Italy’s private equity weekly roundup. News from Althea, ASPI, AC Milan, Isem, Conbipel, Blue Panorama, Italgel, Bologna People Mover and more

F2I and DWS acquired Althea (fka Pantheon Group), a company that manages biomedic devices, from Permira (see here a previous post by BeBeez). The transaction is worth one billion euros. DWS will purchase the company’s UK assets, while F2i will retain the activities of Althea in Italy and other 14 countries. The ceo Alessandro Dogliani reinvested for a coompany’s minority. F2i will acquire the asset through its fifth vehicle Fondo per le Infrastrutture Sostenibili which already raise 1.2 billion out of a 1.5 billion target. In 2019, Permira hired Goldman Sachs for selling Althea on the ground of an enterprise value of 800 million. The asset attracted the interest of BC Partners and EQT, but the funds tabled bids below the asking price. Althea has sales of 453.6 million, an ebitda of 67.5 million and a net financial debt of 204.7 million (see here a previous post by BeBeez). 

Holding Reti Autostradali (HRA), the investment vehicle of CDP Equity (51%), Blackstone Infrastructure Partners (24.5%) and Macquarie Asset Management (24.5%), finalized the acquisition of 88.06% of Autostrade per l’Italia (ASPI) from Atlantia (see here a previous post by BeBeez). Earlier in April, the Benetton  family and Blackstone Infrastructure Partners reportedly launched a public offer of 23,74 euros per share (including the dividend of 0,74 euros).  

 On 30 April, Saturday, expired the deadline for exclusive negotiations between Elliott Management and Investcorp which tabled a binding offer for acquiring iconic football club AC Milan (see here a previous post by BeBeez). Investcorp is still preparing the financial structure for a final bid of 1.18 billion US Dollars split between 800 million in equity and 400 million through a banking bridge loan that the buyer may refinance later with a bond. Half of the equity portion could be in the form of mezzanine finance or preferred equity that Ares Management could supply. However, Elliott doesn’t want the liabilities to weigh on AC Milan.  Meanwhile AC Milan attracted the interest of Redbird Capital, an US-based private equity former Goldman Sachs banker Gerry Cardinale created in 2014.

Peninsula Capital acquired a controlling stake of Isem, an Italian producer of packaging items for luxury products, through Luxembourg’s funds AZ RAIF II – Private Equity – Peninsula and AZ Eltif Peninsula Tactical Opportunites, two vehicles that Azimut Libera Impresa manages (see here a previous post by BeBeez). Isem also attracted the interest of Austrian Mayr Melnhof Packaging, Germany’s Verpack and Leupold, a portfolio company of Waterland on the ground of an enterprise value of 85 million euros and an expected ebitda stimato for 2021 of 9.5 million. However, market rumours say that the target’s enterprise value amounts to 90 million. Isem has sales of 50 million. In 2020, the company generated sales of 34.1 million (41.8 million in 2019), an ebitda of more than 6 million (5 million) with a net financial debt of 16 million (13.7 million). Peninsula appointed Marco Giovannini, the former ceo of Guala Closures, as chairman. Francesco Pintucci kept his ceo role. Isem  aims to grow through acquisitions.  

Bregal Unternehmerkapital Funds (BU) has outbeaten the bidders for the auction of Italgel, a producer of gelatin and collagen for food, pharmaceutical and technical use (see here a previous post by BeBeez). Sandra Lesina Vezza, the owner of the vendor company Italgelatine, will reinvest for a minority and keep her role of chairwoman and ceo of the target. Italgelatine retained Colombo Associati as financial advisor. Italgel attracted the interest of NB Renaissance, Chequers, Peak Rock Capital and Riverside that also wanted to acquire Italmeat, a producer of bovine gelatine that belongs to Italigelatine. However, sources close to the deal said to BeBeez that, unlike previous press items said, that only Italgel was up for sale. Italgelatine has sales of 71.2 million euros, an ebitda of 10.4 million and a net financial debt of 13.7 million. Italmeat has sales of 24.9 million, an ebitda of one million and net cash of little less than 0.25 million. Italgel could have sales of 46 million 

 People Mover, the train that links Bologna railway station with the Marconi Airport, attracted the interest of Meridien Capital, a French investor in infrastructures (see here a previous post by BeBeez). Meridien could acquire a 70% of Marconi Express from Consorzio Integra Società Cooperativa which would keep a 5% of the asset. TPER would keep the remaining 25%. However, the deal’s closure is weighed down by the uncertainty surrounding the outcome of an investigation by the Bologna Public Prosecutor’s Office into an alleged fraud in supplies related to People Mover. Marconi Express’ equity is worth 12.6 million euros while gross debt amount to 77 million  

Danilo Iervolino is close to finalizing the public offer on Milan-listed media group BFC Media that will expire today and the acquisition of Italian weekly L’Espresso and Le Guide dell’Espresso for which the entrepreneur signed a preliminary on 5 May, Thursday (see here a previous post by BeBeez). L’Espresso Media (a company of which BFC Media has 51% and IDI, a vehicle of Danilo Iervolino, 49%) will acquire the titles for up to 4.5 million euros without debts and credits from GEDI, a subsidiary of Milan-listed Exor. BFC Media will pay for the acquisition with its cash resources with the first instalment of 2.5 million at the closing and the last on 31 December 2022. The final outlay may decrease due to deferrals related to the sale of collected subscriptions, but which will produce their effects in the coming months. The GEDI group will transfer to the buyer. Italian weekly L’Espresso has sales of 10 million. The closing could take place on 31 May, Tuesday.  

Webuild (fka Salini Impregilo) acquired a 36.5% of Cossi Costruzioni, a tunnels builder, from Banca Popolare di Sondrio and the Cossi family (see here a previous post by BeBeez). Webuild and Popolare di Sondrio acquired their stakes in the company in 2019 from Condotte and its parent company Ferfina and a small stake from the Cossi family who back then still owned a 20%.

Grow Capital Global Holdings PTE is close to acquiring Conbipel, a troubled Italian fashion retailer that belongs to Oaktree Capital Management and is in extraordinary administration since 28 January 2021 (see here a previous post by BeBeez). The Italian Ministry for Economic Development authorised the transaction. 

Italian tourism pole UVET announced the sale of Blue Panorama Airlines to US Bateleur Capital, a special situations investor for the sectors of civil aviation, shipping, energy and real estate Bateleur (see here a previous post by BeBeez). Blue Panorama is in receivership since 2021. Bateleur will invest 20 – 25 million euros for gradually acquiring up to 49% of the company. The fund could set a European branch for acquiring the whole Blue Panorama who has sales of 318.9 million, an ebitda of 13.1 million, net cash of 1.8 million, equity of 33.5 million, and losses of 45 million   

Business Integration Partners (BIP), an Italian strategic consultancy firm that belongs to CVC Capital Partners Fund, acquired UK competitor Riskcare, through the subsidiary Chaucer (see here a previous post by BeBeez).  BIP has sales of 362 million euros with an ebitda of 66 million.  

Taste of Italy 2, a 330 million euros fund that DeA Capital Alternative Funds manages, acquired a 60% of Spanish restaurant chain Pizzerias Carlos (see here a previous post by BeBeez). Tresmares Capital, the alternative lender provider of Banco de Santander, supported Pizzerias Carlos with credit lines facilities. Pizzerias Carlos has sales of 40 million.  

 Aer Soléir, an Irish renewable energy company in which Quantum Energy Partners invested through 547 Energy International, acquired from Delta Lavori two onshore wind farms in their development stage and with a total power of 200MW (see here a previous post by BeBeez). Andy Kinsella is the ceo and founder of Aer Soléir. Delta Lavori belongs to the La Rocca Family. Gaetano La Rocca and Alberto La Rocca, the founder’s grandson and son, are the company’s ceo and chairman. Delta has sales of 11.6 million euros, an ebitda of 0.617 million and a net financial debt of 4.7 million.  

First Capital, a Milan-listed financial holding for Private Investments in Public Equity (PIPE) and Private Equity that Vincenzo Polidoro heads, poured 4 million euros in Bruno Generators Group (BGG) through the vehicle First Gen of which owns 75.5% (see here a previous post by BeBeez). Sources said to BeBeez that the remaining First Gen’s 24.5% belong to Next Holding, a 28% owner of of First Capital. BeBeez previously reported that Space Capital Club (SCC), a 200 million company for investng in private capital, acquired 40% of BGG through a special purpose vehicle of which First Capital acquired a stake through First Gen. Ciriaco Bruno sold his 24.52%, while ceo Renato Bruno (37.74%) and Giuseppe Bruno (37.74%) sold a 7.74% each. SSC financed the transaction with banking facilities and aims to support the BBG expansion in North America and Australia ahead of a listing. In 2019, BGG and the Bruno family hired Mediobanca for finding a financial partner. The company has sales of 77.4 million (60% export), an ebitda of 7.2 million and a net financial debt of 25.1 million. In 2022, BGG expect to generate sales of above 120 million with an ebitda in the region of 30 million. Andrea Abbati Marescotti, Edoardo Subert, Alfredo Ambrosio, Giorgio Paris, and Domenico De Gianni will join the Bruno brothers in the board of directors. BGG aims to hire a cfo and other executives.  

Fondo Italiano d’Investimento (FII) sgr and its majority shareholder Cassa Depositi e Prestiti appointed Davide Bertone as the ceo of the firm (see here a previous post by BeBeez). Mr. Bertone previously worked for Mediobanca and will replace Antonio Pace. 

Mediobanca appointed Giuseppe Baldelli as Co-Head Global CIB, Country Head Italia and Chairman of Global Coverage to flank Francisco Bachiller (see here a previous post by BeBeez). Baldelli will report to Alberto Nagel, ceo of Mediobanca. Baldelli previously worked for Credit Suisse and Deutsche Bank.