Potential investors received the teasers for the sale of a 25% stake of Inwit, the Milan-listed owner of Tim’s transmission towers (see here a previous post by BeBeez). Inwit will merge with Vodafone Towers, the owner of Vodafone transmission towers, as soon as the European Antitrust Authority will give its go ahead. Tim and Vodafone may start assessing the bids in March, or at latest after summer. After the transaction, Vodafone may receive 2.14 billion euros and 360 million of Inwit’s shares for a shareholding structure that would make Tim and Vodafone even owners of the asset with a 37.5% stake each. Luigi Gubitosi, the ceo of TIM, said in previous interviews that after the merger Tim and Vodafone will dilute to 50.1% their 75 % stake. In December 2019, a pool of banks financed Inwit for the acquisition of 43.3% of Vodafone Towers with a 3 billion financing in the form of bridge, term and revolving credit lines. The company invested such facilities for paying its extraordinary dividend of 570 million, financing its cash flow and refinancing its liabilities. In 3Q19, Inwit had sales of 287 million, a recurring ebitda of 165 million and a net financial debt of 730 million. Ardian Infrastructures, F2i, private equity investors, pension funds, and sovereign funds may bid for a 25% of Inwit.Reuben Brothers acquired RBD Armatori few days later the bankruptcy sentence that Torre Annunziata Court issued for the Italian shipping company that has debts of over one billion euros (see here a previous post by BeBeez). he company’s 13 vessels will now belong to Reuben Brothers and Pillarstone Italy. RB RD Armatori, a newco of Reuben Brothers (75%) and New Horizon (25%) will get one tanker and seven dry bulk carriers and some luxury real estate assets like Capri’s Hotel La Palma. New Horizon belongs to Adele Marina Rizzo (56%), Giuseppe Mauro Rizzo (10%), Maria De Carlini (33%). Pillarstone Italy will get five Aframax tankers that will belong to Premuda.
Cassa Lombarda will sell to its private banking clients Blackrock Private Equity Opportunities Eltif, the European Long Term Investment Fund of the US Asset Manager (see here a previous post by BeBeez). Bnp Paribas Private Banking e Wealth Management will also reportedly sell the product. This euro-denominated fund will focus diret private equity investments in Europe (60%), North America (30%), China and South Korea (30%). Paolo Vistalli is the ceo and coo of Cassa Lombarda. Stefania Peveraro, the chief editor of BeBeez, detailed about the private market products for private banking clients in her book “Private Capital. Esperienze e soluzioni. Ecco perché la finanza alternativa funziona” (click here for free download) of which EdiBeez is the publisher.
Agro Noce, a portfolio asset of IdeA Agro, a vehicle for investing in the agrifood sector of DeA Capital Alternative Funds received a financing from Intesa Sanpaolo (see here a previous post by BeBeez). The company will ivnest such resources in buying a 160-hectar walnut grove based in Ferrara and Bologna. The investment amounts to 10 million euros. Areté, an agro-food advisory firm whose chairman and ceo is Mauro Bruni, will manage the walnut grove. Idea Agro aims to make this asset part of Progetto Nocciola Italia of Ferrero Hazelnut Company, a division of Gruppo Ferrero.
Marco Anatriello (Bluegem), Vito Luca Lo Piccolo (Cdp Group), and Giacomo Sella (Banca Sella Holding) joined the board of directors of AIFI, the Italian association of private equity, venture capital, and private debt investors (see here a previous post by BeBeez). In 2020, AIFI will suggest the adoption of ESG strategies and on 23 March, Monday, it will hold a conference for discussing the sector data for 2019.
Private equity Rhône Group sold its 17.6% stake in Milan listed retailed of consumer electronic items Unieuro whose publicly traded equity is now of above 85% (see here a previous post by BeBeez). Rhone sold its holding at 13,25 euros per share or 46 million euros. The fund fetched 202 million out of the company’s IPO at 11 euros per share in April 2017. Rhone diluted its stake from 70.5% to 65.5% through a listing. In September 2017, the fund sold at 16 euros per share a 17.5% stake of the business for a total of 56 million reducing its stake in Unieuro to 48%. Rhone later raised 42 million out of further sales of shares in 2017 and 2019. Unieuro now belongs to Dixons Carphone plc (7.2%); the SilvestriniFamily (5.6%), and the management (2%), and Amundi Asset Management (5.6%).
French plastic and polyurethane producer Exsto acquired Italy’s competitor Cervellati from Stefano Cervellati and Laura Dalmonte (see here a previous post by BeBeez). The target has sales in the region of 9 million euros. Exsto previously acquired Italian competitors Emil-Gomma (2019) and Tecnotec (2015).
Bip (Business integration partners), an Italian consultancy firm of which Apax Partners owns a controlling stake, received a 90 million euros financing from Bnp Paribas, Crèdit Agricole, and Ubi Banca (see here a previous post by BeBeez). Bip will invest such resources in acquisitions and in refinancing the 65 million senior bond that issued in 2018 and that Tikehau Capital subscribed for supporting the buyout of Apax. Bip’s ceo Carlo Maria Capè previously said that he aims acquiring a competitor in France, Germany or Great Britain in 2020 and another in USA in 2022. Bip has a turnover of 205 million, while Italian revenues are worth 181.5 million and an ebitda of 20.5 million with a net financial debt of 60 million, including the bond. Bip aims to generate abroad 40% of the target turnover of 400 million by 2022.
Lastminute.com, the tourism portal that belongs to Fabio Cannavale, is holding talks with Triton, while investment banks like Nomura, Ubs, and Intesa Sanpaolo are working on the dossier (see here a previous post by BeBeez). Press reports did not say whether the company is discussing the sale of a minority ora controlling stake. In 2004 Cannavale and Marco Corradino founded tourinsm portal Volagratis.com, and developed Bravofly in Spain, France, Germany and the UK, while in 2010 they received the support of Ardian (fka Axa Private Equity) and of Francesco Micheli. Volagratis acquired Spanish Rumbo in 2012 and Jetcost in 2013, and in 2014 it listed on Zurich market with an IPO worth 105 million CHF and rebranded as Bravofly Rumbo Group. The company acquired British competitor lastminute.com group in 2015 and in 2018 rebranded as Lm Group, of which Cannavale has the majority. The company has sales of 286.9 million euros, an ebitda of 44 million, and a net financial debt of 31.9 million. In 1H19, the company reached a turnover of 166 million, an ebitda of 35 million, and a net financial debt of 76.1 million
RINA, an Italian provider of services for the sectors of energy, maritime, infrastructures, and transports, may list on Milan stock market at the end of 2021 or later, said Ugo Salerno, the company’s chairman and ceo (see here a previous post by BeBeez). Rina has sales of 465 million euros (443 million yoy), a 10.5% – 11% ebitda (51 million). In August 2018, the company refinanced a debt of 150 million set a target of 500 million for the 2020 turnover. Registro Navale Italiano has 70% of Rina. Palladio’s Vei Capital e Venice Shipping & Logistics (in 2014) and NB Renaissance (in 2016) subscribed a 25 million capital increase and committed to invest up to 100 million for a 30% of the company in the form of equity and convertible bonds and now have 27% of the company while the management has 3%. Salerno said that Rina is interested in acquisitions. In May 2016 the company acquired UK’s Edif Group for 150 million, while in 2018 it purchased the majority of Comete Engineering. In July 2019 RINA acquired Italy’s CND Studio.
Preziosi Food, a company of wich Hat Sicaf and Vertis have 57% sold to competitor Cerealitalia I.D. its unit for sweets production Dolci Preziosi as part of its debt restructuring and focus on the production of salty snacks (see here a previous post by BeBeez). Preziosi Food also signed an agreement with six lenders for rescheduling its maturities. Hat and Vertis acquired Preziosi Food from Gruppo Giochi Preziosi in 2016 for an enterprise value of little above 30 million euros, or 6X ebitda. Sources said to BeBeez, that buyers received 14 million of credit lines from Bper and Bpm. Preziosi Food has sales of 56.24 million, an ebitda of minus 5.4 million, and a net financial debt of 15.3 million. Cerealitalia I.D. has sales of 15.82 million with an ebitda of 1.46 million.
Carlyle Group hired JPMorgan for selling Italian fashion firm Twinset (see here a previous post by BeBeez). The US bank unsuccessfully tried to sell the asset to an Asian investor in November 2018. Simona Barbieri and her husband Tiziano Sgarbi sold their holdings in Twinset to Carlyle between 2012 and 2017. Alessandro Varisco is the ceo of the company that refinanced its debt in March 2018 with the issuance of a bond of 170 million euros listed on Vienna market and due to mature on 5 March 2025. The company invested such proceeds in repaying in advance the 150 million bond listed on Luxembourg market and due to mature ib 2019. Twinset has sales of 233 million (250.2 million yoy) with an ebitda of 36.1 million (42.7 million).
Italian food company De Cecco is looking for a minority investor in view of the launch of an IPO (see here a previous post by BeBeez). The company’s vice-presidents Giuseppe Aristide and Saturnino De Cecco resigned from their roles over disagreements about the company’s management. The chairman Filippo Antonio De Cecco acquired 8.59% of the company from Giuseppe Adolfo and reached 23.59% of the business. Francesco Fattori, the company’s ceo resigned from his role for becoming the ceo of Optima MEC, an Italian producer of ingredients for ice creams and sweets. In May 2019, De Cecco paid 10 million to the shareholders, but did not notify the bondholders as outlined in the settlement conditions of the Milan-listed 21 million euros bond. The company set a 1.5X for the Net Financial Position/Equity covenant of the bond settlement for 2019. In December 2018, the ratio was of 1.3, but after the dividend payment it increased to 1.52. Therefore, bondholders could ask an early repayment. The subscribers of the bond are Cassa Depositi e Prestiti (12.5 million), Ersel sim, Consultinvest Asset Management, Confidi Systema!, Volksbank, and Banca Popolare di Bari. De Cecco has sales of 480 million.
BCPartners acquired Italian sweets producer Pasticceria Bindi from the eponymous family (see here a previous post by BeBeez). Roberto Sala will keep his role as the company’s coo, while Attilio Bindi will develop the international operations. The company generates abroad 40% of its above 140 million euros turnover. Stefano Ferraresi, a partner of BCPartners, said that the company may carry on acquisitions and grow further on foreign markets.
Alpha Private Equity aims to sell its minority in Italian multiutility Optima Italia (see here a previous post by BeBeez). Lazard is handling the sale of Alpha’s 20% stake in Optima Italia. Alessio Matrone and Danilo Caruso founded the firm in Naples in 1999 and sold a minority to the private equity fund in 2015. The company has sales of 235 million euros (+15% yoy).
Massimo Ferrero aims to sell Italian football club Sampdoria (see here a previous post by BeBeez). Ferrero reportedly held unsuccessful talks with Italian footballer Gianluca Vialli who tabled a 90 million euros bid for the asset together with Alex Knaster (the founder of private equity Pamplona) and Jamie Dinan (the founder of York Capital). Ferrero is trying again to sell Sampdoria for fetching resources that could support Eleven Finance and Farvem Real Estate, two troubled companies. Germany’s Lufthansa asked Rome Court to notify Farvem’s bankruptcy for 1.66 million euros. The company is now in receivership. Farvem Real Estate has losses of 0.562 million and a turnover of 2.85 million with a debt of 40.57 million (4.23 million with the Italian Inland Revenues and 4.27 million with pension institutes). Ferrero aims to restructure Farvem’s debt. Eleven Finance is a real estate and movies production company that belongs to Vanessa Ferrero (Massimo’s daughter) and Giorgio Ferrero. The company has banking debts of 47.7 million, tax debts of 25.4 million, with an equity of minus 5.3 million. Farvem applied for receivership on 15 January, Wednesday.
Italian fashion firm Golden Goose attracted the interest of US Spac Acamar (see here a previous post by BeBeez). Private equity Carlyle has acontrolling stake of the target that Advent International, Permira, Cinven, Apax Partners, and Eurazeo are reportedly considering. Carlyle hired BofA Merrill Lynch to fetch one billion euros out of Goden Goose sale in 1H20. Tapestry, the owner of the brands Coach, Kate Spade and Stuart Weitzman; Pvh, the owner of Tommy Hilfiger and Calvin Kleine; and Vf Corporation reportedly withdrew from the auction. Golden Goose has sales of 185 million, an ebitda of 55 million and net debt of 100 million and in April 2019 it paid a dividend of 100 million to Carlyle who acquired the company in February 2017 for an equity value of 400 million from Ergon Capital Partners and DVR Capital. In May 2015 the founders of Golden Goose Alessandro Gallo and Francesca Rinaldo, Riello Investimenti, Syle Capital (fka Dgpa) sold the majority of the company.
Gavio signed a partnership with Ardian Infrastructures for joining the call for tender of Brisa-Auto Estradas de Portugal, the manager of 15 Portuguese motorways (see here a previous post by BeBeez). Binding offers are due by next March. The asset is of reported interest to Dutch Pension Fund Apg, Abertis (part of Atlantia), and Globalvia (a consortium of China State Construction Engineering Corporation and Cnic Corporation), and Japanese Marubeni. Brisa could be worth in the region of 3 billion euros and has sales of 746 million with an ebitda of 554 million. Arcus Infrastructure Partners and José de Mello, own 40% each. Potential buyers tabled non binding offers in December and now are carrying on the due diligence for the financials. The Gavio Family signed a non binding Memorandum of Understanding with Ardian Infrastructure in April 2018 for developing a strategic partnership and boost Milan-listed infrastructure group Gruppo Astm/Sias. The fund later acquired 40% of Nuova Argo Finanziaria, the owner of 58.56% of ASTM, which in turn has 63.41% of Sias.
Marco Tadolini, a member of the family that founded Megadyne, a producer of industrial components in Polyurethan that belongs to Swiss Partners Group since 2018, launched investment vehicle Megainvest together with Enzo Rambaudo (see here a previous post by BeBeez). Tadolini has 90% of Megainvest, while Rambaudo, the former cfo of Megadyne, has 10%. Megainvest already acquired 9.5% of D Club a club deal vehicle that Milan-listed investment firm NB Aurora created for acquiring 49.9% of Italian industrial automation company Dierre Group. NB Aurora has 85% of D Club that further to Megainvest belongs to Renzo Rosso and Giovanna Macchi (3%).
Selle Royal, an Italian producer and distributor of bike saddles, hired UBS for finding an investor to support its international growth (see here a previous post by BeBeez). The advisor expects to receive preliminary bids by mid February 2020. Selle Royal evenly belongs to the following members of the Bigolin Family: Barbara (ceo and chairman), Lucia, and Francesca, the daughters of the company’s founder Riccardo. Selle Royal produces 25% of the world bike saddles and in September 2018 issued a 10 million euros minibond listed on Milan market. The liability is due to mature on 31 December 2024, pays a 4.95% coupon with an amortizing payment starting on 31 December 2020. Mediobanca Fondo per le Imprese 2.0 subscribed the bond. Selle Royal issued in 2014 another minibond of 10 million due to mature in June 2019 paying a 5.75% coupon that Duemme subscribed. Selle Royal has sales of 130 million euros (90% abroad) with an ebitda of 14.6 million.
