Italy’s private equity weekly roundup. News from Dedalus, Cdp, Charme, Eolo, Itago, ASTM, Polis Fondi and more

Abu Dhabi Investment Authority (Adia) acquired from Ardian a minority of Dedalus, a provider of IT systems for the healthcare sector, che resta azionista di maggioranza (See here a previous post by BeBeez). In 2016, Ardian acquired 60% of Dedalus from Hutton Collins Partners, The Three Hills Capital Partners, Mandarin Capital Partners, and Giorgio Moretti, the company’s  founder and ceo who kept 40% of the business. In 2020, Ardian raised its stake to 75% for supporting the acquisition of Agfa Gevaert. Dedalus has sales in the region of 700 million euros.  

On 26 May, Wednesday, the shareholders of Cassa Depositi e Prestiti approved the launch of Patrimonio Rilancio (or Patrimonio Destinato, see here a previous post by BeBeez). The fund, create by the Italian Ministry of Economy and Finance, has resources of 40 billion euros and will be managed by Cdp. The fund will support Italian mid and big cap companies.

Charme Capital Partners, a private equity firm that belongs to the Montezemolo family, is holding exclusive talks for the acquisition of Bianalisi, an Italian chain of diagnostic laboratories (see here a previous post by BeBeez). Charme tabled a 400 million euros bid together with Generali Investments. Bianalisi also attracted the interest of F2i and Triton. Bianalisi currently belongs to the Caslini Family (70%) and Columna Capital, which acquired a 30% stake in April 2016. Bianalisi has sales of 65.5 million and an ebitda of 13.15 million. In December 2019, Bianalisi received a financing facility of 65 million from Banca Ifis, Banca Sella and Springrowth. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector. 

The reportedly up for sale 75% stake in Eolo, an Italian TMT company, attracted the bids of DWS, Infravia Capital Partners, Wren House Infrastructure, and Brookfield Asset Management, the controlling shareholder of Oaktree Capital del capitale (see here a previous post by BeBeez). Luca Spada and Elmec Group own 51% of the business, while Searchlight Capital Partners has 49%. Morgan Stanley is running the auction on the ground of an enterprise value of 2 billion euros. 

NYSE-listed Esco Technologies, a provider of engineering services for utility companies, acquired Altanova, an Italian provider of off-line and on-line monitoring services for electric energy networks and systems (see here a previous post by BeBeez). NEIP III Sicav, managed by Itago sgr, sold the target together with the minority shareholder. Altanova has sales of 80 million euros with an ebitda of 7.5 millions and attracted the interest of Oaktree, Fondo Italiano d’Investimento, Whitebridge, and Tikehau Capital. Altanova Group was born in April 2017 out of the merger of ISA Advance Test, Monitoring Solutions, and Techimp. 

Itago IV, a fund managed by Itago sgr, acquired the majority of Teknoice, an Italian producer of ice creams, from the founders Luigi Ferrarini, Santino Conte and Giancarlo Maganza, who will hold a minority and handle the generational change (see here a previous post by BeBeez). Banco Bpm financed the transaction with a green loan that requires the company to achieve sustainability goals. Teknoice has sales of 23 million euros.  

Alcedo acquired 53% of Nethive, a cybersecurity and system integration company (See here a previous post by BeBeez). The vending founders Alessandro Bellato and Diego Rocco will hold a 47% of the business and their co-ceo roles. Nethive has sales of above 8 million euros and aims to grow through acquisitions. Alcedo is one of the private capital investors that BeBeez Private Data monitors (find out how to subscribe for only 110 euros a month) 

LBO France acquired the majority of Polis Fondi sge, a real estate asset manager (See here a previous post by BeBeez). Banca Popolare Sondrio, Bper Banca, Intesa Sanpaolo, la gestione commissariale della Banca Popolare Vicenza, Sanfelice 1893 Banca Popolare, and Banca Valsabbina will keep a minority of Polis, which has assets under management for one billion euros. Earlier in February, Polis launched Taurus an investment vehicle that aims to invest in NPEs with a face value of 2.5 billion.  

Aksia Group’s portfolio company Valpizza, an Italian producer of frozen pizzas, acquired Italian competitor C&D, the owner of Ghiottelli brand (See here a previous post by BeBeez). The Carbonara sold the asset and reinvested in Valpizza. Crédit Agricole Italia and Intesa Sanpaolo financed the transaction. Aksìa acquired the ajority of Valpizza in July 2020. The company has sales of 20 million euros with an ebitda of above 4 million and in November 2020 it acquired Megic Pizza  

 PM & Partners and Capital Dynamics acquired 70% of Cosmelux, an Italian packaging company (See here a previous post by BeBeez). The vending Zorloni Family will keep 30% of the target and management roles. Banco BPM, Intesa Sanpaolo and Crédit Agricole provided a senior financing facility while Anthilia Capital Partners provided a mezzanine line. Cosmelux has sales in the region of 30 million with an ebitda margin of 37%. 

The public offer that the Gavio Family and Ardian launched on ASTM, a motorway management company, earlier in April closed on May 24th (see here a previous post by BeBeez). The bidders now have more than 90% of the target that will delist at 28 euros per share. JP Morgan Chase Bank financed the transaction and committed to eventually refinance the current debt of ASTM, which has sales of 2 billion euros, an ebitda of 547.8 million and net debt of 848.5 million. Earlier in April, ASTM received from Mediobanca an ESG financing facility of 100 million.  

IGI Private Equity acquired 73% of OME Metallurgica Erbese and Stampinox two Italian producer of small items in metal (see here a previous post by BeBeez). Anirafa, the holding of the Farina Family, acquired a 17% stake. Intesa Sanpaolo, BPER and Crédit Agricole financed the transaction. Equita K Finance assisted OME.  

Prosit, an Italian wine producer that is part of the portfolio of Quadrivio & Pambianco’s Made in Italy Fund, acquired US-based Votto Vines from the eponymous Family (see here a previous post by BeBeez). Votto Vines is an importer and wholesale distributor of fine wines. Made in Italy Fund aims to raise 200 – 300 million euros   

Facile.it, the Italian portal for comparing retail financial products and utility services that belongs to EQT, acquired MiaCar, an Italian marketplace for brand new and 0 km cars, from the ceo and founder Lorenzo Sistino who will keep his role (See here a previous post by BeBeez). MiaCar has sales of one million euros with an ebitda of minus 0.423 million. EQT acquired Facile.it in 2015 and aims to list the firm  

Project Informatica, an Italian IT that belongs to Hig Capital since July 2020, acquired a controlling stake in Techlit from Luca Fabiano and the whole of SCM from Tiziana Foiadelli and Carlo Radaelli (See here a previous post by BeBeez). All the vendors will keep their operative roles in the businesses. Techlit has sales of 1.36 million and an ebitda of minus 58,000 euros. SCM turnover amounts to 4.7 million, an ebitda of one million and net cash of 3.95 million. HIG is one of the private capital investors that BeBeez Private Data monitors (find out how to subscribe for only 110 euros a month) 

Intermonte sim and QCapital (QC) launched a club deal for investing in minorities of listed or soon-to-go public companies (See here a previous post by BeBeez). Stefano Miccinelli, Renato Peroni, Massimo Busetti, Giovanni Pedersoli, and Francesco Niutta are the founders of QC. Intermonte, the platform and family offices will coinvest 10 – 30 million euros for up to 4 years in the targets for subscribing capital increases or buying out small shareholders of firms with a limited publicly traded equity.  

Cogeninfra, a company that belongs to Luxembourg’s Cube Infrastructure, raised 98.258% of Milan listed Elettra Investimenti, an energy company (see here a previous post by BeBeez). Cogeinfra will delist Elettra. Cube previously signed an agreement with the Bombacci family for acquiring 81.9% of Elettra at 9.75 euros per share plus a further 0,85 euros of earn-out and warrants for 70.58% of those previously issued at 0,75 euros each. Cogeninfra launched a public offer at 10,60 euros per share and at 1,60 euros per warrant. Fabio Massimo Bombacci will keep his ceo role for at least five years. Elettra has a turnover of 58 million euros and losses of 0.41 million.  

Kipre, an Italian producer of high-end ham, generated sales of 83.8 million euros, an ebitda negative for more than 30 million, net profits of 38.4 million, and equity of 18.4 million (see here a previous post by BeBeez). Since October 2020 the company belongs to Wrm Group, the Luxembourg-based financial company of Raffaele Mincione that is implementing a restructuring plan and paid 22 million to banks and 5 million to the commercial creditors. Wrm will invest 40 million in Kipre.  

 The Vercelli Court will decide soon whether to accept one of the bids for Cerutti, an Italian producer of machinery for the printing and packaging industry that bankrupted in late 2020 (See here a previous post by BeBeez). The company attracted the offers of Switzerland’s Bobst and of Rinascita a club deal that groups Italian entrepreneurs Marco Drago, Diana Bracco, Ernesto Pellegrini, Franco Goglio, and Paolo Montironi. Rinascita has the support of Invitalia. Cerruti has sales of 33.11 million, an ebitda of minus 12.7 million, net losses of above 64 million, a net financial debt of 50.2 million, and equity of minus 100.1 million .