Kohlberg Kravis Roberts (KKR) signed a temporary exclusivity agreement to acquire from ENI a 20% – 25% of Enilive, a company involved in biorefining, biomethane production, and smart mobility solutions (see here a previous post by BeBeez). ENI could later divest a further 10% of the asset whose valuation is 11.5 – 12.5 billion euros. Mediobanca advised ENI. Deutsche Bank and Unicredit advised KKR.
On July 19, Friday, ION Investments, Andrea Pignataro‘s London-based financial-technology holding company, closed the acquisition of Prelios, a credit servicing and real estate fund management company, from Davidson Kempner on the ground of an enterprise value of 1.35 billion euros (see here a previous post by BeBeez). Goldman Sachs International and Linklaters advised Davidson Kempner. Lazard and Russo De Rosa Associati supported Prelios. UBS, PedersoliGattai, Chiomenti, Facchini Rossi Michelutti, BNP Paribas, Mediobanca, and Milbank advised ION. Latham & Watkins advised UniCredit, BNP Paribas, Banco BPM, Standard Chartered Bank, Mediobanca, and Intesa Sanpaolo, the lenders for this transaction.
Sources said to BeBeez that Stellantis sold 50.1% of Comau, an industrial automation and advanced robotics company, to One Equity Partners (see here a previous post by BeBeez). Alessandro Nasi (executive chairman) and Pietro Gorlier (managing director) will retain their roles in Comau, whose value, according to previous market rumors, is of 1.5 – 2 billion euros.
Unicredit signed a binding agreement to acquire Polish fintech Vodeno TechCo and Belgian Aion Bank (fka Banca Monte Paschi Belgio) from Vodeno Group for about 370 million euros (see here a previous post by BeBeez). Warburg Pincus, the majority owner of Vodeno Group, NatWest Group (18%) and the EBRD-European Bank for Reconstruction and Development sold the targets. Warburg Pincus acquired Vodeno Group in 2018 for 475 million. In 2022, Vodeno sold 18% to NatWest for 58 million.
Dolce & Gabbana (D&G), an iconic Italian fashion house, may sell a stake to a financial investor or launch an IPO, chairman Alfonso Dolce said (see here a previous post by BeBeez). Designers Domenico Dolce and Stefano Gabbana founded D&G, which has a turnover of nearly 1.9 billion euros.
Investindustrial signed a binding agreement for acquiring 58.35% of Milan-listed PiovanGroup, an Italian chemical company (see here a previous post by BeBeez). The fund agreed to pay 14 euros per share or about 438 million euros in a lump sum at the closing, which may take place after October 15, Tuesday. Investindustrial is awaiting Antitrust and golden power approvals. Nicola Piovan, executive chairman of PiovanGroup, will sell his shares and reinvest for 25% of the company while retaining his role. Filippo Zuppichin, target CEO, will continue to run the company.
Di Luccia & Partners Executive Search appointed Elena Bignamini as partner (see here a previous post by BeBeez). Bignamini will assist private equity portfolio companies active in the Consumer and Manufacturing sectors.
On July 19, Friday, Unicredit placed about 1.1% of Nexi, a Milan-listed paytech firm, through an accelerated book building (ABB) capital procedure, at 5.735 euros per share, or in the region of 84 million euros (see here a previous post by BeBeez). Clessidra signed a refinancing transaction with Unicredit for Fides. This transaction includes a collar agreement involving a Unicredit call option and a put option in favor of Fides with a 1.4% of Nexi as underlying asset. Unicredit, in a decision unlinked from the contract with Clessidra, decided to hedge part of its position. Mercury UK is the investment vehicle through which Clessidra, Bain Capital and Advent International hold 9.3% of Nexi. Clessidra said that after this ABB transaction, Mercury UK’s shareholding structure is unchanged.
Doppel Pharmaceuticals, a company that belongs to Trilantic Europe since 2015, and Mipharm, a company that Alto Partners owns since March 2022, will merge and rebrand as Domixtar Pharmaceuticals (Dmx Pharma) to generate 180 million euros in aggregate sales (see here a previous post by BeBeez). Trilantic Europe and Alto Partners will be even shareholders of Dmx, a company that Maurizio Silvestri will lead. Trilantic Europe received support from LMCRr Studio Legale, EY, goetzpartners, ERM and Foglia & Partners.
Three Hills announced the sale of MA Group and WPI Group, which generated average gross returns in excess of 2x MoM (multiple of money), and the partial sale of the stake in Dedalus that generated cash for limited partners (see here a previous post by BeBeez). Dedalus has a turnover of 809.3 million euros. Paolo Graziano acquired a 25% stake in Three Hills in MA Group.
Hig Capital acquired 77% of Naturalia Tantum, a cosmetics company, from Assietta Private Equity. Equita, Houlihan Lokey, PedersoliGattai, KPMG, and OC&C advised the sellers (see here a previous post by BeBeez). Simmons & Simmons advised Crédit Agricole Italia, Banca Sella, Banca Monte dei Paschi di Siena, illimity Bank, Banca Ifis, Green Arrow Capital, and Merito, the lenders to the transaction. Hig received support from Ethica Group, Eversheds Sutherland and Orrick
Sources said to BeBeez that NUO, an investment company that Exor owns, and WWICL-The World Wide Investment Company Limited, a holding company of the Pao-Cheng family, acquired 30% of Scarpa (see here a previous post by BeBeez). The rest of the company belongs to the Parisotto family (55.71%) and Calzaturificio Scarpa (14.29%). Sandro Parisotto, chairman, and Diego Bolzonello, managing director, will retain their roles in the target. Banca Finint, Studio Vedovato Basile Associati and Studio Legale Maria Chiara Caldart advised Scarpa. NUO received support from Studio Chiomenti, PWC and Gitti and Associates.
DVS Global sold its PCB (printed circuit board) business to Stockholm-listed Ncab and DVS Pacific of Hong Kong (see here a previous post by BeBeez). The purchase price will amount to 17.1 million euros, with a possible additional earnout of up to 3.8 million euros. Denis Vigo (90%) and Paolo Facco (10%) sold their stakes in the target. Pirola Corporate Finance and Pirola Pennuto Zei & Associati advised DVS Global.
Silver Economy, a fund that Quadrivio Group manages, launched CareHubL, a project for developing a network of outpatient services (see here a previous post by BeBeez). The company wants to grow to generate 100 million in revenue. Silver Economy will acquire 94.7% of Brexia Med from Alessandro Bartucci, Gianluca Santoro, Francesca Anselmi and Valentina Rossi. Quadrivio Group received assistance from Bird & Bird.
Sources said to BeBeez that RAG-Stiftung sold 80% of Masco Group, a company that provides products and services for the pharmaceutical industry, to Ardian (see here a previous post by BeBeez). The Borella family and the company’s management will reinvest together with the private equity. Luca Borella will retain the position of chief executive officer, while Angelos Papadimitriou and Claudio Colombi will invest in the transaction and become president and board member of Masco. Prior to this transaction, the Borella family owned 20% of Masco. Ardian will implement a buy & build strategy to support Masco’s international growth. JPMorgan, Clifford Chance, Weil, Gotshal & Manges, PedersoliGattai, McKinsey & Company, PricewaterhouseCoopers, Gitti and Partners, and Howden advised the buyers. Jefferies, CMS Hasche Sigle, CMS Adonnino Ascoli & Cavasola Scamoni, Chiomenti and Grant Thornton advised the sellers. Masco has sales in excess of 300 million euros.
Assist Digital, a CRM service provider in which Ardian holds a 60% stake from 2023, acquired Inspearit Italia, a management consulting firm that is a gold partner of SAFe (Scaled Agile Framework) and for which Alessandro Amella acts as general manager (see here a previous post by BeBeez). The target revenues of 2.5 million euros and net financial debt of 1.5 million euros. Francesca Gabrielli is the ceo of Assist Digital, which revenues of about 220 million euros.
Wide Group, an Italian insurance broker that Pollen Street Capital owns, acquired Anglo Lombarda-Insurance Brokers from Giuseppe Chieffo, Lucia Di Lauro, Billa Capital, Camy Capital and Tradingson (20% each) (see here a previous post by BeBeez). BonelliErede advised Wide Group. Anglo Lombarda received support from Studio Legale Bocchini. Lodovico Bocchini, Mauro Martini, Andrea Ragozino and Riccardo Bocchini will join Wide Group as new senior partners. Wide Group also acquired Assco Broker from Luca Scolaro (89.9%), Nicola Celotti (5.1%) and Massimo Morisetti (5%) (see here a previous post by BeBeez). Scolaro and Celotti will join Wide Group as new senior partners.
Stockholm-listed Munters Group acquired Gruppo Geoclima, an Italian manufacturer of air- and water-cooled chillers (see here a previous post by BeBeez). The target has sales of 40.1 million euros.
Saf-Holland, a Frankfurt-listed manufacturer of trailer and truck components, acquired Italian competitor Assali Stefen from Giovanni Bertagnoli (see here a previous post by BeBeez). BonelliErede advised Saf-Holland. PwC supported Assali, which has 33.7 million in revenues, 3 million in ebitda and net cash of nearly 4 million
Sources said to BeBeez that Sailpost, an Italian logistics group, purchased more than 90% of Fenix from Scudo Logistica, which now holds 10% of the target (see here a previous post by BeBeez). Fenix has revenues of 4.8 million euros, ebitda of 0.312 million and net financial debt of 0.307 million. Sailpost has revenues of 70 million euros, ebitda of 6.5 million and an order backlog of more than 100 million euros.
Gruppo Spaggiari Parma, an edutech company in which Ambienta has 77%, acquired La Fabbrica, an Italian competitor (see here a previous post by BeBeez). HIND (77.01%), Luisa Rossi di Montellera (7.32%), Manfredo Rossi di Montellera (3.06%), Dan Consulting (3%), Athina Conseil (2.21%) and Sella Fiduciaria (7.41%) sold the target, which revenues of 4.4 million euros, 0.486millioneuros ebitda and 3 million in net financial debt.
HModa, the Italian luxury hub that belongs to Holding Industriale (HIND–an investment company that Claudio Rovere founded), acquired 60% of Fustellificio Toscano, a company active in the production of dies, from Leonardo Naldini (ceo) (see here a previous post by BeBeez). Fustellificio Toscano has a turnover of about 8 million euros. HModa consolidated sales of more than 300 million euros.
Comal, a Milan-listed company that produces high-power photovoltaic systems, acquired an industrial site in Abruzzo where it will build a factory (see here a previous post by BeBeez). Mediocredito Centrale provided Comal with a 5 million mortgage loan with a ten-year term and a guarantee from SACE Futuro. The project is part of Invitalia’s “Next Appennino | Measure B1.2 – B3.3” program and involves a total investment of 16.1 million.
Ecornaturasi sold BiotoBio to Probios, a company that Agreen Capital owns since 2023. Amundi (through Amundi Private Equity Italia and Amundi Eltif AgrItaly PIR Funds) and PFC Family Office acted as co-investors (see here a previous post by BeBeez). BPER, Unicredit, and Cassa Depositi e Prestiti financed the transaction. Probios received assistance from Agreen Capital, EY, EY Parthenon, Epyon Consulting and Studio Sebastiani. Avvocati di mpresa assisted Probios. Studio Gatti PavesiBianchiLudovici supported the lenders. Vitale&Co, Ways Advisory, Gitti and Partners advised the sellers.
CDP Venture Capital and Cy4Gate, a Milan-listed cyber security and cyber intelligence company, signed an even joint venture with total resources of 3 million euros that the partners will be able to increase to 9.5 million (see here a previous post by BeBeez). Guglielmo Carsana will be the managing director of the newco, which will provide small and medium-sized businesses with a digital platform that allows them to purchase cybersecurity products and services for civil use and insurance policies to cover damages resulting from cyber attacks
Between August 19, Monday, and September 20, Friday, Retex, an Italian martech in which FSI holds an 80% stake, will launch a public offer worth up to 68.2 million euros (12 euros per share) to delist Alkemy, a Milan-listed enabler for the digital evolution of medium and large-sized companies (see here a previous post by BeBeez). FSI wants to grow Retex through acquisitions to create a 500 million revenue group. Intermonte, Mediobanca and PedersoliGattai are assisting the buyers. Duccio Vitali, chief executive officer of Alkemy and current owner of 11% of the capital and 17.87% of the voting rights, pledged to join the public offering and reinvest part of the proceeds in a capital increase of Retex itself and then become its chief executive officer.
Fondo Ipo Club 2, a vehicle that Simone Strocchi launched with the Azimut Group, paid 6.34 euros per share for 2.6% of Next Geosolutions Europe (NextGeo), a company active in marine geoscience and construction support services and offshore facilities (see here a previous post by BeBeez). Marnavi, listed in Milan, holds 51.08% of the target. Giovanni Ranieri (chief executive officer) and Attilio Ievoli (ceo of Marnavi) sold 1.04% and 1.56% of NextGeo, respectively.
Dalma Mangimi, a Nextalia’s circular economy company for the production of sustainable ingredients for livestock feed, bought 84% of Zoo Assets, a distributor of livestock supplements. Consorzi Agrari d’Italia (CAI) decreased its stake in Zoo Assets from 52% to 10% (see here a previous post by BeBeez). Giorgio Barducci (formerly 7.5%), Marcello Corsini (7.5%), Andrea Molinari (7.5%) and VSF Project (7.5%) dropped to 1.5% each. Studio BonelliErede and Deloitte Financial Advisory advised Dalma. Esiodo supported CAI and the minority shareholders. Marcello Corsini is the CEO of Zoo Assets, which has 9.7 million euros in revenues, ebitda of 0.812 millionand net financial debt of just under 0.890 million. Carlo Goretti is the managing director of Dalma, which has 32.9 million in revenues, 3.2 million in ebitda and 15.2 million in net financial debt.
Croci, a manufacturer of pet and aquarium accessories in which Mindful Capital Partners holds 70% from 2021, acquired Camon, an Italian competitor (see here a previous post by BeBeez). Roberto Canazza, the the target‘s founder and CEO , will reinvest in the group in which he will have an operational role. After this acquisition, Croci’s sales will increase from 50 million euros to 85 million.
Icon Infrastructure acquired Colomion, a company that manages the Bardonecchia Ski area, from LBM Italia (96.41%) and other minority shareholders (see here a previous post by BeBeez). Colomion has revenues of 8.5 million euros, ebitda of 1.5 million and 2.6 million in net debt.
