Italian yachts producers Sanlorenzo and Ferretti Group will table a joint bid for acquiring bankrupted competitor Perini Navi (see here a previous post by BeBeez). Earlier in January, Blue Skye and Arena Investors signed an agreement with Perini Navi and its controlling shareholder Fenix Holding for subscribing a 4-years bond of 30 million euros, but the issuance could not go through as the company’s major lenders Banca Ifis and Mps refused to proposal of the funds.
Exor, the holding of the Agnelli and Elkann Families, and Stellantis, the automotive company born out of the merger of Fca with Psa, committed to invest in Archer Aviation (AA), a California-based startup that produces electric aircrafrs with vertical takeoff and landing (eVTOL) (see here a previous post by BeBeez). AA will list on NYSE on the ground of an equity value in the region of 3.8 billion US Dollars after the business combination with the Spac Atlas Crest Investment. The startup will raise 1.1 billion from ACI and other investors. ACI listed on NYSE in October 2020 after having raised 500 million. Moelis & Company launched the Spac that Ken Moelis (chairman) and Michael Spellacy (ceo) lead. See here a previous post by BeBeez about the Spacs in USA.
Jean-Pierre Mustier (former ceo of UniCredit) and Diego De Giorgi (board member of UniCredit and former Head of Investment Banking at Bank of America Merrill Lynch) will be the operating partners of Pegasus Europe, a spac that will list on Amsterdam’s Euronext and target European providers of financialservices (see here a previous post by BeBeez). Tikehau Capital and Financiere Agache, the holding company of Arnault Group (LVMH), will be Pegasus’ strategic and financial sponsors. The sponsors will invest at least 10% of the raised funds and will sign a buayback agreement for a substantial amount of the Pegasus’ shares. Press reports said that the company aims to raise low hundreds of millions of euros.
In 2020, Milan-listed Nexi posted an ebitda of 601.4 million euros (+2.5% yoy) with sales of 1.044 billion (-2.8%), a net financial debt of 2.133 billion (1.4 billion at the end of December 2020 after the issuance of a 500 million equity-linked bond for financing the merchant acquiring activities of Intesa Sanpaolo which acquired 9.9% of the buyer) (see here a previous post by BeBeez). Sia, the infrastructure payment company that belongs to Cdp Equity (part of Cdp), generated a turnover of 748 million (+2%),  an ebitda of 285 million (+3%). Denmark’s Nets posted sales of 976 million (-1.2%) with an ebitda of 360 million (+4.1%). Nexi placed Vienna-listed senior unsecured equity-linked bonds worth one billion due to mature in 2028 that do not pay coupons. The company will invest such proceeds in refinancing part of Nets’s debt, an asset that acquired in November 2020, and increase its liquidity ahead of the merger with Sia (See here a previous post by BeBeez).
Morrow Sodali, an US-based provider of financial communication and investor relations services company, acquired London-based competitor Nestor Advisors (see here a previous post by BeBeez). Alvise Recchi and Moroello Diaz della Vittoria Pallavicini, the ceo and chairman of Morrow Sodali, said to BeBeez that the company is interested in further aggregations. Morrow Sodali has sales of 50 million euros
Centerbridge sold 6.92% of Milan-listed factoring firm BFF Banking Group through an accelerated bookbuilding (Abb) procedure (See here a previous post by BeBeez). Centerbridge fetched 66 million euros (5.60 euros per share). On 11 February, Thursday, Massimiliano Belingheri, the company’s ceo, acquired 1.1% of BFF and will raise his stake to 3.9% after the exit of Centerbridge.
Suning, the controlling shareholder of Italian Football team Inter Milan, is still holding talks with BC Partners for the sale of a majority stake (See here a previous post by BeBeez). Ares Management is holding talks for acquiring a 31% stake in the team from Lion Rock and for arranging a debt refinancing worth 150-200 million euros. The Luxembourg holding of Suning or its activities outside of China could be the collateral for the lenders. The investors in Inter’s Luxembourg-listed 375 million bond due to mature in 2022 received the team’s TV rights as collateral. Goldman Sachs is assisting Suning.  Inter Milan also attracted the interest of Arctos Sports Partners, EQT, Temasek Holdings, Mubadala, and Fortress. Inter has sales of 372.4 million, an ebitda of 14.5 million and net losses of 102.4 million.
On 15 February, Monday, the shares of Milan-listed Banca Profilo increased by 3% at 0.2395 euros after the deadline for tabling a binding offer for the firm expired (see here a previous post by BeBeez).  Sator Private Equity Fund (SPEF) owns 62.4% of Banca Profilo whose advisor Lazard received the offers of Banca Finint abd Banor sim. Banca Profilo has a turnover of 57.8 million euros and net profits of 8.7 million.
Marbles, a company that Asterion Industrial Partners (AIP) indirectly owns, raised to 29% its stake in Milan-listed ICT company Retelit (see here a previous post by BeBeez). AIP acquired 24.1% of Retelit in October 2020 from Axxion and Frankfurter, which owned 9.99% and 0.24%. Marbles also signed a contract for paying 49.7 million euros for acquiring 13.86% of Retelit from Athena Capital Fund, Oak Tree and Pilota. Retelit has sales of 83 million, an ebitda of 34.8 million and net profits of 10.9 million.
CDS, a producer of corks and closures for the beverage industry of which Idea Taste of Italy owns 35% since April 2017, acquired Polish competitor Viki Plast (See here a previous post by BeBeez). The DelfantiFamily is the majority owner of CDS which has sales of 70 million euros and an ebitda of 15 million.
Gruppo Illy’s Polo del Gusto, the owner of food and beverage companies Dammann Frères, Domori, Prestat, Agrimontana, and Mastrojanni, that Riccardo Illy heads, started a beauty contest for hiring a sell-side advisor (see here a previous post by BeBeez). Gruppo Illy aims to sell a 20% – 40% on the ground of an enterprise value of 250 million euros. The company aims to fetch 50-100 million. In December 2020, Domori issued a 5 million bond listed on Milan market. In November 2020, Rhone Capital acquired from the Illy Family a 20% of Illycaffé
Unifrutti, a fruit distributor, acquired Dimifruit, a Spanish fuit and vegetables producer (see here a previous post by BeBeez). Unifrutti’s turnover is worth more than 700 million US Dollars. Unifrutti is financed by Carlyle.
Milan-listed utility A2A paid 250 million euros to Octopus Renewables, a vehicle for investing in renewable energy that belongs to British Octopus Investments, for acquiring 17 photovoltaic plants with a power of 420 GWh based in Italy (See here a previous post by BeBeez). The Italian Government must give its approval after having checked whether the transaction is compliant with the Golden Power rule for strategic assets.
Theia Investments (Italy), part of British renewable energy operator Theia Holdings, acquired an Apulia-based photovoltaic plant with a power of 1 MW from an undisclosed real estate investor (See here a previous post by BeBeez). Theia Investments recently received from Intesa SanPaolo a financing facility of 41 million euros for 23 photovoltaic plants based in Italy.
Israel’s Noy Infrastructure & Energy Investment Fund (gestito da Noy) and Nofar Energy signed a joint venture with Sunprime, an Italian independent power producer (ipp) for developing Italian photovoltaic plants with a power of up to 100 MW (See here a previous post by BeBeez). Sunprime, born in 2019, is part of Gruppo Angeli, an Italian contractor.
Ambienta acquired Collingwood Lighting Technology Group, a British producer of LED bulbs, from Baird Capital (see here a previous post by BeBeez). Collingwood’s managers and its ceo Steve Grao will hold a relevant stake in the business. Baird Capital acquired Collingwood in 2018. Since then the company posted an above 11% Cagr and doubled its adjusted ebitda hitting targets well above the business plan that the private equity outlined. Ambienta 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 biotech Philogen will launch an ipo on Milan market at 15-18 euros per share, for a market capitalization of 609-731 million euros (see here a previous post by BeBeez). Philogen withdrew from listing in 2008 and 2011. The company’s enterprise value before the launch of a capital increase currently stands at 548.3 – 657.9 million. The company will list 10% of its shares and hired Goldman Sachs International and Mediobanca as joint global coordinator and joint bookrunner, while Stifel Europe Bank acts as co-bookrunner. In May 2019, Philogen launched a capital increase of 62 million euros and The Equity Club, the club deal platform of Mediobanca that Roberto Ferraresi heads, acquired 18% of the business. The Neri Family own 46% Philogen, of which Sergio Dompé has 36%. Philogen has sales 11.96 million, an ebitda of minus 3.79 million and net cash of 2.36 million.
OCS, a provider of technologicas solutions for banks and financial services firms that belongs to Private equity Charme, acquired Spanish fintech TalentoMobile in view of expanding its presence in Spain and South America (see here a previous post by BeBeez). OCS hired Milan-based advisory firm Klecha & Co, while One-to-One assisted Talentombile. In 2018, Charme acquired 80% of OCS, whose ceo is Gianni Camisa.
Reno de’ Medici (RDM), a Milan-listed producer of special paper, signed a binding agreement for selling its French subsidiary La Rochette, a manufactures of FBB – Folding Box Board, to Frankfurt-listed Mutares (see here a previous post by BeBeez). Mutares targets SMEs with sales of 50 – 500 million euros that are in distress. La Rochette has sales of 111.9 million, an ebitda of 5.8 million and net losses of 6.7 million with a net financial debt of 12.9 million. Mutares acquired the asset on the ground of an enterprise value of 28.8 million and a 25% earnout on the ebitda in excess of 7.2 million for 2021, 2022 and 2023. In the event that the company does not reach the target in one of those three years, the earnout clause would roll on to 2024. The vendor issued a 6.5 million loan for finance part of the transaction. This facility has a maturity of three years from the completion of the acquisition and repayment in constant annual instalments. Mutares will pay 5 million at the closing. RDM has sales of 679.5 million (-3.2% yoy), an ebitda of 83.8 million (+15.8%) net profits of 33.6 million (+115.1%), and  a net debt of 8.9 million (52 million). Earlier in February, Mutares acquired Ericsson Services Italia, an ICT company, from Ericsson Telecomunicazioni and at the end of January sold  Nexive, a mail company, to Poste Italiane.
Francesco Canzonieri, Unipolsai Assicurazioni, Micheli Associati, Confederazione Nazionale Coldiretti, the association of Italian farmers, and Intesa SanPaolo launched alternative asset manager Nextalia (see here a previous post by BeBeez). Micheli heads the board of directors of which are part Emanuele Grippo, Maria Leddi, Matteo Ricatti, Vincenzo Gesmundo, and Paolo Fumagalli. Canzonieri
GGG Holding, a firm of Giorgio Girondi, will progressively sell its stake in Banca del Fucino (BdF) as it reached an agreement with the bank’s chairman Mauro Masi and coo Francesco Maiolini (See here a previous post by BeBeez). The 45 million euros capital increase of Banca del Fucino also attracted the resources of Angelini Partecipazioni Finanziarie, Santo Versace, and Milan-listed IT company TXT e-Solutions which poured 14.3 million in the bank for a 9% post-money stake. Banca del Fucino is the head company of Gruppo Bancario Igea Banca and wholly owns Igea Digital Bank. BdF, which is reportedly interested in launching an IPO, has CET1 and Tier1 ratios of above 12%, a Total Capital Ratio of more than 14.7%, equity of 144 million, net profits in the region of 8 million.
Arcaplanet, an Italian retail chain of food and items for pets, of which Permira has a controlling stake, attracted an unsolicited expression of interest from Pai Partners (See here a previous post by BeBeez). Germany’s Maxizoo and UK’s Pets at Home, a trade buyer that KKR acquired in 2010 and London-listed since 2014, could also run for acquiring Arcaplanet, whose shareholder has not yet started a sale process. Michele Foppiani (ceo) and Winch Italia own a minority of the business that previously belonged to Credem Private Equity (2005-2010) and to Motion Equity Partners (2010-2016). In December 2020, Peninsula Capital and Azimut acquired 75% of Isola dei Tesori, which could also be interested in acquiring Arcaplanet.
Arcadia acquired Starlaks Italia, a company for the processing of salmon, from the founders Andrea Balbo, Alex Brustia and Gaudenzio Brustia (see here a previous post by BeBeez). Banco BPM financed the buyers. Starlaks has sales of 16.1 million euros, with a CAGR 2017-2020 of 13.8%. Arcadia hired managers Franco Rigamonti, Lelio Mondella and Giorgio Mancarella for further boosting the company’s growth.
On 11 February, Thursday, the Italian stock market suspended from trading the shares of food group Massimo Zanetti Beverage (MZB) ahead of a delisting that will take place on 15 February, Monday (see here a previous post by BeBeez). MZB is listed since 2015 when it launched an IPO at 11.60 euros per shares for an equity value of 325 million euros. In late 2020 Massimo Zanetti’s MZ Holding (MZH) launched a public offer on the company and raised 95% of the company’s shares paying 5,5 euros each after having sweetened a 5 euros offer. On 8 February, Monday, MZH acquired the remaining outstanding shares. MZB now belonga to M. Zanetti Industries (Massimo Zanetti 70%; Laura and Matteo Zanetti 15% each). The coffee’s production chain is a sector monitored by BeBeez Private Data (find out how to subscribe for only 110 euros a month).
Lorenzo Lavini is a new partner of New Deal Advisors, a Milan-based m&a advisory firm that Mara Caverni founded (See here a previous post by BeBeez). Lavini, 38 years old, previously worked for Ernst & Young and joined News Deal Advisors in 2014 where he’s in charge of pre-acquisition and sell-side due diligence.
AcomeA launched the retail investment fund AcomeA PMItalia ESG, whose manager is Antonio Amendola  (see here a previous post by BeBeez). The fund aims to invest 70-80% of its resources in Italian SMEs that can implement an ESG-compliant strategy. AcomeA has more than 2.6 billion euros of assets under management.
