On 1 July, Monday, NeTco, the infrastructure network of Milan-listed TIM, came under the control of Optics BidCo, a company that belongs to KKR, Abu Dhabi Investment Authority (ADIA) and Canada Pension Plan Investment Board (CPP Investments) (see here a previous post by BeBeez). F2i will invest a total of 1 billion euros, for a 10% stake in NetCo. The Italian government will acquire a 15-20%. Pietro Labriola is the CEO of TIM that can fetch up to EUR 22 billion including earn-outs from the sale of NetCo.
The Carlyle Group could begin the sale process of Forgital, an Italian manufacturer of components for the aerospace, oil&gas and energy sectors that acquired in September 2019 on the ground of an enterprise value of 950 million euros (see here a previous post by BeBeez). The company could be of interest to Bain Capital, CVC Capital Partners, ATI, Howmet, and GE, which owns Avio in Italy. Carlyle hired JPMorgan to sell Forgital on the ground of an enterprise value of 2.5 billion.
German Fressnapf Beteiligungs Group, a pet care company, acquired Arcaplanet, a pet food and products retailer, from Cinven that will reinvest in the buyer for a minority. Fressnapf Group previously purchased a minority of Arcaplanet (see here a previous post by BeBeez). The companies could generate aggregate sales in the region of 5 billion euros.
The European Commission has officially given its conditional approval to the German airline Lufthansa for acquiring 41% of ITA Airways, an Italian competitor, against the payment of 325 million euros (see here a previous post by BeBeez). Lufthansa will be able to subscribe to the reserved capital increase of the Italian company by the end of the year and acquire it from the Italian Ministry of the Treasury. The limitation set for the closing of the operation aims to protect competition at Milan Linate Airport, on short-haul routes between Italy and Central Europe, and on long-haul connections between Fiumicino Rome Airport and North America, with the opening to rival airlines.
Ambienta acquired a majority stake in France’s Babcock Wanson Group from the funds of pan-European private debt manager Kartesia, which will reinvest part of the proceeds in the deal, along with the senior management team (see here a previous post by BeBeez). The amount of the investment, which is expected to close by the end of September, was not disclosed. Ambienta was assisted by Crédit Agricole Corporate & Investment Bank, EY, Weil, Gotshal & Manges, Ramboll and Marsh. Cyril Fournier-Montgieux is the managing director of Babcock Wanson Group.
Di Luccia & Partners Executive Search, a specialized headhunting company for private equity funds and their portfolio companies, appointed Zeno Pellizzari as the senior partner and Head of M&A to drive growth through acquisitions in Italy and abroad (see here a previous post by BeBeez). Additionally, Di Luccia appointed Alberto Riberi as a senior partner with the aim of supporting the portfolio companies of private equity funds active in the retail, fashion, luxury, and lifestyle sectors. Further Di Luccia’s partners are: Pellizzari, Riberi, Giacomo Santucci (chairman), Domenico Di Luccia (ceo and founder), Aga Podkowinska, Marco Boido, Laura Ghislandi, Paolo Comoletti, Iwona Hojol, Amanda Joy Ladlow, Diogo Silva, Christopher Roth, Marc Terry, Agata Wasowska, Aline Cata Preta, Dominik Lentowicz, and Tatsuya Eguchi. (see here a previous post by BeBeez)
Group PNO BV, a Dutch player in the field of innovation services and public facilitation management that belongs to Bencis Capital Partners, announced the acquisition of GFinance, a Brescia-based company consultancy services for getting national facilitation grants (see here a previous post by BeBeez). Marco Nicolai (51.8%), Isabella Busi (48.2%) and Marco Tabladini (10%) sold the target and reinvested for a minority stake in Group PNO whose new directors are Paolo Salvatore (CEO), Nicolai, Tabladini, and Marco Bortoli. The PNO Group retained Legance and Alvarez & Marsal. Pirola, Pennuto Zei and Apex Consulting assisted the sellers. GFinance has sales of 3.6 million euros, an ebitda of 1.8 million, net profit of 1.4 million and net cash of 2.9 million, and equity of 1.7 million
Isem Packaging Group, a company of Peninsula Capital, acquired Italy’s Bartoli Packaging from Cinzia Bartoli (35%), Roberto Fanciullacci (30%), Coralba Bartoli (15%), and Gina Giacomelli (20%). Bartoli and Fanciullacci will remain managing directors of the company (see here a previous post by BeBeez). Intesa SanPaolo, Banco BPM, Crédit Agricole Italia, BPER Banca, and Unicredit partly financed the acquisition was partly financed by a pool of banks comprising. Gatti, Pavesi, Bianchi, Ludovici and Alvarez & Marsal assisted ISEM. Crédit Agricole Italia and Gitti and Partners advised. Bartoli Packaging has revenues in the region of 20 million. Francesco Pintucci is ISEM’s CEO.
Eagleprojects, an end-to-end engineering service provider that Palladio Holding purchased in December 2023, announced the signing of a binding agreement to acquire Digitarca, an Italian competitor (see here a previous post by BeBeez). EY assisted Eagleprojects with legal, financial, and tax aspects, while BDO assisted Digitarca in the operation. Together, Eagleprojects and Digitarca have an aggregate turnover of over 50 million euros.
WeBravo (aka Bravo Savings Network), a company digital couponing and affiliate marketing in the portfolio of Xenon Private Equity, finalized the acquisition of Booncy, a performance marketing startup born in the ecosystem of the accelerator Nana Bianca which previously held the majority (44.85%) of the target (see here a previous post by BeBeez). Booncy has revenues of 26.7 million euros, EBITDA of 4.4 million, and net cash of 3.6 million. Marco Farnararo, Claudio Veratti, and Michele Legnaioli (the founders of WeBravo) and Xenon financed this transaction through a capital increase, allowing Booncy’s shareholders to enter the capital of the purchaser with a stake of about 10%. Alberto Baggio (CEO), Massimiliano Mancini (CMO), and Alessio Olivieri will continue to lead Booncy. WeBravo also took control of Salesoar, a SaaS intelligent marketing automation firm, of which Booncy had 84.43%.
Ome Metallurgica Erbese, a producer of components for the Oil & Gas and Power Generation sectors that IGI Private Equity owns since 2021, acquired German competitor Jungeblodt from Klemens Jungeblodt and Heinrich Jungeblodt who will reinvest part of the sale proceeds from the sale in the companies’ integration (see here a previous post by BeBeez). Equita Mid Cap Advisory, PwC, Flick Gocke Schaumburg, Molinari Agostinelli, Erm, and BonelliErede assisted Ome. MCF Corporate Finance, Freshfields and Simmons & Simmons advised Jungeblodt. Intesa San Paolo, BPER Banca, and Crédit Agricole financed the transaction and retained Dentons. Jungeblodt has a turnover of over 30 million euros.
EF Solare Italia, an Italian photovoltaic firm that belongs to F2i (70%) and Crédit Agricole Assurances (30%) since 2021, acquired a majority stake in SCS Ingegneria, an Italian competitor from the founders Vincenzo Cavallo and Antonio Sergi that will keep their operative roles (see here a previous post by BeBeez). PWC Strategy, PWC TLS and DNV assisted EF Solare. PROTHEA and Legance advised SCS Ingegneria. SCS Ingegneria has a turnover of 4.3 million euros, EBITDA of 0.890 million, and a net debt of 1.7 million. Andrea Ghiselli is the CEO of EF Solare.
The insurance broker GBSapri, a company of which Brera Capital Partners owns 70% since April 2024, acquired Convergo Global without disclosing financial details (see here a previous post by BeBeez). Riccardo Nardari, the target’s founder and CEO, will become a shareholder and member of the board of directors of GBSapri. Carlo Maria Bassi, CEO of GBSapri, stated that over the next four years, the company aims to generate a turnover of 40 million euros through organic growth and acquisitions. After this operation, GBSapri will earn commissions of 22-24 million.
Giangiacomo Feltrinelli Editore (part of Gruppo Feltrinelli), an iconic Italian publisher, bought 10% of Adelphi Edizioni from The Gini Alhadeff Trust (a company of Gini Alhadeff, Giandomenico Pellizzi, and Aurora Pellizzi) (see here a previous post by BeBeez). The vendors now hold 3.5% of the target, said Carlo Feltrinelli, chairman of Gruppo Feltrinelli. The other owners of Adelphi are Anna Sophia Calasso (23.83%), Francesco Calasso (23.83%), Annemarie Jaeggy (14.3%), Elisabetta Zevi (10%), Roberto Colajanni (9.53%), and Giovanni Zevi Della Porta (5%). Adelphi has revenues of 16.7 million euros, an EBITDA of 3.5 million, and net cash of 2 million.
AB Mauri Italy, which is part of London-listed Associated British Food – ABF, acquired Mapo from Domenico Marone, Vincenzo Marone, and Silvia Pollio (33.3% each) (see here a previous post by BeBeez). A&O Shearman assisted the buyers. The sellers appointed BonelliErede. Mapo has revenues of 5.5 million euros, ebitda of 1.1 million and net cash of 0.340 million.
F.B.L. Food Machinery, a company that belongs to Entangled Capital since 2023, acquired Bondani, a packaging machinery and equipment company (see here a previous post by BeBeez). Alessio Bondani, the current CEO of the group, sold his 25% stake and will reinvest in the acquiring company. Pirola Corporate Finance assisted F.B.L. After this acquisition, F.B.L. will have a turnover exceeding 15 million euros and will pursue further acquisitions.
The Colussi Group, the owner of the bakery product brands Colussi, Misura, Sapori 1832, and Agnesi, acquired the majority of Dr. Karg’s, a healthy snack producer based in Germany. Dr. Karg’s has a turnover of 40 million euros (see here a previous post by BeBeez). Giacomo Colussi is the CEO of the acquiring company, which has revenues of 400 million euros, 35 million in EBITDA, and 74.5 million in net financial debt.
Milan-listed First Capital, an investor in Private Investments in Public Equity (PIPE) and private equity, launched First4Progress2, an unlisted search fund designed to raise capital for the growth of an Italian SME as part of a pre- ipo or ipo transaction. F4P2 already raised less 10 million euros in shares and through the issuance of convertible bonds maturing in 2029 that 30 investors subscribed (see here a previous post by BeBeez). Shares are listed on Vorvel Bonds, a multilateral trading system that Vorvel sim manages. First Capital, already issued a further 5 million bonds and cplans to carry on a further fundraising in the coming months ahead of a final target of 19.8 million euros in shares (9 euros each), with the option to subscribe by March 30, 2025; and up to 20 million in bonds. Invest Italy sim (a subsidiary of First Capital itself) and CFO sim while PedersoliGattai is providing legal advisory.
Charme Capital Partners acquired 56% of Animalia, an Italian provider of veterinary care services, through the subscription of a capital increase that will grant the company with the resources it needs to accelerate its plans for consolidation and organic growth (see here a previous post by BeBeez). Animalia’s founders, Antonino Santalucia and Giorgio Romani will retain their roles as co-CEOs and shareholders. The company’s development program also includes bolt-on and foreign buys. Rothschild, EY, OC&C Strategy Consultants, Giovannelli and Associatesr, Fides, Gitti and Partners, Facchini Rossi, and Michelutti assisted Animalia. Charme retained EY Parthenon, EY, Pedersoli Gattai, AON, W&I, and Spada Partners. Arcmont and Carlyle handled the financing of the acquisition and received assistance from Dentons. Illimity will provide a revolving line.
LMDV Capital acquired a 13.78% stake in Milan-listed Leone Film Group, a producer and distributor of audiovisual contents (see here a previous post by BeBeez). Raffaella Leone (current owner of 25.22%) and Andrea Leone (25.1%) divested a 4% of their shares each. LMDV also both additional stakes from Paolo Genovese (2.98%), Antonio Belardi (1.65%), and Banca Mediolanum (1.15%). Mediobanca played a pivotal role in facilitating LMDV Capital’s acquisition. Leone Film Group has revenues of 86.6 million euros, an EBITDA of 70.6 million, a net losses of 0.800 million, net financial debt totaling 83.5 million, and a net equity of 46.4 million
Asset Classic, an investment company based in Milan and Luxembourg that the CEO and founder Camillo Mekacher-Vogel leads, created AssetClassic Fund, a new vintage and collectible car investment fund (see here a previous post by BeBeez). The fund aims to raise 50 million euros and has already finalized the first closing and received commitments from private and institutional investors, important family offices, and Italian and international HNWIs. The fund also attracted the commitments Christian Christodulopulos, Ignazio Castiglioni, Louis de Fabribeckers, Michele De Nora, Tommaso De Nora, Enrico Falck, Walter Fontana, Federico Mottola Lucano, and Peter von Richthofen. The fund will invest in high-profile vintage and collectible cars, with a focus on the most prestigious brands, targeting cars out of production for at least five years. AssetClassic Fund will purchase entire collections at a discount through a quantitative approach built on the largest existing data set in the global collectible car industry and proprietary analysis and valuation software based on artificial intelligence algorithms. As for the valorization of the models, this may involve restoration work – if necessary – through the partner network, and trading activities, with the aim of reselling individual pieces in the market at a premium price.
