Italy’s private equity weekly roundup. News from P&G Alumni, Investindustrial, Reno de’ Medici, Ariston, OTB, Bene Assicurazioni, DVP Solar, Aukera, NextEnergy and more

BeBeez will be the media partner for the P&G Alumni Italia event about the Private equity sector that will take place on 26 November at 6PM in Milan at the Hotel Excelsior Gallia. Stefania Peveraro, the editor in chief of BeBeez, will moderate a rountable with Maurizia Villa, Luigi Feola, Walter Ricciotti, Daniela Riccardi, Giuseppe Casareto, and Luigi Del Monaco. Sign up here for the event (reserved to P&G Alumni).

KKR acquired GeneraLife, a Spanish chain of 90 fertility clinics, from Investindustrial  (see here a previous post by BeBeez). Investindustrial’s founder and managing director Andrea Bonomi previously said to Stefania Peveraro, the Editor in Chief of BeBeez, that GeneraLife has been an excellent investment that grew through acquisitions. GeneraLife has sales of 90 million euros. Marcos Bueso is the ceo Laura Rienzi and Filippo Maria Ubaldi are the chief scientific officers.

Investindustrial’s iconic producer of high-end spas Jacuzzi acquired New Zeland-based competitor Vortex Leisure Pty (see here a previous post by BeBeez). Jacuzzi Brands has sales of 28.8 million euros.

Reno de Medici (RdM), a Milan-listed producer of paper, said that it considers fair the public offer of 1.45 euros per share that Apollo Global Management launched (see here a previous post by BeBeez). Earlier in July, Apollo acquired 67% of RdM as it purchased the stakes of Cascades (57.6%) and Caisse de Depot et Placement du Quebec (9.1%) at 1.45 euros per share or more than 365 million euros on the ground of an enterprise value in the region of 553 million. In addition, Apollo will acquire a further 32.709% of RdM for 179.2 million ahead of a delisting. 

Ariston, an Italian producer of hot water and space heating appliances that belongs to the Merloni Family, will carry on the placement of its shares between 18 – 24 November (see here a previous post by BeBeez). The company will launch its IPO on Milan market on 26 November, Friday. Ariston will price its shares at 10.25 – 12 euros for a 3.4 – 3.9 billion euros market capitalization for 23.2% – 26.6% for public listed equity. Ariston will invest the proceeds of the IPO its organic growth and M&A 

Only The Brave (OTB), the holding that Renzo Rosso founded and that owns the brands Diesel, Maison Margiela, Marni, Viktor&Rolf, and Amiri, aims to list by 2024 (See here a previous post by BeBeez). Rosso has 90% of the company while his kids Andrea and Stefano have 5% each. OTB has sales of 1.27 billion euros, an ebitda of 189 million and net cash of 160.8 million, while equity is worth 878 million.  

Italmobiliare will subscribe a capital increase of Italian insurer Bene Assicurazioni and purchase 19.99% of the firm for 40 million euros on the ground of an equity value of 200 millioni (see here a previous post by BeBeez). IVASS, the Italian survelliance agency for insurance companies, must authorize the transaction. In January 2017, Andrea Sabìa, Lodovico Radice and Alberto Dominici founded Bene Assicurazioni.

In 3Q21, the NAV of Milan-listed NB Aurora amounted to 277 million euros (+9.3% than 4Q20 and +5.3% since 2Q21) or 11.28 euros per shares (see here a previous post by BeBeez). In 2Q21 the NAV of NB Aurora amounted to 263 millions.

In 3Q21, Milan-listed DeA Capital’s assets under management are worth 25.9 billion euros (+12.8% yoy, 25.6 billion in 1H21) (see here a previous post by BeBeez). The price of DeA Capital’s shares is of 1.342 euros. The firm allocated 11.7 billion for real estate (+17%), 3.1 billion for the credit sector (-2%); 2.4 billion for the private equity (+21%); 8.6 billion for the multi-asset and multi-manager investments (+11%).  

The shares price of Amsterdam-listed digital automotive company MotorK is of 5.95 euros, down 9% from the ipo at 6.5 euros (see here a previous post by BeBeez). MotorK fetched 75 million euros out of the listing. The venture capital investors in the firm 83 North and Zobito purchased further shares of the company while Capital International Investors acquired a 20%.  

On 18 November  Italian sneakers producer Nice Footwear listed on Milan exchange with an initial market capitalization of 20 million euros (see here a previous post by BeBeez). The company raised 5 million through a capital increase 5 million and placed 500,000 shares of new issuance at 10 euros each. Nice has sales of 23.6 million, an ebitda of 2.8 million and net profits of 1.2 million. The company’s post-money equity value is of 20.5 million and an enterprise value of 24.5 million or 8.75X Ebitda.  

DVP Solar, a joint venture that Prodiel and Everwood Capital signed to develop photovoltaic plants, signed an agreement to acquire an asset of 60 MW based in Sardinia (see here a previous post by BeBeez). Italo Rubeo heads the Italian operations of DVP. The company invested more than 170 million euros in Italy. 

 Aukera Energy, an investment platform of AltasInvest, the family office of Marcel van Poecke, the head and managing director of Carlyle International Energy Partners and chairman of Oranje-Nassau Energie, aims to develop new renewable energy plants with a power of 2.7 GW by the end of 2022 (see here a previous post by BeBeez). The target countries are Italy, the UK, Germany, Romania, and Poland. Once achieved the target, the company aims to develop projects with a power of 1.5GW each year, sources close to Aukera said to BeBeez. In Italy Aukera is developing a portfolio of 15 wind farms with a total capacity of 15 MW 15 for 1.5 million euros each.  The Italian pipeline is of 100 projects worth a total of 150 million.  

NextEnergy Capital expects to receive the binding offers for 105 photovoltaic plants by the end of next week (see here a previous post by BeBeez). Rotschild is handling the sale. The assets are worth 420 million euros and attracted the interest of Obton, Sonnedix, Equitix and Tages. Previous press reports said that the portfolio was of interest to Predica Energies Durables, a vehicle of Crédit Agricole Assurance that earlier in January acquired a 30% of EF Solare from F2i. 

 EPI, an Italian online retailer of sport merchandising items that since November 2020 belongs to Industry 4.0 Fund, acquired Calcioshop, an Italian competitor (see here a previous post by BeBeez). Mauro Sala, Roberto Caremi and Giorgio Despota sold their stakes in Calcioshop which has sales of 6.8 million euros, an ebitda of 18,000 euros and losses of 44,000 euros with a net financial debt of 1.2 million. EPI has revenues of 28 million, an ebitda of 2.8 million and net cash of 3.2 million.  

Tramec, an Italian producer of industrial components of which IGI Private Equity owns 75%, acquired Italian competitor Bermar from Sergio Cavazza and Walter Bertelli who will keep their management roles (see here a previous post by BeBeez). Bermar has sales in the region of 10 million euros. After such an acquisition, Tramec will generate revenues of 60 million. 

Kais Renaissance Eltif, a vehicle of Kairos Partners, subscribed a capital increase worth in the region of 3 million euros in Star7, a contents provider for producs, in view of a mid-term IPO of the asset (see here a previous post by BeBeez). Star7 has sales of 43.5 million, an ebitda of 4 million  and a net financial debt of 14.2 million.  

 Life Science focused private equity Apposite Capital acquired the majority of CrestOptics, an Italian provider of high-end diagnostic products and solutions (see here a previous post by BeBeez). David Martyr will be the company’s chairman while Renato Giacobbo Scavo is the ceo. In June 2018, Xyence (fka Principia) invested 5 million euros in CrestOptics. Andrea Latini, Lazio Innova and Aldabra Capital, which invested 0.4 million in 2013 for a 35%, sold all their stakes in the firm. CrestOptics has sales of 6.9 million, an ebitda of 1.4 million and net financial cash of 6.5 million.  

Lutech, an Italian IT company that belongs to Apax Partners since 2020, acquired Infoedge, a provider of Business Analytics, Data Management and Enterprise Application for the insurance sector (see here a previous post by BeBeez). Infoedge has sales of 9.8 million euros, an ebitda of 3 million and net cash of 3.2 million. Lutech also acquired Advantage (See here a previous post by BeBeez). Advantage has sales of 4.75 million, an ebitda of 0.976 million and net cash of 0.767 million. Manfredo D’Alessandro Caprice is the ceo of the company. Lutech has sales of 440 million and aims to generate one billion by 2022, ceo Tullio Pirovano previously said.  

Lisap Italia, an Italian manufacturer of haircare products, acquired 75% of Parisienne Italia (fka Fape) from the owner Eleonora Favalini (see here a previous post by BeBeez). The target has sales of 16.5 million euros and sells its products in 58 foreign countries. Lisap Italia has revenues of 27.5 million (55% abroad). Luca Pape, the ceo of Lisap, said that the company aims to post sales of above 100 million by 2024.  

Caplugs, an US moulding company that belongs to Berwind Consolidated Holdings, acquired Polykap, a San Marino-based producer of plastic corks (see here a previous post by BeBeez).  Caplugs is based in Buffalo, New York, and has plants in The Netherlands, Belgium, Australia, Canada, and China.  

Investment holding Boutique Italia sold a 6.45% of Retex, an innovation technology provider for the retail sector, from Ottobre, an investment firm of the target’s managers (see here a previous post by BeBeez). Boutique Italia and Alkemia acquired 25.85% of Retex in 2019 for 4 million euros. Boutique Italia invests in company that could list in the mid-term. Retex has sales of 30.2 million euros and an ebitda of 2 million.  

Tikehau Capital acquired 25% of Mint (fka Myntelligence), and Italian MadTech, from the founder and ceo Andrea Pezzi (see here a previous post by BeBeez). Roberto Quagliuolo and Luca Bucelli, the head of Italian private equity operations and country manager of Tikehau, will join the board of Mint. Mint has sales of 54.1 million euros and an ebitda of 0.611 million. Tikehau is listed on Paris market and has assets under management of 31.8 billion.  

Illy Caffé, the Italian coffee producer of the eponymous family and Rhône Capital (20%), hired Cristina Scocchia as ceo to replace Massimiliano Pogliani (see here a previous post by BeBeez). Scocchia is the ceo of Kiko, an Italian cosmetics company that belongs to the Percassi Family and the Peninsula fund. Illy has sales of 446.5 million euros (-14% since 2019), an adjusted ebitda of 57.7 million (-22.6%), net profits of 5 million (19 million), and net debts of 103.3 million. 

Lifestyle Design (fka Poltrona Frau Group) and its US head company Haworth is close to acquiring the majority of Interni, an Italian company that projects high-end interior fittings, from Progressio (see here a previous post by BeBeez). Stefano Cazzaniga, the ceo of Interni, will report to Dario Rinero, the ceo of Lifestyle Design. Interni has sales of 40 million euros. Progressio is one of the investors that BeBeez Private Data, the Database that BeBeez developed with FSI, monitors (find out how to subscribe for only 110 euros a month) 

Healthcare focused private equity ArchiMed acquired the majority of Cardioline, a producer of medical devices from the Castelli Family which kept a minority and managemenr roles (see here a previous post by BeBeez). Carlos Alonso, a partner of ArchiMed, will be the chairman of Cardioline that is considering a list of 15 potential acquisitions in Europe and US. Cardioline has sales of 12.5 million euros and an ebitda of 0.262 million.  

Project Informatica, a portfolio company that belongs to Hig Capital, acquired the majority of Sinthera, a system integrator for the corporate digital transition (see here a previous post by BeBeez). The founder Alessandro Gatti and other shareholders sold their stakes in Sinthera and kept a minority. The company has sales of 13.7 million, an ebitda of 1.2 million and net cash of 0.914 million.