Davidson Kemper Capital Management (DK) aims to sell Prelios, a Milan-listed real estate firm with asset under management of above 40 billion euros (see here a previous post by BeBeez). DK hired JP Morgan for handling such sale on the ground of an enterprise value of one billion. Prelios could attract the interest of Kryalos, doValue and Dea Capital who are said to have tabled preliminary bids lower than the asking price. In Meanwhile, DK is preparing to buy Focus Investments spa. The latter, born in December 2015 from the spinoff of Prelios Group’s business unit investments itself, is a special situation management company in the distressed real estate asset segment. The company also holds an investment portfolio with real estate underlying for an equivalent value of over one billion euros, represented by shares in real estate vehicles, real estate funds and non-performing loans. In December 2017, DK acquired 44.86% of Prelios at 0,116 euros per share from Pirelli, Intesa Sanpaolo, UniCredit, and Fenice and then launched a tender offer leading it to own more than 90% of the shareholders’ capital. Chairman Fabrizio Palenzona and ceo Riccardo Serrini lead the company. Prelios’ ebitda amounts to 100 millions.
Rhone Capital acquired 20% of Illycaffé (see here a previous post by BeBeez). Illycaffé’s controlling shareholder is Gruppo Illy, which belongs to the Illy family. The transaction will close by 3Q21. The company attracted the interest of Advent, Oaktree, TowerBrook, Blackstone, and of a Qatari group. Illycaffé has sales of 520.5 million euros, an ebitda of 83.9 million, net profits of 19 million, and net financial debts of 109.9 million. Robert Agostinelli is the cofounder and managing director of Rhône. Il Polo del gusto, another company of Gruppo Illy that Riccardo Illy heads is reportedly looking for a minority (20% – 40%) partner on the ground of an enterprise value of 250 million. Rhone Capital set a fundraising target of 3 billion.
On 19 November, Thursday, Investindustrial Acquisition Corp (IAC), the Spac that Investindustrial sponsored, listed on NYSE (see here a previous post by BeBeez). IAC has a market capitalization of 350 million US Dollars that could increase to 402 million. Investors may receive one warrant every three shares for acquiring shares at 11,50 US Dollars each. The offer ened on 23 November, Monday. Sergio Ermotti will head the spac, Roberto Ardagna and Andrea Cicero will be its ceo and cfo. Iac signed a forward purchase agreement with Investindustrial that could acquire shares for up to 250 million through a private placement that may close together with the business combination. IAC will target a company with an enterprise value of 1 – 5 billion. Le target saranno quotate al Nyse attraverso una business combination. The spac’s directors are Dante Roscini, Michael Karangelen, and Teensie Whelan.
Milan-listed Snam invested its own resources for acquiring 33% of Industrie De Nora from Blackstone on the ground of an enterprise value of 1.2 billion euros (see here a previous post by BeBeez). The target’s management will invest for a small stake. Blackstone acquired its stake in April 2017. De Nora previously worked on the launch of an IPO on the ground of an enterprise value in the region of 900 million.
Lega Calcio di Serie A officially accepted the offer of CVC Capital Partners-Advent International-FSI for the creation of a media company that will own the tv rights of the Italian football league, after the consortium delivered its last bid following the due diligence (see here a previous post by BeBeez). The consortium had won access to exclusive talks with Lega Calcio Serie A last October. However, Paolo Dal Pino, the chairman of Lega Calcio di Serie A, said that the funds aims to pay 1.7 billion euros for a 10% of the media company that will manage the tv rights of Serie A. However Mr. Dal Pino pointed out that the parties have not signed any biding agreement.
Clessidra closed the acquisition of Compagnia Europea Factoring Industriale (Coefi) from Archeide (88.59% of the business) and Intermedia (see here a previous post by BeBeez). Clessidra received the authorization from Banca d’Italia. Attilio Biancardi and Mattia Serena are Coefi’s chairman and ceo. This is a strategic investment for Clessidra, which is entering in the distressed factoring market. Coefi was actually renamed Clessidra Factoring spa and will act jointly with Clessidra Restructuring Fund in relaunching special situation businesses.
The coronavirus turmoil could trigger the m&a activity for the Italian fashion sector, Maurizio Tamagnini, the ceo of FSI said (see here a previous post by BeBeez). Mr. Tamagnini said that Italian sector companies need to increase their size.
Austria’s CCE – Clean Capital Energy and German enernovum signed an agreement with South Korea-based Hanwha Energy Corporation for developing a 200 MW photovoltaic plant in Italy (see here a previous post by BeBeez). The companies aim to conclude the first project in 2021.
Centre Lane Partners sold Capital Brands to De’ Longhi for 420 million US Dollars (see here a previous post by BeBeez). De’ Longhi financed with its own resources this transaction and now will generate sales of above 500 million in North America. Massimo Garavaglia is the ceo of De’ Longhi. Rich Krause heads Capital Brands which has sales of 290 million. Milan-listed De’ Longhi has a turnover of 2.1 billion euros with an adjusted ebitda of 295 milioni and net profits of 161 million.
Palladio Holding, who generally has a private capital investment approach, will do an exception to this rule subscribing part of the 35 million euros capital increase of Milan-listed Tesmec on 23 November for 0,07 euros per share (see here a previous post by BeBeez). Palladio will subscribe up to 50 million unsubscribed shares for a total of up to 3.5 million euros. Tesmec’s main shareholder TTC will subscribe 22 million euros. Tesmec will invest such proceeds in its organic growth and refinancing its debt. Palladio 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
Palladio Holding is also selling MarterNeri, the company that manages the ports of Livorno and Monfalcone, to F2i on the ground of a value of 70 million euros (see here a previous post by BeBeez). Palladio holding acquired the company in 2015 when it launched a public offer on Milan-listed Mid Industry the owner of MarterNeri. Further shareholders of the company are Giorgio Neri (4.07%), Raffaele Bortolussi (2.65%) and Michele Bortolussi (1.43%). MarterNeri has sales of 52.2 million, an ebitda of 17.9 million and a net financial debt of 4.6 million. MarterNeri is one of the portfolio companies that BeBeez Private Data monitors. Find out here how to subscribe to the Combo Version that includes the reports and the insight views of BeBeez News Premium 12 months for 110 euros per month.
U-Invest is sounding the ground for the launch of an ipoin 2021 with the support of Banca Imi, Bank of America-Merrill Lynch and Unicredit (see here a previous post by BeBeez). Earlier in July U-Invest issued a 25 million euros minibond that Unicredit subscribed. U-Invest has sales of 134.8 million and an ebitda of 30.32 million. In 2000, the company’s founding family Uzzeni sold the company to CVC Capital Partners which merged it with its portfolio asset Jallatte and branded it as JAL Group. However, the company’s lenders converted their credits in equity. In 2010, Progressio sgr acquired the company that went in receivership at the end of 2013. In 2006, Pier Franco Uzzeni founded U-Power and acquired then JAL Group out of the receivership procedure
Valpizza, a portfolio company of Aksìa Group, acquired 80% of Megic Pizza from Gerardo Acampora who will keep a 20% (See here a previous post by BeBeez). Megic Pizza has sales of 10 million euros. Valpizza has a turnover of 20 million and an ebitda of above 4 million.
Ledi, a company that belongs to brothers Sebastiano and Vito Ladisa, acquired Edisud, the publisher of Gazzetta del Mezzogiorno (See here a previous post by BeBeez). In 2018, Gazzetta posted operative losses of above 7 million euros.
Luciano Hassan, Gianluca Losi, Michele Fontana Sabatini, and Carlo Privitera launched Kyma Investment Partners, a private equity with a focus on the digital transformation (see here a previous post by BeBeez). Kyma will target Italian SMEs with an ebitda of 3-7 million euros and set a fundraising target of 130 million. FII is in advanced talks with Kyma for acting as anchor investor.
GSA (Gruppo Servizi Associati) attracted the interest of Investocorp, Alvarez & Marsal Private Equity and Chequers Capital (see here a previous post by BeBeez). Mediobanca and Dc Advisory, a subsidiary of Daiwa Securities, are assisting Armonia for selling its 68.5% of GSA and Alessandro Pedone (currently owns 30%) for a 15% stake. The company’s managers have 1.5%. GSA has sales of 78 million euros with an ebitda of 13 million. Vendors could fetch 10-11 X ebitda.
Philogen hired Mediobanca and Goldman Sachs for launching an ipo (see here a previous post by BeBeez). Philogen previously tried to list in 2008 and in 2011. In May 2019, the company launched a capital increase of 62 million euros through which The Equity Club, a platform that Mediobanca created and that Roberto Ferraresi heads, acquired a stake of 18%. Further shareholders of Philogen are the Neri Family (46%) and Sergio Dompé (36%). Philogen has sales of 22.5 million with an ebitda of 10 million.
Fonderie di Montorso (FdM), of which FII owns 70%, acquired Evotech Hydraulics from Evotech (see here a previous post by BeBeez). FII acquired FdM in 2018, while the Comolli Family kept 30%. Earlier in April, FdM acquired Fonderia Scaranello and Animisteria Fiorini di Brendola. Patrizia Comello is the ceo of FdM which has sales of 76 million euros.
Millbo is of keen interest of Ergon Capital (See here a previous post by BeBeez). Houlihan Lokey is reportedly advising the vendor that has an enterprise value of 100 million euros. BlueGem and Capvest also tabled a bid for Millbo. In 2019, Ergon Capital acquired the majority of Dolciaria Acquaviva. In 2010, the founders Alessandro and Bruno Boggiani sold 80% of Millbo to Ersel Investment Club and kept 20% of the company which has sales of 16.9 million with an ebitda of 2.2 million.
Primo Group, a dental surgeries chain that belongs to Aksìa Group, acquired Centro Medico I Mulini from the Serra Family (see here a previous post by BeBeez). The buyers will open 4 new clinics in the next years. Centro Medico I Mulini has sales of 3.55 million euros with an ebitda of 0.279 million. Mirko Puccio is the ceo of Gruppo Primo.
MZB Holding raised from 5 to 5,50 euros per share its public offer for Milan-listed Massimo Zanetti Beverage(MZB) that will end today (see here a previous post by BeBeez). MZB Holding had announced the public offer on 26 October and will finance with a 60 million euros credit line of Bnp Paribas. MZB Holding is owned by Massimo Zanetti, the founder of the company which was listed in 2015 at a 11.60 euro price per share.
Seci, the holding of Gruppo Maccaferri, aims to sell Naturalia and SSolar (see here a previous post by BeBeez). Naturalia has sales of 8 million euros. SSolar owns 9 photovoltaic plants and Vam Investments Group owns a 49.9% stake in it. Seci may sell both assets by February 2021. Gruppo Maccaferri belongs to the eponymous family and is in receivership since June 2019 with a debt of 750 million. Seci’s Samputensili Cutting Tools reportedly attracted the interest of StartCutter. An Anglo-Chinese group and Germany’s Emag tabled a bid for Samputensili Machine Tools ahead of a merger with Clc (si veda altro articolo di BeBeez). Sampsistemi is of interset to Gauder & Co., while Bonfiglioli Riduttori made an offer for Sampingranaggi. Seci is reportedly negotiating with Taconic Capital a 90 million euros financing facility for repaying a bond of 90 million issued in February 2019 for which the shares of Manifatture Sigaro Toscano, worth 200 million, are the collateral. Seci has a banking debt of 780 million.
Amut (Automazione Macchinari Utensili) received from Milan-listed Illimity a 10 million euros financing facility (see here a previous post by BeBeez). The company will receive a tranche of 6.25 million with the warranty of Fondo Centrale di Garanzia. Amut’s 17.7% belongs to NB Aurora. The company has sales of above 100 million.
Bemycompany Capital Partners, the industrial holding that Antonio Quintino Chieffo leads, acquired 45.45% of Merida Italia from Embassy Freight, a subsidiary of Gruppo Savino Del Bene (see here a previous post by BeBeez). The target will launch a capital increase of 1.5 million. Taiwan’s Merida Bikes International owns 27% of Merida Italy, while the remaining stake belongs to the founder Paolo Ferretti. Merida Italy aims to launch an IPO and has sales of 9.5 million.
Even though Italian retail investors have a lower propensity to risk and long term investments in light of the coronavirus turmoil, private bankers tend to diversify their clients portfolio in favour of illiquid alternative assets as listed financial instruments produce minor yields, said a report of the AIPB, the Italian Association of Private Bankers (see here aprevious post by BeBeez). The clients show a keen interest in instruments that invest in the real economy, such as real estate, equity and debt of unlisted companies, and ESG-compliant assets.
