CVC Capital Partners, PSP Investments, StepStone, and Alpinvest hired JPMorgan and Goldman Sachs for exploring options for their 51.81% of Milan-listed pharma company Recordati that acquired in 2018 (see here a previous post by BeBeez). The funds invested 3 billion euros for such a buy. CVC may also sell the stake to a continuity vehicle. However, the funds may also involve a sovereign fund as minority investor or refinancing two Luxembourg-listed bonds worth a total of 1.3 billion maturing on 30 October 2025.
On 8 May, Wednesday, Italian fashion firm TOD’s delisted from Milan market as L-Catterton and the della Valle Family successfully completed the public offer that launched on 25 March, Monday (see here a previous post by BeBeez). On 3 May, Friday, the bidders already raised 90% of the target that acquired on the ground of an equity value of above 1.4 billion euros and an enterprise value of 2.05 billion.
Italian gas distributor 2i Rete Gas, an asset that belongs to F2i (63.9%), APG Asset Management and Ardian (36.1%), aims to fetch 600 million euros out of its reported IPO on Milan market on the ground of an enterprise value of 5 billion (3 billion debt) (see here a previous post by BeBeez). The company hired Goldman Sachs, Mediobanca, Unicredit, Intesa Sanpaolo IMI, and BNP Paribas for the listing that will finance the organic growth. Italgas reportedly tabled a bid for 2i Rete Gas with the advisory support of JPMorgan and Morgan Stanley on the ground of an enterprise value of 4-5 billion. Market rumours say that 2i Rete Gas has not declined the offer, but it is prioritising the launch of the IPO.
Italian retailer of hygiene products Acqua&Sapone, a company that since 2021 belongs HIG Europe and the Barbarossa Family, attracted the keen interest of competing bidders TDR Capital and Clayton, Dubilier & Rice (CDR) that may pay in the region of 600 million euros (900 million enterprise value) for a majority stake (see here a previous post by BeBeez). The asset has also been of interest to Seventure Partners (Natixis Global Asset Management) and CVC Capital
Excellera Advisory Group, a platform company for communication and government affairs that Cattaneo Zanetto Pomposo & Co, Community and Xenon Private Equity created in November 2022, said it acquired Barabino & Partners (B&P) (see here a previous post by BeBeez). Barabino belonged to the founder 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 vendors will reinvest in Excellera while Barabino and Steiner will join the board of which are already part Auro Palomba, Giuliano Pasini, Alberto Cattaneo, Claudia Pomposo, Paolo Zanetto, Gianfranco Piras (chairman), and other directors that Xenon appointed . B&P received assistance from Eversheds Sutherland, Cattaneo Dall’Olio Rho &Partners, ZNR Notai, Belluzzo International Partners, Funaro & Co, Donà Viscardini, Mazars GmbH & Co. KG, and RSM France. Excellera Advisory Group hired Gatti Pavesi Bianchi Ludovici, Pinsent Masons, Becker, Deloitte, and PwC TLS Avvocati e Commercialisti. After such an acqusition, Excellera will have a turnover of above 60 million euros and an ebitda of 20 million.
Archive, an investment company that Pietro Ruffini, Romeo Ruffini and Stefano Marcovaldi created, acquired a minority (20 – 25%) of Danish sportswear firm Pas Normal Studios without disclosing the transaction terms (see here a previous post by BeBeez). Accura assisted the vendors. Peter Lange (ceo) and Karl-Oskar Olsen (chief creative officer) founded Pas Normal Studios in 2014.
Italian pharma company DOC Generici, a portfolio firm of TPG and ICG, signed for the acquisition of the brand Muscoril, a myorelaxant drug, from French giant Sanofi (see here a previous post by BeBeez). The deal will allow DOC to own the drug’s brand, dossiers and trade authorization in Italy, Portugal and Czech Republic. Third-parties producer will handle the tablets manufacturing. DOC received assistance from Bird & Bird, LathamWatkins and PedersoliGattai. Sanofi retained Jones Day and Lazard Frères.
Italian healthcare firm Gruppo San Donato, an asset of the Rotelli Family, acquired Polish competitor Scanmed through the subsidiary American Heart of Poland (Ahop) (see here a previous post by BeBeez). Abris Capital Partners sold the asset that acquired in 2021. Advent International owns a minority of American Heart of Poland which received assistance from BNP Paribas, PwC, GKSD Advisory, and Rymarz Zdort Maruta.
Italian fashion and design pole Holding Moda (Hmoda) is considering options for supporting its growth, founder Claudio Rovere reportedly said (see here a previous post by BeBeez). The company is holding talks with JP Morgan, Intesa Sanpaolo and other banks for a dual track ipo that may allow a financial investor to buy a minority or for new debt facilities. In both cases, the company aims to grow further through M&A, Rovere said. Hmoda has sales of 310 million euros.
Omnia Technologies (fka DT Holding), a platform company that Investindustrial created for competing in the sector of automation and bottling technologies for the wine and non-alcoholic beverage, dairy and pharmaceutical sectors, launched a high-speed beverage unit through the acquisitions of ACMI, SACMI Beverage and SACMI Labelling (see here a previous post by BeBeez). Italian packaging co-operative group SACMI sold the assets. Sources said to BeBeez that Cavour Finance assisted the vendors and Omnia Technologies hired Intesa Sanpaolo. ACMI hired Pirola Corporate Finance and the Magri Family (vendors) will reinvest in Omnia Technologies and keep their management roles. BonelliErede and Chiomenti also assisted Omnia Technologies. SACMI also retained Tullio & Partners while ACMI received assistance from CastaldiPartners.
Alto Partners acquired 76% of Fragesa, the owner of the Pizzeria chain Fradiavolo, from Gianlucalberto Lotta and Mauro D’Errico who kept a 24% (see here a previous post by BeBeez). Alto Partners received assistance from OC&C, Cristiano Quieti, Giovannelli e Associati, Morpurgo e Associati, Spada Partners, ERM, and Broletto Corporate Advisory. Lotta and d’Errico retained Spayne Lindsay and Dentons. Gianni & Origoni assisted further minority vendors. Fradiavolo expects to generate sales of 25 million euros in 2024.
Meanings Capital Partners sold its majority in Gaïana, and Italian software house for the agrifood sector, to Orisha, a French competitor that belongs to TA Associates and 21 Invest (see here a previous post by BeBeez). The closing should take place in 2Q24- Orisha has sales of above 200 million euros.
Groupe Bruxelles Lambert (GBL) said it hired Luca Bucelli as investment partner for its Milan office (see here a previous post by BeBeez). Bucelli previously worked for Paris-listed Tikehau Capital. GBL will tarket companies operating in the sectors of consumer experience, healthcare, sustainability, digitization, and deep tech with investments worth 250 million – 2 billion euros for majority or minority stakes. Ian Gallienne is the ceo of GBL.
Prima Assicurazioni, an Italian insuretech that since 2018 belongs to Goldman Sachs and Blackstone, called off the search for an investor, ceo George Ottathycal said (see here a previous post by BeBeez). Caryle invested in Prima in 2022. The ceo said that the company expects to raise 1.1-1.2 billion euros in insurance policies.
Italian food companies Zanetti and Latteria Soresina acquired Italian dairy producer Saviola from even owners Emanuela Saviola and Gabriele Saviola (see here a previous post by BeBeez). The buyers will have 50% of the asset each. Emanuele Attanasio will keep his coo role of Saviola, while Tiziano Fusar Poli will act as chairman and Matteo Zanetti as vice chairman. KPMG and Studio Pedroli-Venier & Associati assisted the buyers. Saviola retained Panzarini e Soci and Paolo Spataro. Saviola has sales of 160 million euros, an ebitda of 0.861 million and a net debt of 55.7 million.
Next Geosolutions Europe, a provider of marine geosciences and offshore construction support services for the energy sector that is part of shipping company Marnavi, started an European roadshow ahead of a listing on Milan market (see here a previous post by BeBeez). The company aims to place a 50 million euros placement through a bookbuilding with a capital increase. Cornerstone investors Smart Capital and VSL Club will pour 11 million in the deal. Next Geosolutions expects to reach a pre-money market capitalization of 250 million with a greenshoe option of up to 15%. Next Geosolutions Europe currently belongs to Domenico Ievoli‘s Marnavi (70.5%), Subsea 5 (20%) and Trust Mare (9.5%). Intesa Sanpaolo, Alantra Capital Markets, PricewaterhouseCoopers, Chiomenti, Cleary Gottlieb Steen & Hamilton, Studio Cerrito, RSM Società di Revisione e Organizzazione Contabile, and CDR Communication are assisting Next Geosolutions Europe .
Italian jewels maker Vhernier signed a sale agreement with Swiss competitor Richemont, which owns several brands including Buccellati, Cartier and Van Cleef & Arpels (see here a previous post by BeBeez). Vhernier has sales of 27.9 million euros, an ebitda of 3.2 million and net cash of 2.9 million.
Arca Space Capital, a private equity that Arca Fondi launched in partnership with Space Capital Advisors, launched Mosaiq Group, a platform company for the sustainable packaging for the luxury sector (see here a previous post by BeBeez). Mosaiq Group acquired Italian players Valtenna, Bulgarelli Production, D’Auria Packaging, CO.Ri Sacchettificio, and Brand Label. The targets’ owners will reinvest for a 32% of Mosaiq. Stefano Lazzari and Sebastian Suhl will act as executive chairman and ceo of Mosaiq Group. Arca Space Capital hired Bain & Company, Bonelli Erede, EY, Studio De Rosa, ERM, and Fineurop. The vendors received assistance from District Advisory and Hogan Lovells. Mosaiq has sales in the region of 70 million euros.
Italian diagnostic firm Bianalisi acquired from Pietro Giovanni Blumetti the whole of Medical Center (see here a previous post by BeBeez). Bianalisi belongs to Charme Capital Partners, Columna Capital and Giuliano Caslini. The buyers retained Studio Orrick, Deloitte and Studio Advant-NCTM. Medical Center received assistance from Studio Legale Vagaggini and Studio Broggini. The target has sales of 4.4 million euros.
Italian utility Illumia, a company that belongs to Gruppo Tremagi, acquired DS Italia 3, a special purpose vehicle that is developing two renewable energy plants in the Southern Italian region of Basilicata (see here a previous post by BeBeez). Spain’s DVP Solar (a jv that Prodiel and Everwood Capital founded in 2021) is selling the asset. The plant may generate 6.162 MWh per year.
Euromobiliare Asset Management, part of Credem, and Pictet Asset Management signed a partnership for the sale of non-listed and private markets products (see here a previous post by BeBeez). The firms will offer products in support of real economy. At the end of 2023, Pictet invested 45 billion US Dollars (out of total 681 billion) in the private capital sector. Paolo Paschetta, equity partner, is Italy’s country head of Pictet Asset Management. Francesco Germini is the coo of Euromobiliare.
