Steven Zhang, the chairman of Italy’s iconic soccer team Inter (FC Internazionale Milano) denied any speculation about a potential sale of the Italian football team (see here a previous post by BeBeez). The chairman denied having hired Rothschild to this end. However, press items reiterated that FC Inter has to find the resources for paying its 375 million euros bond due to mature on 31 December 2022 and previously to finance normal business after FY 2019/2020 ended with a 102.3 million euros net loss. Controlling shareholder Suning might welcome a new investor which might acquire LionRock Capital‘s 31% stake and inject new finance in che company. BC Partners is said to be in talks with Suning to table a deal.
Ontario Teachers’ Pension Plan Board acquired control of Società Gasdotti Italia (SGI), a company that transports natural gas between production sites, storage areas, regional distributors in Italy through a network of 1700 km of high pressure gas pipelines. The seller was Macquarie Infrastructure and Real Assets (MIRA) which had bought its 69.14% stake in 2016 together with Swiss Life (30.86%) (see here a previous post by BeBeez). Swill Life remains invested in SGI. EY assisted the vendor. Enterprise value could amount to 750 million euros.
On 31 December 2020, distressed tlc infrastructure operator Italtel accepted the binding offer of PSC Partecipazioni as part of a receivership plan, said controlling shareholder Milan-listed Exprivia (see here a previous post by BeBeez). PSC Partecipazioni is a Rome-based group specialized in the electromechanical and thermal plant engineering sector. The group belongs to the Pesce family, Simest (9.6%) and Fincantieri (10%). PSC tabled a bid worth 44 million euros and received the support of a 30 million financing facility from a pool of banks that Unicredit leads.
Belgium’s Vandewiele acquired Savio Macchine Tessili, a world leader in the production and marketing of machines and quality control systems in the textile industry, controlled by Alpha Private Equity since 2011 (see here a previous post by BeBeez). The targets reportedly hired Rothschild to run an auction and attracted the interest of Toyota, Rieter, Rifa, and of Jingway Textile Machinery. In 2011, Alpha acquired 75% of Savio on the ground of an enterprise value in the region of 300 million (160 million debt that 10% shareholder Intesa Sanpaolo issued together with Banca Popolare Milano, Banco Popolare, Friuladria, Meliorbanca, and Creval). Vandewiele is an international leader in the design, construction and installation of machinery for the textile industry. The group belongs to the Beauduin family and has sales of 370 million euros.
Phoenix Tower International acquired from EI Towers a controlling stake of TowerTel (see here a previous post by BeBeez). EI Towers is a portfolio company of F2i sgr, which owns Mediaset’s TV transmission towers, delisted from the Italian Stock Exchange in 2018 following a takeover bid launched by F2i together with Mediaset itself. TowerTel holds the pylons on which the transmission infrastructures are housed. F2i reinvest for a 20% stake in TowerTel whose enterprise value amounted to 500 million euros. The target’s turnover is of 47.4 million euros.
On 5 January, Tuesday, Milan-listed A2A announced the acquisition of 27.7% of Saxa Gres (see here a previous post by BeBeez). Saxa Gres is circular factory that produces tiles that in July 2018 placed Vienna-listed Grestone Bond for 75 million euros due to mature in July 2023 and with a coupon of 7%.
Sirap Gema, a portfolio company of Italmobiliare, fetched 162 million euros out of the sale of its Spanish and Polish assets to Denmark’s Faerch Group, a company of Advent International (See here a previous post by BeBeez). The target’s enterprise value is of 10.5X ebitda.
Dutch Newcold Coöperatief U.Aa global specialist in the storage and logistics of frozen food in the food sector, controlled by US real estate private equity Westport Capital Partners, has bought the Pacaro group, active in cold chain and cold storage management for third parties, widely distributed throughout Italy (see here a previous post by BeBeez).
At the end of 2020, Graded and Milan-listed Bonifiche Ferraresi signed a joint venture and created the newco BF Energy with the aim of investing 26 million euros renewable energy plants and projects (see here a previous post by BeBeez). Graded has 60% of BF Energy. Vito Grassi heads Graded.
At the end of 2020, the Berni Gamberini Family regained the control of Corpo Vigili Giurati of which it already helf 60% (see here a previous post by BeBeez). Sici and Next Holding (which i n June 2017 invested 4 million euros in CVG through equity and a convertible bond) sold their interested in the company together with X Capital. Banca Nazionale del Lavoro, Crédit Agricole Italia, Banco BPM, and Springrowth financed the buyers and the target’s debt. Emilio Berni is the ceo of CVG and Leopoldo Bigiotti the cfo.
At the end of 2020, Tages Capital acquired from Equiter 15 photovoltaic plants based in Sardinia with a power of 4.3 MW (See here a previous post by BeBeez). In the same period, Tages hit a new partial fundraising closing parziale of 52 million euros for a total commitment of 305 million from investors. The fund scheduled a total fundraising of 350-400 million by 6 May 2021.
Convergenze, a company active in telecommunications, energy and natural gas service, cosed its first day of trading on Aim Italia on Dec 30 2020 with a 50% jump to 2,625 euros from ipo price of 1,75 euros with a market capitalization of 17.9 million euros (see here a previous post by BeBeez). Moreover on 4 January, Monday, the company’s share price closed at 3,9 euros for a market capitalization of 26.66 million. If the company will allow Integrae sim to exercise the greenshoe option through a capital increase, Convergenze will raise a total of 2.8 million and a publicly traded equity of 19.53%. Convergenze was monitored by BeBeez since April 2020 when it had issued a one million euro minibond, fully subscribed by Unicredit (see here a previous article by BeBeez).
At the end of 2020, North Six Group, an US family office whose chairman is Matt Rizzetta, invested in Italian football team SSD Città di Campobasso and appointed New York-based Nicola Cirrincione for monitoring the business of the target in USA (see here a previous post by BeBeez). The firm will support the youth sector of the team and improve the training facilities. In June 2019, Halley Holding invested in Campobasso as it acquired the stakes of CB Partecipazioni (55%) and Raffaele Mario De Francesco (14.23%), while Nicola Circelli (30%) and Associazione Noi siamo il Campobasso (0.77%) held their interest.
Milan-listed Cellularline’s shareholder L Catterton Europe sold through a private placement its 10.4% stake in the company at 3,85 euros to First Capital (that now owns 5.3%) and to co-ceo Christian Aleotti (who now has 8.55%) and to chairman Antonio Luigi Tazartes (now 1.5%) (See here a previous post by BeBeez). Cellularline also belongs to Intesa Sanpaolo (4.79%), Dea Capital (4.33%), Stefano Aleotti (4.06%), and Palladio Holding (3.23%).
At the end of 2020, Milan-listed NB Aurora acquired the majority of BluVet, an Italian network of veterinary clinics (see here a previous post by BeBeez). Founders Renzo Cenciarini, Rocco Oppedisano, Roberto Del Maso, Cecilia Accampi, and Guido Massera will keep a minority of the business and their executive roles. Buyers invested 7 million euros in the asset through their own resources and the subscription of a capital increase. Bluevet may raise up to 27 million from its shareholders for financing acquisitions in the next years.
VetPartners, a UK-based network of veterinary clinics and a portfolio company of BC Partners, acquired four Italian veterinary clinics (see here a previous post by BeBeez). The targets are Centro Medico Veterinario, Clinica veterinaria Colombo, Clinica veterinaria Europa, and Ospedale Santa Lucia. The company said it is interested in further acquisitions.
At the end of 2020, Bomi Italia, a portfolio company of private equity Archimed, acquired Autotrasporti Gigliotti-Bergamin (AGB) from Giovanni Gigliotti and Alberto Bergamin (See here a previous post by BeBeez). AGB has sales of 2.67 million euros and an ebitda of 0.190 million.
The Zorloni family aims to sell a minority of Cosmelux, an Italian company that produces external coatings for cosmetic packaging products (see here a previous post by BeBeez). The company previously attracted the interest of PM&Partners, Clessidra, Lumson, and Pibiplast. In August 2020, Lumson acquired Pibiplast. Cosmelux has sales of 30 million euros with a 37% ebitda margin.
Vam Investments is in advanced talks for acquiring the majority of Nahrin Swiss Care from Alcedo on the ground of an enterprise value of 40 million euros (see here a previous post by BeBeez). Alcedo acquired 55% of Nahrin in September 2016 while the founders Elvio Lonardi and Stelvio Andreis, who held 45% of the company which has sales of 24.5 million euros and an ebitda of 3.85 million. Marco Piana is the ceo of Vam, whose controlling shareholder is Francesco Trapani. Tages is an investor in Vam.
Perini Navi, the troubled Italian yacht producer, asked to extend further the deadline for tabling a restructuring plan that was previously scheduled for 15 January, Friday (see here a previous post by BeBeez). Perini belongs to the Tabacchi Family and to Lamberto Tacoli, but BluSkye and Arena Investors are offering to buy an 80% stake and save the company. Perini Navi had sales of 65.5 million euros in 2019, an ebitda of minus 4.25 millions, losses of 8.3 millions and a net financial debt of 26.42 millions.
Acque Minerali d’Italia, the owner of mineral water brands Norda, Sangemini and Gaudianello that belongs to the Pessina family and is in receivership, attracted the interest of Magnetar and Clessidra (see here a previous post by BeBeez). AMI has also reportedly been of interest to Tamburi Investment Partners and Illimity. Magnetar and Clessidra aim to buy 80% of AMI through a capital increase of 48.5 – 50 million euros, while the Pessina Family will keep 20% of the business.
