MSC, the shipping company of the Aponte Family, is holding exclusive talks for acquiring railway business Italo-Nuovo Trasporto Viaggiatori that has a reported enterprise value of 4 billion euros (see here a previous post by BeBeez). The asset attracted the interest of EQT, the infrastructures unito of Blackrock , Brookfield, Dutch pension fund APG, Allianz (a target’s shareholder) and GIC. Global Infrastructure Partners acquired NTV in 2018 for an enterprise value of 2.4 billion and an equity value of 1.94 billion.
On 23 June, Friday, Milan-listed energy giant ENI and its Oslo-listed subsidiary Vår Energi announced the agreement for acquiring Neptune Energy, a British Oil & Gas company that belongs to China Investment Corporation, Carlyle Group, CVC Capital Partners and the managers (see here a previous post by BeBeez). The target’s enterprise value amounts to 2.6 billion US Dollars. The vendors will keep Neptune’s activities in Germany while Vår will buy in Norway’s assets for an an enterprise value of 2.3 billion. ENI retained as advisors HSBC, White & Case and Ernst & Young. Neptune Energy appointed Goldman Sachs, Rothschild, Freshfields Bruckhaus Deringer, and Advokatfirmaet BAHR. The closing may happen in 1Q24.
Nasdaq-listed Nordson Corporation, a producer of industrial equipments with sales of 2.6 billion US Dollars and a market capitalization of 13.8 billion, announced the acquisition of Gruppo Arag, a manufacturer of precision control systems and smart fluid components for agricultural spraying, from Capvis and the target’s founders (see here a previous post by BeBeez). Nordson carried on the transaction with cash and debt on the grouns of a 960 million euros enterprise value for Gruppo Arag (16.5 X Ebitda). The transaction may close in 4Q23. Capvis acquired a controlling stake of Arag in November 2020
LimaCorporate, a manufacturer of orthopaedic prostheses that belongs to EQT since 2015, is mulling for an IPO (see here a previous post by BeBeez). The company hired advisors Morgan Stanley, Mediobanca, Goldman Sachs, and BNP Paribas. LimaCorporate has sales of 212.8 million euros, an adjusted ebitda of 63 million and a net debt of 323.6 million.
HOFI (Holding Funeraria Italiana), a funeral house that belongs to Augens Capital and BMO Global Asset Management, announced the acquisition of Italian competitor Arof (see here a previous post by BeBeez). Andrea Cerato will act as chairman of Arof. HOFI retained as advisors LMS, EY, Sampietro, and Maelius Group. Arof appointed Fabrizio Martini, Mario Gobbi and Paolo Chiocchini. The target has sales of above 4 million euros.
Fenice, the fashion company of the Italian influencer Chiara Ferragni, attracted the investment of a club deal that AVM Gestioni launched (see here a previous post by BeBeez). Alchimia, 40% owner of Fenice, will progressively sell up to 26% of the business to AVM for up to 20 million euros on the ground of an enterprise value of 75 million. The vendor retained as advisors BNP Paribas, Benigni & K and FGALEX while Studio Pedersoli assisted AVM. Fenice has sales in the region of 6.4 million, an ebitda of 2.6 million and a net financial debt of 0.69 million.
Ethica Global Investments, a club deal vehicle of Ethica Group (a Milan-based M&A firm that Cosimo Vitola and Fausto Rinallo head), launched Filidarte Group, a platform company for the high-end fabrics sector (see here a previous post by BeBeez). The firm already owns Manifattura Sesia and Lanificio dell’Olivo and has sales of 45 million euros (above 50% export to France and North America).
Infrastructure Investments Fund (IIF), a vehicle of JP Morgan Asset Management, will merge its renewable energy subsidiaries Renantis (fka Falck Renewables) and British Ventient Energy (see here a previous post by BeBeez). Toni Volpe will act as ceo of the new entity that will be operative by 2025. Italy’s Renantis has adjusted sales of 568.4 million euros, an adjusted ebitda of 207.6 million, and an adjusted net debt of 1.01 billion.
Milan-listed Tamburi investment Partners (TIP) and Aboca, an Italian healthcare company that belongs to the Mercati Family, signed a partnership for the development of Apoteca Natura, an international network of benefit drugstores, ahead of a mid-term listing of the business (see here a previous post by BeBeez). On 23 June, Friday, the companies said that they are going to subscribe to a capital increaseof Apoteca Natura investment, the owner of Apoteca Natura. TIP will own 28.57% of Apoteca Natura Investment, while the Mercati Family will hold the remaining stake. Apoteca Natura has sales of 7.7 million euros, an ebitda of 1.3 million and net cash of 3.1 million.
Consilium acquired the majority of Cela, a provider of high-end aerial work platforms, while Paolo Troni, Roberto Rocca and Simone Scalabrini will keep a relevant minority (see here a previous post by BeBeez). Consilium retained as advisors Studio Alpeggiani, EY, Kearney, 4ward Consulting, Greenwich, Deloitte, ESG, Aon, and Studio Russo De Rosa Associati. The vendors received assistance from Omnia Equity Advisory, Lexsential and Fieldfisher. BPER Banca, Cassa Centrale Banca Credito Cooperativo Italiano and Banca del Territorio Lombardo – Credito Cooperativo financed the transaction and appointed as advisors Shearman & Sterling. Troni and Stefano Di Santo will act as co-ceos of Cela which aims to grow through acquisitions. The company has sales of 45 million euros, an ebitda of 5 million and net cash of 2.5 million.
Itago acquired the majority of Apice, an Italian logistic company for the art sector, with the financial support of Banco BPM (see here a previous post by BeBeez). Sources said to BeBeez that Itago carried on leverage buy-out for acquiring 68.4% of the target while the vendors reinvested for a 30% and kept their operative roles. Prior to this sale, the Apice belonged to Panzironi Family (25%), Leonardo Carrer – Ennio Musi – Maurizio Torcellan (25%), Sergi Family (25%), and the Carlini Family (25%). Itago retained Ethica Group as advisor. Banco BPM appointed Orrick Herrington & Sutcliffe while DLA Piper assisted Apice that has sales of 25 million euros. The company may also grow through acquisitions.
Impresoft, an ICT company that belongs to Clessidra Private Equity since 2021, acquired 80% of QiNet, an Italian cybersecurity firm, from Metrika Tech (see here a previous post by BeBeez). Impresoft will acquire the remaining 20% at the closing that may take place in 3Q23 or 4Q23. Qinet is going to increase to 100% its 51% of Upgrade as Riccardo Rolando will sell his 49% of the target. ABC Capital Partners assisted Metrika Tech while Rolando retained Clearwater International. Dario Albarello and Francesco Baroncelli are the chairman and the co-ce of QiNet which has sales of 18 million euros.
In 2022, Italian investment company Palladio Holding, a firm that Roberto Meneguzzo founded, generated net profits of 5.1 million euros (see here a previous post by BeBeez). The company appointed the following directors for 2023-2025: Roberto Felice Adolfo Ruozi (presidente), Roberto Meneguzzo, Nicola Iorio, Jacopo Meneguzzo, Mario Ortu, Paolo Guzzetti, Amedeo Giovanni Maria Nodari, Alberto Gasparri, Antonio Spillere, and Federico Zoppas. Palladio has resources of above 350 million euros.
WRM Capital Asset Management (WRM CAM), part of Gruppo WRM of Raffaele Mincione, hired Fabio Morvilli, the chairman of the Italian-Luxembourg Chamber of Commerce and of the Italy-Belgium Chamber of Commerce as well as board member of several companies (see here a previous post by BeBeez). David Calò, a managing director of WRM CAM, said to BeBeez that Morvilli will help the firm to boost its international expansion.
