Milan-listed Lottomatica Group, a gambling firm of which Apollo Global Management has a controlling stake, acquired SKS365 Malta Holdings Limited for 639 million euros or 8.7 X ebitda (pre-sinergies) and 5.2X post-sinergies (see here a previous post by BeBeez). The deal may close by 1H24 after antitrust and normative approval. Lottomatica will finance the transaction with its own cash and a 500 million bridge debt facility. After the closing, the buyer’s net leverage will be 2.8X ebitda pre-sinergies and 2.6X post-sinergies. Mediobanca assisted Lottomatica while SKS365 retaine Lazard.
The Italian Government is mulling for selling to pension funds a 30% of CDP Equity 2.7 billion euros worth (see here a previous post by BeBeez). The potential buyers declined to hold talks further. The portfolio of CDP Equity is worth 9 billion. Francesco Mele is the ceo of CDP Equity. The Italian Government pitched Enpaia (agricolture workers), Cassa Forense (lawyers), Inarcassa (architects and engineers), Cnpadc (accountants), and Enpam (doctors and dentists).
Intesa Sanpaolo signed an agreement for acquiring Romania’s First Bank, a firm with assets worth 1.5 billion euros, from JC Flowers & Co (76.1% owner) and the European Bank for Reconstruction and Development (EBRD) (19%) (see here a previous post by BeBeez). The transaction is worth 200 million and the managers own 4.9% of the asset. Previous press reports said that the vendors retained Société Générale as advisor and that the asset attracted the interest of UniCredit. The closing may take place in 1Q24. Marco Elio Rottigni is Intesa’s chief of International Subsidiary Banks Division (ISBD).
Italian staffing company Gi Group said it acquired the European activities of Nasdaq-listed competitor Kelly Services for 100 million euros and potential earn out of up to 30 million (see here a previous post by BeBeez). The closing may take place in 1Q24. Gi Group retained Baker McKenzie and Deloitte. Stefano Colli Lanzi is the ceo and founder GI Group which has sales of 3.6 billion euros, an ebitda of 139 million, net profits of 54 million, a net financial debt of 256 million (1.85X ebitda), and equity of 196 million.
Excellera Advisory Group, an Italian communication and government affairs firm in which Xenon Private Equity invested, is in advanced talks for acquiring Barabino & Partners (B&P) (see here a previous post by BeBeez). Xenon is carrying on the due diligence and arranged for the virtual data room. The closing may take place by early 2024. B&P would keep its brand. The target belongs to Luca Barabino (68%), Federico Steiner (12%), Luisa Robba (5%), Stefania Bassi (3%), Claudio Cosetti (1%), Luca Degiovanni (1%), Roberto Stasio (0.5%), and the company itself (9.5%). The partners of B&P would sell to Excellera their stakes and reinvest for a 20% of the buyer while Barabino and Steiner would keep their roles for at least five years and join the company’s board. After such a transaction, Excellera could generate sales of 50 million euros and an ebitda of 18 – 20 million.
Gruppo Eurmoda, a producer of fashion components that belongs to Mindful capital partners, acquired Italian competitor Macuz from the eponymous family that will reinvest in the buyer (see here a previous post by BeBeez). Eurmoda retained Giovannelli & Associati, KPMG, Gitti & Partners, and Tauw . Macuz hired Studio Currò and Studio Livolsi. Cassa Centrale Banca financed the transaction and hired Shearman & Sterling. Eurmoda has sales in the region of 40 million euros, a 4 million ebitda and a net financial debt of 10.9 million.
Rino Mastrotto Group, a luxury leathers and fabrics producer of which NB Renaissance Partners owns 70% since 2019, acquired Imatex, an Italian competitor in receivership (see here a previous post by BeBeez). Jacopo Mazzola and Camilla Mazzola will keep a minority of the target. Sources said to BeBeez that Rino Mastrotto was the only bidder for Imatex which has sales of 7.2 million euros, an ebitda of minus 0.219 million, net debts of 6.2 million, and equity of 3.8 million.
Next Holding, a vehicle of Andrea Manganelli, sold its 10% stake in Ecoservim, a provider of maintenance services for buildings, to 90% owner Gianluca Bonini (see here a previous post by BeBeez). The closing è stato took place on 30 October, Monday. Next Holding acquired such a stake in August 2022. Ecoservim has sales of 137.6 million euros, an ebitda of 23.5 million, equity of 29.3 million, and a net financial debt of 0.6 million
In 3Q23 global M&A activity plummeted by 19.9% for a total value of 776.8 billion US Dollars (-49% from 4Q21), said PitchBook Global M&A Report (see here a previous post by BeBeez). The BeBeez Private Equity Report for January – August 2023 available for the subscribers to BeBeez News Premium and BeBeez Private Data monitored 336 closed private equity deals in Italy. Market participants closed 552 transactions in 2022 (see here BeBeez Private Equity Report 2022) and 497 in 2021 (see here BeBeez Private Equity Report 2021).
