Tabor Asset Management said it will not tender to the reported public offer that L-Catterton launched on Milan-listed fashion firm TOD’s on 25 March, Monday, ahead of a delisting (see here a previous post by BeBeez). The offer will end on 8 May, Wednesday. Tabor owns 1.1% of TOD’S and invited the other minority owners to decline the bid of L-Catterton at 43 euros per share as a fair offer should be of 82 – 102 euros per share. L-Catterton already reached an agreement with Diego Della Valle, the current 50.29% owner of the target with voting rights in the region of 58%, for acquiring a further 36% of TOD’S worth 512.3 million euros (1.4 billion equity value). Andrea Della Valle owns 0.81% of the business (0.93% voting rights) while Bernard Arnault has 10% (11.46%).
On 26 March, Tuesday, the market capitalization of Milan-listed TIM closed up +4.18% (0.2242 euros per share) as the rumours about an upcoming sale of Sparkle boosted the company’s share price (see here a previous post by BeBeez). The Italian Ministry of Economy and Finance (MEF) and Asterion Industrial Partners are going to table a 750 million euros joint bid for Sparkle, the of submarine cable infrastructures. The book value of Sparkle for TIM is of 850 million.
Flexible Capital‘s 18% of Italian edutainment company Costa Experience attracted the interest of Trilantic Europe (Clearwater International advisor), Peninsula Capital, Fondo Italiano d’Investimento, Looping (Bnp Paribas), and an unnamed suitor (see here a previous post by BeBeez). Pirola Corporate Finance is advising the vendor. Market rumours say that Paris-listed Compagnie des Alpes could be in the race. HIG withdrew its interest for ESG reason. Flexible is a vehicle of Dea Capital Alternative Funds. Beppe Costa is the majority owner of Costa Edutainment which has sales of 81 million euros and an ebitda of 25 million.
Milan-listed Civitanavi Systems, a provider of inertial systems for navigation and stabilisation, attracted a 200 million euros (6.3 euros per share; 27.1% reward on the last 30 days average price) public offer from NYSE – listed diversified industrial and technology group Honeywell (see here a previous post by BeBeez). The offer may close by 3Q24. Honeywell already raised 66.2% Civitanavi Systems from the chairman and ceo Andrea Pizzarulli, Thomas Werner Jung (12.67%) and Micheal Perlmutter. Athena owns 5.09% of the target. Civitanavi Systems has sales of 46 million, an adjusted ebitda of 13.1 million and net cash of 22.5 million.
CBM, an Italian producer of components for tractors, sold a minority stake to One Equity Partners for undisclosed terms (see here a previous post by BeBeez). Prior to announcing such a transaction, Enrico Maria Cornia held 80% of the target that retained Studio Bagni Fiorcari Huller and Sutich Barbieri Sutich. One Equity Partners hired KPMG, Freshfields, Malk Partners, and Eidos Partners. Banco BPM, BPER Banca, Crédit Agricole Italia, and Intesa Sanpaolo financed the transaction. CBM has sales of 265.6 million euros, an ebitda of 36.4 million and net cash of 26.9 million.
On 28 March, Thursday, Bertolotti, a company specialising in the design and production of complex material handling and rolling stock maintenance systems for the iron and railway industry, launched an IPO on Milan market after having closed its receivership and restructuring plan grace to the resources that raised through a 3 million euros Vienna-listed bond maturing at the end of March 2024 (see here a previous post by BeBeez). The company fetched 0.2914 million euros through a 4.7 euros per share placement. The IPO market capitalization will be of 14.4 million euros for a public equity of 2.02%. Bertolotti received assistance from illimity Bank, Gianni & Origoni, BDO Italia, Rewind, First Tax & Legal, and Twister Communications Group. Bertolotti belongs to main shareholders Luca Barneschi (ceo) and Chiara Barneschi. The firm has sales of 21.1 million, an ebitda of 1.7million and a net financial debt of 2 million. The ceo said that the company may raise further resources for financing its industrial growth.
Red Circle Investments acquired a 51% stake of Villa Brasini Group, a plastic surgery and dentistry clinic that Diletta Siniscalchi Minna and Riccardo Scifo founded in 2015 (see here a previous post by BeBeez). Villa Brasini has sales of 1.2 million euros, an ebitda of minus 0.05 million and equity of 0.146 million.
Alcedo‘s portfolio company Green Sustainable Packaging (GSP) acquired Cartotecnica Rigon, and Italian competitor from the eponymous family (see here a previous post by BeBeez). Fiorenzo Rigon (ceo), Piera Battocchio Rigon and Manuel Rigon will reinvest for a minority of GSP and keep their management roles. Cassa Centrale Banca financed the transaction and received assistance from Studio Legale Shearman & Sterling. Alcedo hired studio CBA, Adacta, Tauw, and Circle Brain. Rigon retained Paolo Farinon, Ermanno Catena and Studio Lambertini & Associati. Rigon has an ebitda of 0.206 million and net cash of 0.731 million.
Wide Group, an innovative Italian insurance broker that belongs to Pollen Street Capital, acquired Assileo Broker, a firm that Flavio Sestilli founded Michele Leonarduzzi and Giovanni Battista Campo Antico in 2000 (see here a previous post by BeBeez). Gianluca Melani is the co-founder & managing director of Wide Group. Assileo Broker has sales of 0.816 million euros, an ebitda of 0.117 million and net cash of 2.2 million.
Koinos Capital, a private equity that Marco Morgese, Francesco Fumagalli, Marco Airoldi, and Beppe Fumagalli founded in 2020, announced the hiring of Roberto De Carlo as partner (see here a previous post by BeBeez). Koinos also said that Morgese will replace Airoldi as the new ceo. De Carlo previously worked for 21 Invest and J.P. Morgan.
Filippo Faccenda is a new partner of Rome’s bureau of financial advisory boutique Translink Italy, the firm said (see here a previous post by BeBeez). Faccenda previously worked for Dafofin One and Banca Leonardo
