Apollo Global Management is increasing its stake in Milan-listed paper group Reno de Medici (RdM) ahead of a delisting offer for the business at 1.45 euros per share (see here a previous post by BeBeez). The public offer for a 32.709% of RdM amounts to 179.2 millions and will be launched soon as the private equity group had previously acquired a 67% stake from older shareholders. RdM has sales of 679.5 millions, with an ebitda of 83.8 million and a net financial debt of 8.87 millions.
On 5 November, Friday, Sisal, the Italian gaming company that belongs to CVC Capital Partners, officially spun off Mooney Group, its payment services unit, ahead of an ipo of both firms (see here a previous post by BeBeez). In 1H21, Sisal posted sales of 263.6 million euros with an ebitda of 99.5 million and a net financial debt of 302 million.
The photovoltaic plants of Milan-listed Italian utility Acea attracted the interest of Tages and UK’s Equitix funds (see here a previous post by BeBeez). The assets was said to be of interest to German Aquila Capital and US-based Atlantica too but they both stepped back from the potential deal. The ebitda of Acea is of 53.7 million euros.
On November 5 Blackstone bought as expected 69.78% of the capital of Reale Compagnia Italiana spa, a historic Milanese real estate company founded in 1911, whose shareholding is now distributed among 331 shareholders, all with very small stakes. Now Blackstone is ready to launch a takeover bid at 152k euros per share (see here a previous post by BeBeez).
Castello sgr, an asset management firm that since 2020 belongs to Oaktree (82%), ISA (15%) and Giampiero Schiavo (3%), acquired a branch of troubled competitor Sorgente sgr consisting in the management of 17 real estate funds (see here a previous post by BeBeez). Sorgente attracted the interest of Blue sgr and P&G sgr. Castello now has assets under management of 4 billion euros.
GADA, a distributor of medical devices and a provider of healthcare services that belongs to Principia III Health fund, managed by Xyence Capital sgr (former Principia sgr), acquired Italian competitor Evoluzione (see here a previous post by BeBeez). Servimed Industrial (37.5%), Enrico De Lutio (32.5%) and Giovanni Greco (30%) sold Evoluzione which has sales of 7.5 million euros, an ebitda of 2.4 million and net cash of 1.4 million. GADA has revenues of 94.1 million, an ebitda of 5.8 million and a net financial debt of 18.9 million. Principia acquired 65% of GADA in 2018 from Davide Ciattoni, Antonio Gualtieri (both reinvested for a 35%) and Alessandro Pellegrinelli
Isoclima group, a producer of high-performance armoured glass that belongs to Stirling Square, acquired US competitors Global Security Glazing and Dlubak Specialty Glass Corporation from SSI Consolidated Holdings (see here a previous post by BeBeez). In June 2020, Grey Mountain Partners sold SSI to its managers and to minority investor Czech Asset Management. Isoclima has sales of 65.1 million, an ebitda of 14.6 million, an ebit of minus 2.8 million, and a net financial debt of 55.3 million.
Equita Capital sgr, the alternative asset management unit of Equita, and Cordusio sim, a wealth manager subsidiary of Unicredit, raised 50 million euros (above the 30 million target) for the first closing of Equita Smart Capital Eltif (ESC), a mid-market private equity vehicle for retail investors (see here a previous post by BeBeez). ESC set a target of 140 million fundraising, a tenure of 8 years with a gross annual internal rate of return (IRR) of 12% – il 14% (1.8 X roi for the whole tenure). The Eltif will target private and listed SMEs with a market capitalization of below 500 million. The fund will invest 60% – 70% of its resources in minorities and eventually majorities of unlisted companies, 20%-35% in public equity and 5%-10% in public debt.
Eurizon Capital sgr, an asset manager of Intesa Sanpaolo, acquired 33.3% of Adria Ferries, an Italian shipping company, from Equinox Holding which will keep a 66.7% (see here a previous post by BeBeez). The deal has been signed through Eurizon’s Eurizon ITEᴙ and Eurizon ITEᴙ ELTIF funds managed by ITER Capital Partners, a company founded by Vito Gamberale (former ceo of Autostrade per l’Italia and F2i sgr), together with three other managers specializing in infrastructure investments (Mauro Maia, Matteo Ambroggio and Luigi Radice) (see here a previous article by BeBeez). Eurizon’s funds also obtained an option for eventually raising their stake in Adria Ferries by a further 10% by 31 December 2023. Adria has sales of 36 million euros and an ebitda of 9 millions.
US premium restaurants group Sant’Ambroeus Hospitality Group (SAHG) acquired iconic Milan-based restaurant Sant Ambroeus (see here a previous post by BeBeez). Gherardo Guarducci and Dimitri Pauli founded SAHG in 2003. London’s Three Hills Capital Partners invested 35 million US Dollars in SAHG in 2020. Simonetta Festorazzi Langé sold Sant Ambroeus which appointed Giulia Farinelli as ceo. Sant Ambroeus has sales of 1.6 million and an ebitda of minus 0.653 million.
GVA Redilco & Sigest, an Italian real estate advisor, sold a minority to H14, the family office of siblings Luigi, Eleonora and Barbara Berlusconi, and the Family offices of the Families Marzotto, Doris, Alessandri, and de Brabant (see here a previous post by BeBeez). GVA has sales of 19.6 million euros, an ebitda of 8.2 million and net cash of 11.2 million.
Nice Footwear, an Italian producer of high-end sneakers, closed its bookbuilding on 8 November in advance with respect to its 10 November deadline (see here a previous post by BeBeez). The company fetched 5 million euros from investors and is due to list on the Euronext Growth Milan market on 18 November, Thursday. Nice Footwear’s offer price was fixed at 10 euros per share in the middle of the 9-11 pricing range (see here yesterday’s press release) The company will invest the resources it will raise through a capital increase in its organic development.
Unigasket, an Italian producer of industrial components that belongs to Palladio Holding (PFH) (75%) and Vittorio Calissi (25%), acquired from the Allegri family a controlling stake of Italian competitor Allegri Cesare (see here a previous post by BeBeez). The target has sales of 7 million euros. Unigasket sold a majority stake to PFH in March 2018 for 30 million and has sales of 90 million euros.
Equilybra, a private equity firm that Matteo Gatti and Paolo Prati founded, acquired Serbios, a manufacturer of produts for biologic agricolture that the ceo Roberto Gioachin heads (see here a previous post by BeBeez). Serbios has sales of 11.1 million euros, an ebitda of 2.5 million and net cash of 4 million
Digital Value, a Milan-listed IT company born out of the merger of Italware and ITD Solutions, and was listed in a Spac-like deal, acquired 51% of TT Tecnosistemi (TTT) (see here a previous post by BeBeez). Digital Value paid the target 6x ebitda or 8.542 million euros. Riccardo Bruschi sold the stake and kept 49% of TTT, which has sales of 44.9 million, an ebitda of 3.3 million and a net financial debt of 3.5 million. Digital Value has revenues of 442 million.
Namirial, a digital provider of financial services that belongs to Ambienta, acquired Netheos, a French competitor from the ceo and founder Olivier Détour (see here a previous post by BeBeez). Namirial has sales of 56 million euros and an ebitda of 14.1 million with net cash of 10.7 million.
Equiter acquired 1.25% of Milan-listed Bonifiche Ferraresi (BF9 for 5 million euros (see here a previous post by BeBeez). BF also raised 4 million out of the sale of a 1% to Defendini Logistica on the ground of an equity value of 400 million (see here a previous post by BeBeez). Mikhael Georges is the owner of Defendini which has sales of 7.5 million. BF’s owners are holding talks for selling a 49% and fetch 120 million euros to act as corner investor in Fondo Italiano Agritech & Food (FIAF), a 700 million vehicle that Fondo Italiano d’Investimento launched.
HOFI (Holding Funeraria Italiana), a funeral house that belongs to Augens Capital and BMO Global Asset Management, through Augeo 3, acquired Italian competitors Eco Fly from the Oliva family and Pedretti Cimiteriale from the eponymous family. Both vendors will reinvest in the acquisition veichle Daigo (see here a previous post by BeBeez). Managers Luca Oliva and Angelo Pedretti will instead acquire a 2% stake of HOFI which will launch a 10 million euros capital increase that Augeo 3 will subscribe, joined by Andrea Cerato (already an investor in HOFI and former owner of the subsidiary Impresa Sansiro) and Eurolegno (famiglia Lorandi). Banco BPM will provide a senior credit line to Augeo .Anthilia Eltif Economia Reale Italia, Anthilia BIT and 8A+ Real Italy Eltif funds also provided Augeo with a 5 million direct lending facility with a 4-years term (see here a previous post by BeBeez).
Milan-listed Italmobiliare is mulling for a sale of Sirap France and Sirap UK, the subsidiaries of Italian packaging company Sirap Gema (see here a previous post by BeBeez). Italmobiliare acquired the firm in 1990. In 1H21, Sirap generated sales of 52.2 million euros, an ebitda of 1.2 million and losses of 2.1 million. In 3Q21, Italmobiliare’s unlisted portfolio assets generated aggregated sales of 1.1 billion and aggregated ebitda of 198 millions (927.7 millions and 152.1 millions in 3Q20) (see here a previous post by BeBeez). Italmobiliare’s NAV is in the region of 2 billions (1.84 billions at the end of 2020). In 3Q21, the investment of Italmobiliare in private equity funds are worth 204.3 million (up 10.1% from 166,4 million in 2Q21.
Pan European private equity 21 Invest acquired the majority of Italian producer of mosquito screens Zanzar from Angelo L’Angellotti and Antonia De Felice (see here a previous post by BeBeez). Zanzar retained Mediobanca as advisor. The company has sales of 44.5 million euros, an ebitda of 6.5 million and a net financial debt of 2.9 million and aims to grow through acquisitions.
TeamSystem, an Italian publisher of corporate software that belongs to Hellman&Friedman and Hg Capital, acquired 60% of Logical Soft from the founders Andrea Boriani, Alberto Boriani, Paola Angela Schiatti, and Andrea Sattamino who kept a 40% (see here a previous post by BeBeez). Logical Soft has sales of 3.5 million euros with an ebitda of 1.8 million. In 1H21 Teasystem posted sales of 228.9 million.
Alitalia Loyalty, the airmiles programme of Italian defaulted airline Alitalia, is up for sale (see here a previous post by BeBeez). The asset could attract the interest of private equity firms and trade buyers. Alitalia Loyalty has revenues of 17.48 million and net profits of 4 million.
Swedish listed Atlas Copco acquired Italy’s Steri, an Italian distributor of industrial machinery, from Daniele and Gianluca Garassino (see here a previous post by BeBeez). Steri has sales of 3.9 million euros, an ebitda of 0.410 million and net cash of 0.334 million. Atlas Copco has revenues of 10 billion with a 19.2% margin.
BluVet, an Italian vehicle for acquiring veterinary clinics that belongs to Milan-listed NB Aurora and the club deal platform of F&P4BIZ, raised a new capital increase of 8 million euros in the framework of a wider program aimed at giving the company resources for its m&a campaign (see here a previous post by BeBeez). Guglielmo Fiocchi and Maurizio Perroni own F&P4BIZ. BluVet aims to raise a total of 27 million through capital increases that NB and F&P4BIZ will subscribe for completing the acquisition of the company’s majority.
C2Mac Group (former Fonderie di Montorso) an Italian industrial company in the portfolio of Fondo Italiano Consolidamento e Crescita (FICC) managed by Fondo Italiano d’Investimento, sgr, acquired Mecaf, an Italian competitor, from the founders Franco Folloni and Rosa Negri (see here a previous post by BeBeez). The Comello family owns 30% of C2Mac. FII acquired 70% of C2Mac in 2018. The buyer has sales of 130 million euros. Fonderie Montorso has revenues of 64.6 million and an ebitda of 3.8 million with a net financial debt of 26.1 million.
