As of 15 October there were 186 Italian companies in the fashion, luxury & design sector in the portfolio of private equity and venture capital investors (102) or private debt investors (20), up from 165 in 2020 and from 147 in 2019, where, however, the increase is a net figure between the number of investments and divestments. In the nine and a half months since the beginning of 2021, in fact, only considering private equity investments in the fashion sector (thus excluding other types of luxury and design), these have been 21 plus three divestments. All those figures emerge from BeBeez Private Data (see here a previous post by BeBeez, check here the table of the deals of the fashion sector for January – October 2021 available to the subscribers of BeBeez Private Data and BeBeez News Premium). Today, 22 October, Stefania Peveraro, the Chief Editor of BeBeez, will discuss about the interest of Private Equity funds for the fashion and luxury sectors with Giacomo Santucci, the chairman of Di Luccia&Partners;Maurizio Tamagnini, the ceo and founder of FSI (40% owner of Missoni); Claudia d’Arpizio, the Global Head of Fashion & Luxury and Board member of Bain&Company; and Marco De Benedetti, a managing partner of Carlyle, which invested in Twinset, Moncler and Golden Goose. Click here to see the BeBeez Cafè in live streaming on 22 October, Friday.
Milan-listed Tamburi Investment Partners (TIP) signed a binding agreement for acquiring a 25% of Limonta, a producer of high end fabrics, with the eponymous family (see here a previous post by BeBeez). TIP will invest 89 million euros for subscribing a capital increase and acquire shares. Limonta has sales of above 160 millions.
Infrastructure Investments Fund (IIF) a vehicle of JPMorgan Investment Management acquired from Falck a 60% stake of Milan-listed Falck Renewables at 8.81 euros per share ahead of a delisting (See here a previous post by BeBeez). Rothschild acted as financial advisor for Falck Renewables, Vitale & Co assisted Falck. At the closure of trading of 20 October, Wednesday, the price of Falck Renewables was of 8.7 euros for a market capitalization in the region of 2.53 billion euros. The offer of IIF is on the ground of an enterprise value of 3.4 billion.
Intercos, an Italian cosmetics company, will start placing its shares between 21 and 28 October, Thrusday ahead of an IPO on Milan market (See here a previous post by BeBeez). Intercos belongs to Dario Ferrari, L-Catterton, Ontario Teachers Pension Board, and Singapore’s GIC and will list a 29% stake on 2 November with its shares priced at 12 -14.5 euros each for a market capitalization of 1.180 – 1.425 billion euros on the ground of an enterprise value (ante capital increase) of 1.107 – 1.338 billion or 14.9 – 17.5X EV/ebitda 2020.
The market capitalization of Italy’s financial services firm Intermonte SIM will amount to 101.3 million euros for a publicly traded equity of 38% as it placed its shares at 2.80 euros each (see here a previous post by BeBeez). Foreign investors made 40% of the demand. Intermonte filed for a listing on Milan market on 14 October, Friday (see here a previous post by BeBeez). Intermonte started trading yesterday (see here a previous article by BeBeez).
MotorK, a digital automotive company, said it is mulling for a listing on Euronext Amsterdam (see here a previous post by BeBeez).The company aims to fetch 150 million euros on the ground of an enterprise value of 600 million. MotorK will eventually invest such proceeds in R&D, M&A, sales and marketing, as well as repaying the 30 million venture debt facility that received from the European Investment Bank in December 2019.
Milan Spac Revo is nearly closing the business combination with the Italian Elba Compagnia di Assicurazioni e Riassicurazioni as IVASS, the Italian authority for insurers, authorised the transaction (See here a previous post by BeBeez). Alberto Minali and Claudio Costamagna launched Revo. Elba Assicurazioni belongs to Roberto Checconi (25%), Francesco Micheli (22%) and to further minority owners. Revo will invest 160 million euros for acquiring Elba who retained Rotschild as advisor. See here the BeBeez Insight View on Spacs available for the subscribers to BeBeez News Premium.
As BeBeez previously reported, Massimo Zanetti Beverage Group (MZBG), an Italian company that in February delisted from Milan market, aims to sell a 30% to private equity investors for expanding internationally (see here a previous post by BeBeez). MZBG hired BNP Paribas as financial advisor and attracted the interest of Carlyle, Advent, Bain Capital, Oaktree, and Blackstone. Massimo Zanetti (70%) and his kids Laura and Matteo (15% each) own the firm. The company delisted on the ground of an equity value in the region of 325 million euros and an enterprise value of 9.5X ebitda. For 2021, the company expects to generate sales of 1.2 billion (+50% yoy). The coffee supply chain is one of the supply chains that BeBeez Private Data monitors (find out how to subscribe for only 110 euros a month)
AGCM, the Italian competition authority, gave its go-ahead for the merger of Milan-listed paytech Nexi with Sia, a company that belongs to Cdp Equity and Poste Italiane (see here a previous post by BeBeez). The authorities of Poland, Austria and Germany also authorized the merger. In 1H21, Nexi generated sales of 539.5 million euros (+12.9% yoy) and an ebitda of 298.2 million (+13.9%).
Ibla Capital sold Italian furniture firms Presotto Industrie Mobili and Assio respectively to Elko and to Emanuele Mariotto (see here a previous post by BeBeez). Ibla acquired Assio in 2019 from the founders Giuliano and Graziano Coden. Presotto sold a majority stake to Ibla in 2018. The company has sales of 12.7 million, an ebitda of minus 2.2 million and a net financial debt of 4.2 million.
Charme Capital Partners, the investment firm of the Montezemolo Family, hired Citi and Lazard for a sale of its 60% of Fiocchi Munizioni, an Italian producer of bullets (see here a previous post by BeBeez). The asset is not ESG-compliant and therefore could attract the interest of US competitors mainly or of a NYSE Spac. Fiocchi Munizioni has sales of 280 million euros and sold a 60% to Charme in 2017.
Euroknights VIII, the last private equity fund launched by Argos Wityu (fka Argos Soditic) ralready aised in the region of 325 million euros ahead of a target of 650 million (see here a previous post by BeBeez). Italian investors poured 20% of the resources, ceo Jean Pierre Di Benedetto said to BeBeez.
Neuberger Berman AIFM launched NB Aurora Co-Investment Fund (NBACI), a Luxembourg vehicle with resources of 40 million euros (see here a previous post by BeBeez). NBACI attracted the resources of Fondo Italiano d’investimento that will co-invest with Milan-listed NB Aurora. The co-investiment programme will end in January 2024 and involves the deals closed from 20 December 2020: Bluvet, Veneta Cucine, Comet, Farmo, and Exacer. After such a syndication agreement, NB Aurora will have resources of 20 million for further investments. NB Aurora is is one of the investors that BeBeez Private Data, the Database that BeBeez developed with FSI, monitors (find out how to subscribe for only 110 euros a month)
Facile.it, an Italian broker for insurance products, mortgages and utility bills that belongs to Swedish private equity EQT, acquired TCS, an insurance broker that Marco Pagani, Bruno De Angelis, Vittorio Giuncato, and Ludmila Fernandes founded in 2007 (see here a previous post by BeBeez). In May 2018, EQT acquired Facile.it from Oakley Capital (who reinvested for a minority), Mauro Giacobbe, Angelica Pellizzari and siblings Barbara, Eleonora and Luigi Berlusconi. Facile.it has a turnover of 77.2 million euros (67.3 million in 2019), an ebitda of 32.2 million (28.1 million) and a net financial debt of 105.7 million (115.1 million)
Gourmet Italian Food (GIF), a company whose 60% belongs to Alcedo, acquired Italian ready meals producer Cucina Nostrana from the Casagrande that will reinvest in the buyer while Alberto and Alessandro Casagrande will keep their co-ceos roles (see here a previous post by BeBeez). Banco BPM financed the transaction. Cucina Nostrana has sales of 30 million euros. After such acquisition GIF turnover will be of 65 million. GIF was born earier in June out of the merger of Eurochef Italia, a portfolio company of Alcedo, with La Gastronomica, a business that belonged to Fondo Veneto Sviluppo. Alcedo and Veneto Sviluppo are two investors that BeBeez Private Data, the Database that BeBeez developed with FSI, monitors (find out how to subscribe for only 110 euros a month)
AniCura, a chain of veterinary clinics that belongs to US-based Mars, an iconic producer of snacks, acquired Clinica Veterinaria Roma Sud (CVRS) from the foundress Daniela Migliacca (see here a previous post by BeBeez). CVRS has sales of 7.25 million euros, an ebitda of 1.2 million and a net financial debt of 1.4 million.
Gradiente, Qualitas Equity and Idea 50 acquired a 70% of Giuriati Group (fka Cabassi & Giuriati), an Italian producer of food integrators, cosmetics and gluten-free items, from the Giuriati Family who kept a 30% (see here a previous post by BeBeez). Creìdit Agricole, Monte dei Paschi di Siena and Intesa SanPaolo financed the acquisition. Giuriati has sales of above 27 million euros.
BTS Biogas, an Italian EPC (Engineering, Procurement and Construction) for biogas and biomethane plants that belongs to Newlight Partners, expanded its activity to investments in the sector (See here a previous post by BeBeez). BTS launched the Investiamo oggi programme for greenfield or brownfield projects. The company has sales of 6.5 million euros, an ebitda of 1.1 million and a net financial debt of 0.094 million.
