The talks of the Illy Family with potential minority investors in the eponymous coffee company are gaining momentum (see here a previous post by BeBeez). Goldman Sachs is reportedly advising Illycaffè which attracted the interest of Advent, Oaktree, TowerBrook, Blackstone, and undisclosed Qatar investor. Rumours say that Rhone Capital is frontrunning. The company’s enterprise value is in the region of 1.2 billion euros. Illycaffé has sales in the region of 520.5 million. At the same time, the Illy Family is still hoding talks with Peninsula Capital, FSI and other investors for Francesco Illy’s 23% stake. On another hand, Il Polo del gusto (PDG), a company of the Illy Family that Riccardo Illy leads, is looking for a minority investor (20% – 40%) on the ground of an enterprise value of 250 million for boosting its growth. PDG owns the food brands Dammann Frères, Domori, Prestat, Agrimontana, Mastrojanni.
The board of directors of Milan-listed Techedge said that One Equity Partners might be asked to sweeten its 5,4 euros per share public offer that launched on 25 September, Friday and will end on 23 October, Friday (see here a previous post by BeBeez). Such price is underestimating the mid-term perspectives of the company, the board of directors said, adding that the debt burden that is to be transferred on the company will be too much, should it merge with the investment veichle that launched the tender offer. One Equity Partners will actually finance such a public offer through the issuance of a senior secured bond of 120 million (it could increase to up to 215 million) due to mature in 2025 and with a floating rate coupon (floor to zero) with a cash margin. Dario Restuccia, the company’s ceo and 32% owner, said that the offer of One Equity may increase too much the amount of debt of Techedge.
Investindustrial and Black Diamond Capital Management acquired Hexion PSR, a chemical company, for 425 million US Dollars (See here a previous post by BeBeez). The buyers will pay 335 million at the closing in 1Q21. Hexion PSR has sales of 530 million. The fund will carry on this acquisition through Polynt-Reichnold that may merge with the target in the mid and long term. Black Diamond has resources of 8 billion.
Turnaround fund QuattroR acquired the majority of Burgo Group, an Italian paper company (see here a previous post by BeBeez). The European antitrust authority has to give its approval. The Marchi Family owns 50.59% of Burgo. The company also belongs to Mediobanca (22.12%), Unicredit (3.83%), Allegro (Generali Financial Holdings (11.68%),and Italmobiliare (11.68%). QuattroR will acquire 91% of Burgo through a 70 million euros capital increase. The ceo of Burgo Ignazio Capuano will keep his role together with the current managers. Burgo Group has sales of 1.7 billion, an ebitda of 134 million and net profits of 10 million. In April 2017, QuattroR sgr attracted resources for 711 million from Cassa Depositi e Prestiti, Inail, Inarcassa, Cassa Forense, and other institutional investors.
On 24 September, Thursday, Milan-listed Atlantia’s directors decided to launch a dual track ipo for selling the company’s 88.06% stake in Autostrade per l’Italia (ASPI) (See here a previous post by BeBeez). The company is reportedly in talks with Cassa Depositi e Prestiti. Atlantia said that buyers will have to acquire the whole of ASPI if Allianz Capital Partners, EDF Invest, DIF, and Silk Road Fund will exercise their right to sell their stake. In view of an eventual IPO, Atlantia will hold an EGM on 30 October, Friday.
Entangled Capital and Switzerland’s Capital Dynamics acquired SM Pack, an Italian producer of packaging for the cosmetic and pharmaceutical sectors (see here a previous post by BeBeez). The Mezzadri Family sold SM Pack which has sales of 15 million euros. Roberto Giudici and Anna Guglielmi launched Entangled Capital and earlier in January announced the first 25 million euros fundraising closing ahead of a target of 100 million (hard cap of 150 million). The fund is close to raise 50 million to invest in companies with sales of 10 – 50 million and an ebitda of 2 – 6 million. Claudio Baratta is the ceo of SM Pack.
Unidata, a Milan-listed tlc company, signed a joint venture with Connecting Europe Broadband Fund (CEBF), an investment vehicle that Cube Infrastructure Management manages (see here a previous post by BeBeez). Cdp, Caisse des Depots, KFW, EIB, the European Commission, and other institutional investors poured resources in CEBF. Unidata and CEBF will improve the FTTH network in the central Italian Region of Lazio. Unifiber, the newco for the implementation of such project will belong to CEBF (70%) and to Unidata (30%) that will appoint the majority’s of the company’s directors. Unifiber will get 15 million from CEBF and 3.5 million from Unidata ahead of scheduled investments for a total of 40 million.
SR Investimenti (Sistemi Rinnovabili Investimenti) acquired a portfolio of photovoltaic plants with a power of 10 MWp from InfraRed Capital Partners (see here a previous post by BeBeez). SR Investimenti signed a refinancing agreement with Banco Bpm and Mps Capital Services. All the assets are operative since 2010 and benefit of the incentives of the Italian Government. All the plants previously received a senior facility from Unicredit that the owners repaid with the raised resources.
Aviva aims to sell the policies of the joint ventures it signed with Unicredit and UBI Banca (see here a previous post by BeBeez). Aviva’s new ceo Amanda Blanc aims to focus the insurer’s activities on UK, Ireland and Canada. JPMorgan and Rothschild are advising the company for the sale of the French activities that could be worth 2-3 billion euros and attracted the interest of Allianz, Athora, Axa, La Mondiale, and Generali. Morgan Stanley is handling the sale of the Italian activities that are worth 200-300 million. The policies of Aviva-Unicredit attracted the interest of Unicredit, Cinven, Athora, (an asset of Apollo Global Management), Gamma Life, Monument Re, Cnp, Allianz, Eicg, Mediterraneo Vida, Blackstone, Unipol, and Generali. UBI may acquire 80% of the jv it signed with Aviva. Once completed the acquisition of UBI, Intesa SanPaolo will transform the target in its insurance unit.
Italian domotic company Nice attracted the interest of China Investment Corporation (CIC) and Temasek for a minority stake (See here a previous post by BeBeez). Nice delisted from Milan market in April 2019 and will invest the proceeds of an eventual sale in M&A transactions. Nice generates abroad 90% of its sales of 431 million euros. The company has net profits of 24 million, an ebitda in the region of 60 million. In May 2019, Nice acquired Coldline from Gradiente (80%), Alessandro Bagante and Gianluca Bagante. Iccrea Banca Impresa financed the transaction.
Daniele Spada is the new coo of Tages Capital, the financial services firm that Panfilo Tarantelli, Sergio Ascolani and Salvatore Cordaro founded in 2011 and that later Umberto Quadrino and Francesco Trapani joined (See here a previous post by BeBeez). Tages Capital raised more than 500 million euros for investing in private equity, private debt and alternative energy assets. Spada previously worked for Lyxor Asset Management and BNP Paribas Asset Management.
Pietro Massimo Marangio is a new partner of the Law firm Gentili & Partners (See here a previous post by BeBeez). Marangio previously worked for Studio Galgano, Dewey & LeBoeuf and Gitti and Partners.
