US private equity firm Värde Partners has acquired 20% of the construction company Borio Mangiarotti spa through a reserved capital increase (see the press release here). The news was expected from last February (see here a previous post by BeBeez).
Lazard as financial advisor and Gianni Origoni Cappelli Grippo & Partners as legal advisor assisted Borio Mangiarotti spa. BNP Paribas and DLA Piper were respectively financial and legal advisors for Värde Partners.
“The entry of Värde in the capital of Borio Mangiarotti will enhance our reciprocal strengths: industrial experience, know-how and knowledge of the market on the one hand; ability to allocate resources, financial and managerial skills on the other”, Edoardo De Albertis, ceo of Borio Mangiarotti, said.
This deal consolidates the partnership between the fund and the construction company, with the strategic objective of positioning Borio Mangiarotti as a benchmark of excellence in residential development in Italy. In 2017, the fund and Borio Mangiarotti set up the joint venture Proiezioni Future for the redevelopment of SeiMilano, a new multifunctional district that will be built close to the Bisceglie metro stop in Milan. The general plan was prepared by the architect Mario Cucinella and includes the development of approximately 100k square meters of residential area (including affordable houses), over 30k square meters of offices in grade A and about 10k square meters of retail retail space . A real estate complex included in the project was purchased last January by Orion Capital Managers for 100 million euros  (see here a previous post by BeBeez).
Borio Mangiarotti spa was founded in 1920 in Milan, realizes residences, commercial spaces, infrastructures and services and closed 2017 with 58 million of consolidated net revenues, 5.5 millions of ebitda and a net financial debt of 40.3 million (see the Leanus analysis here, after registering for free and login).
Värde Partners is a US private equity firm with 14 billion dollars of assets under management. It has been active in Italy since 2014, thanks to its Milanese headquarters led by Luca Malighetti and has invested in Italy about 2 billion dollars in 10 years. In March 2017, it acquired for 47 million euros a 33% stake in Brescia-based Guber, one of the main Italian independent servicers specializing in the management of NPLs which is now a bank (see here a previous post by BeBeez). In April of the same year the fund acquired the Boscolo Hotels (see here a previous post by BeBeez) and then launched The Dedica Anthology, the new luxury hotel brand, renaming the 5-star hotels of the Boscolo group. In December 2018 the fubnd announced the refinancing of the group’s debt with a senior secured bond of 337 million euros issued by the Italian company Ingrid Hotels spa, owner of the brand(see here a previous post by BeBeez).
