Italy’s private equity weekly roundup. News from Armani, Eataly, Alpitour, FiberCop, Sophia Loren, Cdp, F2i and more

Italian iconic fashion firm Armani is assessing a partnership with an investor (see here a previous post by BeBeez). Armani is reportedly of interest to Milan-listed Moncler and Exor. Previous press reports quoted Giorgio Armani as saying that he plans to leave the majority of the business with Leo Dell’Orco and his nephews RobertaArmani, Silvana Armani and Andrea Camerana. The firm has sales in the region of 2.2 billion euros with an ebitda of 509 million (24% margin).  

After the collapse of turnover and profitability recorded in 2020 by Eataly spa, the international retailer of high-end Italian food, due to the lockdowns, Tamburi Investment Partners (TIP), a Milan-listed investment company and shareholder of Eataly since 2014, took over the situation. Alessandra Gritti, the cofounder, vicepresident and TIP’s ceo, was appointed as the new executive chairwoman of Eataly (see here a previous post by BeBeez). Mrs.Gritti will replace Andrea Guerra, that will work as ceo of LVMH Hospitality Excellence. Nicola Farinetti is the ceo of Eataly since early 2020. The company has sales of 353.4 million (501 million in 2019), an ebitda of minus 14.6 million and a net financial debt of 116 million. 

In 2020, Alpitour, an Italian tour operator, generated losses of 102 million euros and is still waiting for the contribution that the Italian Government promised (See here a previous post by BeBeez). However, Milan-listed Tamburi Investment Partners (TIP), a relevant shareholder of Alpitour, said that the company carried on strategic investments for being ready to face the end of the lockdown. In 2020, Alpitour received a loan of 225 million for which Sace provided a warranty and recorded a net financial debt of 377 million. 

TIM, KKR Infrastructure and Fastweb signed the closing of the operation with which KKR Infrastructure and Fastweb entered the capital of FiberCop, the new company into which were transferred both TIM‘s secondary network (from the closet in the street to the customers’ homes) and the fiber network developed by FlashFiber, the joint venture of TIM (80%) and Fastweb (20%) (see here a previous post by BeBeez). KKR Infrastructure acquired 37.5% of FiberCop for 1.8 billion euros on the ground of an enterprise value in the region of 7.7 billion and an equity value of 4.7 billion. Fastweb will have 4.5% of FiberCop. FiberCop’s expected ebitda is in the region of 900 million. TIM will appoint five board members, KKR Infrastructure three and Fastwebs. Massimo Sarmi will be the company’s chairman and Carlo Filangieri the ceo.  

The Cimmino and Carlino families, the owners PIanoforte Holding, which in turn owns lingerie producer Yamamay, apparel manufacturers Carpisa and of swimsuits maker Jaked, launched Sophia Loren, Original Italian Food, a restaurant chain with the support of Italian iconic actress and Oscar award winner Sophia Loren (see here a previous post by BeBeez). The restaurant chain belongs to Dream Foods srl, a company controlled by Luciano Cimmino (both directly with an 8% stake and indirectly through Restart 1 which owns a 32.5%), the Carlino family (through Lema Holding, 28%), Sergio Ubaldo, Ivo Maria Redaelli, Nicola Giglio, and an undisclosed investor. Pianoforte has sales of 320.3 million euros, an ebitda of minus 6.4 million and a net financial debt of 98.7 million.  

Progetto Economia Reale (Per), the funds of funds platform of Cassa Depositi e Prestiti (CDP), Assofondipensione and Fondo Italiano d’Investimento sgr attracted commitments for 68 million euros from Arco, Laborfonds and Pegaso (see here a previous post by BeBeez). Those committments will invest in private equity and private debt funds through FOF Private Equity Italia and FOF Private Debt Italia. Arco poured 24.4 million evenly split in both the vehicles. Laborfonds made a commitment of 20 million  for FoF Private Debt and 10 million for FoF Private Equity. Pegaso subscribed 10 million for FoF Private Equity and 4.3 million for FoF Private Debt.  

Fondo Italiano d’Investimento (FII) appointed Roberto Del Giudice as head of distribution, investor relation and ESG and Roberto Travaglino as head of the funds of funds (see here a previous post by BeBeez).  

Finance For Food One, managed by Hyle Capital Partners sgr, that invests in the Italian agrifood sector, acquired the majority of Manuzzi, a packaging company, from the founders Aurelio Manuzzi, Paolo Manuzzi and Fabio Barbieri (see here a previous post by BeBeez). Aurelio Manuzzi and Fabio Barbieri will keep their executive roles. Manuzzi has sales of 12.8 million euros with an ebitda of 1.26 million.  

On 1 April, Thursday, the shares of Milan-listed Panariagroup Industrie Ceramiche closed at 1.83 euros, up 22.82% (see here a previous post by BeBeez). On 31 March, Wednesday, the Mussini Family (69.301% owner) launched a delisting offer of 1.85 euros per share or of 21.8 million. Panariagroup has sales of 357.27 million with net losses of 5.78 million.  

PM & Partners acquired the majority of Cytech, a producer of sport clothes, from Stefano Coccia and Marino De Marchi that will keep a minority (see here a previous post by BeBeez). Cytech has sales of 10.5 million euros and an ebitda of 2.36 million.  

Italian staffing company Gi Group acquired Swiss job aggregator Jobtome (see here a previous post by BeBeez). Gi Group has sales of 2.6 billion euros with an ebitda of 71.7 million.  

Green Arrow Capital started the construction of two mini-hydroelectric plants with the support of a bridge financing facility of Banco BPM (See here a previous post by BeBeez). Green Arrow Capital’s partners Daniele Camponeschi, Giulio Barendson and Federico Giannetti are responsible of the operation. These two plants are part of a portfolio of exclusive concessions of Green Arrow that are worth above 40 million euros. In 2018, the fund signed a partnership with AES Holding, a developer of mini-hydroelectric plants that belongs to Alessandro and Simone Zilio.   

Paolo Romiti, the son of Italian banker Maurizio and grandson of the manager Cesare, acquired 24% of Milan-listed Prismi, a provider of digital marketing services to small businesses SMES (See here a previous post by BeBeez). Romiti is now the company’s main shareholder. Prismi has sales of 16.41 million euros (-25.3% yoy), an ebitda of 1.7 million (+2.6%), net losses of 4.4 million, and a net financial debt of 21.8 million,.  

 Fondo Agroalimentare Italiano (FAI), a vehicle that Unigrains Developpement launched, and Fondo Cresci al Sud (managed by  Invitalia) acquired 70% (35% each) of Frigomeccanica, a producer of fridges for the Horeca sector (See here a previous post by BeBeez). The Di Serafino Family sold part of its stake and kept a 30%. The company will consider further acquisitions. 

Spazio Sanità, a real estate fund managed by InvestiRe sgr (part of Gruppo Banca Finnat Euroamerica), acquired 3 nursing homes from Gruppo KOS in a sale-and-lease back deal  (see here a previous post by BeBeez). KOS will still be managing the homes. KOS is an healthcare and hospital group controlled by CIR (the Milan-listed holding company owned by well known Italian entrepreneur Carlo De Benedetti) and also owned by F2i Healthcare, an investment veichle controlled by Italian infrastructure operator F2i sgr.

Again, F2i is interested in a 49% of Hellenic Electricity Distribution Network Operator (Hedno), part of Greek Public Power Corporation (see here a previous post by BeBeez). Eurobank and Goldman Sachs are the vendors’ advisors. The asset also attracted the interest of Ardian, KKR, Macquarie, Blackrock, CVC, First Sentier, British Columbia Investments, Oak Hill Advisors, Guangzhou Power, and of the joint venture that China South Power Grid and China Three Gorges signed. Hedno’s 49% could be worth 2.45 billion euros on the ground of an enterprise value of 5 billion.  

Tassoni, the Italian producer of soft drinks that the RediniFamily is selling with the support of Equita K Finance on the ground of an enterprise value of 20 million euros,  attracted the interest of Royal Unibrew, Refresco, Lunelli, and La Galvanina (See here a previous post by BeBeez). Tassoni has sales of 9.9 million, an ebitda of 1.7 million and net cash of 3.1 million.  

Gruppo Fagioli, an Italian engineering and logistic company of which QuattroR fund owns 60%, posted sales of 202.7 million euros (+4.3% yoy; 80% abroad) (see here a previous post by BeBeez). The company has an ebitda of 24 million (+6.4%) and net profits of 7.2 million (+21.4%). Fabio Belli and Rocco Sabelli are the company’s ceo and chairman. These are good numbers in view of a potential exit for Quattro R. We recall, in fact, that last February rumors spread about Quattro R’s intention to sell its stake in the group Alessandro Fagioli, the company’s chairman, owns the other 40% of the business.  

Alessandro Varisco, the ceo Italian fashion firm Twinset, said that Carlyle called off the sale of the company for which it hired JP Morgan (see here a previous post by BeBeez). The coronavirus-related turmoil had a bad impact on the financials of Twinset. Simona Barbieri and Tiziano Sgarbi sold the company to Carlyle in 2012. In 2018, JP Morgan failed to sell Twinset to an Asian investor. The firm has sales of 227.3 million euros, an ebitda of 36.1 million and net cash of 40 million and in the next 5 years aims to open 40 stores in China and the rest of Asia while boosting its online sales in Russia.  

The portfolio of wind farms of Glennmont Partners and PGGM Infrastructure Fund may receive the preliminary bids by mid April (See here a previous post by BeBeez). The vandors hired Rothschild and L&B Partners for handling this sale that could be worth in the region of 820 million euros. 

Teamsystem, a provider of corporate digital solutions that belongs to Hellman&Friedman and Hg Capital, increased to 61%its holding in Teamsystem Financial Value Chain (TSFVC) and to 71% its interest in TeamSystem AM Holding (TSAM) (see here a previous post by BeBeez). Fin Tech Holding (FTH) previously sold a 10% of TSFVC to Banco Bpm. FTH, whose controlling shareholders are Isidoro Lucciola and Riccardo Carradori, has now 29% of each of the two fintech firms.