Investcorp recapped Dainese, an Italian producer of clothes for motorcycling and dynamic sports, thanks to a GP-led secondary transaction financed by Coller Capital. Investcorp had acquired 80%of Dainese in 2014 for an enterprise value of 130 million euros while the founder Lino Dainese kept a 20% (See here a previous post by BeBeez). Dainese has sales of 178 million euros, an ebitda of 25.3 million and a net financial debt of 18 million. In 2020, the firm acquired TCX, a producer of shoes for motorcycling, from Keyhaven Capital Partners.
Armonia and Alessandro Pedone sold a 67.44% of Italian fire fighting company GSA to Eurizon Capital ITEᴙ (part of Intesa Sanpaolo) and Eurizon ITEᴙ ELTIF (see here a previous post by BeBeez). ITER Capital Partners, a company that Vito Gamberale founded together with Mauro Maia, Matteo Ambroggio and Luigi Radice, manages. Armònia and Pedone reinvested for 12.88% and 18.42% of GSA, while the managers kept 1.8%. The enterprise value of GSA is of 250 million euros. Gamberale and Antonio Musacchio will act as chairman and ceo of the company. The directors are Maia, Ambroggio, Dario Cenci, and Maria Grazia Portera. GSA sold a 68.5% of GSA in 2018 and in 2019 acquired French SRMB – Secours Routiers du Mont-Blanc and Italy’s Friuli Estintori. GSA has sales of 135.5 million and an ebitda of 29.3 million.
Germany’s Callista Private Equity acquired Primetals Technologies Italy (PTI) from Primetals Technologies, part of Mitsubishi Heavy Industries (See here a previous post by BeBeez). Primetals Technologies Italy was born in 2001 after Mitsubishi acquired Pomini. Olaf Meier is the ceo of Callista Private Equity that carries on carve-outs of industrial assets.
Intercos, an Italian cosmetics company that belongs to Dario Ferrari, L-Catterton, Ontario Teachers Pension Plan, and GIC, listed on the Milan market on 2 November at 12.50 euros per share and closed at 14.6 euros (+16.8%) (see here a previous post by BeBeez). At the closure of trading, Intercos market capitalization was of 1.4 billion euros. Intercos listed on the ground of an enterprise value of 1.153 billion or 15.5x EV/ebitda. After the ipo, Intercos belongs to Ferrari (40.7% and 57.9% of the voting rights), LCatterton (18%), Ontario Teachers (13.6%), and minority shareholders (1.09%). Public investors will have 26.53% (18.85% voting rights). After an eventual exercise of the greenshoe option, Ferrari will own 40.5% (57.65% of the voting rights), L Catterton 16.3%, Ontario Teachers 12.88%, minority shareholders 1.09%, and public investors 29.2% (20.8% of the voting rights).
Engineering Ingegneria Informatica, an IT company that belongs to Bain Capital, NB Renaissance and Milan-listed NB Aurora, and Fastweb tabled a bid for managing the Cloud Italia – Polo Strategico Nazionale (PSN), the platform for the creation of digital infrastructures for the Italian public administration (see here a previous post by BeBeez). Further reported bidders bidders are TIM (45%) – CDP (20%) – Sogei (10%) – Leonardo (25%) and Almaviva-Aruba.
On 29 October, Friday, Milan-listed Exor hit a peak price of 83.44 euros and closed at 81.50 euros as it announced the signature of a memorandum of understanding for acquiring the insurer ParterRe from French Covéa for 9 billion US Dollars (7.7 billion euros) (see here a previous post by BeBeez). The equity value of PartnerRe’s ordinary shares (excluding the NYSE listed shares) amounts to 7 billion US Dollars. Exor will pay Covéa 725 million for some of the holdings in spvs that PartnerRe manages. These spvs will invest in reinsurance property catastrophe and short-tail contracts of PartnerRe.
Blackstone tabled a 1.1 billion euros bid for the real estate assets of Italian real estate investor Reale Compagnia Italiana (see here a previous post by BeBeez). Once completed the acquisition, Blackstone will own 69.78% of Reale and will launch a 341 million worth offer on 30.22% of the firm.
Fluorsid, an Italian chemical company, sold Alkeemia and 50% of Germany’s CF Carbons to London-based Blantyre Capital Limited (see here a previous post by BeBeez). In April 2018, Alkeemia acquired Solvay Specialty Polymers Italy. Tommaso Giulini is Fluorsid’s chairman while Lorenzo Di Donato is the ceo. Fluorsid also owns Italian football team Cagliari Calcio since 2014. Blantyre Capital has assets under management in the region of 1.6 billion euros.
At the closure of trading on 28 October, Thursday, the shares of Milan-listed canned food producer La Doria closed at 16.62 euros (-0.72%) (see here a previous post by BeBeez). The company had just announced that the Ferraioli family will sell 61.13% of the business to Investindustrial that is receiving the financial support of Intesa Sanpaolo. Investindustrial will pay 16.50 euros per share ahead of a delisting on the ground of an enterprise value in the region of 600 million euros (7.2X ebitda). Antonio and Rosa Ferraioli will reinvest for a 30% of the company, while Andrea, Giovanna, Iolanda, Raffaella, and Teresa Maria Rosaria Ferraioli will buy a 5%. After the closing, Antonio Ferraioli will keep his ceo role.
Arcadia acquired 60% of EMC Colosio, an Italian manufacturer of industrial components, from the Colosio Family that will keep a 40% (see here a previous post by BeBeez). The company will invest in acquisitions. Arcadia hired Fausto Lanfranco as head of planning management. Colosio generates abroad 70% of its 18.5 million euros.
Holding Industriale (Hind) acquired from Matteo Lavezzo the majority of Project, a fashion firm for which hired Giulio Guasco as ceo (see here a previous post by BeBeez). Project has sales of above 3 million euros and an ebitda of minus 77k euros. Hind will integrate Project in its subsidiary Holding Moda which has sales of 55 million.
Italy’s drugstore chain Hippocrates Holding, an asset of Antin Infrastructure Partners, acquired the online vendor Top Farmacia from Vittorio Dall’Osso (see here a previous post by BeBeez). Top Farmacia has sales of 14 million euros, an ebitda of 2 million and net cash of 2.7 million. In November 2020, Antin acquired 80% of Hippocrates for 600 million. The asset attracted the interest of EQT, Permira, Pai, Investindustrial, and F2i. Antin Infrastructure Partners 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)
Nice Footwear, an Italian producer of sneakers, will list on Euronext Growth Milan (see here a previous post by BeBeez). The company will price its shares at 9-11 euros for a pre-money equity value of 13.5-16.5 million euros. The bookbuilding will end on 10 November Wednesday. The company issued a minibond last year.
Sweden-listed investment holding Indutrade acquired Italprotec Industries from Claudia and Alessandra Pigatto (39% each), Francesco Pigatto (2%) and Francesca Cotogni (10%) (see here a previous post by BeBeez). Italprotec has net sales of 9 million euros, an ebitda of 2 million and net cash of 3.2 million.
DeA Capital Alternative Funds sold 93.6% of Tecnomeccanica to a pool of investor that Simone Ferrucci led, and fetched 20 million euros, sources said to BeBeez (see here a previous post by BeBeez). Intesa Sanpaolo financed the transaction. Tecnomeccanica has sales of 20.5 million and an ebitda of 1.6 million.
EMBIVY Sicav (fka FE Sicav plc), a vehicle for alternative investments, launched a hedge fund that targets listed SMEs, and a mid-market private equity (see here a previous post by BeBeez). Marta Brunelli heads EMBIVY that launched Value Hedge Fund (a vehicle that will target firms of the consumer sector with a market capitalization of 100 million – 15 billion Dollars) and Value Capital Fund (a private equity that aims to acquire companies with sales of 5 – 30 million euros and an enterprise value of 10 – 50 million). Value Capital will buy minorities and majorities and invest 3 – 15 million.
Private equity and venture capital investors are increasing the number of add-on transactions, as BeBeez 1H21 Private Equity Report and the BeBeez 3Q21 Venture Capital Report (available for the subscribers to BeBeez News Premium) highlighted (See here a previous post by BeBeez). BeBeez Private Data, (the Database that BeBeez developed with FSI, monitors – find out how to subscribe for only 110 euros a month) said that such trend is solid.
