While the chess game between the shareholders of Milan-listed tlc group TIM continues in view of the meeting of the Board of Directors on December 17 in which news is expected on the front of the offer delivered by private equity giant KKR for the purchase of the whole group (see here a previous article by BeBeez), it’s also going on the alliance strategy of FiberCop, the new company into which have converged last April both TIM’s secondary network (Fiber-to-the-Home or FTTH, i.e. from the closet in the street to the customers’ homes) and the fiber network developed by FlashFiber, the joint-venture between TIM (80%) and Fastweb (20%). FiberCop is now 58% controlled by TIM and 37.5% owned by KKR and 4.5% by Fastweb (see here a previous article by BeBeez). Actually some new co-investment deals have been announced in the last few weeks by TIM with Noip, AfinnaOne and Connectivia after the previously announced deals with Iliad and Tiscali (see here a previous article by BeBeez). In the meantime TIM has revealed the names of the advisors who are going to support the group in its talks with KKR or as for alternative strategies: they are Goldman Sachs and LionTree (financial advisors) and Gatti, Pavesi, Bianchi e Ludovici (legal advisor). Finally a management reshuffle has been made at group level, after former ceo Luigi Gubitosi stepped down and Pietro Labriola (TIM Brasil’s ceo) was appointed general manager (see here a previous article by BeBeez). In particular Stefano Siragusa has been appointed as deputy general manager.
Italian iconic fashion brand Ermenegildo Zegna and NYSE-listed Spac Investindustrial Acquisition Corp (IIAC) laid the ground of a B plan if part of the current shareholders of the vehicle did not accept the business combination on 15 December (see here a previous post by BeBeez). Zegna and IIACactually attracted commitments for a new PIPE worth 125 million US Dollars from institutional and other investors. Rumours say that Patrizio Bertelli, the ceo and co-founder of Prada was among those investors. This new PIPE is on top of a previous 250 million dollars PIPE signed with other institutional investors, a 184.5 million euros forward purchase agreement signed with Investindustrial VI and the 402.5 million dollars raised by IIAC with its ipo in 2020.
Predica Energies Durables, an investment vehicle of Crédit Agricole Assurance for renewable energy assets, paid one billion euros for a 49% of Edison Renewables, a subsidiary of Edison (part of French energy giant EDF) (see here a previous post by BeBeez). The enterprise value of Edison Renewables is in the region of 2 billions.
Permira is holding talks for acquiring a controlling stake in Kedrion, an Italian manufacturer of emoderivatives products that belongs to the Marcucci Family and CDP-FSI Investimenti (see here a previous post by BeBeez). Permira also committed to acquiring British Bio Products Laboratory Ltd (BPL), a manufacturer of emoderivatives products that Chinese firm Creat Group is selling for competition reasons upon request of the US Government. In 3Q21, Kedrion generated sales of 415.3 million euros and an ebitda of 81.9 million.
Milan-listed pharma group Recordati, of which CVC, PSP Investments, Stepstone, and Alpinvest acquired a controlling stake in 2018, acquired British competitor Eusa Pharma on the ground of an enterprise value of 750 million euros (see here a previous post by BeBeez). EW Healthcare Partners sold its interests in the target. Recordati will finance the transaction with its own resources and a bridge financing facility that JPMorgan and Mediobanca provided.
Clessidra Private Equity acquired Italy’s lighitng company Viabizzuno from 21 Invest, the founder Mario Nanni and its managers (see here a previous post by BeBeez). Clessidra signed an option for purchasing the whole company. Nanni, Corrado Colli (ceo), Sebastiano Vasta (coo), and Simone Balsimelli (cfo) will support the fund and will reinvest for a minority of the firm while keeping their management roles. The company sold a majority stake to 21 Invest in 2011. The company has sales of 38.6 million euros, an ebitda of 3.8 million and net cash of 6.1 million.
Sidam, an Italian biomedical company that Mandarin Capital Partners (MCP) controls, acquired Italian competitor Emotec from the founder Francesco Schittini, who will keep his ceo role (See here a previous post by BeBeez). Carlo Bonomi will maintain his chairman position for Sidam. Emotec generates 80% of its sales abroad and will boost Sidam’s revenues to 26 million.
On 9 December, Thursday, Svas Biosana, an Italian producer of medical devices, started trading on Milan market after it raised 23 million euros from investors with an ipo that placed orders for 66 million (see here a previous post by BeBeez). The company placed 1.6 million ordinary shares at 12.50 each through a capital increase. Umberto Perrillo, the controlling shareholder of Svas Biosana, allowed investors to subscribe 0.240 million shares through a greenshoe option. The company’s publicly traded equity is of 28.6% (32.9% including the greenshoe). After the listing, the Perrillo Family will own 71.4% of the firm (67.1%).
Alpha Private Equity aims to sell its 80% in Calligaris Group, an Italian high end furniture producer (see here a previous post by BeBeez). Alpha acquired the asset in August 2018 from Alessandro Calligaris and his Family. Stefano Rosa Uliana is the ceo of Calligaris which has sales of 220 million euros and an ebitda of above 26 million.
