Italy’s private equity weekly roundup. News from Atlantia, Comdata, Falck Renewables, Aedes SIIQ, SEC Newgate, Banca Investis, Kpmg, Impresoft and more

Milan-listed infrastructures manager Atlantia attracted the delisting interest of Global Infrastructure Partners (GIP) – Brookfield Asset Management (BAM – the owner of Oaktree Capital Management) – Madrid-listed ACS (an investor in Spanish listed Abertis together with the target), and of Blackstone – Benetton Family (33% of the prey) (See here a previous post by BeBeez). On 6 April, Thursday, ACS said it signed an exclusive agreement with GIP and BAM for acquiring the majority of the motorway business of Atlantia whose market capitalization amounts to 15.7 billion Euros.  

Comdata, a provider of contact center services for financial firms that belongs to London-listed Carlyle, merged with Spain’s competitor Konnecta, an asset of Intermediate Capital Group (ICG) (See here a previous post by BeBeez). The companies will generate aggregate revenues of 2 billion euros with an ebitda of 300 million. Carlyle will divest its stake.  

The tender offer by Green BidCo, an investment veichle owned by JPMorgan Investment Management,  will officially launch its tender offer on Milan-listed Falck Renewables next April 11th (see here a previous article by BeBeez). This comes after last April 7th Consob gave its go ahead  about the tender offer launched last March 16th (see here a previous post by BeBeez). Consob asked the bidder to provide further information. Falck Renewables has a market capitalization of 2.875 billion euros. Green BidCo will launch an offer of 8.81 euros per share. Earlier in March, Green BidCo acquired a 60% of Falck Renewables from Falck at 8.81 euros per share. The company has adjusted revenues of 568.4 million, an adjusted ebitda of 207.6 million, net profits of 47.3 million, and net financial debt of 1.013 billions  

Hines Italia RE, a subsidiary of real estate investor Hines, tabled a non-binding bid for Milan-listed Aedes SIIQ (See here a previous post by BeBeez). Augusto owns 51.25% of Aedes (a company in receivership) and hired Rothschild for selling its stake.  Since 2014, Augusto belongs to majority owner Sator Private Equity Fund, Tiepolo, Prarosa, and Agarp. Augusto is also selling its 35.47% of Milan-listed Restart.Mario Abbadessa is the country manager of Hines. 

SEC Newgate, an Italian communication firm that belongs to ceo Fiorenzo Tagliabue and UK-based RGL (a portfolio company of Three Hills Capital Partners – THCP), acquired US competitor Global Strategy Group (GSG) (See here a previous post by BeBeez). GSG has sales of 54 million US Dollars. 

By the end of 2022, Milan spac Revo will complete the business combination with Elba Assicurazioni (see here a previous post by BeBeez). Revo’s ceo Alberto Minali said that by 2025 the company aims to generate an above 18% ROE, a Solvency II ratio of 180% – 200%, raising gross premia of 300 million euros, a 45% loss ratio portfolio and a 60 million operative income.  

Banca Investis (fka BIM) acquired Italian corporate finance firm Fante Group from Roberto Testore, chairman, and Paolo Fassio, ceo (see here a previous post by BeBeez). Fante owns Fante Advisory, Fante Restructuring, Pantheon, and a minority of Fante Logistica. Buers will pay 50% of the undisclosed purchase amount at the closing stage and 50% as earn-out on the achievement of targets in the next three years. Testore and Fassio will keep their operative roles and report to Banca Investis ceo Claudio Moro.  

In 1Q22, Italian m&a participants closed 239 transactions (-20% yoy) for a value of 17 billion euros (30.2 billion), said a KPMG Report given the turmoil of Russia’s invasion of Ukraine (see here a previous post by BeBeez). Max Fiani, a partner of KPMG and the author of the report, reiterated thet several negotiations slowed down.  

 On 31 March, Thursday, Italy’s Ferretti, an iconic Italian producer of yachts that belongs to Chinese conglomerate Weichai, started to trade on on Hong Kong stock market (see here a previous post by BeBeez). The ipo shares price was of 22.88 Hong Kong Dollars. Ferretti launched a capital increase and raised 200 million euros, net of expenses and without the exercise of the greenshoe. The company will invest 70% of the raised proceeds in its organic development. After such a listing, Weichai will keep a majority stake and allow new investors to pour resources in the company.  

Italtel, an Italian ICT company in receivership, appointed Benedetto Di Salvo as ceo and Umberto Pesce as vice president (see here a previous post by BeBeez). Claudio Calabi kept his chairman role. Nuovo Polo Impiantistico, a vehicle that belongs to PSC (54%), Clessidra Capital Credit (28%) and TIM (18%), subscribed a capital increase of 56.3 million euros. The investors poured 48 million in cash (29.9 million from PSC, 9 million from TIM and 8.7 million from Clessidra), while Clessidra and TIM converted credits worth 8.5 million in equity. Di Salvo replaced Stefano Pileri.  

Azimut Libera Impresa and HLD Groupe acquired 80% of CBG Acciai, a steel company, from Xenon Private Equity who purchased the asset in 2019 from the ceo Uberto Alberto Filippini Fantoni (See here a previous post by BeBeez). Azimut Libera Impresa subscribed a binding agreement on behalf of Azimut Demos and AZ ELTIF – Ophelia for acquiring the majority of CBG Acciai while HLD will buy a minority. Filippini Fantoni kept his role and reinvested for a minority. Banca Monte dei Paschi di Siena, Intesa Sanpaolo, BPER Banca, and Banco BPM financed the transaction. CBG Acciai has sales of 50 million euros with an ebitda in the region of 15 million. Filippini Fantoni said that the company aims to grow also through further acquisitions.  

Anima Alternative and Italmobiliare invested in Impresoft, a tech pole born in 2019 out of the merger of 4ward, Brainware, Gruppo Formula, Impresoft and Qualitas Informatic, of which Clessidra acquired the majority from Xenon Private Equity in December 2021 (See here a previous post by BeBeez). The company has sales in the region of 87 million euros.

Di Luccia & Partners, an Italian executive search firm for private equity funds and their portfolio companies that managing partner Domenico Di Luccia founded in 2019, invested 1.05 million Brazilian Reals for acquiring Brazil’s competitor Guanabara Servicos Empresariais (GSE), a business that Roberto Tommasetti created (See here a previous post by BeBeez). GSE mainly works with private equity funds and Italian companies operating in Brazil. Tommasetti will keep his role of managing Partner of Guanabara Executive Search.  

 Vincenzo Nicastro, the insolvency administrator of Piaggio Aerospace, a portfolio company of Mubadala that owns Piaggio Aero Industries and Piaggio Aviation,  allowed 5 potential buyers to start the due diligence and access the virtual dataroom (See here a previous post by BeBeez). The potential bidders will be able to gather information about the assets until 28 April and have 30 further days after then for tabiling a biding bid. The assets of Piaggio Aero Industries and Piaggio Aviation previously attracted the interest of Summa Equity, Heart Aviation (a Norwegian scaleup that received the support of Breakthrough Energy Ventures, United Airlines, Mesa Air Group, and EQT Ventures), Phase Motion Control, and AgTech.