KKR and CDP Equity-Macquarie Infrastructure and Real Assets (Europe) tabled sweeter bids for NetCo, the owner of Milan-listed TIM’s network and of Sparkle (see here a previous post by BeBeez). On 4 May, Thursday, TIM board of directors will appraise the offers. Market rumours say that KKR tabled a bid of 19 billion euros with a 2 billion earn out. NetCo has debts of 10 billion. CDP Equity-Macquarie, made a 19.3 billion bid expiring on 31 May, Wednesday.
Milan-listed Banco BPM said it’s exploring options for its merchant acquiring and payment cards distribution units (see here a previous post by BeBeez). Bain & Company and Legance are advising the bank. BPM said that the assets’ Net Present Value amounts to above 2 billion euros.
Italian gaming firm Lottomatica said it will list on Milan market at the end of April once Consob, the stock exchange regulator (see here a previous post by BeBeez). Apollo Global Management is the company’s controlling shareholder and previous press reports said that Lottomatica will list on the ground of an enteprise value of 5 billion euros. Lottomatica will invest the IPO proceeds in the repayment of a 250 million euros intercompany loan it received from the Luxembourg subsidiary Gamma Bondco and reducing its net debt\ebitda ratio. The company said that it sill sell to institutional investors part of the shares coming from a 425 million capital increase and part of Gamma BidCo stake.
Italian pharma company Chiesi Farmaceutici acquired Irish competitor Amryt Pharma (see here a previous post by BeBeez). Chiesi financed the 700 million euros acquisition with a syndicated loan of Bnp Paribas, Crédit Agricole, Bper Banca, and Deutsche Bank which retained as advisor Clifford Chance. Chiesi Farmaceutici appointed Baker & McKenzie. Chiesi launched Chiesi Ventures in 2014. The company has sales of 2.4 billion euros, an ebitda of 761.5 million and net cash of 428.2 million
London-based data management company Audiencerate’s shareholder IPE raised its stake in the business from 5% to 25% (see here a previous post by BeBeez). Legali Riuniti Lex assisted IPE, the investment holding of Gianfilippo Cuneo. Vitale e Associati advised the company. Audiencerate will invest the raised proceeds in the international development of its financial services Customer Data Platform born in 2022. Enrico Vecchio founded Audiencerate while Filippo Gramigna acts as ceo since 2021.
Italian software house and tech group TeamSystem, a portfolio company of Hellman&Friedman and Hg Capital, acquired Readytec and Readytec Emilia from Readytec Group, a firm that belongs to the Pompili Family (see here a previous post by BeBeez). Gattai, Minoli and Partners assisted TeamSystem which financed the transaction with the proceeds of a bond worth 185 million euros issued in 2022. Readytec Group will rebrand as Ready Group and set a target turnver of 11 million while the assets that TeamSystem acquired aim to generate sales of 34 million.
Crealis (fka Enoflex), a producer of corks for wines and spirits that belongs to Cobepa, acquired Portuguese competitors Woodcap Industria de Capsulas de Madeira, Manuel Firinho & Filhos and Jesus Couto & Pereira (see here a previous post by BeBeez). The targets generate aggregate sales of 25 million euros. Souces said to BeBeez that Crealis also attracted credit lines of 150 million from BNP Paribas, Unicredit and Crédit Agricole CIB. Houlihan Lokey and Advant Nctm assisted Crealis. The lenders retained Clifford Chance. Crealis owns the brands Enoplastic, Sparflex, Le Muselet Valentin, Rivercap, Maverick, Pe.Di, Supercap, and Corchomex. Crealis belongs to Cobepa (52%), Italiana Diamanti (24.26%, a vehicle of which Andrea Moglia and Michele Moglia have 95. 5% and Piera Castiglioni has 4.5%), DVR Capital (1.24%), and Luxempart (18.37%).
Italian search fund Argo Partners, a vehicle that Andrea Tudini and Federico Ratini launched, is going to acquire Italian circular economy firm Caris Servizi from Edoardo Comizzoli and Graziana Comizzoli (see here a previous post by BeBeez). Gianni & Origoni (Legal), Alvarez & Marsal (Financial), Led Taxand (Fiscal), and Safe Green (esg) assisted the buyer. Dentons (legal) assisted the vendors. UniCredit financed the transaction and retained Molinari Agostinelli. Caris Servizi has sales of 14.2 million euris with an ebitda of 3.6 million.
Italian mosquito screens producer Zanzar, a portfolio company of 21 Invest, signed an agreement for acquiring Italian windows components producer Pasini (see here a previous post by BeBeez). Gattai, Minoli and Partners, PwC and ERM assisted 21 Invest. Pasini retained as advisors DGRLEX, Alessandro Spasa and Stefano Carta. The Pasini Family. After such an acquisition, Zanzar will generate sales of 160 million euros.
Italian gluten-free corn flakes producer Molino Nicoli said to BeBeez that it aims to sell a controlling stake to a financial investor or a trade buyer with the support of Mediobanca (see here a previous post by BeBeez). The company provided comments about press rumours saying it attracted the interest of Clessidra, Nextalia, NB Renaissance, Aksìa, and Wise. Molino Nicoli belongs to ceo Giovanni Fortunato Nicoli (80%) and his kids Francesca Nicoli (10%) and Stefano Nicoli (10%). The company has sales of 55 million euros and an above 10 million ebitda.
Carton Pack, an Italian packaging company that belongs to A&M Capital Europe since 2022, acquired Italy’s competitor Smilesys from ceo and founder Ernesto Zanarella (30%) that will keep his role, Federico Rink Tomas (35%) and chairman Giancacrlo Rossi (35%) (see here a previous post by BeBeez). Carton has sales of 10.5 million euros, an ebitda of 1.7 million and net cash of 0.98 million.
On 12 April, Wednesday, Net Insurance said it will delist from Milan market on 20 April, Thursday (see here a previous post by BeBeez). Poste Vita, part of Poste Italiane, launched a 9,5 euros per share and 4,81 euros per warrant offer on the company in February 2023. Poste raised 94.357% of the shares and 99.263% of the warrants. Antonio Battista, the ceo of Net Insurance, will keep his 2.16% stake. Net Insurance listed at 20 euros per share in 2013 and merged with the Italian Spac Archimede at a price of 4,69 euros per share.
Targa Telematics Group, a portfolio company of Investindustrial, received from the Italian antitrust authority gave a go ahead for the acquisition of Viasat from the Petrone Family (see here a previous post by BeBeez). Viasat Group, an Italian satellite and IoT security services company, has sales of 76 million euros, an ebitda of 11.5 million and a net financial debt of 64.3 million.
Italian Design Brands (Idb), a luxury furniture firm that Private Equity Partners created with Paolo Colonna, Giovanni Gervasoni, and Michele Gervasoni, said it aims to list in early May on Milan market (see here a previous post by BeBeez). The company will list up to 25% of its equity through a sale of share and a capital increase. Idb will also provide a greenshoe option. Previous press reports said that the company appointed Citigroup and Equita as IPO advisor. The company will invest the raised proceeds in its organic growth and M&A. Idb has sales of 266.5 million, an adjusted ebitda of 49.2 million, net adjusted profits of 25.5 million, and net adjusted debt of 162 million.
By year-end, Italian business accelerator FiloBlu aims to close two acquisitions and generate revenues of 150 million euros ahead of becoming a pivotal company for the ecommerce sector in Italy, ceo Alberto Arcolin said (see here a previous post by BeBeez). Gradiente has 67% of the business. FiloBlu has sales of above 100 million.
Sadepan Chimica, a chemical subsidiary of Italy’s furniture producer Gruppo Saviola, acquired Belgium competitor Advachem (see here a previous post by BeBeez). Saviola retained Molinari Agostinelli, Lydian and PwC as advisors. CMS assisted Advachem. Sadepan has sales of 221.4 million euros with an ebitda of 30.4 million and a net debt of 11.7 million.
Swedish industrial company Lifco acquired 70% of Geax, an Italian producer of machinery for demolition (see here a previous post by BeBeez). Adriano Pesaresi founded Geax in 2006. The company has sales of 12.5 million euros, an ebitda of 3.3 million, net cash of 1.7 million and equity of 10 million.
F&P4BIZ, a club deal and private equity platorm, rebranded as F&P Equity Partners (see here a previous post by BeBeez). Guglielmo Fiocchi and Maurizio Perroni founded F&P4BIZ in 2019. In 2022, managing partner Andrea Lovato joined the firm. Lorenzo Rutigliano, one of the founders of professional network RTZ, joined F&P Equity as board member. F&P Equity Partners also signed an agreement for acquiring Panzeri Carlo, an Italian lighting and design firm, through a leverage buy-out (see here a previous post by BeBeez). F&P retained as advisors Pedersoli Studio Legale, RTZ, Efeso Consulting, and Ramboll. Panzeri hired Deloitte. The Panzeri Family will reinvest for a 40% of Panzeri Carlo. The company has sales of 15.5 million euros, an ebitda of 2.2 million and net cash of 3 million. Enzo Panzeri (42%), Norberto Panzeri (29%) and Simonetta Panzeri (29%) are the former owners of the business.
On 18 April, Tuesday, expired the deadline for sharing antitrust concerns with the Italian competition authority in regard of Azimut’s acquisition of Next Imaging, a platform for the distribution of artificial vistion that Ambienta created in 2018 after having acquired Image S (see here a previous post by BeBeez). Ambienta may sell to Azimut 77.7% of Next Imaging once receiving the antitrust authorization. Image S has sales of 30.6 million euros, an ebitda of 5.8 million and a net debt of 6.7 million.
Style Capital, a private equity that Roberta Benaglia heads, invested 5 million euros for acquiring 80% of Italian fashion firm GDM Milano while Giuseppe di Morabito will keep a 20% (see here a previous post by BeBeez). The Paoloni Family co-invested in the deal. Benaglia said to BeBeez that the fund will also subscribe to a less than 5 million capital increase of GDM. The director added that Style Capital 2, a 300 million fund, is close to finalizing its first acquisition and it will target luxury and fashion firms with sales of 20 – 200 million.
Aedes Siiq said that on 27 April, Thursday, it will delist from Milan exchange as Hines, Apollo Asset Management and VI-BA successfully concluded their public offer (see here a previous post by BeBeez). The bidders acquired 45.15% of Aedes for 37.018 million euros at 0,2922 euros per share and own above 95% of the business.
Horsa, an Italian software house, acquired 70% of Italian ecommerce developer Drop (see here a previous post by BeBeez). Horsa financed the transaction with the proceeds of a 5 million euros sustainability linked minibond that it issued in October 2022 and UniCredit subscribed. Drop has sales of 24 million, an ebitda of 1.3 million and net cash of 3.2 million.
Milan-listed UniCredit appointed Silvia Viviano as head of Equity capital markets (cash equity capital markets, alternative capital markets and strategic equity solutions) (see here a previous post by BeBeez). Viviano will report to Luca Falco, head of capital markets. The director joined UniCredit in January 2022 as head of alternative capital markets.
