Market rumours say that Italian motorways operator Autostrade per l’Italia (ASPI) attracted the interest of Italian entrepreneur Matterino Dogliani who is studying to table a bid of 8 billion euros (20 billion including the company’s debt) for the asset in partnership with an international fund (see here a previous post by BeBeez International ). The current governance of ASPI requires to cut dividend out of all net profits instead of allocating resources for investments. The Italian Government would favour a replacement of Blackstone and Macquarie with Italian investors as shareholders of
ASPI’s equity is worth 9.3 billion. However, the Italian Government said to be unaware of any bid for ASPI, whose shareholders CDP Equity, Blackstone and Macquarie signed a syndicate pact and a lockup agreement for the next four years.
Mediterranean Shipping Company (MSC), a company of the Aponte Family, completed the acquisition of 50% of Italo-Nuovo Trasporto Viaggiatori (NTV) from Global Infrastructure Partners (GIP, previously 72.55% owner) (see here a previous post by BeBeez). The vendor will reinvest for a 35%, while Allianz Infrastrcuture may raise its 10% to 14%. Luca di Montezemolo, Isabella Seragnoli and Alberto Bombassei will reinvest for a minority. IP Infra Investor (7.54%), Molangers (0.6%), Flavio Cattaneo, Gianni Punzo, and Peninsula Capital will sell their stakes. Montezemolo and Gianbattista La Rocca will keep their chairman and ceo roles. Italo-NTV’s enterprise value amounts to 4.2 billion while the equity value is of 3.2 billion. The company has a net financial debt of 934 million. In 2018, GIP invested in NTV on the ground of an enterprise value in the region of 2.4 billion and an equity value of 1.94 billion. NTV has sales of 700 million and an ebitda of 225 million.
Style Capital said it acquired 80% of French ready to wear companies Soeur on the ground of an enterprise value of 70 million euros from Experienced Capital (which acquired a minority in 2016) and founders Domitille Brion and Angèlique Brion who will keep a 30% while the ceo Freja Day will maintain her role (see here a previous post by BeBeez). Soeur expects to generate revenues of 50 million. Emmanuel Pradère is the chairman of Experienced Capital.
Marelli, the Italian – Japonese producer of automotive components born in 2019 out of the merger of KKR portfolio companies Magneti Marelli with Calsonic Kansei, hired an advisor for selling its plant in Bologna area to an investors with solid business plans that will preserve the jobs (see here a previous post by BeBeez). On 8 November, Wednesday, the company’s and the fund’s executives will meet the Italian Government for discussing the crisis of the firm which has liabilities in the region of 8 billion euros.
StepStone Group, an U.S. asset management giant with a focus on alternative investments, is open to partnership proposals from Italian private bankers and wealth managers to enable high net worth individuals (HNWIs) and mass affluent investors to access private markets through the semi-liquid products of its subsidiary StepStone Private Wealth (see here a previous post by BeBeez). Bob Long, the ceo of Stepstone Private Wealth, said in an exclusive interview to BeBeez: “Stepstone Group, a global Nasdaq-listed private markets investment firm, and its subsidiary StepStone Private Wealth handle resources in the region of $640 billion of total capital. We are open to hearing proposals from networks of private bankers and wealth managers to increase our foothold in the region and enable non-institutional investors to gain more exposure to unlisted markets. The latter have historically generated better returns than their public peers. Furthermore, StepStone’s private wealth solutions build portfolios with quality assets. General Partners from all over the world help us to carry out co-investments, secondary markets transactions and marginally primary market deals. This strategy allows investors to access markets at different entry points and distinct stages of economic and financial cycles consistently with the principles of convenience, efficiency and transparency that inspire us. Our private wealth solutions also benefit from a broad diversification of actively managed portfolios that more than 340 global investment professionals run with the support of StepStone’s data intelligence, network and deep experience in private markets. We offer private wealth investors a way to access non-public markets. It is a simple and substantial innovation.” Celine El Debs, StepStone Private Wealth’s Head of EMEA Distribution, emphasized that ‘StepStone Private Wealth “has not yet signed distribution agreements in Italy for its private wealth solutions and is considering working with networks of private bankers and wealth managers to make its products available to eligible investors.”
Cassa Depositi e Prestiti (CDP)‘s vehicles CDP Equity, Fondo Italiano di Investimento (FII), CDP Venture Capital, and Simest signed a four-years non-binding memorandum of understanding with Khazanah Nasional Berhad (Khazanah) (see here a previous post by BeBeez). Khazanah has assets under management worth 35.8 billion US Dollars and will consider investments in portfolio companies of CDP Equity, FII and CDP Venture Capital as well as collaborations with Italian firms with relevant activities in Europe and Malaysia. Simest and Khazanah will focus on Malaysian investment opportunities for Italian companies. The partnership aims to strenghten the Italian presence in the Asean area.
ReLife, an Italian waste management company of F2i, Xenon Private Equity and the management, said it acquired Italian packaging and supply chain firm Scatolificio Deles and its subsidiary Ondulati Menegazzi (see here a previous post by BeBeez). Relife retained as advisors Chiomenti Studio Legale and Finerre. Deles hired EY and GVA Greco Vitali Associati. After such an acquisition Relife Paper Packaging will grow its revenues by 40% for a total of 180 million euros. Relife has sales of 380 million. Domenico Benfante is the ceo of ReLife Group. In 2021, F2i acquired 70% of ReLife from the Families Benfante, Ghigliotti, Malaspina and Xenon Private Equity that kept a minority. The enterprise value was of above 500 million.
I Squared Capital signed a binding agreement for acquiring 95% of Rome-based Absolute Energy, a company that Alberto Pisanti created (see here a previous post by BeBeez). The closing of such 400 million euros worth investment may take place in the next weeks. Gautam Bhandari is the global chief information officer and managing partner of I Squared Capital.
In early 2023, Italian wine producer Casa Vinicola Zonin (of which 21 Invest owns 36% since 2018) decided to increase its sales in USA with the support of local distributor Rndc (see here a previous post by BeBeez). The Italian company aims to invest 50 million euros for expanding its presence in the area. The Zonin Family may also sell Castello del Poggio, Rocca di Montemassi or Principi di Butera for financing acquisitions of other assets. The company aims to increase the profitability of the Ho.re.ca. sales . Zonin has sales of 200 million euros, losses of 2.3 million, an ebitda of 10.3 million and net financial debts of 76.4 million.
Redelfi, a Milan-listed investor in the sectors of green energy, fintech, circular economy, tech and real estate, signed a term sheet with Flash, a portfolio company of Gruppo WRM (a fund that Raffaele Mincione created) for creating a joint venture for the development of battery energy storage systems stand-alone (BESS) in Italy (see here a previous post by BeBeez). Redelfi will own 51% of the jv. Flash will invest its own resources in the development of BESS projects with a 2.8 GW target in three years. Domenico Colapietro is the ceo of Flash. Davide Sommariva is the ceo of Redelfi which has revenues of 4.5 million euros, an ebitda of 1.7 million and equity of 9.3 million.
Tikedo, an Italian printer of labels that belongs to White Bridge Investments, acquired the majority of Lettonia’s competitor Impaks (see here a previous post by BeBeez). Sources said to BeBeez that Tikedo purchased 75% of the target on the ground of an enterprise value of 10 million euros. The vendors reinvested and the target’s ceo Igors Kokins kept his role. Vito Giurazza, the ceo of TIkedo, will act as chairman. Impaks retained Auctus Capital, Tikedo hired GMT Partners, Sorainen and KPMG.
The Bloc, a New York-based health-native agency, acquired Milan’s Thenewway, from Misurina (51% since 2009), Chiara Francesca Cabrini, Paolo Zanaria and Luigi Zanaria (49%) (see here a previous post by BeBeez). The target will rebrand as “The New Way, a Bloc Agency” and Alessandro Seveso will head it. Thenewway has sales of 10.7 million euros, an ebitda of 1.3 million and net cash of 0.219 million.
German Auctus Capital Partners acquired 65% of Naples Comesvil, an Italian TMT firm for the railway sector, with the financial support of Unicredit (see here a previous post by BeBeez). The transaction value amounts ot 30 million euros. Sources said to BeBeez that UniCredit provided financing faiclities for 80% of the total transaction value (little below 25 million). Patrizia De Luca (35%) sold her stake while his husband Vincenzo Greco (65%) will retain a 35%. Comesvil has sales of 36.2 million.
STF Loterios, an Italian producer of components for heat exchangers that Frankfurt-listed Mutares sold to Portuguese Ibisco Investments in 2022, aims to grow through acquisitions in Italy and abroad (see here a previous post by BeBeez). In 1H23 STF Loterios posted sales of 19 million euros.
Ethica Global Investments, a club deal vehicle that Ethica Group (a Milan-based firm that Cosimo Vitola and Fausto Rinallo head) created Decorluxe out of the merger of packaging portfolio companies V.M.C. Mottini, Verbar and Plast.Met (see here a previous post by BeBeez). Ethica Global Investments retained as advisors Gatti Pavesi Bianchi Lodovici, KPMG and Deiure. Plast.Met appointed Equita K Finance, Elenio Bidoggia and Riccardo Amati. Decorluxe has aggregated sales of 25 million euros.
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 LTM, an Italian producer of metal inserts for stiletto heels (see here a previous post by BeBeez). Frederic Lombardi, ceo, and his wife Maria Lucia Paganelli, sold the company ahead of reinvesting for a minority of MinervaHub which hired Pavia e Ansaldo Studio Legale, Legance-Avvocati Associati, OC&C, Deloitte, PwC TLS, and Greenwich. The vendors retained Deloitte Financial Advisory and Deloitte Legal. LTM spa has sales of 8.3 million euros, an ebitda of 3.6 million and net financial debts of 2.9 million.
The Timken Company, an US producer of industrial components, acquired Italy’s Rosa Sistemi from Rosa Re (95%) ceo Graziano Defilippi (5%) (see here a previous post by BeBeez). Equita K Finance (Clairfield Italy), Heussen and No.Ma Consulting assisted Rosa Sistemi which has sales of 15 million euros. Fabrizio Rosa is the chairman of the target. Christopher Coughlin is the executive vicepresident of Timken and chairman of Industrial Motion.
Astraco Capital Holding (ACH) carried on the acquisition of Cms Costruzioni meccaniche speciali for its portfiolio company Crippa, a producer of industrial machinery (see here a previous post by BeBeez). Crippa aims to generate sales of above 100 million euros through its organic growth and M&A. The company financed the transaction through the issuance of a mezzanine bond that Equita private debt and Alantra private debt subscribed and financing facilities of illimity Bank, Imprebanca and Merito which also invested in the transaction’s equity. The vendors provided a vendor loan for above 20% of the total investment.
QCapital acquired 35% of Ciam, an Italian producer of veterinary drugs, through a club deal of professional investors and family offices (see here a previous post by BeBeez). The Tosti Famly will keep a 65% while Giuliano Tosti will act as chairman and ceo. Emanuela Ameli previously owned 40% of the business. The vendors retained as advisors AlmaVis, Giovannelli e Associati Studio Legale, Diego Silvestri, Carlo Cantalamessa, and Studio Tributario Ascolano. QCapital appointed EY, Long Term Partners OC&C, and Pedersoli Studio Legale. The company aims to grow through M&A. Sources said to BeBeez aims to grow in the Italian market. Ciam has sales of 120 million euros (+15% yoy).
Vivi Energia, an Italian distributor of energy, acquired the majority of Milano Gas e Luce and signed a strategic joint venture with it and its subsidiary Bergamo Gas (see here a previous post by BeBeez). Alessandro Longo and Michele Attilio Longo sold part of their 70% and will own 49% of the new entity. Alessandro Longo will acta as ceo of the newco. Vivi Energia belongs to Vivi Gas whose even shareholders are Fiduciaria Vonwiller, Profida Italia and Sefit Servizi Fiduciari. The company has revenues of 974 million euros, an ebitda of 10.2 million, net cash of 69.1 million, and equity of 93.9 million
EY acquired Italian consulltancy firm for the labor safety IPQ Tecnologie (see here a previous post by BeBeez). Franco Albertini (a partner of EY and 20% owner of the target), Danilo Pozzi (40%) and Mauro Pastori (40%) sold their stakes. IPQ has sales of 4.5 million euros, an ebitda of 0.365 million and net cash of 1 million.
Italy’s martech Jakala, a company that sold a 60% stake to Ardian in February 2021, acquired the majority of Madagence, a French network of agencies for e-commerce (see here a previous post by BeBeez). The vendor retained Naxos Avocats while Jakala hired Aramis Avocats.
White Lab, an Italian provider of inspection services for the food, environment and healthcare sector that belongs to White Bridge Investments, acquired CTR from Element Materials Technology Milan, part of Element, an international conglomerate (see here a previous post by BeBeez). Bridgepoint owns the vendor since 2016 while Temasek invested in the asset in 2019. Dentons assisted White Lab while Element retained DLA Piper. Athena Associati carried on the financial and tax due diligence. CTR has sales of 2 million euros, an ebitda of minus 0.4 million and net cash of 0.232 million.
Gabriele Todesca, Barry McGrath and Nicolas de La Vallée Poussin, executives of the European Investment Fund (EIF), said that IPO Initiative, part of InvestEU, could involve only investment funds and not pre-booking companies or club deal platforms (see here a previous post by BeBeez).
On 2 October, Monday, CDP Equity appointed Fabrizio Armone as manager for the relations with co-investors and fundraising (see here a previous post by BeBeez). Armone will report to CDP Equity’s ceo Francesco Mele.
International tax and law firm Andersen signed an agreement with Italy’s Conti & Partners for providing corporate finance advisory in Milan (see here a previous post by BeBeez). Cesare Conti, a Corporate Finance professor at Bocconi University and Managing Partner of the Italian firm, will act as partner. Andrea De Vecchi is the ceo of Andersen and co-managing partner for Europe. Mark Vorsatz is the chairman of Andersen Global.
