Abu Dhabi Investment Authority (ADIA) allied with KKR for coinvesting in NetCo, the owner of Milan-listed tlc TIM‘s infrastructure network, said Pietro Labriola, the ceo of the vendor that also announced the signing of a transaction agreement (see here a previous post by BeBeez). Previous press reports said that NetCo’s enterprise value amounts to 18.8 billion euros (22 billion with earn-outs)
BlackRock is in exclusive talks for acquiring 70.68% of Adriatic LNG from NYSE-listed ExxonMobil (see here a previous post by BeBeez). The target’s enterprise value amounts to 880 millionì euros. Adriatic LNG also belongs to QatarEnergy (22.02%) and Milan-listed Snam (7.3%). Goldman Sachs is assisting BlackRock while ExxonMobil retained Rothschild. Snam’s ceo Stefano Venier confirmed that ExxonMobil and QatarEnergy are holding talks with BlackRock for selling a stake in Adriatic GNL. However, Snam may increase its stake to up 30% through the acquisition of shares from QatarEnergy. BlackRock is also raising debt financing facilities of 600-650 million from Intesa Sanpaolo and Natixis.
Milan-listed paytech firm Nexi said it will seel its eID business that sells its services to nordic banks to French IN Groupe (see here a previous post by BeBeez). Nexi will fetch up to 127.5 million euros (90 million upfront and 37.5 million earn-out) and close the deal by summer 2024. Market rumours say that Nexi is of interest to private equity funds that could launch a public offer on the company for a delisting. Hellmann & Friedman has 19.94% of the firm which also belongs to CDP Equity (13.57%), Mercury UK (9.42% – a holding of Advent International, Bain Capital and Clessidra), and GIC (2.12%).
BIP, a strategic consultancy firm that belongs to CVC Capital Partners since 2021, said it acquired Britisch competitor Verco, a B-Corp (see here a previous post by BeBeez). BIP retained Allen & Overy and KPMG. Verco appointed Waypoint Partners, Lee & Thompson LLP, Parisi Tax LLP, and Francis Clark LLP. BIP has sales of 447.3 million euros, an ebitda of 62.5 million and net cash of 55.3 million.
GADA, an Italian distributor of medical devices that belongs to Spain’s Palex Medical (an asset of Fremman Capital and Apax Partners) acquired Burke & Burke, an Italian medtech, from Innova Club 1 (see here a previous post by BeBeez). Studio Legale Cappelli RCCD, PwC and Studio Gitti and Partners assisted GADA. The vendors of Burke & Burke retained Gianni & Origoni, Advant Nctm, Gelmetti Studio Legale Associato, and Grant Thornton Financial Advisory Services. Innova Club 1 acquired a controlling stake of Burke & Burke in August 2021 with the support of lead investor HAT, PFC, RadiciFin, Nuova Sipaf, Paolo Astaldi, and Francesco Conte. Intesa Sanpaolo financed the leverage buy-out. Giusto Bonandrini and Nicola Burke sold their stakes and reinvested for a 35% on the ground of an enterprise value of 40 million euros.
Iconic Italian football club Inter attracted the interest of Finnish entrepreneur Thomas Zilliacus that raised 2.5 billion US Dollars for XXI Century Capital, a vehicle that aims to target European teams (see here a previous post by BeBeez).
Lutech, an IT company that since March 2021 belongs to Apax Partners, said it acquired Eustema and its subsidiary SoftJam from Enrico Luciani that will reinvest in the buyer part of the proceeds of such a sale (see here a previous post by BeBeez). Lutech received assistance from Clearwater International, studio Caiazzo, Donnini, Pappalardo & Associati and PwC. Eustema hired BNP Paribas, Gitti and Partners and Studio Commerciale e Tributario Associato Fusi Bastoni. Tullio Pirovano, the executive chairman of Lutech, previously said to BeBeez that thecompany has sales of 800 million euros and is interested in further international acquisitions for achieving a one billion turnover.
Italian PR and lobbying firm Excellera Advisory Group said it acquired Value Relations, an Italian competitor, from even shareholders Massimo Cherubini and Marco Giorgetti (see here a previous post by BeBeez). Exellera Advisory Group is a portfolio company of Xenon Private Equity. Value Relations has sales of 2.3 million euros, an ebitda of 0.367 million and net cash of 0.231 million.
Massimo Zanetti Beverage Group (MZBG), an Italian coffee producer that belongs to the eponymous Family, is looking for a private equity investor and attracted the interest of Quattro R (see here a previous post by BeBeez). MZBG broken its financial covenants and hired Rothschild & Co. MZBG has sales of 844 million euros, an ebitda of 30 million and a net financial debt of 354 million.
Gruppo Altofare, a producer of accessories that belongs to White Bridge Investments, acquired Industrie Testi, an Italian competitor (see here a previous post by BeBeez). Alessandro Testi, the target’s ceo, will keep his role and reinvest in Altofare. Crédit Agricole Italia, Intesa San Paolo, Banco BPM, BPER, and BNL financed the acquisition and retained Simmons & Simmons. Altofare hired Studio Legale Pedersoli, Studio Giovannelli e Associati, Deloitte, Proj.Eco, Willis Italia, and KPMG. Industrie Testi retained CP Advisors, Studio Giliberti Triscornia e Associati, KPMG, Studio Mennuti, and Filippo Dami. Industrie Testi has sales of 24.6 million euros, an ebitda of minus one million and a net financial debt of 9.3 million.
Cube Cold Europe, a refridgeration company that belongs to I Squared Capital, acquired Frigocaserta, an Italian logistic company, from Paolo Salzillo (see here a previous post by BeBeez). Chiomenti assisted I Squared Capital. Frigocaserta advised Mainini & Associati. The target has sales of 23.6 million euros, an ebitda of 3.2 million and a net debt of 14.2 million.
Poggipolini, an Italian producer of screws for the aerospace industry that belongs to the eponymous family and since 2020 also to Cherry Bay Capital, acquired Houston Precision Fasteners, a Texas-based competitor (see here a previous post by BeBeez). Poggipolini will issue a convertible bond for financing the transaction. DWF Italy assisted Cherry Bay Capital. Poggipolini has sales of above 40 million euros and an ebitda of more than 10 million.
