On 19, Monday, and 22 June, Thursday, Milan-listed TIM’s board of directors will assess the bids that CDP Equity – Macquarie Infrastructure and Real Assets (Europe MIR) and KKR tabled for NetCo, the owner of the company’s infrastructure network and of Sparkle (see here a previous post by BeBeez). KKR sweetend its previous bid of 19 billion euros (and 2 billion earn out) and tabled a 23 billion offer. CDP Equity-Macquarie tabled a lower bid, market rumours say. According to Paris-listed giant Vivendi owns 23.75% of TIM, NetCo has an enterprise value of 31 billion, market rumours say. Press items quoted sources as saying that Vivendi requires KKR and CDP-Macquarie to sweeten further their bids as TIM is not in a rush for selling NetCo and Sparkle.
Permira and Carlyle are mulling for a sale of luxury fashion firm Golden Goose on the ground of an enterprise value of 2.5 billion euros (see here a previous post by BeBeez). However, the funds may also list the asset on New York stock market. Permira acquired 83% of Golden Goose from Carlyle in 2017 for an enterprise value of 1.28 billion. Carlyle kept 8%. DVR Capital has a minority of Golden Goose.
Gruppo Florence, the Italian fashion firm that VAM Investments and Fondo Italiano d’Investimento (FII) are reportedly selling to Permira, said it acquired Italian competitors Effebi from the Lotti Family, Alba from the Cocchi Family and ABC Ricami from Massimo, Barbara Gelli and Drea Gelli (see here a previous post by BeBeez). Gruppo Florence appointed as advisors KPMG (financial due diligence), BonelliErede (tax due diligence) and DWF (legal). District Advisory assisted Effebi, Alba and ABC Ricami. Hogan Lovells acted as legal advisor to Effebi and ABC Ricambi while Alba appointed Studio Baldi & Partners. Earlier in May, Marco Piana, a managing partner of VAM Investments, said to BeBeez that Gruppo Florence aims to grow abroad (see here a previous post by BeBeez).
GLS Italy, a logistic company that belongs to General Logistics System, acquired Italian competitor ProntoPacco (see here a previous post by BeBeez). Gianni & Origoni assisted the buyer while ProntoPacco retained Tonucci & Partners. Luciano Colantuono founded ProntoPacco in 2014. GLS Italy has sales of 918 million euros, an ebitda of 53.2 million and net cash of 36.3 million.
Lutech, an Italian IT company that belongs to Apax Partners since March 2021, aims to generate sales of one billion euros by 2024, ceo Tullio Pirovano said to BeBeez Magazine (see here a previous post by BeBeez). The ceo said that the company aims to hit such a target through the acquisition of cloud and cybersecurity firms.
HDM, a holding of the Cardinali Family, raised from 30% to 92% its stake in Gruppo AD Tubi, an Italian producer of pipes for the energy and oil&gas sectors (see here a previous post by BeBeez). Andrea Degano, chairman, will keep 8% of AD Tubi while Stefano Cardinali will be the company’s ceo. HDM will rebrand as Cardinali Holding a firm with sales of 350 million euros and an ebitda of 25 million. Ceresio Investors assisted HDM. AD Tubi retained Fieldfisher.
French dairy company Lactalis ( the owner of Italian brands Parmalat, Cademartori, Galbani, and Nuova Castelli that Charterhouse sold in 2019) received from The European Union Antitrust Authority the go ahead for the acquisition of Ambrosi, an Italian competitor (see here a previous post by BeBeez). The Ambrosi Family and German Emmi (25%) will sell their stakes to Lactalis for a rumoured enterprise value of 300 million euros (15 X EBITDA).
On 9 June, Friday, Credem Private Equity, NB Aurora and PM&Partners concluded their public offer on Milan-listed Finlogic, a smart labels producer, after having raised 97.246% of the business for 85.7 million euros (see here a previous post by BeBeez). On 20 June, Tuesday, Finlogic will stop trading on Milan market (see here a previous post by BeBeez)
Fondo Agroalimentare Italiano (FAI), Kayak Family Office, Marcap, and GP Capital Partner will invest in Urbis Food, a wholesale and retail vendor of sea food that belongs to the Longhi Family (see here a previous post by BeBeez). Milan-listed illimity Bank financed the transaction. Gitti & Partners, goetzpartners, Grant Thornton Financial Advisory, and Bernoni Grant Thornton assisted the investors. The Longhi Family retained Studio Legale Principi and CF&S Advisors. Urbis Food has sales of above 30 million euros and will invest the proceeds of such a transaction in its organic development ahead of generating 60 million revenues in five years.
ProductLife Group (PLG), a provider of regulatory and pharmacovigilance services to pharmaceutical companies that belongs to 21 Invest France, said it acquired Italian competitor Pharmaceutical Development and Services (Pharma D&S) (see here a previous post by BeBeez). CastaldiPartners and KPMG assisted Productlife Group. Pharma D&S retained Deloitte Legal and GMR Partner. Riccardo Ballerini (chairman) foudned Pharma D&S in 2001. The company attracted the investment of Lino Fabrizi (coo) in 2003 and of Marco Conti in 2004. The target has sales of 11.3 million euros, an ebitda of 2.5 million and net cash of 5.3 million.
Supermoney, an Italian online broker for utilities and financial services of which VAM Investments has 20%, may list on Amsterdam market through a business combination with Dutch VAM Investments Spac, a vehicle that in 2021 raised 210.3 million euros (see here a previous post by BeBeez). The companies signed a binding term sheet on the ground of a 200 million pre-money equity value of Supermoney. After the combination, Andrea Manfredi, current 80% owner of Supermoney, will keep his ceo role and the majority of the merged company. VAM Spac’s shareholders will hold a meeting on 21 July, Friday, at Sheraton Amsterdam Airport Hotel. The business combination may close only if VAM Spac has cash of at least 40 million after the deal. UniCredit, Linklaters and DWF assisted VAM Spac. Supermoney retained Equita sim, Chiomenti and SCGT and may invest the proceeds of the transaction in acquisitions.
London-listed Spac ACG Corp, Stellantis and Volkswagen announced the acquisition of two Brazilian mines for one billion US Dollars from Appian Capital (see here a previous post by BeBeez). The buyers aim to create a supply chain player for the electric mobility. ACG will rebrand as ACG Electric Metals. Stellantis, Volkswagen, Glencore, Citigroup, ING, and Société Generale will provide equity and debt for financing the transaction. The banks subscribed to 300 million worth senior bonds through a term loan facility of 225 million and a revolving credit facility of 75 million.
