International broadcasters Dazn and SKY won the auction for the Serie A 2024-2029 TV rights and will pay a total of 900 million euros per year, less than 927.5 million paid for the previous contracts (see here a previous post by BeBeez). Luigi De Siervo, the ceo of Serie A, said that the agreement includes a 50% revenue sharing with Dazn if the broadcaster (who paid 700 million) will generate sales of above 750 million. Earlier in October, Oaktree Capital Management tabled a 1.75 billion bid (750 million in cash and one billion debt) for acquiring a 5% of the Serie A media company and an offer of one billion per year for a 15 years contract. The fund aimed to create a TV channel for the Serie A.
Rocco Forte, the majority owner of the eponymous hotel and leisure group of which CDP Equity has 23%, said he aims to sell a minority of the company (see here a previous post by BeBeez). Previous press reports said that Saudi Arabia’s Public Investment Fund (Pif) aims to acquire 49% of Rocco Forte for 1.3 – 1.5 billion euros that would mean a 640 million capital gain for CDP.
French Data4, a data center operator that belongs to Brookfield Infrastructure, will invest in Italy one billion euros out the 2.2 billion (with an option for a further one billion) that received from BNP Paribas, Natixis, ABN Amro and Deutsche Bank (see here a previous post by BeBeez). The company aims to refurbish the center in Milan, opening a campus in Poland and build a new hub in Germany.
Iconic Italian fashion firm Giorgio Armani may list five years after the eponymous founder and owner will leave his role (see here a previous post by BeBeez). Silvana Armani, Roberta Armani and Andrea Camerana could take over the management of the firm. Fondazione Giorgio Armani owns 0.1% of the business. Giorgio Armani, Pantaleo Dell’Orco and Rothschild banker Irving Bellotti are part of the board of the foundation.
As BeBeez reported earlier in March, Progressio sold its 70% stake in Gruppo Garda Plast to Valgroup Italia and its subsidiary Ifap (see here a previous post by BeBeez). UBS, Equita and Studio Carnelutti assisted the vendors. Gruppo GP has sales of 96.7 million euros, an ebitda of 9.1 million, net debts of 25.1 million, and equity of 34.6 million.
SBE-Varvit, an Italian producer of screws and fixers, said it aims to launch an IPO on Milan market through an institutional placement of the shares that belong to Vescovini Group (see here a previous post by BeBeez). On 23 October, Monday, the company signed a cornerstone agreement for the sale of shares for at least 11.5 million euros (up to 8,33 euros per share) to a cornestone Investor of which Equita Investimenti will have the minority while a club deal will hod the majority. The company will list 10% or more of the equity and provide a greenshoe option. Equita and UniCredit Bank will act as joint global coordinator and joint bookrunner, Lazard as financial advisor. Chiomenti is assisting SBE-Varvit while Linklaters is advising the banks. SBE-Varvit has sales of 220.2 million, a 58 milion ebitda (26% margin) and net profits of 33.1 million. Vescovini Group equally belongs to Alberto Vescovini, Alessandro Vescovini and Federico Vescovini. The firm has sales of 392.8 million, an ebitda of 102.1 million and net cash of 30.2 million.
QuattroR is mulling for a sale of its 49% of Casalasco Società Agricola, an Italian tomato producer (see here a previous post by BeBeez). The asset could attract the interest of La Doria (an Italian competitor of which Investindustial has 65%), Mutti (of which Verlinvest has 24.5%) and financial investors. QuattroR invested in Casalasco in 2021 through the subscription of a capital increase of 100 million euros on the ground of an equity value of little above 200 million. Casalasco has sales of 375.2 million, an ebitda of 35.7 million and a net financial debt of 153.6 millioni.
On 1 November, Wednesday, Cronos Vita Assicurazioni (see here a previous post by BeBeez). Alessandro Santoliquido is the coo of Cronos, the newco that Intesa Vita, Generali, Poste, Unipol(22.5% each), and Allianz created for taking over the portfolio of Eurovita, an insurer that belonged to Cinven (10%).
Banca Finint‘s club deal vehicle NEM-Nord Est Multimedia (NEMNEM) joined the forces with Fondazione Cariverona, Confindustria Udine and Fondazione Cassa di Risparmio di Trieste for acquiring GEDI‘s local papers for the North East of Italy(see here a previous post by BeBeez). Sources said to BeBeez that the Cattaruzza and Samer Families, Confindustria Belluno, a pharma sector entrepreneour, and four more businessmen are also mulling for supporting Finint. The closing for the deal will take place in late October. Enrico Marchi, Giuseppe Cerbone and Paolo Possamai are the chairman, ceo and editor in chief of NEMNEM. Luca Piana will join the firm as deputy editor for the portal Nordest Economia.
Metrika Tech posted a 100% IRR and 5.3X the invested equity out of the sale of its cybersecurity company qinet to Impresoft for a 44 million euros enterprise value (see here a previous post by BeBeez). ABC Capital acted as advisor for the vendors. Impresoft belongs to Clessidra Private Equity since 2021 and also acquired Cooder from ceo Enrico Zoli, Alessandro Scavella and Paolo Ciminari. The target has sales of 2.5 million, an ebitda of 1.07 million and net cash of less than 1 million (see here a previous post by BeBeez). Impresoft also purchased WebFormat from ceo Diego Semenzato. The company has revenues of 3.5 million, an ebitda of 1.3 million and net cash of 1.4 million.
Danish Multi-Wing, an industrial company of Altor Equity Partners, acquired VIP AIR Empowerment and WEM Windings Electric Motors, two firms operating in the sector of industrial fans (see here a previous post by BeBeez). The Fasolini Family sold the asset. Multi-Wing has sales of 9.2 million euros, an ebitda of 0.906 million, net debts of 7,5 million, and equity of 2.5 million.
Gruppo Durante, an Italian conglomerate operating in the field of industrial chemistry that belongs to the eponymous family, said to BeBeez that it didn’t hire UBS for finding investors as press reports said (see here a previous post by BeBeez). However, the company is of interest to private equity funds. Durante’s ebitda is worth more than 16 million euros.
Milan-listed NB Aurora, a permanent capital investor, sold 49.9% of its portfolio to NB Aurora Co-Investment Fund II Sicav RAIF, a vehicle that NB AIFM (part of Neuberger Berman) manages (see here a previous post by BeBeez). The transaction is worth 144.2 million euros.
Microtest, an Italian producer of machines for testing semiconductors of which Xenon Private Equity has 60%, said it acquired Gedec, an Italian competitor (see here a previous post by BeBeez). Andrea Novaro and Giuseppe Medulla, the target’s cofounders, will keep their management roles. Giuseppe Amelio is the ceo of Microtest which has sales of 30 million euros and an ebitda margin of above 35%.
Ottima, an Italian producer of city lighting systems that belongs to Smart City Infrastructure Fund (SCIF, a vehicle in which invested Dutch pension funds ABP and PPF APG and that Germany’s Patrizia AG manages), said it acquired Sitie Greenplant, an Italian competitor from Aurora 2010 and EPI (see here a previous post by BeBeez). Ottima hired Gianni & Origoni. Aurora 2010 retained Chiomenti while EPJ hired Federico Ferrari Amorotti. Sitie Greenplant has sales of 1.6 million euros, an ebtida of less than 0.23 million and a net financial debt of 0.2 million.
Fondo Ipo Club 2, a vehicle that Simone Strocchi and Milan-listed Azimut created, said it acquired 10% of Italian pharma company C-Med Aesthetics with the support of Electa Ventures (see here a previous post by BeBeez). The buyer retained Studio Pedersoli, OC&C and TFP Associati. C-MED hired Studio Mazzoleni, Saita & Partners. Ipo Club 2 and Electa Ventures aim to help C-Med for its international growth. The company has sales of 6.5 million euros, an ebitda of 4.8 million and net cash of 3.2 million.
Press reports say that Clessidra Private Equity may acquire the majority of Italian food company Molino Nicoli (see here a previous post by BeBeez). Sources confirmed to BeBeez that the talks are ongoing. Mediobanca and Vitale are acting as sale advisors. Molino Nicoli also attracted the interest of Nextalia, NB Renaissance, Aksia, and WiseFIn. The company has sales of 43.2 million euros, an ebitda of 8.4 million, net debts of 0.571 million and equity of 43.9 million.
Banca di Asti is selling its merchant acquiring activities to BCC Pay, a company that belongs to FSI (60%) and to Iccrea Banca (see here a previous post by BeBeez). The closing may take place by the end of 2023. Banca di Asti could receive an upfront payment of 37 million euros an an earn-out of up to 13 million. Banca di Asti and BCC Pay will also sign a long-term commercial agreement. The vendors retained Vitale&Co, Pedersoli Studio Legale and PwC. Legance – Avvocati Associati and Prometeia advised the buyers.
Italian Fine Food – AVM Gestioni and Amundi Eltif Agritaly PIR acquired a controlling stake of Europan Sud, an Italian bakery company, for an undisclosed amount (see here a previous post by BeBeez). The Barbaro Family kept 30% of the firm. Giancarlo Barbaro, Mario Barbaro and Cosimo Barbarowill keep their management roles. AVM Gestioni and Amundi retained LCA Studio Legale, King & Wood Mallesons, Auditores Italy, and Hoshin Corporate Finance. Europan Sud hired GU Capital, Symul Finance, Pasquale Ruggiero, and SVS Lex – Studio Associato Selva Storoni. The target has sales of 10,6 million euros and an above 20% ebitda margin.
Arcadia said it reached its first 80 million euros closing for Arcadia Sustainable Capital III Fund and that acquired 75% of KEP Italia, an Italian producer of helmets for horse riding, from Lelia Polini and Bianca Collet-Serret that will keep a 25% (see here a previous post by BeBeez). Arcadia set a fundraising target of 120 – 150 million euros.
Howden Italia, the Italian subsidiary of UK insurance broker Howden (a portfolio company of General Atlantic, HG Capital and Caisse du Depot et Placement du Quebec), posted a turnover of 108 million euros and an ebitda of 19.3 million (below 18% margin) (see here a previous post by BeBeez). Federico Casini, the company’s ceo, said that in the next four years, the company aims to generate a turnover of 190 million with a mix of organic growth and M&A.
Claudio Scardovi, MBA, joined Deloitte Financial Advisory as equity partner (see here a previous post by BeBeez). Scardovi is an alumnus of Bologna University and of Clemson University (Usa) and worked as professor at SDA Bocconi and Imperial College London. The manager also worked for KPMG, Accenture, Oliver Wyman Italia (ceo), Lehman Brothers, Nomura (managing director and Head of FIG), Advent International (operating partner), and AlixPartners (managing director and global co-head of FIG).
