Milan-listed TIM‘s ceo Pietro Labriola accused activist shareholder Merlyn Partners of having disclosed wrong information (see here a previous post by BeBeez). TIM said that the reported bid value of Optics BidCo (the vehicle of which KKR is the leading investor) for NetCo (the company’s landline network) has a fair value and that after such a sale the vendor’s leverage for 2026 will be of 1.6-1.7X while the potential earnouts and the disposal of Sparkle could allow to fetch up to a further 4 billion euros. TIM and Optics BidCo signed a binding agreement and the deal is not facing issues ahead of the closing that may take place in 3Q24, the company pointed out. TIM also received a 1.5 billion bridge financing facility of 18 montsh. TIM already asked Merlyn Partners to issue a rectification statement for the untrue and misleading’ price sensitive information that the fund spread through a letter to shareholders and an interview of the partners with Italian paper La Repubblica. Merlyn Advisors has 0.53% of TIM.
Banca Progetto, the firm that Oaktree Capital Management acquired in 2015, suspended tha launch of the IPO on Milan market as it attracted a non-binding offer from an undisclosed suitor (see here a previous post by BeBeez). The offer is worth more than 600 million euros. Paolo Fiorentino is the ceo of Banca Progetto which reportedly hired STJ Advisors, Citigroup, IntesaSanpaolo, and UBS for the listing that currently called off.
Milan-listed waste management company Greenthesis signed a binding agreement for selling a 28.33% stake to German Asset Manager Patrizia (see here a previous post by BeBeez). Planesys, a vehicle of the Grossi Family, owns 85.758% of the target and will launch a 2.25 euros per share offer (cum dividendo and with 4% annual interest charges until the closing) with Patrizia for delisting the company for an equity value of 340 million and with a 144.1% reward of the average share price of the last six months. Planesys retained Natixis Corporate & Investment Banking, Chiomenti and Ferraro, Ginevra, Gualtieri-Studio Internazionale. Patrizia received assistance from DC Advisory, Gianni & Origoni, EY, WTW,and Blunomy.
Tivoli Group, an Italian producer of leather components for the fashion sector, said it acquired DSR Firenze‘s assets for small accessories manufacturing (see here a previous post by BeBeez). DSR has sales of 1.02 million euros, an ebitda of minus 0.03 million, equity of minus 0.025 million and net cash of 0.277 million. Stefano Giacomelli is the ceo of Tivoli Group which has sales of 54.5 million.
La Bottega, a company of which The Equity Club (TEC) has 48.91%, acquired 70% of Austrialian Vanity Group, a provider of luxury amenities to five stars hotels (see here a previous post by BeBeez). La Bottega also signed an option for acquiring a further 30% of the target in the next 2 years. LAB23, a vehicle that belongs to Tommaso Pacini (60%) and Giulio Benni (40%), owns 50.1% of La Bottega while Jonathan Rossi Ricci has 1%. Gatti Pavesi Bianchi Ludovici and Pinsent Masons, New Deals Advisors (NDA) – Eight International, and Mc Grath Nicol advised the buyer. La Bottega has sales of 126 million euros.
Impresoft, an ICT company that belongs to Clessidra Private Equity since 2021, said it acquired Ribes Solutions, an Italian competitor (see here a previous post by BeBeez). The target is a SAP partner for SMEs and has sales of 8 million euros, an ebitda of 1.86 million and net cash of 1.84 million. Pior to this sale Ribes belonged to Andrea Carena (25.5%), Lorenzo Ciofalo (25.5%), Alessandro D’Amico (25.5%), and Mauro Bonelli (23.5%). Alessandro Geraldi is the ceo of Impresoft.
Italian charcuterie producer Fratelli Beretta acquired Italian competitor Bedogni Egidio that received assistance from FAI – Financial Advisory & Investments, Studio Chiari e Associati STP, Bcms, and Dapr (see here a previous post by BeBeez). Beretta retained Lca and Vitale. The target has sales of 11.1 million euros, an ebitda of 0.68 million anad net bet of 11.9 million.
White Bridge Investments acquired the majority of Vida Pharma, an Italian pharmaceutical company, from the ceo Dario Scaffai that will keep his role (see here a previous post by BeBeez). The fund received assistance from PwC, Studio Giovannelli e Associati and Ethica Group. Scaffai retained Studio Bonacchi Dottori Commercialisti and Legance. Banco BPM and illimity Bank financed the transaction and appointed Simmons & Simmons as advisor. Vida Pharma has sales of 11 million euros, an ebitda of 4.4 million and net cash of 3.6 million.
Augusto Balestra, Sergio Serra, Mario Gardini, and Giancarlo Galeone launched Luxembourg-based FARO Alternative Investments SCSp SICAV-RAIF, an alternative asset investor that Crestbridge and FARO Value will manage and advise (see here a previous post by BeBeez). Balestra and Galeone will act as ceo and chairman of FARO which aims to raise one billion euros and has three units FARO Real Economy, FARO Innovation and FARO Fashion, Luxury & Design. FARO’s founders are already part of club deal platform Orienta Capital Partners.
Eiffel Investment Group, a French mid-market private equity and private debt investor with 6 billion euros of assets under management, opened a bureau in Milan for investing in Italian SMEs that aim to carry on an energy transition (see here a previous post by BeBeez). Eiffel is part of Impala, a company that belongs to Jacques Veyrat. André Gonçalves (corporate private debt), Charles Portalier (energy transition infrastructure), Julie Paray (private equity and innovation), Thibault Vanpeene (growth capital), and Lorenzo Marzo Magno (business development and investor relations) are the members of Milan’s bureau team.
Unicredit appointed Andrea Coda for heading the M&A unit in Milan while he will report to Sam Kendall, Head of Advisory & Financing Solutions (see here a previous post by BeBeez). Coda previously worked as managing director and head of media at HSBC Bank.
