Swisscom signed a binding agreement for acquiring the Vodafona Italia, the subsidiary of London-listed Vodafone, with a cash and debt free transaction worth 8 billion euros (see here a previous post by BeBeez). The closing should take place in 1H25 upon the approval of the Italian Antitrust authority. The target’s integration with Fastweb could bring annual run-rate synergies in the region of 600 million. Swisscom received assistance from Evercore Partners International, Deutsche Bank, JP Morgan Securities, Legance Avvocati Associati, White & Case, Travers Smith, Sullivan & Cromwell, McDermott, Will & Emery, PwC Switzerland, and PwC Italy. Deutsche Bank, ING Wholesale Banking and UniCredit provided the buyer with financial support. UBS, Slaughter and May, ADVANT NCTM, and Linklaters advised Vodafone.
Italian hospital group Gruppo San Donato‘s sale advisor Morgan Stanley attracted the expressions of interest from Advent, CVC, EQT, KKR, HIG, and Apollo Global Management for a 40% – 50% stake on the ground of an enterprise value of 5 billion Euros (see here a previous post by BeBeez). The asset belongs to the Rotelli Family. Press reports speculated that sovereing funds could also join the auction.
Gruppo Missoni, an iconic Italian fashion firm of which FSI owns 41.21% since 2018, acquired Italian high-end fabrics producer Tricotex (see here a previous post by BeBeez). Valeria Bassetti (60%), Marco Alfieri (20%) and Loredana Tubaldo (20%) sold the asset that has sales of 3.1 million euros, an ebitda of 1.4 million and equity of 1.3 million.
Milan-listed investment holding Tamburi Investment Partners (TIP) said it is working on the sale of Italian tour operator Alpitour and high-end textile company Limonta through club deals transactions (see here a previous post by BeBeez). TIP has 59% of Alpitour and in September 2023 reportedly hired Goldman Sachs for listing or selling this asset that attracted the interest of Certares, Wamos, TUI, and two other unnamed bidders on the ground of an enterprise value of 1.3 – 1.5 biillion euros. Limonta sold to TIP a 25% stake in 2021 through a capital increase of 89 million.
Made in Italy Fund, a vehicle that Quadrivio & Pambianco manage, sold 50.2% of Italy’s luxury sneakers maker Autry International to Style Capital and a club deal of UHNWIs that UniCredit arranged (see here a previous post by BeBeez). The transaction is worth in the region of 300 million euros, generated a 4X return on the investment and a 75% IRR for Made in Italy Fund that will reinvest for 8% of the asset. The Doro Family will keep a 42%. Studio Chiomenti, RDRA and PwC Advisory assisted the buyers. Made in Italy Fund retained JPMorgan, Mediobanca and Legance. The Doro Family received advisory from Studio Pedersoli.
H14, the family office Barbara Berlusconi, Eleonora Berlusconi and Luigi Berlusconi, raised to 37% its stake in E80 Group, a provider of authomated intralogistic solutions (see here a previous post by BeBeez). The Barilla, Marzotto and Doris Families Co-invested with H14. Enrico Grassi, founder and ceo of the target, sold part of his take and now owns 63% of the business. PedersoliGattai and Spada Partners assisted the buyers. Valeria Prampolini and Alessandro Levoni assisted E80 which has sales of 314.5 million euros, an ebitda of 39.7 million and net cash of 30.1 million.
EOS Investment Management Group sold Eurofiere (EF Group), a provider of architectural and engineering services for trade fair stands that acquired in 2018, to Alto Partners, while the Giordano Family and the managers will reinvest for a minority (see here a previous post by BeBeez). The closing may take place by April 2024. Banco BPM and Banca Ifis financed the transaction. Alto Partners retained Roland Berger, Molinari Agostinelli Studio Legale, Alvarez & Marsal, Alma Tax Led, Wi Legal, and ERM. EOS IM and the management of EF received assistance from Vitale&Co, PedersoliGattai, RMU, and OC&C. EF has sales of 60 million euros.
IDeA Agro, a private equity for the agrifood sector that Dea Capital Alternative Funds manages, signed a partnership with fruit and vegetable companies SPO Zentrum and Jingold for growing avocados in a 100 hectars area based in Syracuse area (see here a previous post by BeBeez). Areté, Ettore Fieramosca and Giovannelli e Associati assisted IDeA Agro.
Crevalcore (Bologna area) plant of Marelli, the Italian -Japanese automotive company that belongs to KKR, sold to Italian Tecnomeccanica for one euro (see here a previous post by BeBeez). Tecnomeccanica beaten the competition of Niche Fusina Rolled Products, a subsidiary of US Dada. Termomeccanica said it will hire 152 out of 229 employees by the end of 2024 and carry on investments worth 22 million euros (InvItalia will provide 5 – 10 million support). Niche Fusina Rolled Products was willing to invest up to 15 million. Since 2021, Tecnomeccanica belongs to ceo Simone Ferrucci (77.7%) and a club deal that IDeA Efficienza Energetica e Sviluppo Sostenibile (a vehicle that DeA Capital Alternative Funds manages) heads.
Milan-listed automotive company Iveco Group, a portfolio company of Exor, is mulling for a sale of German Magirus, a producer of fire-fighting vehicles and equipment, to Frankfurt-listed Mutares, an investor in turnaround (see here a previous post by BeBeez). The closing should take place by January 2025. Mark Friedrich is the cfo of Magirus which has sales in the region of 320 million con losses of 35 million.
RedBird said that is not going to sell iconic Italian football team AC Milan (see here a previous post by BeBeez). Press reports speculated that Saudi Arabia’s Public Investment Fund (PIF) could acquire 41.7% of AC Milan and allow RedBird to reduce by 80% its exposition to a three-years 550 million euros vendor loan with 7% interest rate. Gerry Cardinale, the ceo of RedBird, previously said that the fund could sell a minority of AC Milan (see here a previous post by BeBeez). Elliott sold AC Milan to RedBird in August 2022. Previous minority co-investor Blue Skye Financial Partners, a firm that Salvatore Cerchione and Gianluca D’Avanzo head, started a legal action against Elliot. This issue triggered an extensive investigation by the Milan Court. However, on the other hand the Court dismissed Blue Skye’s claims in November as they were not under the Italian jurisdiction. In 2023, Blue Skye asked Milan’s bankruptcy court to declare the insolvency of the two Luxembourg companies Rossoneri Sport and Project Redblack in which Blue Skye held a 4.27% stake and through which Elliott controlled Milan with a 95.73% holding.
ADL Farmaceutici, an Italian nutraceutics and e dermocosmetics company, and USA’s USP Group signed a joint venture for creating ADL Unilab (see here a previous post by BeBeez). ADL Farmaceutici received assistance from SHC and LCA Studio Legale while USP Group retained Enlife Consulting. Antonio de Laurentiis, the ceo and founder of ADL Farmaceutici, will head ADL Unilab, a firm that will handle the marketing of Olinorm products. ADL Farmaceutici has sales of 4.1 million euros, an ebitda in the region of 0.1 million, a net financial debt of 1.7 million, and equity of 3.2 million.
Kyip Capital (fka Kyma Investment Partners) acquired Istituto Volta, a provider of IT course, from even owners Alessandro Tittozzi and ceo Fabrizio Tittozzi (see here a previous post by BeBeez). On 6 December 2023, the fund raised 160 million euros, sources said to BeBeez. Kyip aims to build a platform for professional education and for such a transaction retained PedersoliGattai, Pirola Pennuto Zei & Associati, EYParthenon, Deloitte, and Ethica Group. Istituto Volta has sales of 15 million euros with an ebitda margin of 17% and hired PedersoliGattai and Alantra.
Orienta Capital Partners is carrying on the due diligence for acquiring from Fininvest a minority of Italian football team AC Monza ahead of buying the whole asset, a source said to BeBeez (see here a previous post by BeBeez). Fininvest acquired the team on 28 September 2018 for 2.9 million euros. Orienta belongs to Augusto Balestra, Marco Bizzarri, Giancarlo Galeone, Mario Gardini, Lorenzo Isolabella, Sergio Serra, and Paolo Strocchi and could finance the transaction with a vendor loan. Press rumours said that AC Monza also attracted the interest of Public Investment Fund (PIF). The target has sales of 2.7 million euros and equity of 18.2 million.
EOS Investment Management Group sold to Alto Partners the majority of Eurofiere (EF Group), a provider of high end solutions for the trade fair stands sector (see here a previous post by BeBeez). The Giordano Family and the company’s executives will reinvest for a minority of the target. Banco BPM and Banca Ifis financed the transaction that may close by April 2024. Roland Berger, Molinari Agostinelli Studio Legale, Alvarez & Marsal, Alma Tax Led, Wi Legal, and ERM assisted Alto Partners. EOS IM and the management of EF retained Vitale&Co, PedersoliGattai, RMU, OC&C. Giorgio Falzone is the ceo di EF Group which has sales of 60 million euros.
Aussafer, a company for sheet metal working and laser cutting that belongs to controlling shareholders Claudio Citossi and Luisa Citossi and 21 Invest since 2020, acquired Hailtec, a German competitor (see here a previous post by BeBeez). Cappelli RCCD, KPMG and Goezt & Partner assisted Aussafer, while Hailtec retained DLA Piper. The companies will generate aggregate sales of above 100 million euros (30% abroad). Alexander Renz will keep heading the target. Giacomo Citossi is the ceo of Aussafer.
HAT, an Italian private equity that Ignazio Castiglioni (ceo) and Nino Attanasio (chairman) head, said it acquired 65% of Texor, an Italian ICT & System Integration (see here a previous post by BeBeez). Texor’s founders and managers will keep a 35% of the business and their roles. HAT is reportedly carrying on a 600 million euros fundraising. Banco BPM financed the acquisition of Texor. Orrick, Herrington & Sutcliffe, LMS Studio Legale, OC&C, Grant Thornton Financial Advisory Services, Russo De Rosa Associati, and ERM Italia assisted the fund. The vendors retained Gatti Pavesi Bianchi Ludovici. Banco BPM hired Studio legale Molinari Agostinelli. Giuseppe Caruso will be the new ceo of Texor that aims to grow through acquisitions. The company has sales of 14 million and an ebitda margin of above 25%.
Excellera Advisory Group, a PR and lobbying firm that belongs to Xenon Private Equity, acquired Public Affairs Advisors (PAA), a competitor with focus on energy and infrastructures (see here a previous post by BeBeez). Giovanni Galgano, the target’s ceo and previous 85% owner (Veronica Celenza had 15%), will reinvest in the buyer and keep his role. PAA retained Parola Associati while Excellera hired Studio Gelmetti. PAA has sales of 1.2 million euros, an ebitda in the region of 0.4 million and net cash of 0.56 million
Di Luccia & Partners Executive Search appointed Laura Ghislandi as a new partner (see here a previous post by BeBeez). Domenico Di Luccia is the firm’s managing partner. Ghislandi has a solid experience in the fields of retail, fashion, luxury, jewellery, and lifestyle and previously worked for Swarovski and Pandora.
