FSI Mid-Market Growth Equity Fund together with Sia and Generali; Warburg Pincus, Partners Group, and Apax are in the final stage for the auction for a 30% of Telepass, the tool for motorway payments that wholly belongs to Atlantia (see here a previous post by BeBeez). Such a sale is ahead of a future listing of Telepass, which has an enterprise value in the region of 2 billion euros. Telepass has an operative turnover of 188 million and an ebitda of 111 million.
The Carlyle Group signed the closing of the acquisition of Forgital, an Italian producer of industrial components with an enterprise value of 950 million euros (see here a previous post by BeBeez). Thanks to this sale, Milan-listed investment veichle NB Aurora will have the right to receive from Fondo Italiano d’Investimento (of which it owns a 44.5% stake) distributions for a value of approximately 50.8 million euros against a book value of about 21.4 millions, for a capital gain therefore of about 29.4 millions. In addition to Forgital, since May 2018 NB Aurora has disinvested from 8 other companies, raising a total capital gain of 34 million euros.
Neuberger Berman will manage the 216 million euros worth private equity activities of Progetto Iride, a consortium of 5 Italian pension funds (Foncer, Fondenergia, Fondogommaplastica, Pegaso e Previmoda) (See here a previous post by BeBeez). Progetto Iride will allow pension funds to invest in the real Italian economy through the fund of private equity funds of Neuberger Berman.
HG Capital merged its portfolio companies Team.blue and Register (fka Dada) (see here a previous post by BeBeez). Team.blue will buy Register for 350-400 million euros. Register shareholders will reinvest such amount in Team.blue. HG Capital will keep a controlling stake of the merged tech powerhouse that will generate sales of 275 million euros. Claudio Corbetta and Lorenzo Lepri, the ceo and GM & CFO of Register, said that the company would pursue further acquisitions.
Friulia, the financial vehicle of the Friuli-Venezia Giulia Region, acquired 30% luxury specs producer Pugnale & Nyleve from Emanuele Pugnale, the company’s founder and ceo that will keep 70% of the business (see here a previous post by BeBeez). By 2021, Pugnale aims to reach a 5 million euros turnover, and it currently generates abroad 70% of its sales.
FLO and DOpla, two Italian producers of single-use dishes and packaging products that belong to the Simonazzi and Levada families, closed two acquisitions each for rationalising their shared investments (see here a previous post by BeBeez). FLO purchased a controlling stake in ISAP-Packaging, the owner of Sicily-based I&D and Welsh F Bender. DOpla acquired Eurovending, the owner of Nupik and Spain’s Sky Paper, a producer of tableware items, and Polish Art Plast. FLO has sales in the region of 220 million euros. DOpla’s turnover is of above 200 million.
Private equity Lion Capital acquired the majority of Gruppo Menghi, an Italian producer of components for luxury shoes, from the Menghi family (see here a previous post by BeBeez). The company’s cofounder Emanuela Menghi will keep her ceo role. Gianluca Menghi, Michela Menghi and Saverio Sabbatini will also keep their management roles. Menghi has sales of 70 million euros and a two digits ebitda margin.
NextEnergy Capital, a London-based investor, acquired Italy’s solar energy producers Apollo Europe and Deltasol (see here a previous post by BeBeez). Apollo previously held advanced talks with Quercus Investment Partners, but the sale did not finalise. The transaction value could be in the region of 50-60 million euros.
Granarolo aims to sell its vegetal and bio food business Conbio (see here a previous post by BeBeez). Conbio has sales of 20 million euros, a negative ebitda, and a net debt of 11 million. The dossier may attract the interest of Alto Partners, 21 Investimenti, Progressio, IDeA Taste of Italy and Fondo Agroalimentare Italiano.
Green Arrow Capital is frontrunning the auction for acquiring Italian packaging business Poplast from EOS Investment Management (see here a previous post by BeBeez). Armonia also tabled a bid for the asset that is worth 110 million euros. Carlo Callegari and Pierangelo Fantoni founded Poplast in 1975 and sold 86.5% of the equity to EOS IM in November 2016. The company has sales of 52.3 million, an ebitda of 7.4 million, and a net debt of 9.9 million.
Green Arrow gave Banca Imi a mandate to sell its portfolio company Farmol, a Bergamo-based company making aerosol and liquid-based products for cosmetics, personal hygiene and pharmaceuticals. Quadrivio Private Equity Fund 3 (previously managed by Quadrivio sgr, then acquired by Green Arrow) bought a 70% stake in 2016, with the rest of the capital remaining in the hands of the Innocenti family (through Old Mill Holding) and the management (see here a previous post by BeBeez).
The Pavese Family hired UBS for selling an undisclosed stake in pharma company Genetic (see here a previous post by BeBeez). Rocco Pavese is the ceo of Genetic who has sales of 36.8 million euros, an ebitda of 13.8 million, and net cash of 5.8 million. The asset is of interest to trade buyers and private equity funds.
Freia Farmaceutici, an Italian pharma business of which Canada’s LGC Capital owns a 35% stake, received a financing from the European Commission for developing its products for senior consumers (See here a previous post by BeBeez). This financing is part of INCluSilver project, which in turn belongs to “Horizon 2020” programme. Freia has sales of 0.856 million euros and a 22% ebitda margin.
De Nora, an Italian electrochemical company of which Blackstone owns a 35% stake, set a plant at Mentor, Ohio (Usa), and invested 29 million euros (See here a previous post by BeBeez). De Nora has sales of 372 million, an ebitda of 57.3 million, and a net debt of 165.9 million.
