French multibrand luxury fashion firm Kering, said it paid 1.7 billion euros in cash for acquiring 30% of Italian iconic brand Valentino from Mozah bint Nasser Al Missned, who purchased the whole asset in 2012 for 720 million (33X ebitda 2011) (see here a previous post by BeBeez). Kering signed a call option for acquiring Valentino by 2028.
Ima, an Italian producer of machinery for packaging, said that BDT & MSD Partners purchased 45% of the business from BCPartners on the ground of an enterprise value of 6.5 billion euros (see here a previous post by BeBeez). The Vacchi Family will keep 55% of IMA. Poggi & Associati, Mediobanca, BofA Securities, White & Case, and FRM assisted the company. JPMorgan Chase and Kirkland & Ellis advised BCPartners. BDT & MSD Partners retained Chiomenti
On 1 August, Tuesday, Walter Bertin and Charterhouse concluded their 10 euros per share offer on Labomar, an Italian nutraceutical company, ahead of a delisting from Milan market (see here a previous post by BeBeez). Intesa Sanpaolo acted as broker for collecting the tenders. The bidders raised 94.096% of Labomar. Claudio de Nadai is the company’s ceo and invested in the delisting that the bidders carried on for an enterprise value of 212 million euros (12.8X ebitda 2022). Labomar has sales of 91.8 million, an ebitda of 16.55 million and a net financial debt of 27.6 million. Labomar launched its IPO on Milan market on 5 October 2020 at 6 euros per share and raised 29.9 million.
On 28 July, Friday, Made in Italy (the private equity vehicle of Quadrivio&Pambianco) concluded its 13.50 euros per share public offer on Cover50, a Milan-listed fashion firm (see here a previous post by BeBeez). Banca Akros acted as broker for collecting the tenders. The fund raised 90.4% of Cover50 which has an enterprise value of 37.6 million euros (5.7 X ebitda). The company has sales of 30.4 million, an ebitda of 6.6 million, net cash of 21.5 million and an equity value of 60.4 million. Cover50 listed on Milan market in 2015 after having raised 21.36 million through an IPO at 18,60 euros per share.
On 28 July, Friday, White Bridge Investment concluded the public offer that on 10 July, Monday, launched on Milan-listed Reevo, a cyber security firm (see here a previous post by BeBeez). Banca Akros acted as broker for collecting the tenders. White Bridge raised 98.91% of Reevo for a delisting on the ground of an enterprise value of 85.5 million euros (19.7 X Ebitda 2022) The company has sales in the region of 14 millio, an ebitda of 4.34 million and net cash of 2 million. White Bridge paid 17,60 euros per share and 0.18 euros per warrant for a total of above 86 million. Reevo launched its IPO on Milan market on 6 April 2021 at 7,74 euro per share and raised 5.53 million.
Italian car rental firm Sicily by Car is close to listing on Milan market on 3 August, Thursday, through a business combination with the Spac Industrial Stars of Italy 4 (ISI 4) (see here a previous post by BeBeez). The 2.8 million unoptionated shares are worth 9.94 euros each or a total of 28 million euros. Sicily by Car’s owner Tommaso Dragotto and the Spac’s shareholders will buy unoptionated shares for 18 million. Dragotto will sell to ISI4 shares for 39 million. The Spac will invest 61-66 million for a capital increase of Sicily By Car ahead of issuing 6.1 – 6.6 million new shares. The pre-money value of Sicily by Car’s equity amounts to 298.3 million. The company’s enterprise value amounts to 308.7 million while the EV\Ebitda is of 4.5X.
Italian underwear and beachwear producer Calzedonia acquired a controlling stake of Cantiere del Pardo, an Italian producer of yachts, from Wisequity (see here a previous post by BeBeez). Fabio Planamente and Gigi Servidati will keep a minority. Wise acquired 57% of Cantiere del Pardo in lated 2020 from Planamente and Servidati. Sources said to BeBeez that Banco BPM and Muzinich will be part of the transaction. Mediobanca, Studio Legale Cinti & Associati and KPMG assisted Calzedonia. Wise Equity retained Cassiopea Partners, Simmons & Simmons and Spada & Partners. Sandro Veronesi is the chairman of Calzedonia.
Silver Economy, a vehicle of Quadrivio Group, signed an agreement for acquiring The Private Clinic of Harley Street (TPC), a network of UK elderly care homes, from from Bluegem Secondary (see here a previous post by BeBeez). The fund already started to implement a buy & build strategy through the acquisition of four cosmetic surgery clinics in UK. TPC also aims to carry on international acquisitions. Quadrivio Group received assistance from King & Wood Mallesons, BDO, LSC and MDW. Bluegem Secondary hired DLA Piper, Grant Thornton and Lincoln International.
Self Group, an Italian producer of thermoforming moulds for plastics, invested 8 million euros for acquiring US competitor Avantech (see here a previous post by BeBeez). Friulia supported the buyer with 1.5 million. Avantech has sales of 9 million. Self Group belongs to Andrea Zonta and Walter Zonta. Federica Seganti chairs Friulia.
Sotralu, a producer of components for alluminium doors and windows that belongs to Bridgepoint Development Capital since 2014, said it acquired Italian competitor FR AccessoriesLuigi Ntognini(25%), Luca Ragni(25%), Lodovica Ragni (25%), Giorgia Giovagnoli (15%), and Marina Giovagnoli(10%) (see here a previous post by BeBeez). FR Accessories has sales of 20.7 million euros, an ebitda of 3 million and a net financial debt of 3.6 million.
MinervaHub, an Italian platform company for the production of components for the luxury fashion sector of which the Garrone and Mondini Families own 75%, acquired New and Best HF (see here a previous post by BeBeez). Pavia e Ansaldo advised the buyers. Legance assisted Michele Doronzo, Ruggiero Doronzo and Gianluca Doronzo, the vendors that reinvested for a minority. Mediobanca and Gatti Pavesi Bianchi Ludovici advised MinervaHub which has sales of 22.2 million euros, an ebitda of 6.5 million, and net cash of 8.6 million.
Aksìa Group acquired the majority of ICAM, an Italian provider and producer of authomation systems for wharehouses, from the Bianco Family that reinvested for a minority (see here a previous post by BeBeez). Banca IFIS, Banco BPM and Banca Intesa financed the transaction. Aksìa Group retained Goetz, EY, Giliberti Triscornia e Associati, De Luca & Partners, EY Debt Advisory, and Russo De Rosa Associati. ICAM appointed Ethica Group, Greenberg Traurig Santa Maria, and CBA. ICAM has sales of 24.8 million euros, an ebitda of 4.8 million and a net financial debt of one million. Icam aims to grow through acquisitions.
Sources said to BeBeez that FIEE acquired 51% of Spain’s Cubierta Solar, a photovoltaic energy firm, through the subscription of a 16 million euros capital increase and the purchase of shares 2 million worth from the founders Luis Navarro Buciega and Ester Navarro Buciega (see here a previous post by BeBeez). The sources said that the company aims to generate sales of above 50 million by 2028.
Alkemia Capital Partners and Banca Ifis acquired the majority of Pakelo Motor Oil, an Italian producer of chemical products for automotive, from Alberto Polacco (ceo and chairman that will keep his role), Aldo Polacco and Rino Polacco that reinvested for a minority (see here a previous post by BeBeez). Banco BPM financed the transaction. Alkemia retained as advisors Studio Legale Lambertini & Associati, OC&C, PwC, PwC TLS, Studio Legale Ferrario, Provenzali, Nicodemi & Partners, and ERM Italia. Pakelo appointed UBS and Chiomenti. Banco BPM hired Simmons & Simmons. Pakelo Oil has sales of 46.3 million euros, an ebitda of 3.7 million and a net financial debt of 1.7 million.
Carton Group, a German packaging company that belongs to private equity Waterland, signed an agreement for acquiring Italian competitor Europoligrafico from the Colleoni Family that will reinvest for a minority (see here a previous post by BeBeez). Europoligrafico has sales of 59.3 million euros, an ebitda of 3.2 million and a net financial debt of 20.8 million.
SK Capital Partners acquired the majority of Ecopol, an Italian producer of water-soluble and biodegradable films for single-dose detergents (see here a previous post by BeBeez). Mauro Carbone (ceo) and Tikehau Capital will invest for a minority. Sources said to BeBeez that the fund has 40% of Ecopol. SK Capital appointed as advisor Latham & Watkins, Crédit Agricole Italia and Intesa Sanpaolo. Ecopol retained Legance, Alpeggiani Studio Legale Associato, STS Deloitte, and UBS. Ecopol has sales of 28.3 million euros, ebitda of 9 million and net financial debt of 13.6 million (i ncluding a 4.5 million minibond maturing in 2025 that Tenax Capital Private Debt Italia subscribed).
Hyle Capital Partners acquired the minority of Italian pizzerias chain Berberé from Miscusi, a restaurants network that belongs to MIP (Milano Investment Partners) (see here a previous post by BeBeez). Matteo Aloe e Salvatore Aloe have the majority of the business which has sales of 16.5 million euros, an ebitda of 1.5 million, a net financial debt of 3.1 million, and equity of 3.3 million.
Oniro Group, an Italian furniture firm, acquired 51% of Baleri Italia from AVM Gestioni that will keep a 49% of the target (see here a previous post by BeBeez). Baleri has sales of 0.93 million euros, an ebitda of minus 0.2 million, net losses of 0.324 million and, equity of 1.3 million.
Milan-listed B-corp and permanent capital investor ABC Company and Riello Investimenti Partners will pour their resources in Fornaio del Casale, an Italian backed goods company (see here a previous post by BeBeez). ABC will acquire up to 40% of a vehicle through which Riello will control the company whose founders Darix Gecchele, Samuele Gecchele (previously 41.94% each), Fiorenzo Botter (10.75%), and Nives Zorzan (5.38%) will reinvest for a minority. ABC will invest 4 – 7 million in Fornaio del Casale with the support of further partners. Fornaio del Casale has revenues of 42 million, an ebiitda of 4.2 million and an adjusted net financial debt of 6.5 million.
On January 2024, Italian law firm PedersoliGattai will sart its activity with 350 professionals (64 partners) working in Milan, Rome and Turin (see here a previous post by BeBeez). Carlo Pedersoli will be the chairman, Bruno Gattai the managing partner, Stefano Cacchi Pessani and Carlo Re will act as deputy managing partners. The firm is born out of a merger of Studio legale Gattai, Minoli, Partners, with Italian competitors Pedersoli, Carlo Montagna, Stefano Cacchi Pessani, Enrico Vaccaro, Alessandro Capogrosso, and Elisabetta Bellini
