Italy’s private equity weekly roundup. News from CVC, Amissima Vita, Intermonte, Genoa, Luisaviaroma, Acque Minerali d’Italia, Acqua&Sapone and more

CVC Capital Partners acquired from Danilo Iervolino the remaining 50% of Multiversity, the owner of online Universities Università Telematica Pegaso and Università Mercatorum and of Certipass (see here a previous post by BeBeez). Fabio Vaccarono will be the new ceo of Multiversity whose equity amounts to 537 million euros. 

Athora, the Bermuda-based insurance company, acquired Amissima Vita from Apollo Global Management (AGM)(See here a previous post by BeBeez). Amissima previously attracted the interest of Apax Partners, Cinven, European Insurance Consolidation Group (Eicg), Blackstone, Monument Re, and of Mediterraneo Vida. Athora has assets for 79 billion euros. Amissima Vita has prizes for 809 million with net profits of 27.9 million and reserves of 6.7 billion. Earlier in February, the company issued a Dublin-listed convertible bond of 80 million with a 7% yield. 

Milan-based investment bank Intermonte sim aims to list on Milan market for supporting its organic development and M&A strategy (see here a previous post by BeBeez). Intermonte aims to carry on acquisitions in the field of digital assets for investment banking. Intermonte works in four business areas (Investment Banking, Global Markets, Sales & Trading, Digital Division & Advisory) and has recently further diversified its business in the club deal segment, thanks to the partnership with QCapital (see here a previous article by BeBeez ), a company that organizes private equity investments in club deals founded last April by some Italian private equity and corporate advisory veterans. The objective of the partnership between Intermonte and QCapital is to apply to the public market the same approach used to organize private equity club deals and therefore invest in minorities of Italian companies already listed or in pre-ipo. In 2Q21, Intermonte posted a 41.2% Total Capital Ratio with revenues of 24.2 million euros and net profits of 5.5 million. 

Genoa Cricket and Football Club’s owner Enrico Preziosi sold the asset to 777 Partners (See here a previous post by BeBeez). Preziosi and the ceo Alessandro Zarbano will keep their director roles. Previous press reports said that the fund already poured a deposit of 20 million on the ground of an enterprise value of 150 million.  

Style Capital led a club deal that acquired 40% of Luisaviaroma, an online retailer of high-end fashion, from the ceo Andrea Panconesi who will keep a 60% stake (See here a previous post by BeBeez). Jefferies assisted the vendors. The transaction is worth in the region of 130 million with a 50 million capital increase and the sale of shares for 76.5 millioni. Luisaviaroma has sales of 187.5 million, an ebitda of minus 4.3 million and net cash of 7 million. For 2021, the company set a target of revenues worth 215 million ahead of a listing in 2023.  

Eagle Capital Ventures, Mega Holding and other financial investors acquired the majority of Milan-based Pasticceria Martesana from the Santoro family (see here a previous post by BeBeez). Pasticceria Martesana has sales of 3.4 million euros with an ebitda of 0.281 million.  

Angulas Aguinaga, the Spanish food company that belongs to Pai Partners, acquired Italian competitor Deligusti from the Spreafico Family (see here a previous post by BeBeez). Deligusti has sales of 12.8 million euros, an ebitda of 3 million and net cash of 1.9 million. Umberto Spreafico, the ceo of Deligusti, will keep his role. Angulas Aguinaga has revenues of 290 million.  

On 24 September, Friday, the market capitalization of Milan-listed food company La Doria increased by 10.08% at 549 million euros or 19.44 euros per share after the rumours of Investindustrial’s interest in launching a public offer aimed at delisting the firm (See here a previous post by BeBeez). The company’s enterprise value is of 700 million. However, on 27 September, Monday, the company’s market capitalization closed down 12.45% or 17.02 euros per share (See here a previous post by BeBeez). The Ferraioli Famly currently owns 63% of La Doria. Vitale & Co and PwC are assisting the target. La Doria has sales of 848.1 million, an ebitda of 83.1 million and a net financial debt of 140.2 million. In 2021, private equity funds delisted several Milan-listed companies (see here the BeBeez Insight View about delisting of 28 June 2021 available for the subscribers to BeBeez News Premium and to BeBeez Private Data).  

While reportedly competing for the UK National Lottery concession, Italian gaming company Sisal, a portfolio asset of CVC Capital Partners since 2016, hired for its ipo Lazard, JPMorgan, Deutsche Bank, Unicredit, and Equita as financial advisors and Latham Watkins as legal counsels (See here a previous post by BeBeez). CVC acquired Sisal from Apax (36.5%), Permira (36.5%) and Clessidra (20%) for one billion euros. Although the company’s listing will not involve the spun off payments firm Mooney Group, the shareholders will launch the ipo on the ground of an enterprise value of 2 billion. 

Ambienta, an European private equity fund that invests in environmental sustainability, hired Michela D’Isita (head of HR); Virginia Fortunato (administrative director); Fabia Bernacchi (head of marketing and communication); Daniela Popa (ESG manager); Alessio Vian and Fabrizio Sebastiani (finance associates) (See here a previous post by BeBeez).   

 Evidenze Group Europe (EGE), a Spanish providers of services for the healthcare sector that belongs to private equity GED Capital, acquired Italian contract research organization (CRO) High Research (see here a previous post by BeBeez). EGE also acquired Spanish firms Interactive Communication Projects (the owner of the brand 3.Ways) and BCN Science. Lorenzo Cottini is the chairman and general manager of High Research. 

Acque Minerali d’Italia (AMI), the owner of the mineral water brands Norda, Sangemini and Gaudianello that belongs to the Pessina family, received the approval for its receivership plan from the majority of its creditors (see here a previous post by BeBeez). AMI previously received the support of Clessidra Restructuring Fund and Magnetar which poured 50 million euros in the company for relaunching the business and acquiring 80% of it through a capital increase. The Pessina family will keep a 20% of the company. Clessidra will acquire the unsecured credits of Banca Mps and BPER Banca with AMI. Furthermore, Clessidra will subscribe to the capital increase in cash for up to 15 million for a 24% stake, while Magnetar will invest 35 million for a 56% stake.  

The European Commission authorised HIG Capital to acquire Italian companies Cesar di Barbarossa Enio e F.lli (Cesar), Servizi Distribuzione Associati (SDA) and Vaccaro Distribuzione Merci (VDM) (see here a previous post by BeBeez). Cesar, SDA and VDM are active in the retail sale products for health, beauty and other daily consumer mass products. The vendors will reinvest for a minority. Cesar, SDA and VDM are also shareholders of Acqua & Sapone, an Italian retailer of hygiene products that has sales of 20.4 million euros, an ebitda of 41,000 euros and net cash in the region of one million. Cesar belongs to the Barbarossa Family and has sales of 506.8 million, an ebitda of 50 million and net cash of 56.8 million. SDA belongs to the Cecchini Family and has revenues of 282 million, an ebitda of 12 million and net cash of 9.1 million. VDM, whose owners are the Vaccaro Family and Anna Cervellera, has revenues of 85.3 million, an ebitda of 3.7 million and net cash of 0.5 million. HIG Capital is in exclusive talks for acquiring Acqua e Sapone since July. 

 Primo, an Italian chain of dentistry clinics that belongs to Aksìa Group, acquired Gruppo Etica Dentale, an Italian competitor, from Simone Giacomoni (see here a previous post by BeBeez). Gruppo Etica Dentale has sales of 8.2 million euros, an ebitda of 0.639 million and net casho of 0.732 million.  

Aussafer Due, an Italian company operating in the field of sheet metal working specialising in precision laser cutting that belongs to siblings Claudio and Luisa Citoussi and 21 Invest since December 2020, acquired Ramo, an Italian competitor (See here a previous post by BeBeez). Aussafer has sales of 23.7 million euros (28.5 million in 2019), an ebitda of 3.7 million (5.5 million) and net cash of 0.6 million (net financial debt of 3.8 million). After the acquisition of Ramo, Aussafer  will have revenues of 50 million.  

Filippini Holding, a Swiss financial investor, acquired 70% of Rataran Rating & Ranking, an Italian fintech for appraisal traders (see here a previous post by BeBeez). Eros Lombardo will be the chairman of Rataran, while Andrea Genova and Giuseppe Calabrese will act as directors. Calabrese founded the company in 2015. Swiss Holcad and the wealth manager Matteo Parasacco own minority stakes in the business. The company will invest the raised proceeds in its organic development and creating further synergies with Filippini Holding, which belongs to its founder Enzo Filippini. The firm’s equity is worth 700 million euros.