Italy’s private equity weekly roundup. News from AIFI, Italgas, Retelit, Ambienta, Seco, Equinox, Intercos, GWM Group, Vetrerie Riunite and more

 In 1H21, Italian private equity funds have been very active on the fronts of fundraising and of divestures, said the biannual report of PwC and AIFI (see here a previous post by BeBeez). The BeBeez Private Equity Report for 1H21 and BeBeez Venture Capital Report for the first eight months of 2021 (available for the subscribers to BeBeez News Premium and to BeBeez Private Data) depicted a similar scenario.  

Italgas is in exclusive talks for acquiring DEPA Infrastructure from  Hellenic Republic Asset Development Fund (65% – HRADF) and Hellenic Petroleum (35% – Helpe) (see here a previous post by BeBeez). Italgas won the competition of EP Investment Advisors, First State Investments, Macquarie, KKR, and Shangai Dazhong Public Utilities Group – SINO-CEE Fund. Italgas hired JPMorgan as financial advisor and lender for its 733 million euros bid.  

Spanish private equity Asterion Industrial Partners (AIP) extended to 17 September the deadline for tender its delisting offer for Milan-listed ICT Retelit (see here a previous post by BeBeez). AIP decided to increase its bid from 2.85 euros to 3 euros per share (see here previous post by BeBeez). On 8 September, Wednesday, Retelit’s ceo Federico Protto said that he was going to accept the offer that is on the ground of an enterprise value of 607 million or 11.2X ebitda. The company has a turnover of 165.2 million with an ebitda of 54.2 million. AIP said that the threshold for the success of the offer is of 50% of the shares plus one and no longer of 66.67%. However, if AIP achieved this amount of Retelit’s shares, it would pay 3.1 euros per share.  

Värde Partners is said to be choosing the financial advisor for selling its stake in Guber Banca, an investor and manager of distressed credits (see here a previous post by BeBeez). Francisco Milone, Board member and partner of Värde said however that those rumors have no ground. In 2017, Värde Partners paid 47 million euros for acquiring 33.3% of the bank from the founder who kept the remaining shares.  

Ambienta is mulling for an exit from Nactarome, a producer of food aromas and natural ingredients (aee here a previous post by BeBeez). Nacatarome has sales of 120 million euros attracted the interest of a trade buyer. 

In 1H21, Milan-listed Seco, an Italian producer of microcomputers of which Fondo Italiano d’Investimento (FII) owns a minority, recorded a turnover of 43.2 million euros (+13% yoy), an adjusted ebitda of 9.3 million (+25%), adjusted net profits of 3.8 million (+21%), net cash of 71.1 million (net debt of 17.8 million) (see here a previous post by BeBeez). After the launch of an IPO through a capital increase, the company raised in the region of 100 million. In 2020, Seco generated sales of 76.1 million, an adjusted ebitda of 15.9 million and a net financial debt of 11.4 million  

Equinox acquired 40% of Italian pizzerias chain Pizzium through the subscription of a 6 million euros and the purchase of shares from the founders Stefano Saturnino and Nanni Arbellini who will keep their operative roles (see here a previous post by BeBeez). Pizzium, born in 2017, aims to generate sales of 40 million euros by 2023 and open a further 20 shops. The current turnover amounts to 10.6 million, an ebitda in the region of 1 million and net cash of 0.9 million. 

The assets that Gruppo DeA Capital has under management in 2Q21 amount to 25.6 billion euros (+14.1% yoy and above the 24 billion amounts of 1Q21). (see here a previous post by BeBeez). DeA allocated 11.7 billions (+18,6%) to the real estate sector; 3.1 billions (-2.2%) to the credit sector; 2.4 billions (+33.2%) to the private equity; and 8.4 billions (+10.5%) to the multi-asset/multi-manager, which is the activity of Quaestio.  

Market rumours say that Intercos, an Italian third-parties producer of cosmetics, is mulling again for the launch of an IPO (see here a previous post by BeBeez). The company has a turnover of 713 million euros. Dario Ferrari, the ceo and 44% owner, L Catterton (34%), Ontario Teachers (21%), and GIC aim to place a 50% of the company through the sale of shares and eventually the launch of a capital increase. In 2019, Intercos hired Ubs, BNP Paribas, Morgan Stanley, and Jefferies for placing 50% of the shares through a listing and fetch 1.5 billion. However, the shareholders shelved the plan because of the Covid 19 turmoil.  

Etro, an Italian high-end fashion brand that earlier in July sold a 60% to L Catterton, appointed Fabrizio Cardinali as ceo (see here a previous post by BeBeez). Cardinali previously worked for Dolce & Gabbana, Richemont, Dunhill, and Lancel. Cardinali. Etro has sales of 191.3 million euros (-33% yoy), an ebitda of minus 16 million, and net losses of 38.8 million. L Catterton invested in the region of 500 million for its stake in Etro.  

Iccrea, the association of Italian co-operative banks, is considering the sale of a minority of the e-money activities it recently spun-off (see here a previous post by BeBeez). Iccrea declined to comment. The enterprise value of the asset is in the region of 400 million euros or 20x ebitda.  

Engineering Ingegneria Informatica, an Italian IT company that Bain Capital and NB Aurora control since 2020, aims to carry on acquisitions in France and Germany (see here a previous post by BeBeez). The company is not currently holding talks with any target.  

AZ Eltif Ophelia, a vehicle of Milan-listed Azimut, acquired 55% of Cieffe Derma, an Italian cosmetics company, from the founders of Salvatore Frontera and Maria Paletta, who will keep a 45% (see here a previous post by BeBeez). Cieffe Derma has sales in the region of 10 million euros.  

 Milan-listed IT Sesa acquired a furhter 33% of Kolme from the founders Andrea Fronzi and Martina Paoletto and increased to 66% its holding in the business (see here a previous post by BeBeez). The vendors will keep a minority and their operative roles. Kolme has sales in the region of 45 million, an ebitda of 2 million and net profits of one million.  

 Pillarstone Italy aims to sell Sirti, the Italian ICT (see here a previous post by BeBeez). The fund acquired 73.16% of Sirti in 2016 and may appoint an advisor by the end of 2020. Sirti has sales of 733 million euros. 

 GWM Group, a financial services firm, tabled a public offer for 51% of Milan-listed real estate asset manager Opportunità Italia, managed by Torre sgr (see here a previous post by BeBeez). GMV will pay 1,200 euros per share, for the fund which has assets worth 185.2 million euros.  Torre sgr is controlled by Fortress.

Nasdaq-listed Ideanomics launched a delisting offer on Energica Motor Company, a Milan-listed producer of full electric motorbikes (see here a previous post by BeBeez). Ideanomics already owns 20% of the target and will pay 3,2 euros per share and 0.1 euros per warrant. Energetica has sales of 6 million, an ebitda of minus 4.4 million (-4.9 million in 2019), net losses of 6.3 million (7.7 million) and a net financial debt of 1.6 million (0.6 million).  

Vetrerie Riunite (VR Group), an Italian producer of windows for washing machines that belongs to Sun European Partners, finalized the acquisition of 70% of Chinese competitor Suizhong, Ming Hui Industrial Technology (See here a previous post by BeBeez). Simest, the financial company that supports the foreign investments of the Italian firms, invested 7 million euros in the target. VR received the support of Fondo di Venture Capital, a vehicle of the Italian Foreign Ministry. In October 2019, Sun Capital acquired VR for 110 million.  

Pan-European mid-market private equity 21 Investimenti is mulling for an exit from Carton Pack, a packaging company (see here a previous post by BeBeez). The Leone Family sold 80% of Carton Pack to 21 Investimenti in July 2018. Gianni and Giuseppe Leone kept their management roles in the company which has sales of 88.2 million euros with an ebitda of 12.45 million.  

Objectway, an Italian provider of IT services for the financial services sector, acquired Swiss competitor Die Software Peter Fitzon (DSPF) (see here a previous post by BeBeez). Peter Fitzon and Klaus Friese sold their stakes to Objectway which has sales of 74 million euros, an ebitda of 11.5 million and net cash of 0.8 million.