In 1H20, the EV/ebitda multiples of m&a deals in Italy have gone down 20% as a consequence of the coronavirus emergency, said a report of Scouting Capital Advisors (See here a previous post by BeBeez). However, the value of the assets increased from 8.65X of 1H19 (yoy) to 10X of 1H20 1for transactions with an enterprise value (EV) of above 1 billion euros. The EV/Ebitda for transactions with an EV of 100 million – 1 billion amounted to 13.79X (14.49X); while for deals with an (EV) of 50 – 100 million is of 8.75X (11.02X).
The Italian Government succeeded in pushing he Benetton family to lower  below 50% Atlantia‘s current 88% stake in ASPI (see here a previous post by BeBeez). Atlantia is listed at the Italian Stock Exchange and the Benetton family is indirectly owner of a 30.25% stake. The family could keep a 30% stake in ASPI while Cdp Equity and F2i could acquire a stake in the business. ASPI could instead attract the interest of a fund that F2i could launch and in which Poste Vita could pour 300-400 million euros and other pension funds may invest. However, F2i could launch a vehicle that would manage only ASPI after having acquired from Atlantia. F2i is reportedly studying the launch of a bid jointly with Allianz’ infrastructure fund for acquiring 51% of ASPI. Further press reports say that F2i and CDP may bid for ASPI together with Blackstone (see here a previous post by BeBeez). The US private equity giant may be the most viable option, say the press reports. On another front, the sale of a minority of Telepass could delay  for the exercise of the golden power rule by the Italian Government. The asset reportedly attracted the interest of Warburg Pincus – Neuberger Berman; Bain-Advent-Fsi; and Partners Group.
Banca Farmafactoring (BFF) and DEPOBank said that the golden power of the Italian Government will not interfere with their merger plans (see here a previous post by BeBeez). DEPObank’s controlling shareholders are Advent International, Bain Capital and Clessidra, while Milan-listed BFF is a portfolio company of Centerbridge.
Stefano Patuanelli, the Italian Ministry for Economic Development, will exercise the golden power for RSA Security Italy, the Italian subsidiary of US RSA Global cybersecurity group (see here a previous post by BeBeez). Earlier in February, Ontario Teachers’ Pension Plan Board, STG Partners and AlpInvest Partners announced the acquisition of RSA global from Dell Technologies for 2.075 billion US Dollars.
Lega Calcio Serie A aims to receive the binding offers by 24 July, Friday (see here a previous post by BeBeez). FSI may bid together with Advent International after having tried to partner with CVC that let drop the exclusive talks with Lega. Lazard is reportedly advising the vendor.
Obton, an investor in photovoltaic plants wants to hold Italian assets for a value of one billion euros or 33% of its portfolio in the next 12-18 months (see here a previous post by BeBeez). Andreas Duckert is a partner and a cfo of Obton, whose assets are worth 1.846 billion for a power of 872 MWp.
Enel Green Power (EGP) signed a long-term agreement with Norway’s private equity Norfund for renewable energy projects in India (See here a previous post by BeBeez). EGP India will develop the projects in which Norfund will invest once they reach pre-agreed milestons. Antonio Cammisecra is the ceo of Enel Green Power, while Tellef Thorleifsson is the ceo of Norfund.
Grafiche Favillini, an asset of Arcadia, acquired Idea Grafica from the Pettinari Family, while Laura Pettinari will re-invest in the buyer (See here a previous post by BeBeez). Credit Agricole Italia and UBI Banca financed the acquisition. The two companies generate a cumulated turnover of above 25 million euros. Ethica Corporate Finance acted as financial advisor for Idea Grafica.
Giorgio Luca Bruno, the chairman and ceo of Prometeon Tyre Group (part of Camfin portfolio) and board member of Pirelli, is the ceo of Camfin Alternative Asset, a private equity of Camfin and Longmarch, the Luxembourg company of Chinese investor Yushun Niu (see here a previous post by BeBeez). The company’s shareholders subscribed capital increases for a total of 5 million euros. Marco Tronchetti Provera is Camfin’s controlling shareholder. Further owners of the company are the Rovati Family, Massimo Moratti, Alberto Pirelli, NB Renaissance, Unicredit, and Intesa Sanpaolo.
Brooks Brothers, the troubled US fashion firm, attracted the interest of Club Deal 8 (CD8) an Italian vehicle that Luciano Donatelli, a sector entrepreneur, led (See here a previous post by BeBeez). Milan-listed Giglio Group is part of the club deal together with Lorenza Morello, which represents a Chinese shoe manufacturer, and Brando Crespi, who acts on behalf of US investors. CD8 aims to boost the sales of Brooks Brothers to 3 billion US Dollars in 5 years and generate 70% of the turnover through online sales. An UK fund and further investors may join later the club deal. Brooks Brothers also attracted the interest of Solitaire Partners, Authentic Brands Group, which made a 300 million bid, and Simon Property Group.
Conbipel, the troubled Italian fashion firm of which Oaktree Capital Management has a controlling stake, may receive offers for taking over the business by mid-July  (see here a previous post by BeBeez). Oaktree tried to sell Conbipel in October 2015. In 1Q19, the company posted sales of 198 million euros with an ebitda of minus 5.3 million.
Réponse sold 88% of Contract to Stefano Coppe and Angelo Marchetto who received the support of Axelia, the French investment holding that belongs to Benjamin Liagre (See here a previous post by BeBeez). Contract has sales of 24.5 million euros, an ebitda of 0.521 million and net cash of 0.469 million.
Bip (Business Integration Partners), an Italian consultancy firm of which Apax Partners owns 61.5%, acquired UK competitor Chaucer from UK private equity Growth Capital Partners (GCP) (see here a previous post by BeBeez). BIP has sales of 205 million euros and after this acquisition its turnover may amount to 350 million by 2020. The firm is interested in further buys in France, Germany, and the UK. Chris Laslett and Martin Wassell, ceo and managing director of Chaucer, will head BIP in the UK and North America and report to global ceo Nino Lo Bianco.
IGI Private Equity sold Fi.mo.tec., an Italian producer of industrial components, to Wise Equity (see here a previous post by BeBeez). Luca Tamberi will keep his role of the group’c ceo. Credit Agricole Italia, Intesa Sanpaolo and Banco Bpm financed the transaction. Fi.mo.tec. generates abroad 80% of its sales worth 33 million euros.
Bios Line, an Italian producer of cosmetics and food integrators, is looking for a minority partner (see here a previous post by BeBeez). The company’s ceo and owner Paolo Tramonti sent the dossier to Idea Taste of Italy, Aksia, NB Renaissance Partners, Clessidra, and White Bridge. Bios Line has sales of 30 million euros and an above 20% ebitda.
HDI (Holding Dolciaria Italiana) is again up for sale (see here a previous post by BeBeez). Avenue Capital aims to sell its 51% stake, while the Lameri Family aims to keep its 49% interest. Milan-based advisor Vitale&Co will start the auction in September. HDI, which has an ebitda of 3 million euros, may be of interest to competitors Sperlari, Novi and Bauli and private equity funds.
Cedacri, an Italian bpo company for the financial services sector that belongs to mid-size banks and FSI Mid-Market Growth Equity Fund, may launch an ipo or integrate with another competitor like Cerved (see here a previous post by BeBeez). FSI acquired 27% of Cedacri in January 2018. The other owners of the business are Banca Mediolanum (15.6%), Gruppo Cassa di Risparmio di Asti (11.1%), Gruppo Banco di Desio e della Brianza (10.1%), Unipol Banca (7.5%), Banca Popolare di Bari (6.6%), Cassa di Risparmio di Bolzano (6.5%), Banca del Piemonte (4.2%), Credem (3.9%), Cassa Sovvenzioni e Risparmio fra il Personale di Banca d’Italia (2%), Reale Mutua Assicurazioni (1.3%), Banca del Fucino (1.1%), Banca Valsabbina (1.1%), Cassa di Risparmio di Cento (1%), and Cassa di Risparmio di Volterra (1%). FSI committed to invest 99 million in equity and signed an option to reach 33% of the company in the mid term on the ground of an enterprise value of 8.7X the expected ebitda for 2017 (42 million, for a turnover of 330 million), or 430 millioni. Cedacri acquired Oasi and  Cad It between 2018 and 2019. In 2019, Cedacri posted sales of 382.9 million euros (+35%); a proforma ebitda of 81.2 million (+50%) and net profits of 28.8 million. (see here a previous post by BeBeez). The company achieved its 2019-2023 targets in advance.
Wise Equity acquired from Rudie Campagne a controlling stake of Vittoria, an Italian producer of tyres for high-end bikes, 76 anni (see here a previous post by BeBeez). Stijn Vriends will co-invest with Wise and will be the company’s president and ceo. Vittoria has sales 60 million euros. Vittoria will move its activities from Asia to Italy.
Italian martech Jakala attracted the interest of EQT (see here a previous post by BeBeez). In June 2018 The Equity Club (fka Equity Partners Investment Club) acquired a stake in Jakala together with PFC (the holding of Paolo Marzotto), Ardian Growth and H14, the holding of Luigi Berlusconi. The company has sales of 230 million. EQT is reportedly wirking on the exit from Lima corporate, a producer of orthopedic prosthetics that the fund acquired from Ardian in December 2015.
Isola dei Tesori, a pet shop chain, attracted the interest of Peninsula Capital for a minority stake (see here a previous post by BeBeez). The Celeghin family back in 2013 had hired Mediobanca for selling the asset and focus on the perfumery and cosmetic business. Arcaplanet, a pet shops chain that belongs to Permira could reiterate its interest in Isola dei Tesori that could attract bids from Germany’s Maxizoo and UK’s Pets at Home. All those had been studying the dossier back in n2013. The company has sales of 135.28 million euros, an ebitda of 11.91 million and net profits of 5.59 million.
Carlo Alessandro Puri Negri and Paolo Rella, the chairman and ceo of Sator Immobiliare sgr, led a management buyout of the company and rebranded it as Blue sgr (see here a previous post by BeBeez). Sator Private Equity Fund (58.42%) Unodueerre (9.74%) sold 68.1% of the company. Further sector operators will acquire minorities of Blue. Sator Immobiliare reportedly attracted the interest of Oaktree and Torre, in which Fortress and Unicredit invested. Puri Negri previously held 24.34% of the target. Blue now belongs to Negri (41%), Carlo Clavarino (the ceo of Aon Italia – 16.25%), Recchi Ingegneria (16.25%), Italian Notaries pension funds (7.5%), Stoneweg (7%), Vertex (7%), and Morning Capital (5%). Blue’s coo Paolo Rella has a 5% call option for the company’s equity.
Penta Group, an Italian lightning company, acquired Italian competitor Castaldi from Headway Capital Partners (see here a previous post by BeBeez). In 2015, Penta acquired Arredoluce. Andrea Citterio is the ceo of Penta.
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