committee on Foreign Investment in the United States-CFIUS did not authorize the sale. The company previously attracted the interest of private equity funds Alpha, Permira, Cinven, Pai, and Carlyle. Permasteeelisa has sales of 1.28 billion euros, an ebitda of 29.6 million, net losses of 26.3 million (41.1 million yoy), and net financial debt of 295 million. Lixil paid 573 million for the acquisition in 2011, when Permasteelisa had a turnover of 1.1 billion and an ebitda of about 80 million. Alpha (40.8%), Investindustrial (47.5%), and Lucio Mafessanti (11.7%) sold the asset. However, the company paid a dividend of 50 million little before the sale. Investindustrial and Alpha acquired the control of Permasteelisa in 2009 for 350 million from Amber and Luigi Cimolai and delisted the asset from the Milan market.
Dedalus Noemalife (DN), an IT company for the healthcare sector that belongs to Ardian, acquired the IT units for the healthcare of Agfa-Gevaert based in Germany, France, Austria, Brazil, and Switzerland (see here a previous post by BeBeez). Ardian raised its stake in Dedalus Holding, the controlling shareholder of DN, from 60% to 75%. The target’s enterprise value amounts to 975 million euros. In the last five years, Dedalus made 40 international acquisitions. The company financed such last transaction with equity, debt (a bridge credit line of 680 million and a super senior revolving facility of 80 million), and a HoldCo PIK (payment in kind) that Tikehau Capital subscribed. Ardian acquired 60% of Dedalus Holding in 2016 from Hutton Collins Partners and The Three Hills Capital Partners (14%), Mandarin Capital Partners (35.59%), and ceo and founder Giorgio Moretti (10,41%), who now has 40%. In 2016, Tamburi Investment Partners sold its 14.94% stake in NoemaLife to Dedalus and, at the same time, provided a 9.2 million and 9% rate vendor loan convertible into shares of the buyer. In December 2016, Dedalus Holding refinanced the debt with the issuance of a Vienna-listed 72 million bond maturing in October 2023. Tikehau Capital subscribed to the bond. In December 2018, Tikehau acquired HoldCo notes of Dedalus worth 11.3 million aimed at fully repaying the vendor loan that TIP granted. In 2019, Dedalus issued a 30.9 million bond when it acquired 60% of Bologna-based Softech. The new HoldCo PIK entirely replaced Tikehau’s old exposure to Dedalus.
Tages and Bahrein’s Investcorp merged their Absolute Return Investments (ARI) units and signed an even joint venture named Investcorp-Tages (IT) (See here a previous post by BeBeez). Panfilo Tarantelli, Sergio Ascolani, Umberto Quadrino, Francesco Trapani, and Salvatore Cordaro founded Tages. IT will have more than 6 billion US Dollars of assets under management, while Salvatore Cordaro and Lionel Erdely, Head of cio of Investcorp ARI, will lead the business. IT will invest in multi managed portfolio of liquid alternative investments, private debt, and impact investment as well as single manager innovative solutions for hedge funds. Investcorp is one of the private capital investors that BeBeez Private Data monitors. Find out here how to subscribe to the Combo version that includes BeBeez News Premium.
Ambienta launched its first Ucits open fund Ambienta X Alpha, a long/short absolute return vehicle with a focus on environmental sustainability (See here a previous post by BeBeez). Fabio Pecce is the cio of London-based Ambienta X Alpha and will team with Andrew Benson, Joel Bird, Francesco Cavallo, Rob Moore, and a team of seasoned professionals. Institutional and retail investors will be able to pour resources in the funds of Ambienta X. Ambienta also launched BG Alpha Green with Banca Generali. This product is for the bank’s clients. Ambienta X Alpha will focus on the European and US markets and take alpha-generating long or short positions on ESG compliant businesses. Fabio Ranghino, the head of Ambienta’s team for Sustainability and Strategy, developed a proprietary system for the appraisal of environmental sustainability for listed assets and a proprietary EIA (Environmental Impact Analysis) for private equity investments.
Abu Dhabi’s Chimera Investments acquired the majority of iconic Italian bikes producer Colnago from the founder Ernesto Colnago, who will keep a minority (See here a previous post by BeBeez). The company has sales of 21.26 million euros, an ebitda of 0.234 million and net cash of 2.8 million.
Star Capital raised 140 million euros, above the target of 120 million (see here a previous post by BeBeez). Star attracted the resources of foreign funds of funds, institutional investors, and Italian family offices. Sources said to BeBeez that since 2003 Star Capital posted 2.93 times the invested capital, after the costs for advisory, fees for professionals. In May 2010, Marco Gazzaniga, Marco Baratti, Carlo Arteria, Carlo Cangialosi, and Alessandro Colombo acquired Star Capital from Efibanca and Palladio Finanziaria, which created the fund in November 2002. In 2018, Star Capital acquired 70% of fashion firms International Promo Studio and Moda Italia from the Marzioni (currently 30% owner of the asset) and the Santini Families
Enerray Global Solar Opportunities (EGSO, of which Enerray has 51%), Seci Energia, and Enerray are holding talks with Globeleq Africa Limited and Al Tawakol GILA for the sale of photovoltaic plants based in Egypt (see here a previous post by BeBeez). The transaction may close by June 2020.
Brooks Brothers, the US iconic fashion brand that belongs to ceo Claudio Del Vecchio, hired New York’s financial advisor PJ Solomon for sounding the interest of a new partner as its 550 million euros debt is too onerous (See here a previous post by BeBeez). The company’s plants in New York, North Carolina e Massachusetts are currently producing masks and clothes for healthcare workers. In 2001, UK retailer Marks & Spencer sold Brooks Brothers to Del Vecchio, the son of Leonardo Del Vecchio, the founder of Luxottica.
Indaco Venture Partners and Invesco will subscribe to a 2.99 million euros capital increase of Milan-listed Expert System, a cognitive computing company (See here a previous post by BeBeez). The company will issue 1.11 million new shares at a 2.70 euros share price (+14% than the median share price in the last three months). Indaco will invest 2 million of the capital increase. Atlante Ventures Mezzogiorno, whose investrs are Intesa Sanpaolo and the Italian Ministry for the Public Administration and Innovation and now under Indaco Venture’s management, invested in Expert System in February 2014 when it launched the ipo. The fund subscribed to a 2.5 million capital increase and invested in Admantx, a spin-off of Expert System that provides online advertising. In November 2019, Integral Ad Science (IAS), a portfolio company of Vista Equity Partners, acquired Admantx. Expert System will invest the proceeds of this last capital increase in expanding its foreign business. The company has sales of 31.6 million (28.7 million in 2018), an ebitda of 5.5 million (4.6 million), and net financial debt of 2.8 million (12.4 million).
Limes Renewble Energy, an asset of impact investing fund Oltre Venture, signed a partnership with Tayan Energy Investment (a Madrid-based joint venture of Chinese Shanghai Electric and Spanish Eland Private Equity) for acquiring photovoltaic plants in Italy with a total power of 55 MW (See here a previous post by BeBeez). Limes Renewable Energy was born in 2017. Cristiano Spillati, Gian Oddone Merli, and David Armanini are the ceo, the chairman, and the cfo of Limes, which in January 2018 raised capitals from Oltre Venture and other investors. Star Capital is one of the private capital investors that BeBeez Private Data monitors. Find out here how to subscribe to the Combo version that includes BeBeez News Premium.
Maria Francesca Merloni sold her 20% in Merloni Holding, the firm of the eponymous family that has 67% of Italian Ariston Thermo (See here a previous post by BeBeez). Maria Francesca Merloni, however, acquired 12% of Ariston Thermo and received from the company 2.2 million euros in cash and 15 million of net equity. Paolo Merloni, Francesca’s brother and current chairman of Ariston Thermo, is the company’s majority shareholder, while his parents Francesco and Maria Cecilia Lazzarini have minority stakes. Ariston Thermo manufactures burners, heat pumps, and water heaters and has sales of above 1.5 billion euros.
Francesco Iovine is the new ceo of Naturalia Tantum, a pole of Italian producers of cosmetics and food integrators that groups Sanecovit, Bioearth, and Effegilab (See here a previous post by BeBeez). Iovine previously worked as commercial director for Ecornaturasì and Salmoiraghi&Viganò. Naturalia also hired commercial director Gianluca Sobacchi, who previously worked for Planter’s, Cadey, and Enervit. Assietta Private Equity (APE) and Paolo Colonna launched Naturalia Tantum, which has sales in the region of 20 million euros. The company is interested in further acquisitions of cosmetics and food integrators players. In March 2017, Naturalia acquired San.Eco.Vit, Bioearth International in October 2018, and Effegilab in May 2019. APE has resources of above 90 million. Assietta Private Equity is one of the private capital investors that BeBeez Private Data monitors. Find out here how to subscribe to the Combo version that includes BeBeez News Premium.
Despite the coronavirus emergency, Innovery, the cybersecurity company of which Wise Equity has a controlling stake, aims to close several acquisitions by early 2021 ceo Gianvittorio Abate said to BeBeez (see here a previous post by BeBeez). The company is conducting due diligence on two Italian companies active in the fields of compliance, security governance, and cybersecurity. Innovery’s M&A pipeline includes two targets based in Spain and three in Italy. Innovery has sales of 30 million euros (+25%) and an ebitda of 6.4 million. Wise is one of the private capital investors that BeBeez Private Data monitors. Find out here how to subscribe to the Combo version that includes BeBeez News Premium.