On 5 October, Saturday, F2i and Finavias signed a contract for selling 2i Rete Gas to Milan-listed Italgas on the ground of an equity value of 2.06 billion euros and an above 5 billion enterprise value (see here a previous post by BeBeez). Italy’s 2i Rete Gas currently belongs to F2i (63.9%) and Finavias (36.1% – a vehicle of which APG Asset Management owns 62% and Ardian 38%). Italgas will finance the transaction with a syndicated bridge facility that JP Morgan, Banco BPM, BofA Securities, Citi, JP Morgan, Morgan Stanley, and Société Générale will provide. The buyer will also launch a one billion capital increase for keeping the same credit rating. The deal may close by 1Q25. Intesa SanPaolo, Cleary Gottlieb Steen & Hamilton, Studio Di Tanno, and Studio Chiomenti assisted F2i and Finavias. JP Morgan, Legance and Foglia&Partners advised Italgas. JP Morgan, BofA Securities and Jefferies provided Italgas board of directors with a fairness opinion. Earlier in February, 2i Rete Gas hired Goldman Sachs International for fetching 600 million through an IPO.
Milan-listed TIM said that the Italian Ministry of Economy and Finance (MEF) and Retelit, a TMT portfolio company of Asterion Industrial Partners and Marguerite, tabled a non-binding offer for Sparkle on the ground of an enterprise value of 700 million euros (see here a previous post by BeBeez). The bid will be valid until 15 October, Tuesday.
Ethica Global Investments, a club deal vehicle that Ethica Group launched, acquired a minority of RP Group, a producer of drugs that owns the subsidiaries Regenyal Laboratories and Phitogen Beauty Labs (see here a previous post by BeBeez). The Bartolomei, Gabrielli and Pascucci Families sold part of their stakes in the business. Claudio Bartolomei will be the ceo of Regenyal while Roberto Gabrielli will head Phitogen Beauty Labs. Ethica Global Investments received assistance from studio Gatti Pavesi Bianchi Ludovici, PwC, Studio Tributario Deiure, and Goetz Partners. RP Group retained Gianluca Bartolomei and Paolo Giacobetti. RP has sales of 26 million euros (80% export). Regenyal has revenues of 16.9 million, an ebitda of 3.7 million and net cash of 1.3 million. Phitogen Holding has a turnover of 9.2 million, an ebitda of 2.8 million and net cash of 0.88 million.
Gruppo Clerici, an Italian distributor of sanitary products and bathroom furniture, acquired Mariani Elio from Palagini Piero e Figli (see here a previous post by BeBeez). The target has sales of 10.4 million euros, an ebitda of 1.4 million, net profits of 1.1 million, and equity of 4.1 million. BLF Studio Legale assisted Clerici for such a deal and the acquisition of Mara from the Cavalieri Family, GSC RisClima and Sorelle Chiesa di Mazzoleni. Clerici has sales of 785 million, an ebitda of 142 million and net profits of 77 million.
CEF-Cooperativa Esercenti Farmacia and Unico La Farmacia dei Farmacisti equally merged and created an Italian intermediate distributor of drugs with sales of 2.5 billion euros (see here a previous post by BeBeez). CEF retained Pirola Corporate Finance and Pirola Pennuto Zei & Associati. Unico hired Spada Partners, Studio Guareschi and Gatti Pavesi Bianchi Ludovici.
Investindustrial and Amundi launched Amundi Partners Investindustrial Private Equity, an Eltif 2.0 for European mid market investments (see here a previous post by BeBeez). Sella will act as Global Distributor through Banca Sella and Banca Patrimoni Sella & C
FAI – Financial Advisory & Investments acquired the majority of IGC Leopet, Carbone Pet Products and La Dolce Vita through Montenapo Club (see here a previous post by BeBeez). Giancarlo Carbone and his family sold the firms. Gianni & Origoni assisted the buyers. The Carbone Family retained Alessandro Spinetti and AB SAS di Aronni Francesco & C. The three companies have an aggregate turnover of 23 million euros.
Italian provider of pharmaceutical logistic services PHSE, a portfolio company of NB Aurora, acquired German competitor MFI-Moving Forward International (MFI) with the support of Neuberger Berman and Simest (see here a previous post by BeBeez). PHSE has sales of above 86 million euros, an ebitda of 21.4 million and net debts of 48 million.
Inn-Flex, an Italian packaging company, will create a newco with Finest and Fondo italiano di Venture Capital for acquiring an undisclosed Serbian competitor (see here a previous post by BeBeez). Foxfin, the newco, has a 3 million capital that Inn-Flex (51%), Finest (25%) and Fondo italiano di Venture Capital (FIVC – 24%) financed. The enterprise value of the target amounts to 14 million euros. Finest and FIVC will lend 0.6 million euros for financing the acquisition. At a later stage, Inn-Flex will issue a 2.4 million bond.
Investindustrial merged its portfolio companies Italcanditi and CSM Ingredients and created Vitalfood, a platform firm for supplying the bakery, fine pastry, dairy, non-dairy, and ice-cream sectors with creams and candied fruit (see here a previous post by BeBeez).
Spanish asset manager Bestinver (part of Acciona) joined IPlanet, a joint venture that IP-Italiana Petroli, Tages Capital and Macquarie Capital signed for creating a network of electric vehicles charging (see here a previous post by BeBeez). Bestinver retained Herbert Smith Freehills while Chiomenti assisted Macquarie Capital. IPlanet will invest 500 million euros by 2032.
Ring Capital, a Paris-based asset manager for venture capital and private equity impact investments that has resources of 420 million euros, opened a bureay in Milan and hired Ignazio Rocco di Torrepadula as senior advisor and Sara De Benedetti as investment director (see here a previous post by BeBeez).
Milan-listed Azimut signed a binding agreement for selling a 30% of its Australian AZ NGA-Next Generation Advisory to Oaktree Capital Management that will invest little above 149 million euros for the deal on the grounf of an enterprise value in the region of 430 million (see here a previous post by BeBeez). Azimut will keep 25% of the target. Oaktree acquired a further 5% of AZ NGA from local shareholders. Jefferies Australia and Corrs assisted Azimut and AZ NGA. Oaktree retained Jarden and Clifford Chance. Massimo Guiati is the chairman of AZ NGA.
Italian packaging company Riverstone acquired 80% of competitor Ideapack Italia (see here a previous post by BeBeez). The Schievano Family sold part of its 60% stake in the target and Giada Schievano will keep a 20% and a director role. Maria Grazia Tramarin sold her 40% stake. Cba studio legale and Circlebrain advised Riverstone. Grimaldi Alliance and Cantoni assisted the vendors. Ideapack has sales of 0.98 million euros, an ebitda of 0.175 million and net cash of 0.142 million. Amerigo Tagliapietra is the ceo of Riverstone.
