Ardian is leading a pool of investors that tabled a bid for acquiring from Milan-listed TIM a majority stake in Daphe 3 srl, a holding company owner of a 30.2% stake in Milan-listed Infrastrutture Wireless Italiane (Inwit) (see here a previous post by BeBeez). At the moment TIM owns a 51% stake in Daphne 3, while Ardian and its coinvestors own the remaining 49%. This is why, even if the bidders are going to buy the whole TIM’s stake in Daphne, they will not be compelled to delist the company (cumpulsory tender offer is happening if you buy a 30% stake in a listed company in iItaly). TIM’s stake of Inwit is now worth around 1.3 billion. Thanks to sale proceeds TIM will be able to cut part of its net financial debt which was 17.6 billion euros on Dec 31st 2021, while the ebitda is worth 5.08 billions. TIM has not yet made any progress or decision for the offer that received from KKR last November (see here a previous article by BeBeez).
FiberCop, the fiber company that belongs to TIM, Fastweb and KKR, received the authorization to operate from the Italian Antitrust Authority (see here a previous post by BeBeez). In 2020, the Italian competition authority started an inquiry after Tiscali decided to invest in FiberCop too.
Investcorp announced the acquisition of HWG, an Italian cybersecurity company that Enrico Orlandi Claudia Rangogni, Andrea Boni, and Andrea Pomari founded in 2008 (see here a previous post by BeBeez). Ninja Investments, a club deal platform that Leonardo Bruzzichesi and Michelangelo Mantero created, hired Fineurop for auctioning HWG whose enterprise value is in the region of 50 million euros. The company has sales of 12 million. HWG attracted the interest of Engineering Ingegneria Informatica (an IT company that belongs to Bain Capital, NB Renaissance and NB Aurora), Lutech (a portfolio company of Apax Partners), Wiit, Tinexta, and Telsy, part of Milan-listed TIM. The founders of HWG will keep their operative roles and a minority of the business. HWG aims to grow through M&A.
Howden Group Holdings Limited, an international insurance broker in which invested General Atlantic (in 2013), CDPQ (Caisse de dépôt et placement du Québec in 2018) and Hg Capital (in 2021) signed a deal for acquiring a 86.965%stake of Milan-listed competitor Assiteca (see here a previous post by BeBeez). The buyer will pay 5.624 per share or 208.7 million euros ahead of delisting the target’s remaing shares. Luciano Lucca (chairman), Gabriele Giacoma (ceo) and Nicola Girelli (cfo) will keep their roles in Assiteca.
Oaktree is said to have hired Morgan Stanley for selling Banca Progetto (see here a previous post by BeBeez). Previous press reports said that the fund was going to list the company. However, Oaktree is mulling for a full exit since the bank overperformed its targets, Banca Progetto’s enterprise value is of 400 – 500 million euros or 12X profits. Paolo Fiorentino is the ceo of the firm who attracted the interest of Davidson Kempner (the owner of Milan-listed Prelios), Centerbridge and BFF Banking Group.
Mutares, a Frankfurt-listed private equity that targets carve outs, acquired Italy’s Toshiba Transmission & Distribution Europe from Toshiba Group (see here a previous post by BeBeez). Mutares carried on the transaction through its portfolio company Balcke-Dürr, a German provider of energy efficiency solutions for utilities and chemical companies, and rebranded the acquired asset to Balcke-Dürr Energy Solutions. Toshiba Transmission & Distribution Europe has sales of 41.3 million euros, an ebitda of minus 9.8 million and net cash of 1.8 million.
Infrastructure Investments Fund (IIF), a vehicle that JPMorgan Investment Management manages, finalized the acquisition from Falck of a 60% of Milan-listed Falck Renewables for 8.81 euros per share (see here a previous post by BeBeez). Falck Renewables has a market capitalization of 2.56 billion euros. IIF will launch a public offer for delisting the target who previously issued a green convertible bond of 200 million maturing in 2025. In 3Q21, Falck Renewables generated sales of 348.2 million, an ebitda of 128.6 million and a net financial debt of 943.9 million.
Neopharmed Gentili, a pharmaceutical company that belongs to Ardian and Del Bono Family, acquired a portfolio of drug rights from Bayer (see here a previous post by BeBeez). The company acquired Minias and Noctamid drug rights in Italy and Evamyl in Japan. Neopharmed Gentili is reportedly up for sale. Sources said to BeBeez that Ardian aims to sell the asset on the ground of an enterprise value of one billion euros or 15-20X ebitda. However, this drug rights acquisition may boost further the asset value. Neopharmed has sales of 188 million, net sales of 174.3 million, an ebitda of 67.1 million and a net financial debt of 186.5 million.
In 2021, Fondo Italiano d’Investimento (FII) attracted 390 million euros in subscriptions for its funds and allocated 380 million for investments through its vehicles (see here a previous post by BeBeez). The management company has assets under management for 2.5 billions distributed among funds of funds and private equity investment funds. As for direct investments made during 2021, they were three: Fondo Italiano Tecnologia e Crescita – FITEC invested in Inxpect, a producer of sensors and items for industrial safety, and in Apparound, a publisher of CPQ (Configure, Price and Quote) software. Fondo Italiano Consolidamento e Crescita – FICC and Stellex Capital Management coinvested in Mecaer Aviation Group, an Italian aerospace company. FII carried on 9 subscriptions in funds (5 private equity and 4 private debt). At the end of 2021, FII had invested in 330 firms that generated aggregate sales of 38 billions.
Hippocrates Holding, an Italian drugstore chain belonging to Antin Infrastructure Partners, raised 250 million euros through a capital increase and received a credit line of 165 million from Intesa Sanpaolo, BancoBpm and Natixis (see here a previous post by BeBeez). Davide Tavaniello and Rodolfo Guarino founded of Hippocrates in 2018 and attracted 50 million from DVR Capital, a vehicle of Carlo Daveri, the Notarbartolo-Marzotto Families; the LunelliFamily, the Zobele Family, the Zucchetti Family, the Sestini Family, Antonio Tazartes, Paolo Colonna, Marco Palmieri, Maurizio Borletti, Gerardo Braggiotti, Lorenzo Manca, and other investors. Antin had acquired 80% of Hippocrates in 2020 on the ground of an enterprise value of 600-700 million.
Stack Infrastructure, an infrastructures management company that belongs to IPI Partners, created the Stack Emea division for merging Supernap Italia and Scandinavian Diplex (see here a previous post by BeBeez). Supernap directors are Matt A’Hearn (chairman), Lauren Sullivan, Josh Friedman, and Sherif Rizkalla. Phil Koen is the chairman of STACK. In December 2020, Supernap issued a Milan-listed project bond of 63 million euros maturing in 2025 and paying a coupon of 6M euribor + 375 bps. Natixis also provided capex, cash and VAT financing facilities. Supernap has sales of 17.1 million, an ebitda of 5.7 million and a net financial debt of 60.1 million.
Cremona Court gave its judicial approval to the agreement with creditors signed by the Italian chocolate company Wal-cor who attracted the interest of the Global Special Situations Team of JP Morgan Asset Management and Invitalia (see here a previous post by BeBeez). The company’s creditors approved the restructuring proposals and decided to coinvest with JP Morgan AM and Invitalia. Attilio Capuano will be the new ceo of Wal-cor.
At the end of 2021, IT Developer Bending Spoons raised 9 million euros from Nerio Alessandri, the Italian rapper Fedez, François De Brabant, the Andre Agassi Foundation for Education, Fabio Cannavale, Federico Marchetti, and all its current shareholders but Red Circle Investments of Renzo Rosso (See here a previous post by BeBeez). Luca Ferrari, Francesco Patarnello, Matteo Danieli, and Luca Querella founded Bending Spoons in 2013 and in 2015 moved the company headquarter from Copenaghen to Milan. In 2019, the firm attracted the investment of StarTip, H14 and Nuo Capital.
Italian co-living company DoveVivo acquired Altido, a provider of short rents services, whose managers will reinvest in the buyer (see here a previous post by BeBeez). William Parry (ceo), Davide Ravalli (head of sales and M&A), Michael Allen (business development manager), Thomas Archer (head of Portugal), Goncalo Ribeiro (chief investment officer) will keep their roles in Altido. Valerio Fonseca and Giulio Limongelli joined the board of the target that appointed Anna Casiraghi as chairwoman.
Entangled Capital acquired 30% of Turatti, an Italian producer of machinery for processing fruit and vegetables, from the eponymous Family (See here a previous post by BeBeez). In December 2019, the Turatti family sold 69.3% of the business to Taste of Italy, a Dea Capital Alternative Funds vehicle. Turatti has sales of 22 million euros (80% abroad). Roberto Giudici and Anna Guglielmi created Entangled Capital, raising 100 million (hard cap of 150 million).
Test Industry, an Italian producer of test benches for engines and other devices that belongs to IGI Private Equity, acquired German competitors TestingService and TS GiM from TS Group GmbH (see here a previous post by BeBeez). After such buys, Test Industry will generate sales of 50 million euros.
Credem Private Equity invested 18 million euros for a minority in Italian wine producer Contri Spumanti through its Elite funds Credem Venture Capital and EltifPlus (see here a previous post by BeBeez). Hyle Capital Partners (HCP) is the majority owner of the company that also belongs to the Contri family, Agrintesa, Cantina di Carpi e Sorbara, Cantina di S. Croce, and other minority investors. Contri has sales of 107 million, an ebitda of 8.2 million and net cash of 3.2 million.
Pini Group, a Swiss engineering company, acquired SEPI, an Italian competitor, from Marco Meneguzzer and Armando Vanin (see here a previous post by BeBeez).
