On 12 May, Friday, EQT Infrastructure is going to buy 60% of WInd Tre‘s network on the ground of a 3.4 billion euros enterprise value (see here a previous post by BeBeez). The vendor CK Hutchison will keep 40% of the asset. The transaction is subject to the regulatory approval and may close in 6 – 9 months.
On 18 May, Italian Design Brands (IDB) launched its IPO on Milan market (see here a previous post by BeBeez). Andrea Sasso is the chairman and ceo of the company while Giorgio Gobbi is the coo. Private Equity Partners, a fund that Fabio Sattin and Giovanni Campolo head, Paolo Colonna, Giovanni Gervasoni, and Michele Gervasoni created IDB whose market capitalization amounts to 293 million euros. The company retained as advisors Grimaldi Studio Legale, and Cleary Gottlieb Steen & Hamilton LLP. Linklaters assisted the joint global coordinators Citigroup and Equita.
Italian car rental firm Sicily by Car carried a business combination with Milan-listed Spac Industrial Stars of Italy 4 (Indstars4) on the ground of a pre-transaction enterprise value of 308.7 million euros (see here a previous post by BeBeez). The main shareholders of Indstars4 are Gaudenzio Roveda (7.25%), Azimut Libera Impresa (7.25%) and Intesa SanPaolo (5.78%). Giovanni Cavallini, Attilio Arietti, Enrico Arietti, Davide Milano, Marco Croci, and Piero Vitali created Indstars4 in July 2021 and rised 138 million in the placement stage.
Italian Eco Eridania, a waste management firm of which Icon Infrastructure Partners has 75%, acquired 75% of Delca Energy, a green and circular economy player (see here a previous post by BeBeez). Francesca Teponecco (55%) and Massimo Saporito (45%) sold part of their stakes and retained as advisors Tremolanti Studio Legale and Studio Bonamici. Eco Eridania hired PwC, EY, Bonelli Erede Pappalardo, SCP, Gelegal, and ERM Italia. This transaction is part of Eco Eridania’s Twister project, founder and ceo Andrea Giustini said to BeBeez (see here a previous post by BeBeez). Giustini said that the company is holding talks with further targets and aims to grow abroad through M&A deals.
The Equity Club, a vehicle that Mediobanca and Roberto Ferraresi launched in 2017, acquired the majority of Tatuus Racing, a producer of Formula 1 and Indy Car automobiles from Wise Equity which had 64.8% of the business (see here a previous post by BeBeez). TEC received assistance from New Deal Advisor, Gatti Pavesi Bianchi Ludovici and DeCandia e Associati. Wise Equity and Tatuus hired Philippe Hottinguer Finance, Simmons & Simmons, KPMG, and Spada&Partners. The target’s managers Giovanni Delfino and Gianfranco De Bellis hired Studio LCA. Tatuus has sales of 40 million euros (70% abroad).
Finint Equity for Growth (Finint E4G), a fund that Finint Investments and Milan-listed ABC Company manage, announced the acquisition of 70% Serinex, a producer of industrial tools and components, from Piermario Negri and Serafino Riva who will keep a 30% of the business while Alessandro Negri will be the company’s ceo (see here a previous post by BeBeez). ABC acquired 23.1% of Serinex for 5.2 million euros. Cassa Centrale Banca and a vendor loan financed the transaction. Finint Investments hired KPMG (Financial & Tax Due Diligence), Goetzpartners (Commercial Due Diligence), Pavia e Ansaldo (Legal Advisory), CBA Studio Legale e Tributario, and Aecom (EHS). Serinex retained Unistudio Corporate Finance (M&A Advisory) and Unistudio Legal & Tax (Legal Advisory). Cassa Centrale Banca appointed Shearman & Sterling. Serinex has sales of 11 million euros, an ebitda of 4.5 million and net cash of 7 million.
Milan-listed Reevo, a cyber security and hybrid cloud, attracted a delisting offer of White Bridge Investment (see here a previous post by BeBeez). Banca Akros, Giovannelli & Associati, and Dentons Europe Studio Legale Tributario are assisting the buyers that tabled a bid of 17,60 euros per share or 86.7 million euros.
Paris-listed laser tech company Lumibird announced the acquisition of Convergent Photonics and Convergent from Boston-based Prima Industrie North America (see here a previous post by BeBeez). The deal is subject to regulatory approval in Italy and the US and may close in 2H23. Lumibird will finance the transaction with its own resources and banking credit lines. New Deal Advisors and Studio Chiaravalli Reali & Associati assisted the buyers. The vendor Prima Industrie belongs to Alpha Private Equity, Peninsula Investments and Gianfranco Carbonato. Convergent has sales of 15 million euros with an ebitda of minus 1.5 million.
Pollen Street Capital, a private equity fund with a focus on financial services and more than 4.1 billion euros of assets under management, invested in Italian insurance broker Wide Group on the ground of an enterprise value of up 50 – 100 million euros (see here a previous post by BeBeez). The target aims to grow further through M&A. Wide Group hired as advisors Jefferies, BonelliErede, Grimaldi Alliance and EY.
Valsa Group, an Italian frozen food and snack producer that belongs to Aksìa Group, said it acquired the majority of Panificio Menchetti from the Menchetti Family that will reinvest for a relevant minority and keep operative roles (see here a previous post by BeBeez). Crédit Agricole Italia and Intesa Sanpaolo financed the transaction while Equita Private Debt Fund subscribed a bond. Valsa Group hired as advisor EY, Russo De Rosa Associati, De Luca & Partners, Giliberti Triscornia e Associati and Massimo Bertoni. Panificio Menchetti retained Adacta Studio Associato and Studi Commerciali Dott. Giancarlo Rossi – Dott. Fabrizio Giuliani. The target has sales of 26 million euros, an ebitda of 1.8 million and a net debt of 8.2 million.
Sources said to BeBeez Magazine that Investindustrial VIII is going to start a 3.75 billion euros fundraising (see here a previous post by BeBeez). In a separate interview, Andrea Bonomi, the chairman of the advisory board of Investindustrial, said that Italian institutional investors are increasingly interested in the fund.
Exor Capital rebranded as Lingotto Investment Management and hired James Anderson and George Osborne (see here a previous post by BeBeez). Lingotto has aum for 3 billion US Dollars the previously belongs to Exor and French insurer Covéa.
The Italian Government is writng the framework law for supporting the Made in Italy (see here the draft law available for the subscribers to BeBeez News Premium and BeBeez Private Data) (see here a previous post by BeBeez). Italian Ministry Adolfo Urso reportedly said that the Government aims to launch a 1 billion euros sovereign fund.