Italy’s private equity weekly roundup. News from Ferrero, Sergio Rossi, Mutti, Migal, Dedalus, Cdp, Valpizza, Conceria Pasubio and more

Equinox acquired Migal, an Italian producer of industrial components, from the Mingotti Family who will reinvest for a 40% stake (see here a previous post by BeBeez). The target’s enterprise value amounts to 100 million euros and CP Advisors run the auction. Sources said to BeBeez that the company attracted the interest of Bons & Evers Holding, Marmon Group, Mueller Industries, KKSP, Chequers Capital, Sterling Square One Equity Partners, Stellex, 21 Investimenti, and Green Arrow. In 2021, Migal expects to generate a turnover of 105 million (60% abroad) with a 15% ebitda margin and aims to grow through acquisitions in Germany, France and Usa.  

Abu Dhabi Investment Authority (Adia) acquired from Ardian a minority of Dedalus, a provider of IT systems for the healthcare sector, che resta azionista di maggioranza (see here a previous post by BeBeez). In 2016, Ardian acquired 60% of Dedalus from Hutton Collins Partners, The Three Hills Capital Partners, Mandarin Capital Partners, and Giorgio Moretti, the company’s  founder and ceo who kept 40% of the business. In 2020, Ardian raised its stake to 75% for supporting the acquisition of Agfa Gevaert. Dedalus has sales in the region of 700 million euros. Dedalus meanwhile acquired German competitor Dosing, a Software-as-a-Service (SaaS) for the safety of pharmaceutical therapies (see here a previous post by BeBeez). Dedalus has sales in the region of 700 million euros. 

NYSE-listed Esco Technologies, a provider of engineering services for utility companies, acquired Altanova, an Italian provider of off-line and on-line monitoring services for electric energy networks and systems (see here a previous post by BeBeez). Itago sold the target together with the minority shareholder. Altanova has sales of 80 million euros with an ebitda of 7.5 million and attracted the interest of Oaktree, Fondo Italiano d’Investimento, Whitebridge, and Tikehau Capital. Altanova Group was born in April 2017 out of the merger of ISA Advance Test, Monitoring Solutions, and Techimp.  

Cogeninfra, a company that belongs to Luxembourg’s Cube Infrastructure, raised 98.258% of Milan listed Elettra Investimenti, an energy company (see here a previous post by BeBeez). Cogeinfra will delist Elettra. Cube previously signed an agreement with the Bombacci family for acquiring 81.9% of Elettra at 9.75 euros per share plus a further 0,85 euros of earn-out and warrants for 70.58% of those previously issued at 0,75 euros each. Cogeninfra launched a public offer at 10,60 euros per share and at 1,60 euros per warrant. Fabio Massimo Bombacci will keep his ceo role for at least five years. Elettra has a turnover of 58 million euros and losses of 0.41 million.  

Itago acquired the majority of Teknoice, an Italian producer of ice creams, from the founders Luigi Ferrarini, Santino Conte and Giancarlo Maganza, who will hold a minority and handle the generational change (see here a previous post by BeBeez). Banco Bpm financed the transaction with a green loan that requires the company to achieve sustainability goals. Teknoice has sales of 23 million euros. 

Kipre, an Italian producer of high-end ham, generated sales of 83.8 million euros, an ebitda negative for more than 30 million, net profits of 38.4 million, and equity of 18.4 million (see here a previous post by BeBeez). Since October 2020 the company belongs to Wrm Group, the Luxembourg-based financial company of Raffaele Mincione that is implementing a restructuring plan and paid 22 million to banks and 5 million to the commercial creditors. Wrm will invest 40 million in Kipre.  

Prosit, an Italian wine producer that is part of the portfolio of Quadrivio & Pambianco’s Made in Italy Fund, acquired US-based Votto Vines from the eponymous Family (see here a previous post by BeBeez). Votto Vines is an importer and wholesale distributor of fine wines. Made in Italy Fund aims to raise 200 – 300 million euros  

Charme Capital Partners (CCP) a private equity fund that belongs to the Montezemolo family is holding exclusive talks for the acquisition of Bianalisi, an Italian chain of diagnostic laboratories (see here a previous post by BeBeez). Charme tabled a 400 million euros bid together with Generali Investments. Bianalisi also attracted the interest of F2i and Triton. Bianalisi currently belongs to the Caslini Family (70%) and Columna Capital, which acquired a 30% stake in April 2016. Bianalisi has sales of 65.5 million and an ebitda of 13.15 million. In December 2019, Bianalisi received a financing facility of 65 million from Banca Ifis, Banca Sella and Springrowth. 

 IGI Private Equity acquired 73% of OME Metallurgica Erbese and Stampinox two Italian producer of small items in metal (see here a previous post by BeBeez). Anirafa, the holding of the Farina Family, acquired a 17% stake. Intesa Sanpaolo, BPER and Crédit Agricole financed the transaction. Equita K Finance assisted OME.  

 The Vercelli Court will decide soon whether to accept one of the bids for Cerutti, an Italian producer of machinery for the printing and packaging industry that bankrupted in late 2020 (see here a previous post by BeBeez). The company attracted the offers of Switzerland’s Bobst and of Rinascita a club deal that groups Italian entrepreneurs Marco Drago, Diana Bracco, Ernesto Pellegrini, Franco Goglio, and Paolo Montironi. Rinascita has the support of Invitalia. Cerruti has sales of 33.11 million, an ebitda of minus 12.7 million, net losses of above 64 million, a net financial debt of 50.2 million, and equity of minus 100.1 million  

Intermonte sim and QCapital (QC) launched a club deal for investing in minorities of listed or soon-to-go public companies (see here a previous post by BeBeez). Stefano Miccinelli, Renato Peroni, Massimo Busetti, Giovanni Pedersoli, and Francesco Niutta are the founders of QC. Intermonte, the platform and family offices will coinvest 10 – 30 million euros for up to 4 years in the targets for subscribing capital increases or buying out small shareholders of firms with a limited publicly traded equity.  

Project Informatica, an Italian IT that belongs to Hig Capital since July 2020, acquired a controlling stake in Techlit from Luca Fabiano and the whole of SCM from Tiziana Foiadelli and Carlo Radaelli (see here a previous post by BeBeez). All the vendors will keep their operative roles in the businesses. Techlit has sales of 1.36 million and an ebitda of minus 58,000 euros. SCM turnover amounts to 4.7 million, an ebitda of one million and net cash of 3.95 million.  

The reportedly up for sale 75% stake in Eolo, an Italian TMT company, attracted the bids of DWS, Infravia Capital Partners, Wren House Infrastructure, and Brookfield Asset Management, the controlling shareholder of Oaktree Capital del capitale (see here a previous post by BeBeez). Luca Spada and Elmec Group own 51% of the business, while Searchlight Capital Partners has 49%. Morgan Stanley is running the auction on the ground of an enterprise value of 2 billion euros. 

Facile.it, the Italian portal for comparing retail financial products and utility services that belongs to EQT, acquired MiaCar, an Italian marketplace for brand new and 0 km cars, from the ceo and founder Lorenzo Sistino who will keep his role (see here a previous post by BeBeez). MiaCar has sales of one million euros with an ebitda of minus 0.423 million. EQT acquired Facile.it in 2015 and aims to list the firm   

On 26 May, Wednesday, the shareholders of Cassa Depositi e Prestiti approved the launch of Patrimonio Rilancio (PR or Patrimonio Destinato – PD) (see here a previous post by BeBeez). PR has resources of 40 billion euros and will support Italian mid and big cap that are facing the COVID19 turmoil.  

Dario Scannapieco is the new ceo of Cassa Depositi e Prestiti (Cdp) and replaces Fabrizio Palermo (see here a previous post by BeBeez). Scannapieco will be in charge until 31 December 2023. Giovanni Gorno Tempini kept his chairman role by appointment of the banking foundations who own 15.93% of Cdp who also appointed as directors Fabrizia Lapecorella, Fabiana Massa, Anna Girello Garbi, Giorgio Toschi, Livia Amidani Aliberti, Matteo Melley and Alessandra Ruzzu. 

Alcedo acquired 53% of Nethive, a cybersecurity and system integration company (See here a previous post by BeBeez). The vending founders Alessandro Bellato and Diego Rocco will hold a 47% of the business and their co-ceo roles. Nethive has sales of above 8 million euros and aims to grow through acquisitions. 

LBO France acquired the majority of Polis Fondi, a real estate asset manager (see here a previous post by BeBeez). Banca Popolare Sondrio, Bper Banca, Intesa Sanpaolo, la gestione commissariale della Banca Popolare Vicenza, Sanfelice 1893 Banca Popolare, and Banca Valsabbina will keep a minority of Polis, which has assets under management for one billion euros. Earlier in February, Polis launched Taurus an investment vehicle that aims to invest in NPEs with a face value of 2.5 billion.  

 Aksia Group’s portfolio company Valpizza, an Italian producer of frozen pizzas, acquired Italian competitor C&D, the owner of Ghiottelli brand (see here a previous post by BeBeez). The Carbonara sold the asset and reinvested in Valpizza. Crédit Agricole Italia and Intesa Sanpaolo financed the transaction. A few days after Valpizza also announced the acquisition of La Pizza+1 and its subsidiary Il Borgo from the founders Sante Ludovico and Giuseppe Ambrosi (see here a previous post by BeBeez). The asset attracted the interest of Dr. Oetker, Freiberger Group (Sudzucker), Cerelia, Grupo Palacios, DeA Capital, Forno d’Asolo (a portfolio company of BC Partners), and Dolciaria Acquaviva (a portfolio company of Ergon). CP Advisors acted as financial advisor. La Pizza+1 has sales of above 30 million euros with an ebitda margin of 20%. Aksìa acquired the majority of Valpizza in July 2020. The company has sales of 20 million euros with an ebitda of above 4 million and in November 2020 it acquired Megic Pizza.

 PM & Partners and Capital Dynamics acquired 70% of Cosmelux, an Italian packaging company (see here a previous post by BeBeez). The vending Zorloni Family will keep 30% of the target and management roles. Banco BPM, Intesa Sanpaolo and Crédit Agricole provided a senior financing facility while Anthilia Capital Partners provided a mezzanine line. Cosmelux has sales in the region of 30 million with an ebitda margin of 37%.  

Italy’s top-up Spac Industrial Stars of Italy 4 – Next Generation SPACs, a vehicle that Giovanni Cavallini, Attilio Arietti, Enrico Arietti, Davide Milano, Marco Croci, and Piero Vitali launched aims to list on Milan market by the end of June (See here a previous post by BeBeez). As sources previously said to BeBeez, the spac aims to raise 100 – 150 million euros (see here the Insight View of BeBeez of 10 May 2021, available for the subscribers to BeBeez News Premium), but it may fetch up to 500 million after the ipo as it could launch a capital increase after 5 years.  

Gavio and Ardian fetched 95.54% of Milan-listed ASTM, a motorway management company (see here a previous post by BeBeez). Gavio and Ardian will buy the remaining shares of ASTM in view of a delisting that will take place on 4 June, Friday. The bidders offer attracted 42.5% of the company worth in the region of 1.67 billion euros. On 21 May, Friday, Gavio and Ardia said to have acquired 90% of ASTM  and closed the offer period on 24 May, Monday (see here a previous post by BeBeez). The bidders will delist the target at 28 euros per share and pay in cash. JP Morgan Chase Bank financed the transaction and committed to eventually refinance the current debt of ASTM, which has sales of 2 billion euros, an ebitda of 547.8 million and net debt of 848.5 million. Earlier in April, ASTM received from Mediobanca an ESG financing facility of 100 million.   

Giuliano Gnutti became the sole owner of Gruppo Gnutti Cirillo (GGC), a diversified industrial group, after having acquired 50% of the firm from his brother Giordano through a leveraged buyout (see here a previous post by BeBeez). Intesa Sanpaolo, Banco BPM, BPER, MPS Capital Services, Cassa Centrale Banca,BCC di Brescia, and Anima Alternative financed the buyer. GGC has sales of 200 million euros with an ebitda in the region of 30 million. 

Carlo Rivetti, the former owner of Stone Island brand, acquired Italian football club Modena FC 2018 from Romano Sghedoni, the chairman of Italian chemical company Kerakoll (see here a previous post by BeBeez). Rivetti fetched 290 million euros out of the sale of Sportwear Company to Milan-listed Moncler and reinvested the rest of the price in Moncler’s stocks.

Banca Akros, the corporate & investment bank of Milan-listed Banco BPM, acquired Oaklins Italy, an advisory company for m&a that Attilio Arietti founded (see here a previous post by BeBeez). Arietti will keep his role of chairman of the international network Oaklins 

 Conceria Pasubio, the reportedly up for sale Italian producer of tannery products for the automotive sector that belongs to CVC Capital Partners, attracted the final bids of TFL, a company of private equity Black Diamond, Chinese-German peer AIGC and PAI Partners (see here a previous post by BeBeez). CVC hired JPMorgan for selling the asset on the ground of an enterprise value of 700 million euros. CVC acquired 90% of Conceria Pasubio in June 2017 from the Pretto Family on the ground of an enterprise value of 285 million. The company has sales of 265 million (80% abroad) with an ebitda of 65 million. Alberto and Luca Pretto head Pasubio while Gianandrea De Bernardis is the chairman.  

Progressio acquired the majority of ATK Sports from the Indulti family (see here a previous post by BeBeez). Davide Indulti will keep the role of ceo of the company. Banco BPM financed the transaction. ATK has sales of 9 million euros (85% abroad).  

Milan-listed IT company Sesa acquired 55% of Addfor Industriale, an Artificial Intelligence and data science provider of services for the traditional industrial sectors of the made in Italy (see here a previous post by BeBeez). Addfor sold this stake for a 5X multiple of EV/Ebitda. Addfor has sales of 5 million euros.  

The promoters of the Spac Sprintitaly that became shareholders of Milan-listed Sicit after the business combination of May 2019 said that NB Renaissance’s 16 euros per share bid is too low (see here a previous post by BeBeez). Intesa Holding, a financial holding that groups the owners of 43.4% of Sicit, said that will accept NB’s offer. Sicit’s shares price is of 16.8 euros for a market capitalization of 373 million euros. Sicit has sales of 63.2 million, adjusted net profits of 14.6 million, an adjusted ebitda of 24.1 million, and net cash of 20.5 million. 

Sonnedix, a global producer of solar energy that belongs to JP Morgan Asset Management, acquired a portfolio of plants with a total power of 22.3 MW from Spain’s Solarig (See here a previous post by BeBeez). Solarig has 18 plants.  

Translink Italia, part of the eponymous international network of M&A firms, appointed Matteo Paggi as ceo (see here a previous post by BeBeez). Paggi replaces David Strempel who remains as chairman. Paggi previously worked for Kpmg and MIT.FIN.  

Sicer, an Italian producer of chemical products for the ceramic industry that belongs to Azimut Libera Impresa (ALI), acquired a production plant in Spain (see here a previous post by BeBeez). In November 2020, ALI acquired 65% of Sicer from current minority shareholders Gianfranco Padovani, chairman, Giuliano Ferrari, while Isabella Seragnoli sold her entire stake. Sicer has sales of 73 million euros 

Tages Helios, a vehicle for investing is solar energy that belongs to Tages Capital, acquired a photovoltaic plant in the Southern Italian Region of Calabria (see here a previous post by BeBeez). Tages Helios currently owns 55 photovoltaic plants and an Aeolian farm for a total power of 142 MW. 

 The Benetton Family’s Edizione Holding sold its stake in Autostrade per l’Italia (ASPI) (see here a previous post by BeBeez). The shareholders of Milan-listed motorways manager Atlantia, of which Edizione Holding owns 30.2%, accepted the reported bid of 9.3 billion euros (of which 200 million are of banking commissions) that Cdp Equity (51% of the vehicle) tabled together with Blackstone Infrastructure Partners (24.5%) and Macquarie European Infrastructure Fund (24.5%). Further shareholders of Atlantia are Fondazione CRT (5.5%) and TCI (10%). At the closure of trading of 31 May, Monday, Atlantia shares went up 2.84% or 16.09 euros.  

CVC acquired Italian consultancy firm Business Integration Partners (BIP) from Apax Partners France (see here a previous post by BeBeez). BIP’s founders chairman Nino Lo Bianco, ceos Carlo Capè and Fabio Troiani and other independent shareholders will keep a minority. Earlier in February, press roumours said that BIP’s value was in the region of 720 million euros. In 2018, Apax paid 200 million for acquiring 61.5% of the firm.  

On 31 May, Monday, Milan-listed Retelit increased by 14.7% its market capitalization or 2.965 euros per share (see here a previous post by BeBeez). Retelit reportedly attracted the delisting interest of Marbles, a portfolio company of Spanish Asterion Industrial Industrial Partners that Jesus Olmos heads. Marbles tabled a bid of 2.85 euros per share for the whole of Retelit. The total value of the bid amounts to 330.5 million euros  

Orienta Capital Partners (OCP), the owner of the club deal platform Fonti Italiane, raised to 57.8% its stake in Cristallina Holding, the owner of mineral water brands Pejo and Goccia di Carnia (see here a previous post by BeBeez). AVM Associati, MetaSystem Group, Banca Ifis, and Alberto Bombassei sold part of their shares and kept a minority of the business. Indigo Capital, Friulia, and Cristallina’s ceo Samuele Pontisso also invested in the asset. Germany’s Oldenburgische Landesbank AG (OLB), of which Apollo Global Management portfolio company Bremer Kreditbank owns 90% since 2017, financed the transaction with a senior credit facility together with Indigo Capital who subscribed a bond.  

Amaranto Holding and Byom launched Fusion, a joint venture for distributed energy generation and acquiring photovoltaic plants in financial distress (see here a previous post by BeBeez). By July 2021 Fusion will acquire three phtovoltaic plants with a total power of 2.5 MWp. Antonello Amoroso founded Amaranto in 2008. Byom is born in 2009 and manages plants with a total power of 168 MWp.