In 1H20, Italian private equity carried on 64 add-on acquisitions, the Private Equity Report of BeBeez said (see here a previous post by BeBeez). In 2019, private equity firms carried on 78 add-on. The readers of BeBeez News Premium have access to the BeBeez Reports and Insight Views.
The golden power is affecting the outcome of private equity and m&a deal (see here a previous post by BeBeez). The Italian Government will use its special powers in relation with the public offers of the Japanese AGC on Milan-listed MolMed, the offer of BFF Banking group for DEPObank; Bain Capital and NB Renaissance’ acquisition of Engineering Ingegneria Informatica, the change of the shareholders structure of Aero Sekur (Penta Capital acquired 54% of the asset in 2008, while in June the company’s ceo Richard Mark Butler acquired the majority), the change of the shareholders structure of Arescosmo, another asset of Penta Capital that sold a controlling stake to the ceo Richard Mark Butler. These transactions are not be called off but will delay as the government asked for some conditions to be implemented (see also here a previous post by BeBeez).
NB Aurora will co-invest with NB Renaissance in Engineering Ingegneria Informatica and pay 20 million euros for an indirect stake of 2.8% in the asset (see here a previous post by BeBeez). Engineering has sales of 1.274 billion euros, an ebitda of 160 million and net profits of 44 million.
LT Rinnovabili, an Italian renewable energy operator, acquired Italian competitor Enerray from troubled owner Gruppo Maccaferri (see here a previous post by BeBeez). Sources said to BeBeez that Enerray paid 1.5 million euros for the asset.
Brooks Brothers, the US troubled iconic fashion firm, is going to apply for a Chapter 11 procedure (see here a previous post by BeBeez). The asset may receive a a bid from private equity Solitaire Partners once it filed the application. Brooks Brothers started to look for an investor in 2019, but Claudio Del Vecchio, the owner of the company turned down offers in the region of 300-350 million US Dollars. Brooks has debt in the region of 600 million.
Tikehau Capital acquired 30% of Euro Group, an Italian industrial company, through a capital increase (see here a previous post by BeBeez). The Iori Family will keep the remaining stake of the company which also attracted the interest of Ambienta,TowerBrook and Space Holding. Euro Group has sales of 404 million euros, an ebitda of 31.5 millioni and a net financial debt of 101.8 million.
White Bridge Investments acquired Specchiasol from the founder Giuseppe Maria Ricchiuto (see here a previous post by BeBeez). Specchiasol’s turnover amounts to 25.4 million euros and an ebitda of 2.66 million. The company will invest the proceeds of such a sale in its organic growth.
Azimut launched AZ Eltif Ophelia, an Italian Eltif that will acquire minorities of unlisted SMEs with revenues of 30 – 250 million euros (see here a previous post by BeBeez). The least investment tickets amounts to 10,000 euros for a target of 200 million and a placement period of 9 months. Azimut allocated 1.2 billion in the management of alternative assets.
Global multi-family office Alvarium Investments appointed Francesco Fabiani for heading its Milan bureau (see here a previous post by BeBeez). Alvarium will als act as merchant bank and Federico Lonoce will be in charge of the unit. Alvarium family office has assets under management for 18 billion US Dollars. Fabiani will keep his role of ceo of Albacore, a multi-family office born in 2016 out of a spin-off of Starfin, the family office of Carlo De Benedetti that in November 2018 sold a minority to Alvarium. Dilmun Capital and Peterson Group have 40% and 35% of Alvarium.
Inglass, an Italian company active in plastic moulding, hired Mediobanca for assessing the sale of a stake to a private equity, a listing or a strategic partnership with a competitor (see here a previous post by BeBeez). Maurizio Bazzo founded Inglass in 1987. In 2000, the company acquired A.S. (Attrezzature Speciali). Inglass has sales of 150 million euros and an ebitda in the region of 35 million.
Milan-listed insurance broker Assiteca of which Tikehau Capital has a stake, paid 2.669 million euros for Spanish competitor Brosacor Correduría de Seguros (see here a previous post by BeBeez). The payment will take place in three tranches: 50% upon signing, 25% in 2021 and 25% in 2022.
Bernard Arnault, the owner of LVMH, is holding talks for acquiring AC Milan from Elliott, which acquired the team in July 2018 (see here a previous post by BeBeez). AC Milan could be worth one billion euros.
Lega Calcio Serie A hired Lazard as advisor for finding a financial partner (see here a previous post by BeBeez). Lega Calcio reportedly attracted the interest of Cinven, Advent International and Bain Capital. Blackstone’s credit branch GSO has been the first firm to be named as a potential investor as provider of a 100 million euros lending facility and its name is now coming out again as well as the one of KKR, as a potential lender. CVC Capital Partners dropped the race after having being in exclusive talks. CVC aimed to team up with Italian private equity firm FSI, who now might team up with somebody else. Previous press reports said that the asset also attracted the attention of Silverlake.
Keensight Capital raised to 30% its 20% of Demetra Holding, an Italian chemical company, on the ground of an enterprise value of 600 million euros (see here a previous post by BeBeez). Keensight Capital financed the launch of Demetra Holding in May 2016 together with the Faccioli Family.
Trasteel acquired 70% of Officine Tecnosider (OTS) through the exercise of a call option (see here a previous post by BeBeez). Vanomet will hold 30% of the company. OTS has sales of 183.1 million euros and an ebitda of 9.97 million.
Viasat hired UBI Banca for finding a partner and attracted the interest of Apax, Bain Capital and Advent, who also tables a bid for Telepass (see here a previous post by BeBeez). Telepass also attracted the offers of Warburg Pincus – Neuberger Berman, Bain-Advent-Fsi, and Partners Group. Viasat has sales of 82.4 million euros, an ebitda of 27.2 million and net profits of 3.7 million with a net financial debt of 76.4 million. Viasat acquired UK’s Enigma Vehicle Systems, 55% of Cefin Systems (Romania), Poland’s CMA Monitoring, the majority of Belgium Emixis, the majority of MobileFlee, 60% of Teamind Solution, EuroGPS (Bulgaria, Macedonia and Serbia), French Locster.
Investindustrial has not managed to buy 22.57% of Milan-listed Guala Closures (see here a previous post by BeBeez). Investindustrial launched a public offer for the company on 8 June , Monday and until early July it acquired 4.03% of Guala and 3.61% of the voting rights. Rothschild said that Investindustrial bid price of 6 euros per share was not fair. Guala has sales of 606.5 million euros and an adjusted ebitda of 113.5 million. Investindustrial 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.
Italian IT company Seco, an asset of FII Tech Growth, aims to list in 2021 (see here a previous post by BeBeez). Seco has sales of 66.5 million euros and an ebitda of 11.5 million. In 2019, Seco acquried the majority of China’s Fannal Electronics.
Hig Europe acquired a controlling stake of Italian IT company Project Informatica (PI) from founder and ceo Alberto Ghisleni (See here a previous post by BeBeez). Intesa San Paolo, Ubi Banca, MPSCS, and Bpm assisted HIG. PI has sales of 130 million euros.
Ruck, a club deal vehicle financed by well-known Italian entrepreneurs and managers, acquired 25% of Elettric80, a provider of integrated logistic solutions (See here a previous post by BeBeez). Enrico Grassi and Vittorio Cavirani founded Elettric80 which has sales of 300 million euros, an ebitda of 35.8 million and a net cash of 37 million. Earlier in March, H14 (the family office of Barbara, Eleonora and Luigi Berlusconi which also owns 21.4% of Fininvest) created Ruck which then called a 65.7 million euros capital increase for acquiring a minority stake in Elettric 80. The capital innncrease was subscribed by H14 itself (19 millions), the Barilla family (8 millions), Marzotto Family (5 millions), Angelo Moratti, the Rovati family, the Doris family and other private investors.
Soenergy, an Italian utility, hired Pwc as it is looking for an investor (See here a previous post by BeBeez). The company attracted the interest of industry players like Edison, E.On, Hera, A2A, Iren, and other undisclosed potential buyers that may table their binding bids by the end of July 2020. Alfonso Ponticelli is the ceo of Soenergy which belongs to Soelia (85%) and Aim Vicenza (15%). Soenergy owns 12.62% of Blugas and 2.85% of Sinergas and has sales of 238 million euros.
Itelyum, a manager of industrial waste that belongs to Stirling Square and is born out of the merger of Viscolube and Bitolea, acquired Intereco (See here a previous post by BeBeez). Tiziano Fontanesi and Mario Botti sold their interest in the target that has sales of 12.3 million euros with an ebitda of 1.8 million. In 2020, Itelyum acquired Gruppo Idroclean and 80% of Carbonafta and reached a turnover of 340 million. Stirling Square acquired Itelyum in 2011 from Rietschaar and Giorgio Carriero, who kept a minority. Carriero acquired his stake from Eni. Viscolube acquired Bitolea from Clessidra in 2017. The fund acquired 80% of Bitolea in 2012 from the Intini who kept a 20% of the business and sold all its interest to Striling Square. Earlier in February, the financial investor reportedly hired Rotschild for selling Itelyum, but changed plan in light of the current economic scenario. Marco Codognola is the ceo of Itelyum.
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