In Italian investments in private equity, venture capital and infrastructures amounted to 23.6 billion Euros (up 61% yoy), said a report of AIFI and PwC  (see here a previous post by BeBeez). Divestures amounted to 4.4 billion while fundraising was worth 5.9 billion. The Report BeBeez Private Equity 2022 (available for the subscribers to BeBeez News Premium and BeBeez Private Data) said that in 2022, market operators closed 549 deals (497 in 2021 see here BeBeez Private Equity Report 2021). BeBeez data say that 20 deals involved assets with an enterprise value of at least 500 million.
Milan-listed TiIM asked CDP-Macquarie and KKR to sweeten their 20 billion bids for NetCo, the company’s infrastructure network (see here a previous post by BeBeez). Arnaud de Puyfontaine, the ceo of Paris-listed Vivendi (TIM’s 24% owner), said on 8 March, Wednesday, that the bids are far from the shareholders expectations.
In January and February 2022, Lottomatica, an Italian gambling company that belongs to Apollo Global Management and reportedly filed for an IPO on Milan market generated sales of 1.57 – 1.67 billion euros and an ebitda of 550 – 570 million with a dividend pay-out of 30% adjusted net profit (see here a previous post by BeBeez). The listing is worth in the region of one billion on the ground of an enterprise value of 5 billion. The company will invest the ipo proceeds in the achievement of a 2.5X net financial debt to ebitda ratio. Lottomatica also said that that to this end it will pay back its 250 million intercompany debt it has with Luxembourg-based of Gamma Bondco.
In 2022, Milan-listed Italmobiliare generated a NAV of 2.029 billion euros (2.082 billion in 2021) (see here a previous post by BeBeez). The holding’s portfolio companies generated aggregated sales of 2.09 billion (up 18% from 1.579 billion in 2021) with an aggregated ebitda of 268.3 million.
In 2022, Milan-listed asset manager Azimut generated revenues of 1.29 billion euros (1.45 billion in 2021), net profits of 402 million (605 million) and operative income of 547 million (707 million) (see here a previous post by BeBeez). Azimut’s AUM amount to 79 billion (6.5 billion for the private capital sector).
Italy’s football league Serie A aims to appoint an advisor for selling its media rights (see here a previous post by BeBeez). The asset attracted three proposals from potential investors: a jumbo financing of top tier banks that would support the creation of a tv channel; bids from private equity funds that aim to change the league’s governance; a mix of debt and equity. The Serie A reportedly attracted the interest of Searchlight, Apollo and of Carlyle – Apax – Three Hills (see here a previous post by BeBeez). Further press reports said that the league also attracted the interest of Barclays, Citi, Goldman Sachs, Jefferies, and JPMorgan.
Public Investment Fund (PIF) is in advanced talks for acquiring a minority of Rocco Forte Hotels (RFH), the luxury hotels group that belongs to Sir Rocco Forte, on the ground of an enterprise value of 1.3 billion euros (1.4 billion US Dollars) (see here a previous post by BeBeez). Rothschild is advising the target. PIF may acquire a 23% of RFH from CDP Equity (which invested 76 million in the company in 2014 on the ground of an enterprise value of 350 million). The Forte Family may sell a 26%.
Macquarie Capital aims to invest in the region of 500 million euros for acquiring the petrol stations network of Italy’s IP (see here a previous post by BeBeez). The buyer would support IP for supplying recharging services to electric vehicles.
Sources said to BeBeez that Equor Capital Partners, the private equity firm that Francesco Rigamonti (ceo), Giovanni Fregnan and Giovanni Diana created in 2021, will close in before the end of 1H22 its 250 million euros fundraising (see here a previous post by BeBeez). Equor already attracted an up to 100 million committment from Patrimonio Rilancio, a vehicle of Cassa Depositi e Prestiti for supporting the Italian firms with sales of above 50 million.
Archimed announced the acquisition of a controlling stake in GPQ, a plastic surgery company that Rossana Castellana MD founded in 1995 (see here a previous post by BeBeez). Castellana (40%), Giorgio Piani (40%), ceo Francesco Piani (10%), and coo Giuliano Roggero (10%) sold their stakes. The foundress and her family will reinvest for a 25%. Banco BPM and Crédit Agricole financed the transaction. GPQ owns the brand WiQo and has sales of 15.3 million euros, an ebitda of 3.6 million and a net financial debt of 0.93 million.
Pietribiasi Michelangelo, an Italian producer of machinery for the dairy sector of which Deal Source Italia has 70% since late 2020, will merge with MilkyLAB, an Italian competitor (see here a previous post by BeBeez). Pavia e Ansaldo and Spada Partners assisted Pietribiasi Michelangelo while MilkyLAB retained as advisors Pincelli e Associati and ADVANT Nctm. The target has sales of 2.5 million euros, an ebitda of 0.675 million and net cash of 2.5 million.
Friulia invested 15 million euros for a 19.3% stake of Siap through the subscription to a capital increase of the subsidiary of Italian engineering company Gruppo Carraro (see here a previous post by BeBeez). In 2017, Friulia already subscribed to a Siap’s capital increase of 8 million. The company has sales of 74.3 million, an ebitda in the region of 1.4 million and net cash of 0.35 million
NovaCapital acquired a controlling stake in Urbinati, a producer of machines for the automation of the nursery sector, from the eponymus family (see here a previous post by BeBeez). BPER Banca financed the transaction and retained Studio Cappelli Rccd as counsel. Pavia e Ansaldo, Spada Partners and Goetzpartners assisted the buyer. Elexia Avvocati e Commercialisti and Studio Urbini assisted the Urbinati Family. Romina Urbinati will keep an operative role, while Nino Urbinati sold his 50% stake. The company has sales of 19.9 million euros, an ebitda of 3.2 million and net cash in the region of 0.122 million.
Equiter Infrastructure, a fund of Ersel Asset Management, announced a 35 million euros investment for the development a catalyst platform of Aeolian farms and phtovoltaic plants (see here a previous post by BeBeez). Equiter also announced a further 35 million investments for acquiring the majority of Energon Esco from Luca Pedani (33.53%), Marina Storchi (33.53%) and Enerplus (25.5%) that retained as advisors Pirola Corporate Finance and Giovannelli e Associati. Minority shareholder and ceo Paolo Sandali (7.45%) reinvested for a minority and hired as advisors Studio Legale BCT and Studio Commercialistico Sandali Iadanza Battistella e Associati. Energon has sales of 13.8 million, an ebitda of 1.4 million and a net financial debt of 4.9 million.
Guaresi, an Italian producer of self-propelled agricultural machinery that belongs to Hyle Capital Partners and the eponymous family, acquired Italian competitor Grim, a firm with sales in the region of 10 million euros (see here a previous post by BeBeez). Guaresi has sales of 20.5 million euros, an ebitda of 5.6 million and net cash of 12 million.
Milan’s law firm Portolano Cavallo appointed Andrea Gritti as head of its private equity practice (see here a previous post by BeBeez). Gritti previously worked for Gianni & Origoni.
LyondellBasell announced the acquisition of Italy’s chemical company Gruppo Mepol (see here a previous post by BeBeez). Jones Day and Wardynski & Partners assisted the buyers. Gruppo Mepol hired Special Affairs and Gitti & Partners. Mepol previously belonged to Mirco Melato (70%), Michele Melato (10%), Devi Frasson (10%), and Guglielmo Frasson (10%). The company has sales of 85 million euros, an ebitda of 8 million and a net financial debt of 5.2 million.
EcoEridania, an Italian waste management company of which Icon Infrastructure Partners has 75%, acquired 60% of Irigom (see here a previous post by BeBeez). The target previously belonged to Gruppo Serveco (60%) and Fin Save (40%). PwC, E&Y, ERM Italia, SCP Studio Legale, Gelegal, and Green Horse Legal Advisory assisted the buyers. The vendors retained Deloitte Legal, Tfc and Emc. Irigom has sales of 3.6 million euros, an ebitda of 0.71 million and a net debt of 1.9 million.
Italian softwar house TeamSystem, a portfolio company of Hellman&Friedman and Hg Capital, acquired Multidata, an Italian competitor with sales of 5.6 million euros (see here a previous post by BeBeez). Franco Margiotta (chairman) and Andrea Australi (ceo) sold the business, but kept their operative roles. The transaction could be worth 5 – 10 million. TeamSystem financed the acquisition with the proceeds of a senior secured bond of 185 million that issued in September 2022.
Made in Italy Fund (MIF), a vehicle that Quadrivio and Pambianco created, launched an offer for delisting Cover50 from Milan market (see here a previous post by BeBeez). Cover50’s main shareholders are Pierangelo Fassino and Edoardo Fassino. The company owns the brand Pantalone Torino (PT Torino).  MIF will pay 13,50 euros per share and aims to fetch 74.4% of Cover50 while the current main owners will reinvest for a 20% of the company. PT Torino has sales of 24.3 million.
