AIFI, the Italian Association of private capital investors, said that Fondo Patrimonio Rilancio, the 44 billion euros vehicle that Cassa Depositi e Prestiti will manage for supporting Italian mid and large caps, should act as a fund of funds (see here a previous post by BeBeez). FPR may get the majority of its resources out of Government money and help firms to recap. AIFI also suggested to include companies with sales of at least 30 million for the funds’s indirect investments. The Insight View of BeBeez of 26 October said that market participants asked the Italian Government and the Ministry for Economic Development to make Cdp an ancor investor for restructuring funds.
BC Partners will launch soon its public offer on 48.158% of IMA, a Milan-listed producer of industrial machinery for the packaging sector whose main shareholder is the Vacchi Family (see here a previous post by BeBeez). BC must launch the offer as it bought a 19.07% stake and 41.414% of its voting rights in Sofima, the holding that has 51.6% of IMA’a equity and 67% of its voting rights. BC Partners acquired the stake in Sofima for a price equivalent to 68 euros per share of IMA (including the dividend). Buyers and vendors signed a governance pact. BC Partners may increase its stake in Sofima to up 45% while the current shareholders will keep 55%. The transaction’s equity value is of 2.93 billions. Buyers may invest up to 1.415 billions and will finance the transaction with the subscription of a 572 million capital increase of Sofima, with a 700 million senior secured financing facility that received from JP Morgan, Bnp Paribas, Unicredit Corporate & Investment Banking, Mediobanca, and Morgan Stanley and  with the issuance of PIK notes worth 142.7 million that institutional investors may subscribe. Ima aims to grow through acquisitions in USA.
Webuild (fka Salini Impregilo) closed the acquisition of 65% of Astaldi through the subscription of a capital increase of 225 million euros that the target will invest in repaying part of its creditors (see here a previous post by BeBeez). Webuild financed the transaction with the proceeds of a 600 million capital increase that Salini, Cdp Equity, Banco Bpm, Intesa Sanpaolo, UniCredit, and other investors subscribed in 2019.
At the closure of trading of 9 November, Monday, the shares of Italian football team AS Roma went up 49.8% at 0,222 euros after the public offer of Dan Friedkin (DF) at 0,1165 euros per share failed (See here a previous post by BeBeez). DF launched the offer on 9 October, Friday, and initially scheduled the closing on 29 October, but later extended it until 6 November (see here BeBeez’s Insight View on football m&a deals in the last 30 years, dedicated to BeBeez News Premium subscribers). Only 1.674% of shareholders accepted the offer instead of the set target of 13.4%. Earlier in August, Friedkin signed a closing for the acquisition of 86.6% of AS Roma from James Pallotta for 591 million euros. On 9 December, Wednesday, the shareholders will hold a meeting and decide whether to launch a capital increase of 210 million. AS Roma has net losses of 204 million and equity of minus 242.5 million.
The Italian food companies attract the keen interest of private capital investors and  private equity funds (see here a previous post by BeBeez). The m&a activity could go through a relevant uptick after the slowdown due to the coronavirus turmoil. BeBeez Private Data say that in January – October private equity funds closed 9 direct acquisitions, 10 add-ons for portfolio companies and 4 sales to trade buyers (11). Today there are 203 Italian companies in the portfolio of private capital investors. As for Nov 9th 2019 they were 180 instead. All data come from BeBeez Private Data, see here how to subscribe to the Combo version, including BeBeez News Premium too for just 110 euros per month
In 3Q20, Dea Capital raised 400 million euros for two private equity funds and launched new real estate funds with 200 million of assets under management (see here a previous post by BeBeez). One of the two private equity veichles which raised funds in the period was Taste of Italy 2, the investor in food & beverage sector of DeA Capital Alternative Funds sgr, which raised 330 million euros. The fund had previously set a fundraising target of 250-300 million (see here a previous post by BeBeez). Dea Capital poured 25 million in the private equity vehicles. On top of the 400 million, Dea raised 20 million for its multi-manager DeA Endowment Fund at the beginning of October. Dea Capital Alternative Funds also acquired from banks an amount of UTPs of 40 million which took the NAV of CCR II fund to 615 million. The fund also announced its first investment: it acquired 80% of Gastronomica Roscio from the eponymous family (see here a previous post by BeBeez). The transaction value amounts in the region of 50 million euros. The company has sales of 28.8 million, an ebitda of 3.82 million and net cash of 4.18 million. Taste of Italy 2 is one of the private capital investors that BeBeez Private Data monitors. Find out here how to subscribe to the Combo version that includes BeBeez News Premium
Italcanditi, a company of which Investindustrial owns 70% since 2019, acquired Comprital Group from the founder Gianni Osti (aee here a previous post by BeBeez). Brera Financial Advisory and Lazard assisted Italcanditi and Comprital Group. The target has sales of above 27 million euros. Italcanditi acquired 70% of Rubicone in September 2019, Ortofrutticola del Mugello in August 2020. Italcanditi is a company monitored by BeBeez Private Data (find out how to subscribe for only 110 euros a month)
Sirti, an Italian telecom company that belongs to Pillarstone Italy, sold its transports unit to Mermec, part of Gruppo Angel (see here a previous post by BeBeez). The asset’s value amounts to 65-90 million euros and has orders for above 150 million.
Toto Holding, a diversified infrastructure group, signed a partnership with Renexia for the MeDWos (Mediterranean wind off shore) project (see here a previous post by BeBeez). The investment will totally amount to 9 billion euros and the 2.9 GW Aeolian farm. Once the project will receive all the necessary authorizations, the US private equity Apollo Global Management will provide equity and convertible debt facilities of up to 265 million US Dollars in Renexia’s US Wind.
Citel Group, an Italian provider of digitalization servicec, aims to acquire competitors with revenues of 10-20 million euros, ceo  Valerio D’Angelo said to BeBeez (see here a previous post by BeBeez). In 1H21, the company may close its first buy. Citel Group may finance its m&a growth through minibonds and bank loans. In April 2020, the company issued a 2 million minibond within the Garanzia Campania Bond, a basket bond programme. The company aims to achieve sales of 30 million by the next 2 years and of 50 million in three years through its organic growth and M&A. Citel Group could also list, said D’Angelo. The company has sales of 10.53 million with a 15% ebitda.
DigitalPlatforms, an Italian catalyst for the Internet of Things sector, acquired the majority of System Management (see here a previous post by BeBeez). RiverRock Italian Hybrid Capital Fund financed the transaction. The fund also supported DigitalPlaforms for the acquisition of Gibiesse di Guerini in October 2019. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Bianalisi acquired ACTF Sanità Amica and Sanità Amica (See here a previous post by BeBeez). Earlier this year, Bianalisi acquired Laboratorio Analisi Cliniche Forcina. Bianalisi belongs to ceo Giuliano Casini and in December 2019 it received a financing facility of 65 million euros from Banca Ifis, Banca Sella, and direct lending fund Springrowth. Bianalisi has sales of 33.5 million with an ebitda of 6.3 million. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Capvis acquired the majority of Arag from the Montorsi Family and other shareholders that will keep a minority of the business and their management roles (See here a previous post by BeBeez). Banco Bpm financed the transaction. Arag has sales of 64.75 million euros, an ebitda of 17.4 million and net cash of 2.5 million.
Cassa Depositi e Prestiti signed a memorandum of understanding with India’s fund of funds National Investment and Infrastructure Fund (NIIF) (see here a previous post by BeBeez). NIIF and Cdp aim to launch initiatives of strategic interest to Italy in India. NIIF received committments for 4.3 billion US Dollars spread among NIIF Master Fund (infrastructures for transports and energy), NIIF Fund of Funds and NIIF Strategic Opportunities Fund.
Sirap Gema, a company of Italmobiliare, sold its assets based in Italy, Poland and Spain to Denmark’s Faerch Group, a company that belongs to Advent International since 2017 (See here a previous post by BeBeez). Sirap will hold the activities in other countries such as France, Germany and the UK that generate sales of 140 million euros.
Seco, a portfolio company of Fondo Italiano d’Investimento (FII), acquired 70% of Hopenly from Barbara Vecchi and Roberto Grassi who will keep their management roles (See here a previous post by BeBeez). Massimo Mauri is the ceo of Seco which previously acquired 70% of Ispirata and the majority of Chinese Fannal Electronics. Earlier in June, Seco started to work on the launch of an IPO in 2021. The company has sales of 66.5 million euros (+22% yoy) and an ebitda of 11.5 million.
Henkel aims to sell Naturale Antica Erboristeria (N.A.E.) (See here a previous post by BeBeez). Henkel’s non-core businesses have a turnover of 300 million euros.
EQT is still considering the launch of an ipo for Lima Corporate and hired Morgan Stanley and Credit Suisse for a dual track process (See here a previous post by BeBeez). Earlier in February, Lima’s enterprise value was of one billion US Dollars. In 2015, EQT acquired Lima from Ardian, the Lualdi Family, NB Reinassance and Mir Capital. The ceo Luigi Ferrari purchased a minority. In August 2017, Lima Corporate issued two Milan-listed bonds worth 275 million euros  for refinancing its debt (mainly with Unicredit and Ubs). Lima has sales of 222.8 million euros, an adjusted ebitda of 57.4 million and a net financial debt of 309.7 million. EQT is one of the private capital investors that BeBeez Private Data monitors. Find out here how to subscribe to the Combo version that includes BeBeez News Premium
Peninsula Capital opened a bureau in Milan that managing partner Stefano Marsaglia will head (see here a previous post by BeBeez). Peninsula is reportedly competing with Bain Capital for the acquisition of Francesco Illy’s 23% of Illy which has an enterprise value of above one billion euros (si veda altro articolo di BeBeez). Peninsula invested in Milan-listed asset manager Azimut, Italo Ntv, Guala Closures, and Kiko. Borja Prado Eulate, Carlos Cortina Lapique and Javier De La Rica founded Peninsula. Marsaglia joined the fund in 2018. In June 2019, Casan Holding and Mbb Holding invested in Peninsula
Mauro Moretti launched London-based alternative investment holding Atypical Partner which grouped Three Hills Capital Partners, Pall Mall Legacy, a vehicle that Goldman Sachs sponsored, and hedge fund Sinclair Capital (See here a previous post by BeBeez). Atypical Partner will advise alternative asset managers.
