On 16 October, Monday, KKR sent to the board of directors of Milan-listed TIM a binding offer for NetCo, the company’s infrastructure network (see here a previous post by BeBeez). KKR also tabled a different non-binding offer for Sparkle, a manager of submarine cables. The fund offered 24 billion euros for the two assets (10 billion equity, 10 billion debt and 4 billion earn-out). KKR may make a binding bid in 4 to 8 weeks for Sparkle and required eclusivity talks unti 20 December, Wednesday. The deadline for accepting the bid for NetCo expires on 8 November, Wednesday, but it may accept extensions until 20 December.
Autostrade per l’Italia (ASPI), a portfolio company of Blackstone and Macquarie, and ASTM, a motorway company that belongs to Gruppo Gavio and Ardian, are going to sell 65% of Tangenziale Esterna, the company that manages part of Milan orbital road, on the ground of an enterprise value of 2 billion euros (see here a previous post by BeBeez). The vendors appointed Mediobanca, Intesa Sanpaolo-Banca IMI and UniCredit as advisors. Press reports said that minority owners FNM and Pizzarotti have not yet made a decision. The asset could attract the interest of private equity funds and IFM portfolio company Spain’s Aleatica which already owns Milan’s orbital road BreBeMi. Tangenziale Esterna has sales of 69.8 million, an ebitda of 48.1 million and a net financial debt of 1.066 billion.
Milan-listed paytech Nexi is of interest to CVC Capital Partners, market rumours say (see here a previous post by BeBeez). CVC may launch a delisting offer with Silverlake which held talks with Nexi shareholders in 2022, previous press reports said. On 9 October, Monday, Nexi share price was of 5,482 euros for a market capitalization of above 7.55 billion euros. In July 2021, Nexi shares hit a peak price of 19,40 euros.
Allianz acquired Tua Assicurazioni from Gruppo Generali with a cash payment of 280 million euros (see here a previous post by BeBeez). The closing may take place in late 2024. Mediobanca and Rothschild acted as financial advisors and Gianni & Origoni as legal counsel. The asset attracted the interest of Talanx, Mapfre, Axa, Covéa, Groupama, Helvetia, Admiral, Ageas, Reale Mutua, Prima Assicurazioni, and Bene Assicurazioni. Andrea Sabìa, the currente ceo and founder Bene Assicurazioni, created Tua Assicurazioni in 2003. Lodovico Radice and Alberto Dominici are the co-ceos of Tua Assicurazioni.
Gruppo Desa, the Italian owner of consumer brands Chanteclair and Quasar that belongs to the Sala and Silva Families, is holding advanced talks for selling a stake to Azzurra Capital Management, a private equity that Stefano Marsaglia co-founded (see here a previous post by BeBeez). Lazard is acting as advisor to the vendors. Desa has sales of 450 million euros and a 15% ebitda margin.
Howden Group Holdings Limited, an insurance broker that belongs to General Atlantic, CDPQ (Caisse de dépôt et placement du Québec) and Hg Capital, acquired Wide Care Services (WCS), an Italian insurtech (see here a previous post by BeBeez). WCS has a turnover of 6.4 million euros, an ebitda of minus 0.764 million and net cash of 0.578 million. Federico Casini is the ceo of Howden talia.
The bidders for Milan-listed KME Group raised only 1.98% of the shares and now own 85.45% of the target (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 that are below 95% threshold for the authomatic delisting that is still in the bidders’ plans.
In mid-October 2023, Three Hills Capital Partners successfully completed the public offer that launched on Digital360 on 25 September, Monday, at 5,35 euros per share (see here a previous post by BeBeez). The bidders already own more than 90% of Digital360. 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 (see here a previous post by BeBeez).. Equita Smart Capital ELTIF supported Three Hills and committed to invest up to 3.99 million euros.
Sparta Holding, the controlling vehicle of private equity fund Palladio Holding that belongs to the Meneguzzo Family, merged with Kite, which already owns 49.1% and 55.8% voting rights of the counterpart (see here a previous post by BeBeez). Kite rebranded as Palladio. Voting rights belong to Roberto Meneguzzo and Jacopo Meneguzzo (72%), Fabrizio Tabanelli (14%) and Nicola Iorio (1%). Earlier in September, Kite invested 30 million euros for a 20.3% of Sparta Holding from Enzo Ricci that posted a 9 million capital gain.
Eversana, an US-based provider of life science services, acquired Healthware Group, a management consulting firm, from Fondo Italiano Tecnologia e Crescita (FITEC – part of Fondo Italiano d’Investimento) and Roberto Ascione (see here a previous post by BeBeez). Healthware retained AlTi Global and Orrick as advisors. In 2019, the vendors invested 6 million euro for acquiring the majority of Healthware Group that launched a 10 million capital increase. Ascione and Fitec will keep the digital health and digital therapeutics units of Healthware Group which has sales of 15.4 million, an ebitda of 1.3 million, a net financial debt of 1.6 million, and equity of 16.4 million.
India’s Wipro Pari, an industrial automation company that belongs to Wipro Enterprises, acquired the majority of Ferretto Group‘s automation unit (see here a previous post by BeBeez). Riccardo Ferretto will keep his ceo role. PwC Deals and Allen & Overy assisted Wipro. Ferretto has sales of 70.5 million euros, an ebitda of 3.8 million and net cash of 2.8 million. The company hired Translink and Studio Russo De Rosa Associati
Illva Saronno Holding, the Italianowner of several spirits and food brands, acquired the majority of G&P center and Alvena, two manufacturers of semi-processed items for sweets and ice creams (see here a previous post by BeBeez). Talea Tax Legal Advisory assisted G&P center which previously belonged to Andrea Peruchetti (ceo – 95%) and Maria Luisa Manfredi (5%). The company has sales of 6.2 million euros, an ebitda of 0.321 million and net cash of 20,000 euros. Aldino Marzorati is the ceo of Ilva which received assistance from BonelliErede. Alvena previously belonged to Andrea Carlo Peruchetti (95%) and Punto Uno (5%). The firm has sales of 2.2 million, an ebitda of 0.216 million and a net financial debt of 0.134 million. Ilva has a turnover of 321.9 million, an ebitda of 71.1 million, net profits of 38.8 million, net cash of 81.9 million, , and equity of 843.9 million.
Berardi Bullonerie, an Italian distributor of bolts that belongs to HIG Capital, acquired 3Fast, an Italian competitor (see here a previous post by BeBeez). Santino Martinelli (42.5%), Marcello Martini (42.5%) and Marco Losi (15%) sold their stakes in 3 Fast which has sales of 7.4 million euros, an ebitda of 1.7 million and net cash of 1.9 million. Berardi Bullonerie expects to generate a turnover of 125 million with a 15% ebitda margin.
Milan-listed Azimut‘s US subsidiary Azimut Alternative Capital Partners raised from 12.5% to 15% its stake in private equity HighPost Capital, a fund that David Moross and Mark Bezos founded in 2019 (see here a previous post by BeBeez). Moross and Bezos will reinvest in Azimut. Gibson, Dunn & Crutcher assisted HighPost Capital while Sidley Austin advised Azimut Alternative Capital Partners.
IBF Servizi, a software house that since 2022 belongs to Nextalia and Milan-listed BF, acquired Italian competitor Abaco from Idea Taste of Italy, a vehicle of DeA Capital Alternative Funds, and the founders (see here a previous post by BeBeez). IBF Servizi received assistance from Intesa Sanpaolo, Cassiopea, Mediobanca, Rabobank, Orrick Herrington & Sutcliffe, RCCD, CIL Management Consultants, and Ernst & Young. Abaco retained GP Bullhound, McKinsey & Company, Marsh, Portolano Cavallo, and Gianni & Origoni. Antonio Samaritani and the other managers will keep their roles in Abaco and report to Roberto Mancini, the ceo of IBF. Abaco has sales in the region of 18 million euros, an ebitda of above 4.6 million and net cash of little more than 1 million.
Intellera Consulting, a management consulting firm that belongs to Gyrus Capital, said it acquired Italian competitor Trust4Value (T4V), a data analytics and machine learning firm (see here a previous post by BeBeez). T4V has sales of 7.7 million euros (CAGR 53%) and net cash of 160 million.
Italian Fine Food, a vehicle of AVM Gestioni, said it acquired 80% of Savini Tartufi, an Italian producer and vendor truffles (see here a previous post by BeBeez). Sources said to BeBeez that the fund acquired the asset on the ground of an enterprise value of 12 million euros. The sources also added that Italian Fine Food raised 30 million ahead of a 100 million target. The Savini Family keept a 20% while Cristiano Savini will be still the company’s ceo. Carla Falaschi (50%), Romina Savini and Luciano Savini (25% each) sold part of their stakes. AVM received assistance from LCA Studio Legale, Auditores Italy, Studio Alfuor & Associati, and Hoshin Corporate Finance. Savini has sales of above 10 million.
Ardian acquired a further 19% of Italian IT firm Dedalus from the founder Giorgio Moretti that will keep a 6% and his director role (see here a previous post by BeBeez). The company appointed Alberto Calcagno as ceo and Andrea Fiumicelli as chairman. Dedalus has sales of 809.3 million euros with an ebitda of 125.6 million (see here the company’s financials for 2022 available for the subscribers to BeBeez News Premium and BeBeez Private Data). In 2016, Ardian acquired 60% of Dedalus from Hutton Collins Partners, The Three Hills Capital Partners, Mandarin Capital Partners, anf Health Holding Company, a vehicle of Moretti that kept a 40% stake and his manager role. Three Hills retained a minority. In 2021, Dedalus attracted the investment of Abu Dhabi Investment Authority (ADIA).
