On 14 July, Friday, FSI said it signed a binding agreement for acquiring the majority of the e-money business of Milan-listed Banco BPM that has an enterprise value of 2 billion euros (see here a previous post by BeBeez). The closing may take place in 1Q23 for up to 600 million (200 million in upfront cash). FSI retained as advisors KPMG Corporate Finance, Vitale&Co and Gianni & Origoni. Banco BPM appointed Bain & Co, Legance and Deloitte Financial Advisory (fairness opinion). Banco BPM signed a lock-up agreement that will expire in 2026.
Nextalia Private Equity acquired Dalma Mangimi, Stella Mangimi and Sperina, an Italian producer of pet food ingredients, from Bruno Massa (50%), Marina Dalmasso (40%) and Valentina Massa (10%) (see here a previous post by BeBeez). Nextalia appointed as advisors Vitale&Co, Bonelli Erede, Latham & Watkins, Goetzpartners, Deloitte, and Ramboll. Dalma received assistance from Ethica Group and Gianni & Origoni. Dalma Mangimi has sales of 37.5 million euros, an ebitda of 10.1 million and a net financial debt of 2.9 million. Stella Mangimi has revenues of 9.2 million, an ebitda of 2.7 million and net cash of 0.3 million. Sperina has a turnover of 0.3 million.
Sources said to BeBeez that Digit’Ed, a digital education company that belongs to Nextalia, signed a binding agreement for acquiring Italian competitor Business School24 from Palamon Capital Partners on the ground of an enterprise value of 190 – 200 million euros (see here a previous post by BeBeez). Palamon purchased the asset in 2017 for 63.9 million after Italian publisher Il Sole 24 Ore carried on a spin off of its training unit. Digit’Ed retained as advisors Latham & Watkins, Studio Sanzo Vascello, Studio Tremonti Romagnoli Piccardi e Associati, The Boston Consulting Group, and Deloitte. Palamon Capital Partners received assistanc from McDermott Will & Emery.
Marabese, an Italian producer of motorbikes, sold a 30% stake to LFG Holding (see here a previous post by BeBeez). The Marabese Family will keep 70% of the business. Gabriele Rossi, a partner of LFG Holding, joined the board of the company.
Quantum Capital Partners (QCP), a German investor in turnaround and carve-out deals, sold Italy’s Slim Aluminium to Dingsheng Group, a Chinese competitor (see here a previous post by BeBeez). QCP retained K&L Gates as advisor. Slim Aluminium has sales of 326.8 million euros, an ebitda of 18.9 million and a net financial debt of 22.5 million.
Gruppo Arventia, a club deal that Mid Capital Partners (MCP) leads, acquired MPA Technical Devices, a producer of pharmaceutical dispensers (see here a previous post by BeBeez). Massimo Paradisi, the company’s vendor and chairman, reinvested for a minority. Banca MPS financed the transaction and retained Legance as advisor. Gruppo Arventia appointed Russo De Rosa Associati, BDO and Life Science Consultants. MPA Technical Devices received assistance from PwC TLS Avvocati e Commercialisti, Studio Camerini Rodriguez and Studio Zucconi. MPA Technical Devices has sales of 4.3 million euros, an ebitda of 1.3 million and net cash of 1.5 million. Alessandro Montaperto is the ceo of MPA Technical Devices.
Gruppo Guaresi, a producer of machinery for agricolture that belongs to Hyle Capital Partners, said it acquired Hortech, an Italian competitor, from Antonio Gallo, Nicola Meneghello (50%), Luca Casotto (25%), and Francesco Gastaldo (25%) (see here a previous post by BeBeez). Milan-listed illimity, Banca BPER and private debt fund Merito financed the transaction. Guaresi retained as advisors Ethica Group, Hogan Lovells, PriceWaterhouseCoopers, KPMG, and ERM. Hortech received assistance from Studio Gori and Roedl&Partners. The target has sales of 8.8 million euros, an ebitda of 1.1 million and net cash of 0.36 million of net cash.
Fondo Infrastrutture per la Crescita – ESG (Fondo IPC), a vehicle of Azimut Libera Impresa, invested 20 million euros for acquiring Rome-based headquarter of Magazzini allo Statuto (MAS) (see here a previous post by BeBeez). Sources said to BeBeez that Accademia di Costume e Moda signed a long-term lease contract for the building that Banco BPM sold. Legance, Ddarch, and Studio Kami Architecture & Engineering assisted Fondo IPC.
Koinos Capital acquired the majority of Ultrabatch, an agritech company, from the founders Pietro Csergo and Andrea Moretti (40% each) (see here a previous post by BeBeez). Diego Moretti, the ceo of Ultrabatch, reinvested for a minority. Banca Iccrea financed the transaction. Koinos Capital appointed KPMG, Russo De Rosa Associati, Alpeggiani Studio Legale, and Goetz Partners. Ultrabatch has sales of 30.9 million euros, an ebitda of 2.2 million and a net financial debt of one million.
Epta, an Italian producer of commercial refrigerators that Marco Nocivelli heads, said it signed a joint venture with German competitor Viessmann Refrigeration Solutions (VRS) (see here a previous post by BeBeez). The newco will have sales of above 400 million euros. Epta will have 70% of the joint venture and retained as advisors Mediobanca and Chiomenti. VRS hired DC Advisory and Schalast. Epta belongs to the Nocivelli Family (80%) and the Triglio Godino Family (20%). The company has sales of 1.367 billion, an adjusted ebitda of 123 million and a 9% ebitda margin.
Equita Smart Capital – Eltif, a vehicle for investing in Italian SMEs, raised 100 million euros with the support of the networks of UniCredit Private Banking (fka Cordusio sim), Credem Euromobiliare Private Banking, Banca Sella, Banca Sella Patrimoni & C., and other wealth managers (see here a previous post by BeBeez). Equita Smart Capital has a fundraising target of 140 million, a tenure of 8 years, an investment period of 4 years, and aims to generate a gross annual internal rate of return (irr) of 12% – 14%. The vehicle already acquired 33.3% of Clonit, an Italian pharma business, and 60% of Rattiinox, a producer of medical devices. Rossano Rufini, managing partner, heads the private equity unit of Equita Capital.
