Luigi Gubitosi, ceo of Milan-listed telecom giant TIM, has placed his powers back in the hands of the Board of Directors, in view of today’s board meeting, during which the Board is expected to evaluate whether or not to give the green light to the due diligence on its accounts to KKR (see here a previous article by BeBeez), after the arm specializing in infrastructure investments of the US private equity giant filed last weekend its expression of interest in taking over 100% of the telecommunication group aimed at delisting (see here a previous article by BeBeez). KKR’s non-binding expression of interest is a a price of 0.505 euros per share or 11 billion euros equity value which corresponds to a 33 billion euros enterprise value. French media giant Vivendi, a major shareholder in TIM with a 23.75% stake, bought its share at a 1.07 euros price and now has the stake valued at 0.83 euros on its book (see here a previous article by BeBeez).
Nactarome, one of the main European producers of natural flavorings for foods, will pass under the control of the American private equity fund TA Associates, while the manager-entrepreneurs of the companies that gradually joined the group will reinvest in the acquisition vehicle for a minority. Also the Ambienta III fund, managed by Ambienta sgr, who is now the major sharholder with an 80% stake, is also expected to reinvest (see here a previous article by BeBeez). At the closing, according to BeBeez, TA Associates will maintain a controlling stake in the order of 70-80%. A few days ago Nactarome had announced the acquisition of the majority og Italian competitor FIAS – Fabbrica Italiana Aromi Speciali from the Cunial Family (see here a previous post by BeBeez). FIAS generates revenues of 5.5 million, an ebitda of 1.4 million and net cash of 1.3 million.
Italian large caps Eni and Intesa Sanpaolo will invest 60 million euros in Milan-listed BF Holding (BFH), the owner of Bonifiche Ferraresi (BF) (see here a previous post by BeBeez). Eni and BF will sign an even 36-months equity joint–venture for the biofuel and biofeedstock sectors. ENI will invest 20 million (3.225 euros per share) for subscribing a capital increase of BF and acquiring a 3.32% of the firm that will make a capital gain of 6.7 million. Intesa will invest 20 million for subscribing a capital increase of BF Holding and acquiring a 3.32% of the business. After such transactions, BF shareholders will be Intesa (24%), Cdp Equity (18.8%), Sergio Dompé (14.1%), Federico Vecchioni (ceo -12.9%), Fondazione Cassa di Lucca (3.4%), Inarcassa (3.4%), and Enpaia (3.4%). BF Holding has an equity value of 600 million and a market capitalization of 622 million.
In the mid-term, Lynx, a system integrator, aims to generate revenues of 500 million euros from current 50 million, ceo and 42.51% owner Matteo Moretti said to BeBeez (see here a previous post by BeBeez). FSI, the fund that Maurizio Tamagnini heads, acquired a 49.9% of Lynx through the subscription of a capital increase. Federico Moretti has 7.5% of the company that aims to carry on acquisitions in Italy, Spain and Brazil for increasing its horizontal size.
French healthcare private equity ArchiMed acquired the majority of Cardioline, an Italian producer of medical devices whose founders and managers will hold a minority and their executive roles (see here a previous post by BeBeez). Carlos Alonso, an operative partner of ArchiMed will be Cardioline’s chairman. The company has a list of 15 potential acquisition targets based in Europe and USA. Cardioline has sales of 12.5 million euros and an ebitda of 0.262 million.
IK Multimedia Production, an Italian developer of apps and hardware for the music sector, is of interest to private equity funds Bregal and Armira (see here a previous post by BeBeez). Enrico Iori (ceo – 37%) and Davide Barbi (cto – 24%) founded IK in 1996. Claudia Maria Bombonati (37%) and Laura Melotti (23%) are further shareholders of the company that has sales of 20.1 million euros, an ebitda of 5.05 million and net cash of 5.2 million.
Italian fintech group Epipoli acquired Dotcom, an Italian provider of data driven corporate digitalization service, from the chairman Uroš Grilanc (see here a previous post by BeBeez). Dotcom has sales of 1.2 million, an ebitda of minus 28,000 euros and net financial cash of 0.221 million
On 12 November, Friday, Proa Capital de Inversiones and two other private equity funds launched W Group, an international multi-brand HR management company (see here a previous post by BeBeez). In 2017, Proa Capital acquired Italy’s staffing company Men at Work with the support of Credit Agricole Cariparma and Banco Bpm.
Massimo Moratti and Angelo Moratti aim to purchase a 30% of Banca Profilo, a bank of which Sator Private Equity Fund owns 62.4% and that is reportedly up for sale (see here a previous post by BeBeez). Sator previously rejected a binding offer of Banor sim and Banca Finint for its stake in Milan-listed Banca Profilo which has a turnover of 57.8 million euros and net profits of 8.7 million. Banca Profilo’s market capitalization is of 150 millioni.
Summa Equity, Heart Aviation, Breakthrough Energy Ventures, United Airlines, Mesa Air Group, EQT Ventures, Phase Motion Control, and AgTech will not acquire the assets of Piaggio Aero Industries and Piaggio Aviation, two subsidiaries of Piaggio Aerospace, whose owner in Mubadala (See here a previous post by BeBeez). Vincenzo Nicastro, the extraordinary commissioner for the company, rejected the bid. Piaggio Aviation has debts of 747.9 million euros. Piaggio Aero Industries has liabilities of 928 million.
Lifeanalytics, part of Cerba HealthCare, acquired Abich, an Italian provider of chemical and biologic analysis, from the founders Stefano Todeschi (ceo) and Elena Bocchietto (chairwoman) (See here a previous post by BeBeez). Abich has sales of 3.9 million euros and an ebitda of 0.936 million.
