Italy’s private equity weekly roundup. News from Zegna, Genenta Science, Reno de’ Medici, FiberCop, Open Fiber, Pegasus, Conbipel and more

On 20 December, Monday, Italian iconic fashion firm Ermenegildo Zegna will list on NYSE after having completed the business combination with the Spac Investindustrial Acquisition Corp (IIAC) (see here a previous post by BeBeez). The majority of the Spac’s shareholders actually gave their go ahead to the operation while a minority is going to selle their shares back. That’s why the subscribers a new PIPE (Private Investment in Public Equity) will buy 12.5 million shares of Zegna for a total of 125 million US Dollars as announced last week. In November 2020, IIAC raised 402.5 million US Dollars.  The merger of Zegna and IIAC has an expected enterprise value of 3.2 billion with an expected market capitalization of 2.5 billion. Zegna has revenues of 1.2 billion euros, a core adjusted ebitda of 264 million, an adjusted ebit of 111 million and a net financial debt of 84 million.  

Genenta Science listed on Nasdaq on 15 December Wednesday through the placement of 3.12 million shares at 11.50 US Dollars per share (see here a previous post by BeBeez). The scaleup raised about 36 million euros from investors and may raise 4 millions more if the over-allottment option is completely exercised. In the previous years Genenta had raised about 30 million euros from venture capital funds and private investors.

Today is the deadline for tendering the public offer that Apollo Global Management launched on Milan-listed Reno De’ Medici (see here a previous post by BeBeez). Apollo previously acquired 67% of Reno de Medici from Canada’s Cascades (57.6%) and Caisse de Depot et Placement du Quebec (9.1%) for a total of more than 365 million euros on the ground of an enterprise value in the region of 553 million. Even though shareholders currently joined only 10.6% of the tender, Apollo will carry on the target’s delisting  

FiberCop, the Italian FTTH and fibre network that belongs to TIM (58%) and KKR (37.5%) and Fastweb (4.5%), signed a co-investment partnership with Noip, a provider of TMT services, and TMT company AfinnaOne (see here a previous post by BeBeez). TIM had previously signed partnerships with Connectivia, Iliad and Tiscali. TIM also appointed Stefano Siragusa as vice coo and Chief Network, Operations & Wholesale Office and Claudio Ongaro as interim Chief Strategy & Business Development Office. Pietro Labriola, TIM’s coo, will also act as interim Chief Consumer, Small & Medium Market Office. Massimo Mancini will be the company’s Chief Enterprise Market Office, Sandra Aitala will be TIM’s Brand Strategy & Commercial Communication. Simone De Rose will work as interim Procurement officer, while Paolo Chiriotti will report to Labriola for the business transformation projects.  

Open Fiber, the Italian FTTH (Fiber To The Home) of Cdp Equity (60%) and Macquarie Infrastructure (40%), allocated 11 billion euros for investments in 2022-2031 and increased its credit lines to 7.175 billions (see here a previous post by BeBeez). The directors of Open Fiber are: Barbara Marinali (chairwoman), Mario Rossetti (ceo), Alessandro Tonetti, Roberta Battaglia, Nathan Luckey, and Geoffrey David Shakespeare. 

On 10 December, Friday, Pegasus Entrepreneurial Acquisition Company Europe (Pegasus Entrepreneurs), the Spac that Tikehau Capital launched together with Financière Agache, Pierre Cuilleret, Jean-Pierre Mustier and Diego De Giorgi, listed on Euronext Amsterdam (see here a previous post by BeBeez). Pegasus raised 210 million euros as increased by 10 million its initial offer of 200 millions. The Spac priced its shares at the ipo price of 10 euros. Pegasus will target European financial services companies. See here BeBeez Spac Insight available for the subscribers to BeBeez News Premium and to BeBeez Private Data.  

Italian fashion firm  Conbipel, a company in receivership that belongs to Oaktree Capital Management, is auctioning its assets and set 21 January 2022 as the deadline for receiving binding offers (see here a previous post by BeBeez). The company is selling the brands and\or a stake in Conbipel Communication & Development. Oaktree acquired Conbipel from the Massa Family in 2007. In 2019, the company generated sales of 198 million euros, an ebitda of minus 5.3 million.  

 Automation Machinery Holding (AMH), a Luxembourg-based vehicle of Investindustrial, acquired Bertolaso, Ape Impianti and Permeare, three Italian producers if industrial machinery for the wine sector (see here a previous post by BeBeez). The vendors acquired a minority of AMH. Bertolaso has sales of 48.4 million euros, an ebitda of 4.95 million and net cash of 1.36 million. Ape Impianti has revenues of 9.4 million, an ebitda of 1 million and net cash of 2.6 million. Permeare has a turnover of 5.6 million and an ebitda of 1.1 million. After such acquisitions,  AMH revenues will be above 220 million.  

 EOS Renewable Infrastructure Fund (EOS RIF) reached its second closing and raised 120 million euros ahead of a final target of 250 million (see here a previous post by BeBeez). Earlier this year, EOS RIF raised 100 million. The fund attracted the resources of pension funds, Fondo BCC, Reale Mutua, and industrial companies. EOS RIF will target European grid parity plants. EOS also acquired two Italian projects for 20 MW grid parity plants.  

Aina Hospitality, a private equity real estate that targets high-end European hotels, sold Four Points by Sheraton – Milan Center to a US-based fund (see here a previous post by BeBeez).  

 Negma Group and Italy’s restructuring firm FAI signed a white-knight deal with Zilli, a French luxury fashion firm that is in receivership (see here a previous post by BeBeez). In 2017, Arnaud Marion acquired a 38% of Zili and now will sell their stake. The company has sales of 31.5 million euros. Negma and FAI aims to consolidate Zilli’s position in the Middle East, Europe and Asia.  

Electa Group, a firm that Simone Strocchi founded, invested in Milan-listed Doxee, an IT company, through the vehicle Ipoc 5, which in turn had beeb capitalized by IpoClub, a club deal investment vehicle sponsored by Electa itself and Azimut group (see here a previous post by BeBeez). The buyers converted in equity more than 2.2 million warrants and paid 1.6 million euros for a 6.2% of Doxess. The company has sales of 17.7 million, an ebitda of 5.6 million and a net debt of 2.5 million.   

Gruppo Pini won the auction for acquiring Villa Corbelli, a real estate asset that also houses a major plant of Ferrarini, a cured meats producer group that is receivership (see here a previous post by BeBeez). Pini owns 80% of Ferrarini since February 2019 when invested 10 million euros in the target. On 14 December, Tuesday, started the auction for Villa Corbelli (see here a previous post by BeBeez). The starting price for the asset was 3.7 million euros, and the least offer was set at 2.7 million. The proceeds would reimburse Intesa Sanpaolo, which provided Lina Botti, the widow of the company’s owner Lauro Ferrarini, with a financing facility of 18 million. In a separate interview, Roberto Pini, the ceo of Ferrarini, denied the outsourcing rumours.  

Manifattura Valcismon, an Italian manufacturer of sportswear that belongs to the Cremonese Family and Equinox  III fund (40%), rebranded as MVC Group (see here a previous post by BeBeez). MVC Group sold a stake to Equinox in 2019 on the ground of an enterprise value of 200 million. Alberto Cremonese is the company’s chairman. MVC has sales of 130 million, an ebitda of 30 million and no net financial debts.   

Officine Mak, an Italian company operating in urban regeneration and brownfield redevelopment, completed a capital increase of 3.5 million euros (see here a previous post by BeBeez). Consonni Group, the firm’s owner, entirely subscribed, sources said to BeBeez 

 Lazzerini, an Italian producer of seats for vehicles that belongs to B4 Investimenti since 2019, acquired UK’s competitors Phoenix Seating Limited and Vehicle Occupant Safety Centre Limited from Adrian Melvyn Melia (see here a previous post by BeBeez). After such acquisitions, Lazzerini will generate revenues of above 30 million euros and a 15% ebitda margin, poi, B4 Investimenti sgr, attraverso il fondo B4 H II, ha rilevato la maggioranza di Lazzerini  

Austria’s CCE – Clean Capital Energy and Germany’s enernovum sold a portfolio of photovoltaic plants with 254 MW power to an undisclosed European investor (see here a previous post by BeBeez). CCE – Clean Capital Energy previously sold photovoltaic plants to Hanwha Energy Corporation Europe, a subsidiary of South Korean conglomerate Hanwha Energy Corporation. 

Duna House Group (DHG), a Budapest-listed real estate and financial services firm, acquired 70% of Italian competitor HGroup, which owns the well known credit broker Credipass (see here a previous post by BeBeez). DHG signed options for purchasing the whole target. HGroup belongs to Diego Locatelli (60.26%), VGroup (21.43%) and 18 minority shareholders. DHG acquired the company based on an enterprise value of 40-45 million euros. DHG may finance the transaction with a 16.368 million bond.  

Rigamonti Salumificio, an Italian producer of bresaola that belongs to Brazilian JBS, paid 82 million euros for acquiring Italian ham producer King’s from WRM, who purchased the asset in 2020 from the Dukcevich Family (see here a previous post by BeBeez). King’s has sales of 83.8 million, an ebitda of minus 30 million, and net profits of 38.4 million.  

Star Capital acquired the majority of Ivela, an Italian lighting company, Stefania Peveraro, the Editor in Chief of BeBeez, reported in an Article of MF Milano Finanza (see here a previous post by BeBeez). Illimity Bank financed the transaction. The De Zorzi Family will reinvest in Starlight Group for a 13%. Stefania, Mauro and Roberto De Zorzi will keep their management roles. Mario De Zorzi will be Ivela’s onorary chairman. Ivela has sales of 20.3 million euros (50% abroad), an ebitda of 2.1 million and net cash of 0.69 million.  

Metrika achieved its 150 million euros hard cap fundraising target and attracted 40% of the resources from domestic and foreign investors and 60% from Italian entrepreneurial families (see here a previous post by BeBeez). Metrika will target majorities and relevant minorities of Italian companies with sales of 20 – 100 million operating in the sectors of precision mechanics, packaging, industrial components, cosmetics, pharmaceutical chemicals, life sciences, and food. Marco Giuseppini is the ceo of Metrika who has assets under management for 250 million.  

Holding Industriale (Hind)’s fashion subsidiary Holding Moda acquired 50% of Valmor, an Italian maker of high-end sneakers (see here a previous post by BeBeez). Mauro Finocchi and Fiorella Torresi sold part of their stake in the target and kept their management roles. Giulio Guasco is the ceo of Holding Moda. Valmor has sales of 17.8 million euros, an ebitda of 2.4 million and net cash of 3.6 million.  

 Armira, a German investor in midmarket companies, acquired the majority of Movex, an Italian industrial company (see here a previous post by BeBeez). Intesa Sanpaolo, Bayerische Landesbank and other lenders finance Armira. Movex belongs to Matteo and Sergio Marsetti (50% each) and has sales of 24.2 million euros, an ebitda of 4.2 million and a net financial debt of 4.9 million.