KKR said it signed an agrrement for excluse negotiations for acquring a 25% of Enilive, a biomethane company and provider of smart moblility services, from Milan-listed Eni (see here a previous post by BeBeez). The transaction value amounts to 2.938 billion euros as BeBeez previously reported. KKR will pay for the asset a first tranche of 500 million through the subscription of a capital increase of Enilive and will purchase the remaining shares from Eni on the ground of a post-money value of 11.75 billion. Eni will also pour 500 million in the company for reducing Enilive’s net debt to zero. Deutsche Bank, Unicredit Kirkland & Ellis, and Gianni&Origoni assisted KKR. Claudio Descalzi is the ceo of Eni which retained JPMorgan, Mediobanca and Pedersoli Gattai.
Sources said to BeBeez that the sale of KOS’40% that belongs to F2i is gaining momentum as the Italian chain of elderly care houses of which Milan-listed CIR has 60% could appoint an advisor by November ahead of selling the stake in early 2025 (see here a previous post by BeBeez). Press reports say that CIR may purchase such a stake that could also be of interest to Antin and DWS. In 2016, F2i acquired such a stake in KOS from Ardian for 240 million euros. KOS has sales of 752 million, an ebitda of 144 million, net profits of 11.8 million, a net financial debt of 920.7 million, and equity of 356 million.
On 25 October, Friday, Paris -listed FNAC Darty and its 25% owner Ruby Investment completed the public offer on Italian Milan-listed retailer Unieuro (see here a previous post by BeBeez). Intesa SanPaolo, the bank in charge of raising the offer tenders, said that the bidders now have 67.1% of Unieuro, of which now FNAC Darty has 71.5%. The buyers will delist the target after having paid 12 euros per share or an equity value in the region of 249 million and an enterprise value of 662 million. Enrique Martinez is the ceo of FNAC Darty.
Permira said it acquired 40% of French premium outerwear brand K-Way from Mila-listed BasicNet, a fashion firm whose controlling stake belongs to the Boglione Family (see here a previous post by BeBeez). The fund will carry on the transaction on the ground of an enterprise value of 505 million euros for K-Way. BasicNet will provide a 90-montsh 65 million worth vendor loan for which the borrower will repay the whole principal at maturity while the quarterly interest charges are of 7.21% annual rate. Permira will pay 180 – 190 million at the closing that may take place in 1Q25 after the Antitrust authorization. If Permira will sell its stake, BasicNet will receiv an earn-out of 10 million upon the achievement of undisclosed targets. Permira retained Giliberti, Triscornia e Associati, EY, Maisto e Associati, and Bain & Company. BasicNet hired Mediobanca, Pavesio e Associati with Negri-Clementi and STS Deloitte.
The closing of the sale of Banca Progetto, a company that Oaktree Capital Management acquired 2015, to Centerbridge Partners is at risk (see here a previous post by BeBeez). Milan Prosecutors accused Banca Progetto of poor AML compliance and procedures.
Dedagroup, an Italian provider of Software as a Service (SaaS) solutions that belongs to the Podini Family, acquired Italy’s competitor Gruppo Scai (see here a previous post by BeBeez). Studio Scozzi Commercialisti and A&O Shearman assisted the buyers. Scai has sales of 123 million euros. Marco Podini is the executive chairman of Dedagroup which has revenues of 600 million.
Vesper Next Generation Infrastructure Fund said it acquired the majority of EAG Bioenergy, a catalyst for developers of bioenergy projects in the UK and Ireland, from OrdeNovo Capital which will keep a minority (see here a previous post by BeBeez). Chris Kerr (ceo) and Neil Adair (cfo) head the target which will attract the buyer’s resources through the launch of a capital increase. EAGB also aims to grow through M&A.
Antico Forno della Romagna (AFR – fka Fratelli Bassini), an Italian food company, said it acquired the 3.5 million euros revenues and 0.145 million ebitda competitor Grano Vivo from Ignazio Omodeo Zorini and Marta Omodeo Zorini that will keep their management roles (see here a previous post by BeBeez). AFR belongs to club deal Orienta Partners and Fondo Agroalimentare Italiano (FAI) and received assistance from Gitti and Partners. Denis Boldrin will head Grano Vivo that retained Scrosati & De Iuliis Studio Legale Associato and Studio ABA – Arbini Bianchi Andreoli. AFR has sales of 40 million. ENPAM, the Italian pension funds of doctors and dentists, subscribed to a capital increase of Green Arrow Capital (GAC) for supporting the firm’s M&A strategy (see here a previous post by BeBeez). ENPAM acquired 8% of GAC which may attract further investors. The firm has a turnover of above 24 million euros, an ebitda in the region of 14.3 million, net cash of above 9 million, and adjusted equity of 25 million
Optima, an Italian producer of sweets and ice creams that belongs to Charterhouse Capital Partners since 2016, is interested in carrying on M&A transactions, ceo Francesco Fattori said to BeBeez (see here a previous post by BeBeez). The company appointed Javier Ferrán as chairman. Optima has sales of 187.4 million euros.
Assist Digital, a provider of digital customer relationship management (CRM) services of which Ardian has a 60% since January 2023, acquired French competitor Satel (see here a previous post by BeBeez). Olivier Safin and Bertrand Aucagne are the founders of the target that has sales of 15 million euros. Assist Digital has sales of 193.9 million, an ebitda of 15.8 million and a 4.2 million net financial debt.
German Private Equity Paragon Partners acquired the majority of TP Food Group, a provider of machinery and systems for the food production, from Xenon Private Equity which purchased the target in 2018 from the Lago Family (see here a previous post by BeBeez). The target previously belonged to Xenon (79.32%), Leopoldo Lago (8.66%), Michela Lago (7.55%), and the other minority shareholders. Merito Private Debt, Tenax Capital, Banco BPM, Intesa Sanpaolo, BPER Banca, illimity Bank, and Banca Monte dei Paschi di Siena financed the transaction. Paragon retained Ethica Group and Advant NCTM. The lenders hired Legance. TP Food has sales of 124 million euros, an ebitda of 19 million and a net financial debt of 35 million. Paragon aims to implement a build-up strategy for TPFG for which Fabrizio Korosec acts as ceo.
Nextalia, the private capital firm that Francesco Canzonieri founded, appointed Valentina Pippolo (formerly partner and Italy’s Country Head for Bregal Unternehmerkapital and Head of Italy of Alpha Private Equity) as Chief Investment Officer Equity (see here a previous post by BeBeez). The firm also appointed the following new members for its Strategic Advisory Board: Emma Marcegaglia, Gianni Letta, Giampiero Massolo, Alberto Oliveti, Alessandro Rivera, and Federico Vecchioni.
Seven2 (fka Apax Partners) acquired Fulgard, a pole for labor safety solutions, from Argos Wityu and further minority shareholders on the ground of an enterprise value of 54.5 million euros (see here a previous post by BeBeez). The vendors retained Daiwa Corporate Advisory, Vitale & Co, Boston Consulting Group, Giovannelli e Associati, PwC, and WST. The minority owners received assistance from Giliberti Triscornia e Associati. The buyers hired A&O Shearman, Deloitte, Foglia & Partners, and Mediobanca.
US alternative assets giant Apollo Global Management signed an agreement with Deutsche BankPrivate Bank for the distribution of Apollo Clean Transition Equity Eltif to UHNWIsin Italy, Germany, Spain, and Belgium (see here a previous post by BeBeez). Marco Zamberletti is the global head of advisory solutions of Deutsche Bank Private Bank while Veronique Fournier is the Apollo’s head of EMEA global wealth.
TeamSystem, a corporate software and digital solutions provider that belongs to Hellmann&Friedmann, invested in Italy’s Deliverart a platform for managing the food delivery without disclosing further details (see here a previous post by BeBeez). However, sources said to BeBeez that TeamSystem acquired 40% of the target from Eleonora Bove (CEO / CMO / COO – now 24.29% owner), Bryan Natavio (CEO – 21.37%), Damiano Ciarla (CTO – 2.67%), and further minority owners. Techstars Corporate Partner has 6.03% of the business.
Mvc Group (fka Manifattura Valcismon), a producer of technical clothing for cross-country skiing, cycling, ski touring and biathlon of which Equinox has 40% since 2019, could acquire brands in the sector of sportswear, in cycling helmets, goggles and footwear, ceo Alessio Cremonese reportedly said (see here a previous post by BeBeez). Cremonese and his siblings Dario and Gioia have 13.17% each of Mvc which has sales of 106.8 million euros, an ebitda of 12.5 million and a net debt of 18.1 million.
Inglesina Baby, and Italian producer of products for infants, acquired UK same-sector brand Maclaren and doesn’t rule out the sale of a stake to an investor, ceo Luca Tomasi reportedly said (see here a previous post by BeBeez). Inglesina Baby belongs to Tomasi (48%), his brother IvanTomasi (48%) and their mother Bruna Groppo (4%). Maclaren’s brand previously belonged to Armon Limited. The buyer retained EY and Bird & Bird. Inglesina Baby has sales of 85 million euros with an ebitda margin in the region of 18% and aims to grow in Asia, the UK and USA.
DOM, a producer of gas and steam turbine blades that belongs to Ethica Global Investments since 2020, acquired the competitor C Blade from NYSE-listed SIFCO Industries which purchased the asset in 2015 from Riello Investimenti Partners (see here a previous post by BeBeez). Friulia, BNP Paribas BNL Equity Investments and a club deal that Fineurop launched co-invested with Ethica while Banca Monte dei Paschi di Siena financed the transaction. Studio LCA, KPMG, OC&C, Studio Deiure, and HPC assisted the buyers. C Blade retained BF & Company and Studio Internazionale while Sifco hired BF & Company. Giancarlo Sclabi (ceo) and Corrado Campolin (cfo) kept their role in C Blade which has sales of 20.3 million euros, an ebitda of 3 million and a net financial debt of 4.5 million
TheNiceKitchen signed a binding agreement for selling a majority stake to 21 Invest (see here a previous post by BeBeez). BeNice Holding, the vehicle of Lauro Buoro, will sell its 93% of the target to 21 Invest, Alessandro Bagante and Gianluca Bagante. Hogan Lovells, KPMG, Roland Berger, and Fineurop assisted 21 Invest. TheNiceKitchen generated abroad 60% of its 55 million euros worth turnover.
