The deal flow of Italian private equity and turnaround keeps going steady. Sponsors became fashion victims.
Alberto Recordati, the chairman and shareholder of listed Italian pharma company Recordati, confirmed that he is holding talks with private equity firm CVC Capital Partners for selling a stake in the business (see here a previous post by BeBeez). Further press items included Bain Capital and Cinven in the list of suitors. However, the chairman pointed out that talks are at an early stage. Recordati has a market capitalisation of 6.94 billion of euros. Therefore, the 51.7% of the business that belongs to the family is worth 3.6 billion for an enterprise value in the region of 7.5 billion.
Megadyne, an Italian manufacturer of industrial items in polyurethane, is of interest to Swiss financial investor Partners Group (see here a previous post by BeBeez). Megadyne sold in 2014 a 70% stake to French private equity Astorg Partners, which acquired the company’s shares from Fondo Italiano d’Investimento (FII – after the sale 5% owner) and the Tadolini Family (20%). The managers hold a 5% of the business. Neuberger Berman and listed investment company NB Aurora, acquired the portfolio of FII and now have 5% of Megadyne which has revenues of 282.3 million of euros, an ebitda of 56.2 million and net financial debts of 176.4 million.
Fenera & Partners, an Italian firm that Giacomo Stratta and Pietro Mazza Midana created, announced the closing of its first fundraising of 100 million of euros for three platforms for private equity, private debt, and private equity real estate in view of a target of 150 million (see here a previous post by BeBeez). Italian insurance company Gruppo Reale Mutua is a significant investor in the funds. Zanon di Valgiurata, Palazzi Trivelli Arduini, Avandero, Daffonchio, Garosci, Girotto, Lavazza, Mais, Manfredi, Maramotti, Marsiaj, Mazza Vidana, Pavesio, PKP Investments, Savio, Banca Sella Holding, and Banca Patrimoni Sella & C also supported Fenera with their resources.
Italy’s Gravellona Macchine Marmo (Gmm), a producer of machines for cutting marble, acquired Australian competitorTechni Waterjet (Twj) (see here a previous post by BeBeez). Twj has revenues of 18 million of euros (28 million of Australian dollars). Gmm sold in June 2016 a 75% stake to Italian private equity Consilium. The company’s founders Giovanni Lagostina, Luigi Guazzoni, and Corradino Franzi hold 25% of the business. GMM exports 85% of its revenues that are worth 45 million of euros.
Alliance Marine, a French distributor of items for the maritime industry that belongs to private equity firm Weinberg Capital Partners, acquired Italian competitor Forniture Nautiche Italiane which has revenues of 10 million of euros (see here a previous post by BeBeez). The Farina and Montanari sold the business. After such an acquisition, Alliance Marine’s revenues will be worth 135 million.
The Civil Court of Fermo accepted the application for receivership from Zeis Excelsa, the Italian owner of fashion brands Dirk Bikkembergs, Cult, Docksteps, and Virtus (see here a previous post by BeBeez). The company belongs to the Pizzuti Family, private equity Neuberger Berman, and listed financial firm NB Aurora. In July 2015, Zeis Excelsa sold for 41 million of euros 51% of Bikkembergs brand to Shenzen-listed Modern Avenue, which, according to rumours, is holding talks for buying a further 24.5% of the brand from the troubled Italian company. The remaining 24.5% of Bikkembergs brand belongs to Italy’s Sinv.
FSI Mid-Market Growth Equity acquired 41.2% of Italian iconic fashion firm Missoni, while the eponymous family will keep 58.8% of the business (see here a previous post by BeBeez). FSI will invest 70 million of euros for subscribing a capital increase without financial debt and will support the company’s organic development and retail sale channel. Missoni has revenues of 150 million and a 10% ebitda. Michele Norsa, industrial partner of FSI, and Emilio Carbonera Giani, coo of Missoni, will be part of the company’s board as well as the company’s chairman Angela Missoni, Luca and Giacomo Missoni. Barnaba Ravanne, chief investment officer of FSI, and Luca Arnaboldi, managing partner ofCarnelutti law firm will also join the company’s board, while founder Rosita Missoni will be honorary chairman of the firm.
Fintyre, the Italian tyres distributor that belongs to private equity firm Bain Capital, acquired German competitor Reifen Krieg Group (see here a previous post by BeBeez). The targetìs managers and shareholders Reifen Krieg, Holger Krieg, and Tobias Fink will keep their operative roles in the business. Reifen Krieg has revenues in the region of 330 million of euros. Mauro Pessi, ceo of Fintyre, will manage a group with sales of 1.1 billion.
Italian private equity Clessidra hired Lazard for auctioning 70% of Italian fashion firm Harmont&Blaine (see here aprevious post by BeBeez) The Menniti family is also selling part of its interest in the company. Clessidra acquired 35% of the company in October 2014 and later raised its stake to 40%. Harmont & Blaine has sales of 86 million and an ebitda in the region of 16 million.
London turnaround firm Njord Partners, Italian Air Vallée, and Spain’s Daccimet Hispania tabled binding offers for 51% of Aerdorica, the company that manages Aeroporto delle Marche Raffaello Sanzio (see here a previous post by BeBeez). However, Daccimet did not meet the deadline for presenting its offer and could not be part of the process. Aerdorica applied for receivership to the Civil Court of Ancona. Any investor should inject at least 15 million of euros in the business. Aerdorica currently belongs to Regione Marche (89.68%), Banca delle Marche (3.05%), Camera di Commercio di Ancona (2.91%), Ancona Municipality (0.40%), Ancona Province (1.89%), Pesaro Province(0.03%), and Ascoli Piceno Province (0.77%).
