Italy’s private equity weekly roundup. News from NB Renaissance, NB Aurora, F2i, Azimut, Banca Progetto, Curaleaf and more

NB Renaissance Partners (NBRP) raised 950 million euros ahead of a target of one billion, but withdrew the plan to structure part of it as an Eltif (see here a previous post by BeBeez). However, sources said to BeBeez that NBRP’s head company Neuberger Berman may launch its own Eltif. NB Renaissance 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 

At the end of 2020 the NAV of Milan-listed NB Aurora amounted to 253.4 million euros or 10.3187 euros per share, after a 93 million euros capital increase closed last November (see here a previous post by BeBeez). In detail, the NAV is made up as follows: 14.6 millions are represented by stakes of Fondo Italiano di Investimento, approximately 123.5 million by direct investments in portfolio companies Club del Sole, Dierre Group, PHSE, BluVet, Rino Mastrotto and Engineering, and approximately 115.3 millions in cash, other assets and liabilities. NB Aurora is managed by Neuberger Berman.

PHSE, a provider of logistic services for the pharmaceutical sector that belongs to Eddy De Vita and NB Aurora, acquired TEK Freight, a British competitor (see here a previous post by BeBeez). De Vita and NB Aurora (16 million euros investment) acquired 70% of the company in December 2019 from the founders Andrea and Carlo Cerchia and Gianluca Meneguzzi who kept 30% of the business. PHSE has sales of 26.6 million, an ebitda of 3.75 million and net cash of 0.143 million.  

Italian infrastructure investor F2i raised 700-800 million euros ahead of a target of 1.5 – 2 billion (see here a previous post by BeBeez). Renato Ravanelli is the ceo of F2i which belongs to Cassa Depositi e Prestiti (14.01%), Unicredit (9.99%), Intesa SanPaolo (9.99%), Ardian (8.4%), Cariplo (7.28%), GCM Grosvenor-NPS Infrastructure (6.72%), Beijing Hanguang Investment Corp (6.72%), Inarcassa (6.33%), Cipag (5.04%), Cassa Forense (4.01%), Enpam (4.01%), CR Torino (3.36%), Compagnia di San Paolo (3.35%), Fondazione CR Cuneo (2.52%), Fondazione CR Lucca (2.24%), and further minor shareholders (6.03%). F2i is also raising funds for the vehicle Fondo Ania F2i for Italian infrastructures that already attracted 320 million ahead of a 500 million target.  

F2i Holding Portuale (FHP), a ports management company of F2i and Fondo F2i-Ania, hired Alessandro Becce as ceo (see here a previous post by BeBeez). Becce will replace Paolo Dello Iacono. Becce previously worked as ceo of Vecon, part of PSA Singapore.  

Quercus Real Assets, a London-based investment firm, will build photovoltaic plants in Spain with a total power of 800 MW (see here a previous post by BeBeez). Diego Biasi, the chairman of Quercus, said that this portfolio is the first step following the sale of assets worth above 1 billion euros and is consistent with the firm’s long-term investment in projects that have a positive social and environmental impact.  

Xenon Private Equity hired Rothschild for selling ReLife Group, a waste recycling company (see here a previous post by BeBeez). ReLife is born in October 2018 out of the merger of Benfante with Cartiera Bosco Marengo and other smaller companies.  

 Giovanni Maggi and Domenico Proietti, the chairman and vice chairman of Assofondipensione, the Association of Italian pension funds, asked the Italian Parliamentary Commission for Finance to provide with tax incentives the Progetto Economia Reale, of which are also part Cassa Depositi e Prestiti and Fondo Italiano d’Investimento (See here a previous post by BeBeez). Progetto economia reale will invest in private debt and equity funds that support unlisted companies with sales of up to 500 million euros.  

Matteo Marzotto acquired Zeta Catene and Galvanica Formelli, two producers of raw materials for the luxury industry (see here a previous post by BeBeez). Zeta Catena has sales in the region of 6 million euros (-14% yoy), while Galvanica Formelli’s turnover amounts to 12 million (+25%).  

Nuovaplast, an Italian packaging company that belongs to IGI Private Equity, planned to invest 10 million euros in 3R (see here a previous post by BeBeez). Such an acquisition will allow Nuovaplast to produce R-PET in granules. IGI acquired 74.7% of Nuovaplast in January 2019 while Roberto Tomasoni kept 25.3% of the business. Sergio Tosolini is the ceo of Nuovaplast which has a turnover of above 50 million and. 

Ecofuel, a circular economy subsidiary of Milan-listed Eni, will acquire Fri-El Biogas Holding from the Gostner family (see here a previous post by BeBeez). In 2014, FRI-EL Biogas Holding issued a Milan-listed minibond of 12 million euros due to mature in 2021 paying a 4.9% coupon and an amortizing structure. Anthilia Capital Partners, Banca Popolare di Milano, Banca Popolare dell’Emilia Romagna, Penslan, and Sparkasse subscribed the bond that the company repaid in June 2018. 

Azimut Alternative Capital Partners (AACP), the US subsidiary of Milan-listed Azimut, signed an agreement for acquiring a minority of US private equity HighPost Capital that David Moross and Mark Bezos founded in 2019 (see here a previous post by BeBeez). AACP signed an agreement for acquiring a 12.5% of the HighPost through the subscription of a capital increase as well as an option for increasing the stake to 24.9%. Azimut will appoint one director for the board of HighPost. 

US-based Xpansiv acquired OTX from Francesco Dolci, Amedeo Giammattei, AitherCO2, and Gestio Capital, which invested in the targets since its foundation in 2013 (see here a previous post by BeBeez). In 2014, OTX developed an electronic platform for trading CSO (Compulsory Stock holding Obligations). In January 2020, Xpansiv, which aims to list in 2021, closed a capital increase of 40 million US Dollars for financing acquisitions.  

Banca Progetto (fka Banca Lecchese), an Italian challenger bank, aims to list by 2023 Giuseppe Pignatelli, the head of the bank’s corporate division, said to BeBeez (see here a previous post by BeBeez). Banca Etruria sold the asset to Oaktree Capital Management in 2015 and since 2018 the bank has completely change its business model introducing fintech procedures and signing many partnerships with fintech startups and scaleups in order to better serve SMEs and finance retail clients. Banca Progetto has net profits of 12 million euros and recovered from a 7 million loss recorded in 2019.  

Metrika raised 21 million ahead of a 30 million target (wsee here a previous post by BeBeez). The fund will invest in small and mid-market Italian companies in the tech sector with a turnover of 5 – 50 million. Metrika also announced its first investment in Qinet, an Italian cybersecurity firm, of which the fund acquired a 60% stake, while entrepreneur Livio Traversa retained the 40%.

Curaleaf Holdings, a producer of cannabis-based consumer goods, will pay 285 million US Dollars for Emmac Life Sciences with an earn-out of up to 57 million in shares (see here a previous post by BeBeez). Sellers are the co-founders Ed McDermott and Antonio Costanzo (ceo) and the many investors who have supported the company in recent years, including Gestio Capital, a London family office founded and directed by Matteo Manfredi. The acquisition price will be paid in two installments for 85% in Curaleaf shares and in cash for the remaining 15%. The company is valued at 0.50 pounds per share. Following the acquisition, former Emmac shareholders will own 3% of Curaleaf, net of performance-based earn-outs. Boris Jordan, the executive chairman of Curaleaf, heads Measure 8 Venture Partners, that in December 2020, led the 15 million pounds venture debt round of Emmac that issued a convertibile loan note. Measure 8 purchased convertible notes for acquiring 8% of Emmac.