Milan-listed Italgas, an energy distributor, is in advanced talks for acquiring the Italian competitor 2i rete Gas from F2i (63.9%), APG Asset Management and Ardian for a reported transaction value of 5 billion euros (see here a previous post by BeBeez). JPMorgan and Legance are assisting Italgas.
On 30 August, Friday, Dutch group Vitol raised 95.285% of Milan-listed oil group Saras, on which it launched a delisting bid at 1.6 euros per share on 12 July, Friday (see here a previous post by BeBeez). Vitol previously extended the deadline for tendering to the public offer on Saras to 16 August, Friday. In February 2024, Vitol acquired 35% of Saras from the Moratti family at 1.75 per share based on an enterprise value of around 1.9 billion.
MSIP-Morgan Stanley Infrastructure Partners must take private Milan-listed Salcef Group, a producer of components for railways infrastructures that in 2019 carried on a business combination with Italian Spac Industrial Stars of Italy 3 (a vehicle that Giovanni Cavallini, Attilio Arietti, Davide Milano, and Enrico Arietti launched) (see here a previous post by BeBeez). Finhold, which owns 64.77% of the target, signed a binding agreement with MSIP ahead of the launch of a 26,55 euros per share (cum dividendo) offer on the ground of an equity value in the region of 1.62 billion euros (including the net dividend). Banca Akros said that Salcef Group is worth 30 euros per share, while Intermonte said that the price should be 30,4 euros per share. However, both the reports concluded that the majority shareholders have the governance power for delisting the company at the conditions that they agreed with MSIP. Finhold received assistance from Gianni&Origoni, while MSIP retained Morgan Stanley, Banca Finint and White & Case.
Vista Vision, a network of ophthalmic clinics, sold to Ardian, Mario Salmeri (chairman) and Stefano Zanchi (ceo) while Credem Private Equity sold its 31.23% stake (see here a previous post by BeBeez). Salmeri and Zanchi will lead the company and have a controlling stake while Ardian will appoint the majority of board members. Vista Vision has sales of 54 million euros, an ebitda of 6.7 million and net debts of 12.7 million.
Omnia Technologies (fka DT Holding), a platform company that Investindustrial created for the packaging sector, acquired French Maison Coquard, the CapEx unit of US ATPGroup and Italy’s Nortan, Investindustrial’s head Andrea Bonomi said to BeBeez (see here the insight Views available for the subscribers to BeBeez News Premium and BeBeez Private Data) (see here a previous post by BeBeez). Omnia Technologies has sales in the region of 700 million euros (80% export).
In light of the fairness opinions of Equita SIM and Mediobanca, the board of directors of Milan-listed Unieuro could not reach an agreement on whether or not accepting the reported delisting offer that Paris-listed retailer FNAC Darty and Ruby Investment will launch a public offer between 2 September, Monday, and 25 October, Friday (see here a previous post by BeBeez). However, all the target’s directors said that few strategic aspects of the bidders offer is worth a review. FNAC Darty and Ruby already own 4.4% of the target. Ruby also has 25% of FNAC Darty. VESA Equity Investment, an investment holding of EP Equity Investment (a firm that Daniel Křetínský and Patrik Tkáč head), is the owner of Ruby. The investment vehicle that will launch the public offer will belong to FNAC Darty (51 %) and Ruby Equity Investment (49 %). Buyers will pay 9 euros per share in cash and 0.1 in shares of new issuance of FNAC Darty. Ruby (two-thirds) and FNAC Darty (one-third) will finance the cash component of the bid (75 % of the total). FNAC Darty will issue about 2 million shares (6.6 % of share capital after the transaction) for 25 % of the equity component of the offer.
Italian martech Retex raised 3.12% of Milan-listed Alkemy, a digital enabler for mid and large companies (see here a previous post by BeBeez). Earlier in May, FSI said it will subscribe a 100 million euros capital increase of Retex for acquiring 80%,of the business ahead of creating a 500 million turnover group. Retex will invest up to 68.23 million for acquiring Alkemy. Duccio Vitali (owner of the target’s 11% – 17.87% voting rights) committed to tender the offer and in reinvesting in Retex which retained Intermonte, Mediobanca and PedersoliGattai. Further shareholders of Alkemy are Riccardo Lorenzini (6.25% – 10.24%), StarTIP (Tamburi Investment Partners – 7.48% – 6,22%), CIP Merchant Capital (6.69% – 5.57%), Alberto Bitetto (5.02% – 4.18%), and Francesco Brioschi (5.01% – 4.17%). However, Gianni Tamburi, the ceo of StarTIP, reportedly said that the public offer price is not fair as it doesn’t reward the growth perspectives of Alkemy that may benefit from the resources of the National Recovery and Resilience Plan (NRRP) .
Gruppo Intergea, an Italian car dealer, acquired 80.5% of Italian competitor Marelli e Pozzi and signed a call option for purchasing the remaining 19.5% by 31 December 2025 (see here a previous post by BeBeez). Marelli & Pozzi previously belonged to Giovanni Realini (33%), Massimo Pozzi (24.75%), Nicoletta Pozzi (8.58%), Franca Marelli (17.84%), Amos Marelli (7.74%), and Piera Macchi (7,74%). The target has sales of 44 million euros, a one million ebitda and net cash of 0.012 million. Intergea also acquired 25% of Autobase Brescia, another Italian car dealer that has revenues of 38.8 million, an ebitda of 1.2 million and net debts of 3.7 million (see here a previous post by BeBeez). Intergea, belongs to the Di Tanno Family and has revenues of above 1 billion.
Eurizon ITER and Eurizon ITER ELTIF, acquired Germani, an Italian transport company (see here a previous post by BeBeez). Germani will carve-out some of its subsidiaries that are not part of the deal through which Mauro Ferrari, Faustino Ferrari, Daniele Ferrari, and Arcese Trasporti will sell their stakes to the funds and reinvest for a minority. Germani has sales of 105 million euros, an ebitda of 36 million and net cash of 25 million.
Brugola OEB Industriale, and Italian producer of DIY equipments and screws that belongs to the eponymous family and that Egidio Stefano Brugola heads, signed a pre-agreement for acquiring 30% of Fimeur from the Ambrosini Family (see here a previous post by BeBeez). Fimeur has sales of 8 million euros, an ebitda of 0.672 million and net debts of 6 million.
Fintel Luce e Gas, an Italian energy retailer of which Alperia has 90%, acquired the same sector unint of Eicom (see here a previous post by BeBeez). Parola and Kpmg assisted the buyer. Pwc advised Eicom which belongs to Più Energia (90%)and Fabrizio Imperadore (10%) and has sales of 126 million euros, an ebitda in the region of minus 1 million, equity of 2.5 million and net debts of 1.6 million.
Sources said to BeBeez that UniCredit supported Maurizio Fagni for the acquisition of 50% Italian sellotapes producer Fabo from ceo Samuela Fagni (see here a previous post by BeBeez). Mandorli-Panelli e Associati and Giovanni Malucchi assisted the buyer. Fabo has sales in the region of 60 million euros (70% export).
LMDV Capital, the family office of Leonardo Maria Del Vecchio, invested in Martel, a Paris fashion firm (see here a previous post by BeBeez).
CNH Industrial sold Kongskilde to Seko Industries, a portfolio company of Ibla Capital (see here a previous post by BeBeez). Seko Industries has sales of 12.1 million euros, an ebitda in the region of 0.12 million and a net financial debt of 1.6 million.
Visconti Capital, a search fund that Carlo Luigi Fontana Giusti and Clemente di Napoli Rampolla created, acquired ELTI (European Lift Testing Italia) from Alberto Silvestri (see here a previous post by BeBeez). Ethos Partners, One to One, Innesto Partners, Arada Capital, Scipio Holding, some family office, and the vendor also invested in the transaction that Banco BPM and Banca Sella financed. Alvarez & Marsal, Tonucci & Partners and Cappelli CCCRD advised Visconti Capital. Grimaldi Alliance assisted the vendor. ELTI has sales in the region of 12 million euros, an ebitda of 1.65 million and net cash of 1.87 million. Fontana Giusti and di Napoli Rampolla will act as co-ceos of ELTI which aims to grow through acquisitions.
Italian industrial company NTS acquired 80% of Convel, a producer of machinery for the oil & gas sector, from Paolo Carminati (see here a previous post by BeBeez). Swiss Merchant Advisory and LCA Studio Legale assisted the buyer. Convel has sales of 1.4 million euros, an ebitda of 0.0269 millon and net debts in the region of 0.218 million. NTS has revenues of 40 million.
Anusca acquired the majority of Terme di Cervia e Brisighella, an Italian spa operator, from Giorgia Ferruzzi and Aldo Ferruzzi that will keep their management roles (see here a previous post by BeBeez). Stefano Iseppi will be the new company’s chairman and will be part of the board with Paride Gullini, Sergio Santi, Romano Minardi, and Giancarlo Chistè. Terme di Cervia has sales of 4.8 million euros.
Mainetti, an Italian packaging company that is part of Mainetti Group. acquired Italian competitor Morresi Enzo & C, the owner of Morresi Cartotecnica from Tiziana Luciani (25%), Giammario Morresi (25%), Eliana Gasparini (15%), Enzo Morresi (15%), Manuel Morresi (10%), Monia Morresi (10%) (see here a previous post by BeBeez). The target will rebrand as Morresi Mainetti. Studio Stacchiola Commercialisti assisted the vendors. The target has sales of 4 million euros, an ebitda of little above 0.391 million and net debts of 2.3 million.
Industria Casearia Silvio Belladelli, an Italian dairy company, sold a 34% stake to US competitor BelGioioso Cheese, a company that Errico Auricchio founded in 1979 (see here a previous post by BeBeez). The Belladelli Family will keep 66% of the company and received assistance from Scouting Capital Advisors and PwC TLS. BelGioioso retained Chiomenti.
Italian fashion firm Dolce & Gabbana acquired Italian iconic lounge bar Mocambo in Taormina, Sicily (see here a previous post by BeBeez). Gitto assisted Dolce & Gabbana.
