In 2H20, the activity of private capital investors in Italy sparkled despite the coronavirus related lockdowns, BeBeez Private Data highlited (see here a previous post by BeBeez). BeBeez shared such results during a webinar launched together with Assoprevidenza (see here the data and the slides of the event). CrowdfundingBuzz (part of EdiBeez, the publisher of BeBeez) data say that in 2020 Italian equity crowdfunding platforms raised more than 83 million euros (65 million in 2019). Data are extracted from BeBeez Private Data, see here how to subscribe.
Milan-listed fashion firm Moncler acquired Sportswear Company (SPW), the owner of Stone Island brand that belongs to Carlo Rivetti and his family and to minority shareholder Temasek Holdings (see here a previous post by BeBeez). SPW’s enterprise value is of 1.15 billion euros or 16.6X ebitda while sales amount to 240 million. SPW currently belongs to Carlo Rivetti (50.1%), to members of his family (Alessandro Gilberti, Mattia Riccardi Rivetti, Ginevra Alexandra Shapiro, and Pietro Brando Shapiro for a total of 19.9%). At the closing, Rivetti and the other shareholder will buy 10.7 million of Moncler’s new share paying 50% of the 37,51 euros price per share. Temasek Holdings, which is already a sharheolder of Moncler and has 30% of SPW, will have the option to sell its whole stake for cash (748 million) or partially swapping with the buyer’s new shares.
Gamenet, a portfolio companu of Apollo Management, acquired from the Italian B2C unit of NYSE-listed International Game Technology which includes Lottomatica Scommesse and Lottomatica Videolot Rete srl (see here a previous post by BeBeez). Gamenet will pay 950 million euros cash (725 million at the closing, 100 million by 31 December 2021 and 125 million by 30 settembre 2022). IGT will invest such proceeds in reducing its net debt.
Singapore’s sovereign fund GIC acquired a 9% of Intercos from chairman and founder Dario Ferrari (See here a previous post by BeBeez). Further shareholders of Intercos are L-Catterton (35% since 2014) and Ontario Teachers Pension Plan (Otpp) (20% since 2017). Intercos reportedly hired Ubs, Bnp Paribas, Morgan Stanley and Jefferies for launching an IPO on the ground of an enterprise value of 1.5 billion euros as soon as market conditions will be less volatile.
Investindustrial aims to take control of Milan-listed Guala Closures and take the company private (see here a previous post by BeBeez). On 8 December, Tuesday, the fund, which is holding talks with some relevant shareholders of the company for raising to 48.9% its stake in the company, announced its intention to launch of a public offer at 8.2 euros per share. After the statement, Guala’s share price rose by 18% and closed at 8.26 euros per share with a market capitalization of above 425 million euros.
Wise Equity acquired 60% of Cantiere del Pardo (CDP) from Luigi Servidati and Fabio Planamente who carried on a management buyout of the company in 2018 and now hold 40% (see here a previous post by BeBeez). CDP has sales of 50 million euros with an ebitda of 7 million.
Toronto-listed ATS – Automation Tooling Systems launched a public offer on CFT, which listed on Milan market since 2018 after having completed a business combination with Glenalta (see here a previous post by BeBeez). ATS aims to pay 4,60 euros per share (+86.4% than the price at the closure of 4 December, Friday) or in the region of 88 million euros for delisting CFT.
On 11 December, Friday, the members of Lega Calcio Serie A will discuss the launch of a media company in partnership with CVC Capital Partners-Advent International-FSI (See here a previous post by BeBeez). The funds are willing to invest 1.7 billion euros for a 10% of the media company.
Milan-listed Italmobiliare, the investment holding of the Pesenti Family, acquired 60% of Callmewine for 13 million euros through a capital increase and a replacement of the founder Paolo Zanetti’s stake (See here a previous post by BeBeez). Callmewine has sales of 12.5 million euros
Cronos Capital Partners, the investment holding of Alessandro Besana, Lorenzo Bovo and Nicola Ambrosio, acquired the majority of Everton together with a club deal of investors. (see here a previous post by BeBeez). The Dodero and Donelli families sold part of their stakes. Filippo and Federico Dodero will keep their management roles as well as the cfo Federico Figini. Earlier in August, sources said to BeBeez that Everton was holding talks for selling a 60% stake. The company aims to carry on further M&A transactions. The company has sales of 30 million with an ebitda of 4 million.
Helbiz, an US-based scooter-sharing company that Salvatore Palella founded, signed an engagment letter for acquiring US competitor Skip Transportation (see here a previous post by BeBeez). Earlier in August, Helbiz signed an engagement letter for buying Italy’s MiMoto Smart Mobility, a bike sharing company. Helbiz will close the transactions once launched its IPO on Nasdaq next year..
Trenitalia (Gruppo FS) raised its stake in Netinera Deutschland from 51% to 100% and replaced the fund Cube Infrastructure Managers which acquired the asset in December 2010 from Arriva plc on the ground of an enterprise value of 350 million euros (see here a previous post by BeBeez). Roumours said that in 2019 that the enteprise value of Netinera was in the region of 800 million.
Predica Energies Durables, an investor in renewable energies that whose controlling shareholder is Gruppo Crédit Agricole Assurance, acquired the majority of Aeolian farms and projects from French-listed Engie (See here a previous post by BeBeez). The assets have a power of 200 MW in Italy and in the region of 190 MW in France. Engie and Predica also signed a joint venture for creating renewable energy projects in Italy.
The club deal of private investors Deal Source Italia acquired 70% of Pietribiasi Michelangelo, a producer of machinery for the dairy and beverage sectors (see here a previous post by BeBeez). Antonio and Mario (reinvested for a 30% and kept his management role) Pietribiasi sold their stakes. Sergio Buonanno and Daniela Ingrosso founded Deal Source Italia which included in the club deal Banca Ifis as anchor investor, Banca Patrimoni, Domenico Catanese, Germano Fanelli, Samuele Mazzini, Rossella Po, and Turin’s Club degli Investitori. Pietribiasi has sales of 11 million euros with a 20% ebitda margin and aims to grow through acquisitions.
Maikol Borsetti launched Italian Search Fund (ISF) together with Private Equity Partners that will act as sponsor/accelerator for the vehicle (See here a previous post by BeBeez). ISF aims to acquire an Italian manufacturing company with sales of 5-30 million euros.
Peninsula Capital is closing to acquiring 75% of Isola dei Tesori (Idt), a pet shops chain (See here a previous post by BeBeez). Azimut Libera Impresa will acquire a minority of the asset. DMO, a company of the Celeghin, hired Mediobanca in 2013 for selling Idt and focus on the brands Caddy’s and Beauty Star. Idt previously attracted the interest of Permira’s Arcaplanet, Maxizoo, Pets at Home, but a deal did not concretize. Isola dei Tesori has sales of 135.28 million euros, an ebitda of 11.91 million, and profits of 5.59 million.
Bormioli Pharma’s German subsidiary Remy & Geiser (R&G) acquired Iso Arzneiverpackungen (see here a previous post by BeBeez). Bormioli Pharma belongs to Triton Capital which acquired the company in 2017 from Vision Capital. Earlier in November Bormioli Pharma received a financing of 30 million euros from Crédit Agricole Italia and Cassa Depositi e Prestiti with the warranty of Sace for 10 million. In 2017, Bormioli issued a 280 million two-tranched bond for supporting the buyout of Triton Capital which invested 120 million in equity
Gianpaolo Di Dio is the new chief investment officer (cio) of Fondo Italiano d’Investimento (FII) whose chairman is Andrea Montanino and the ceo is Antonio Pace (see here a previous post by BeBeez). Di Dio works for FII since its foundation in 2010 and is a senior partner of Fondo Italiano Consolidamento e Crescita – FICC, a private equity fund with resources for 500 million euros.