KKR may table on 15 October, Sunday, its binding bid for NetCo (the owner of Milan-listed TIM‘s infrastructure network) and not on 30 September, Saturday (see here a previous post by BeBeez). TIM may agree the extension. Paris-listed conglomerate Vivendi, TIM’s 23.75% owner, is also going to meet the Italian Government. The French company reportedly believes that NetCo’s enterprise value amounts to 31 billion euros, well above the offer that KKR tabled on the ground of a 23 billion evaluation. Arnaud de Puyfontaine, the ceo of Vivendi, reportedly asked to meet the Italian Government for discussing such an issue.
MSC is close to acquiring Italo-Nuovo Trasporto Viaggiatori (NTV), an Italian railway company, on the ground of an equity value of 3.2 billion euros and a debt of 900 million that the firm already refinanced with a pool of banks (see here a previous post by BeBeez). MSC will buy 50% of NTV while current 72.6% owner Global Infrastructure Partners (GIP) will reinvest for a nearly 35%. Allianz which has now 11.5% will raise its stake to 15%. IP Infra Investor (7.6%) and Molangers (0.6%) will sell their interest. Luca di Montezemolo, the founder of NTV, may buy a 0.3%. Peninsula Capital, Flavio Cattaneo, Isabella Seragnoli, Alberto Bombassei, and Gianni Punzo will sell a total of 7.7%. NTV also attracted the interest of EQT, Blackrock, Brookfield, APG, GIC, and Allianz.
NYSE-listed Enovis Corporation, a producer of orthopaedic prostheses, acquired Italian competitor LimaCorporate from EQT which both the asset in 2015 through a management buyout (see here a previous post by BeBeez). Enovis will pay LimaCorporate 800 million euros (700 million in cash and 100 million through the issuance of new shares). The closing may take place in early 2024. Enovis said it aims to repay some of the financial liabilities of LimaCorporate, such as the secured senior floating rate bonds maturing in 2028 and the company’s revolving credit line. Enovis retained as advisor UBS Investment Bank, JP Morgan Securities and Allen & Overy.
The shareholders and owners of warrants of Milan-listed KME (fka SMI) tendered the public offer with their assets worth a total of 120 million euros on 25 September, Monday (see here a previous post by BeBeez). The company’s executive chairman Vincenzo Manes, the director Ruggero Magnoni, Hanseatic Americas, and the managers launched the public offer on the asset with the support of JPMorgan Asset Management. Equita is in charge of raising the tenders. KME will finance the offer with 15 million of its own resources and with a 159.3 million facility that the subsidiary KMH will provide after having issued bonds maturing on 31 December 2025 that JP Morgan Asset Management will subscribe for 76.6 – 131 million. The bonds will pay an annual 10% coupon in 2023, 12% in 2024 and 15% in 2025. Furthermore, JPMorgan AM will subscribe to a capital increase of KMH of 41 – 70 million (12% – 20.5% of the company). At the end of the transaction, KME will make further buys of stakes in its subsidiaries and also carry on acquisitions. German Cunova (fka KME Special Products & Solutions), of which The Paragon Fund has 55% and KME 45%, is one of the priority targets.
Italy’s Alfasigma launched a public offer on Nasdaq-listed competitor Intercept pharmaceuticals (see here a previous post by BeBeez). Alfasigma signed an agreement for paying Intercept 19 US Dollars per share in cash while at the closure of trading of 25 September, Monday, the price was of 10 US Dollars. The transaction value is in the region of 800 million US Dollars and the closing may take place by the end of 2023. AlfaSigma retained PJT Partners, Chiomenti and Sullivan & Cromwell. Intercept appointed Barclays, Centerview Partners and Skadden, Arps, Slate, Meagher & Flom.
Italian nutraceutical company Kolinpharma delisted from Milan market as Hyle Capital Partners and the company’s chiarwoman Rita Paola Petrelli successfully concluded the public offer on the firm (see here a previous post by BeBeez). The fund will retain 61,15% of the company, while Petrelli will have 38.85%. The bidders delisted Kolinpharma on the ground of an enterprise value of 14.8 million euros.
The Cattinori Family sold the majority of Leonix Fasteners, an Italian producer of special screws and bolts, to an undisclused club deal (see here a previous post by BeBeez). Sources said to BeBeez that four investors from USA, Switzerland and Italy acquired the company for supporting its international expansion. Thymos Business & Consulting, CMS Adonnino Ascoli & Cavasola Scamoni assisted the vendors. Grimaldi & Partners Studio Legale and Lombard Network Group advised the buyers. Sebastiano Signò, a partner of Thymos, said to BeBeez that the company aims to grow through acquisitions in Usa. Leonix has sales of 6.2 million euros, an ebitda of 1.1 million and net cash of 0.451 million.
MinervaHub, an Italian industrial pole operating in the segment of luxury product finishes and materials of which the Garrone and Mondini Families have 75%, acquired Elettrogalvanica Settimi, a company operating in the field of electroplating activities (see here a previous post by BeBeez). The Settimi Family (85%) and Rita Marra (15%) sold their stakes. MinervaHub retained Ethica Group and Studio Gelmetti and has sales of 300 million euros with an ebitda in the region of 80 million. Elettrogalvanica Settimi has sales of 14.9 million, an ebitda of 3.9 million and net cash of 5.3 million. On 2 October, Monday, Alessandro Corsi will start working as ceo of Mineva. He previously acted as cfo of Ferragamo and for General Electric.
On 25 September, Monday, London private equity Three Hills Capital Partners launced a 5,35 euros per share offer on Milan-listed marketing firm Digital360 (see here a previous post by BeBeez). Three Hills already acquired 61.7% of the target from Andrea Rangone, Mariano Corso, Alessandro Perego, Gabriele Faggioli, Raffaello Balocco, and other minority shareholders that will reinvest in the business. Equita Smart Capital ELTIF supported Three Hills and committed to invest up to 3.99 million euros.
Banca Progetto, the challenger bank that belongs to Oaktree Capital Management (Oaktree CM) since 2015, may list on Milan market between the end of 2023 and early 2024, ceo Paolo Fiorentino reportedly said (see here a previous post by BeBeez). The bank may list a 35% of the business while Oaktree may retain the majority of the firm. On 2 October, Monday, the company will decide whether to launch a capital increase ahead of the IPO. Stj Advisors is assisting the company, while Intesa SanPaolo, UBS, and Citi may act as global coordinator. In 1H23, Oaktree CM provided financing facilities for 1.5 billion euros (+2% yoy) with a CET 1 Ratio of 18.8%. The bank may list on the ground of an enterpise value of 400-500 million. The firm previously hired Morgan Stanley for a sale and attracted the interest of Davidson Kempner, Centerbridge and BFF Banking Group.
Investindustrial signed a binding agreement for acquiring 51% of Spain’s Virospack, a producer of droppers for high end cosmetics, (see here a previous post by BeBeez). Investindustrial retained as advisors Bain, ERM, Freshfields, Kearney, PWC, Uría Menéndez, and WTW. Virospack hired Banco Sabadell and Cuatrecasas. Virospack has sales of 60 million euros.
Mech i Tronic – Groupack, the Italian mechatronics pole that Marco Giovannini launched, acquired Union Officine Meccaniche, acompany operating the field of extrusion of rigid and foamed materials, from the chairman and ceo Ferdinando Passoni (see here a previous post by BeBeez). Sources said to BeBeez that Passoni reinvested for a 24% of Mech i Tronic (MIT) and joined the company’s board of directors. Union has sales of 28.2 million euros, an ebitda of 11 million and net cash of 11 million.
STF Loterios (fka STF Balcke-Dürr), an Italian producer of industrial components that Frankfurt-listed Mutares sold to Portuguese Ibisco Investments in late 2022, aims to grow through acquisitions (see here a previous post by BeBeez). In 1H23, STF Loterios generated sales of 19 million euros. Marco Ernesto Donghi, the coo of STF Loterios, said that the company aims to carry on acquisitions in the Americas and EMEA areas.
Italy’s Indiana Production, a producer of movies, commercials and video contents, carried on a merger with Spain’s competitor Vuelta Group through a swap of shares (see here a previous post by BeBeez).Vuelta reportedly acquired the whole of Indiana whose shareholders reinvested in the merged entity. Indiana Production has sales of 41.4 million euros, an ebitda of minus 23.4 million and equity of 5.6 million.
Ibla Capital, an Italian investor in turnarounds and special situations, is launching Ibla Industries III as it’s near to concluding the investments of Ibla Industries II (five transactions closed), ceo and founder Alessandro Lo Savio said to BeBeez (see here a previous post by BeBeez). Lo Savio said that he aims to raise 50 million euros. The previous vehicle attracted 30 million in 2020 and may invest the residual resources in bolt-on deals for its portfolio companies.
Azimut Automobile Heritage Enhancement SCA-SICAV-RAIF, an evergreen investment vehicles for iconic cars, purchased a 488 GTE Ferrari and a 488 GT3 Evo 2020 Ferrari (see here a previous post by BeBeez). Giorgio Medda is the ceo and global head of asset management & fintech of the Azimut Group and said: “The AHE fund represents an exclusive investment opportunity in a sector with a steadily growing global demand. The AHE fund has an investment strategy focused on luxury limited series classic cars (supercars and hypercars) with an average value in excess of 1 million euros.
