Milan-listed TIM declined the offer that the Italian Ministry of Economy and Finance – MEF tabled for Sparkle, the owner of submarine tmt cables (see here a previous post by BeBeez). KKR is in reported advanced talks for acquiring NetCo, TIM’s infrastructure network, in partnership with CDP and other investors. MEF made a bid for Sparkle on the ground of an enterprise value of 750 million euros. However, the asset has a book value of 850 million for TIM.
WindTre‘s negotiations with EQT for a 60% sale of the infrastructure nework are at a stalemate (see here a previous post by BeBeez). The target’s enterprise value amounts to 3.4 billion euros. WindTre and EQT are finding difficult to reach an agreement about the 5G sharing contract that the vendor signed in 2019 with Fastweb (part of Swisscom). In 2023, WindTre and iliad created an event joint venture Zefiro Net. EQT’s binding offer does not include iliad’s 50% of Zefiro Net making the fund’s bid price lower.
Italian ice cream company Sammontana merged with Italian sweets producer Forno d’Asolo (FDA Group) with the support of Investindustrial (see here a previous post by BeBeez). The Bagnoli Family, Investindustrial and the senior managers of Sammontana and FDA Group will own the new 1 billion euros sales company that appointed Leonardo Bagnoli as chairman and Alessandro Angelon as ceo. The Bagnoli Family, previous owners of Sammontana, will own the majority and received assistance from Assietta Corporate Finance and Bird & Bird. Investindustrial hired BonelliErede, Lombardi and Paul, Weiss, Rifkind, Wharton & Garrison. BCPartners retained Rothschild, Unicredit, Latham & Watkins, PwC, and Studio Facchini Rossi Michelutti. BCPartners acquired FDA in 2018 on the ground of an enterprise value of 300 million from 21 Investimenti (56%), NEIP (a vehicle that Finint & Partners managed), Quadrivio (a fund that Green Arrow Capital is managing), and the Gallina Family. In 2020, BCPartners acquired Pasticceria Bindi for 200 – 240 million and integrated it with FDA (see here a previous post by BeBeez).
Patrizia Infrastructure‘s Smart City Infrastructure Fund (SCIF) (a vehicle to which Dutch pension fund APG subscribed) said it acquired 85% smart urban lighting player Atlantico from Giuliano Tiozzo Brasiola (previously 40%), Tiziano Tiozzo (40%) and Rosanna Padoan (20%) (see here a previous post by BeBeez). Patrizia received assistance from ValeCap, Gianni & Origoni and EY. Atlantico has sales in the region of 30 million euros, an ebitda of 11 million and a net financial debt of 2.1 million. Matteo Andreoletti is Patrizia’s Head of Infrastructure Equity, Europe and North America.
Itelyum, an Italian industrial waste manager that belongs to Stirling Square Capital Partners and Deutsche Beteiligungs (DBAG), said it acquired German Safechem Europe and French Soledi Sas, two competitors that generate aggregate sales of 40 million euros (see here a previous post by BeBeez). Marco Codognola is the ceo of Itelyum.
On 8 February, Thursday, Renergetica delisted from Milan market after the successful public offer of Italian utility CVA-Compagnia Valdostana delle Acque (see here a previous post by BeBeez). The bidder raised 90.942% of Renergetica’s listed equity for a 98.386% stake and paid 10,11 euros per share. Banca Akros (Banco BPM) assisted CVA.
Lifenete Healthcare, a company of which Exor has 44.67%, acquired 55% of Siena Eye Laser (SEL), an Italian ophtalmic clinic (see here a previous post by BeBeez). Federico Nizzola will be the ceo of SEL.
Gelato d’Italia – Indian, an Italian ice creams producer that belongs to Davidson Kempner and Afendis since 2022, acquired bankrupted competitor Giuntoli (see here a previous post by BeBeez). The transaction is worth 2.23 million euros.
Quick Group, an Italian naval engineering company that belongs to Armònia, Fondo italiano consolidamento e crescita (FICC – a vehicle of Fondo Italiano d’Investimento) and the Marzucco Family, acquired Yachting Marine Service (YMS), a Florida – based competitor (see here a previous post by BeBeez). Studio Gatti Pavesi Bianchi & Ludovici and Becker & Poliakoff assisted Quick which has sales of 59.6 million euros, an ebitda of 9.7 million and a net financial debt of 24.3 million.
Milan-listed mid-market investor RedFish LongTerm Capital, a firm that Paolo Pescetto, Andrea Rossotti, Simone Lo Giudice, and Joanna Gualano created, signed a binding agreement for acquiring 10%of Industrie Polieco, a producer of pipes systems (see here a previous post by BeBeez). The transaction is worth 20 million euros.
Margherita, an Italian producer of pizza premium that belongs to Swiss IDAK Food Group since since 2020, acquired the majority of the competitor ProPizza (see here a previous post by BeBeez). Grant Thornton and DDPV Studio Legale assisted the buyers. The Della Rocca and Falcone families will hold a minority and their management roles in ProPizza which has sales of 9 million euros. Andrea Ghia is the ceo of Margherita.
CMC, an Italian producer and distributor of aerial platforms that belongs to Metrika and the Mastrogiacomo and Moretti families, acquired US competitor All Access Equipment (see here a previous post by BeBeez). Crédit Agricole Italia, Intesa SanPaolo and Banca MPS financed the buyers. All Access Equipment has sales in the region of 80 million US Dollars.
Unifrutti, an Italian fruit distributor, acquired Italian agrifood company Castellana (see here a previous post by BeBeez). In 2020, Global Credit (part of The Carlyle Group) invested 35 million euros preferred equity in Unifrutti, while in 2019 it subscribed to a 140 million bond that the company issued. In 2022, ADQ (fka Abu Dhabi Developmental Holding Company) acquired the majority of Unifrutti.
US-based Taylor acquired 85% of Italian CVS Ferrari, an Italian manufacturer of machinery for handling containers and heavy loads that sold a majority stake in 2016 to NEIP III Sicaf (a vehicle that Itago manages) (see here a previous post by BeBeez). The target’s ceo Federico Zanotti, Davide Bertozzi and the Pagani Family will own 15% of CVS. BNP Paribas, Deloitte (m&a advisory), EvershedsSutherland, DLA Piper, Terrin Associati (legal and tax advisory) assisted the vendors. Angle Advisors (m&a advisory) and BDO Italia (financial, legal and tax advisory) advised the buyers.
Decorluxe, an Italian packaging pole that Ethica Global Investments (part of Ethica Group) launched in 2023, acquired Italian same-sector players Aurora and Eurovercos (see here a previous post by BeBeez). The Formenti Family (90%) and VMC Mottini sold Aurora (sales of 3.2 million euros and an ebitda of 0.571 million with net debt of 0.739 million) with the support of GPBL and Studio Grossi Salvi & Partners. Alessandro Locatelli sold Eurovercos and retained GPBL and Athena Audit.
Swegon Group, a portfolio company of Stockholm-listed Investment AB Latour, acquired Italy’s Steelnova (see here a previous post by BeBeez) The target is a supplier of Swegon’s Italian subsidiary. Steelnova previously belonged to Olivia Schiavon, Antonio Schiavon and Alessandro Filigheddu and has sales of 4.8 million euros, an ebitda of little above 0.53 million with a net financial debt of 1.7 million.
