Fastweb, part of Swisscom, tabled an all cash and debt free bid of 8 billion euros for acquiring Vodafone Italia from London-listed Vodafone Group (see here a previous post by BeBeez). Swisscom said that it expects to keep an A rating after the closing of such an acquisition. Analysts say that the enterprise value of the deal is in the region of 26X operating free cash flow.
Sosteneo, a subsidiary of Generali Investments that invests in infrastructures for sustainable energy, signed an agreement for acquiring 49% of Enel Libra Flexsys, a vehicle of Milan-listed Enel that manages a portfolio of Battery Energy Storage Systems (BESS) projects (see here a previous post by BeBeez). The transaction is worth 1.1 billion euros on the ground of the target’s enterprise value of 2.5 billion. The closing of the transaction could take place by 1H24 upon the achievement of Antitrust and golden power authorizations. Umberto Tamburrino is the Europe’s ceo and cio of Sosteneo.
Italian energy distributor 2i Rete Gas, a company that belongs to F2i (63.9%), APG Asset Management and Ardian (36.1%), said it is working on the launch of its IPO on Milan market (see here a previous post by BeBeez). Goldman Sachs International and other legal and financial firms will assist 2i Rete Gas which has sales of 731.6 million euros, an ebitda of 502.5 million, a net financial debt of 3.2 billion. The company paid dividends of 111 million. Francesco Forleo is the ceo of 2i Rete Gas.
On 1 March, Friday, L-Catterton said it acquired a further 6.466% of Milan-listed luxury fashion firm TOD’S ahead of a reported delisting public offer at 43 euros per share (see here a previous post by BeBeez). The fund already reached an agreement with Diego Della Valle, the current 50.29% owner of the target with voting rights in the region of 58%, for acquiring a further 36% of TOD’S worth 512.3 million euros (1.4 billion equity value). Andrea Della Valle owns 0.81% of the business (0.93% voting rights) while Bernard Arnault has 10% (11.46%). After the delisting, the current majority shareholders will own 54% of TOD’S.
Milan-listed automotive components producer Sogefi signed an agreement for selling Sogefi Filtration and Sogefi USA to Pacific Avenue Capital Partners on the ground of an enterprise value of 374 million euros through a put option agreement (see here a previous post by BeBeez). The fund has six months for closing the transaction and after then it will rebrand the targets as Purflux Group. Houlihan Lokey, Clifford Chance and BNP Paribas (fairness opinion) assisted Sogefi.
Umberto Risso acquired 32.02% of AGN Energia, an Italian distributor of GPL, from Milan-listed Italmobiliare for 100 million euros (see here a previous post by BeBeez). Italmobiliare cashed a capital gain in the region of 40 million and a 1.8X money on money return after having invested in Autogas Nord in November 2018 through a 60 million capital increase. Risso currently owns the whole of AGN.
Alphial, a company of Entangled Capital (70%) and Capital Dynamics acquired Sicatef and Luxenia Umbro Tiberina, to producers otubular glass vials (see here a previous post by BeBeez). Giovannelli e associati, Spada Partners, Lybra, and Bird&Bird assisted the buyers. Ethica Group and Gelmetti Studio Legale Associato advised the vendors. Cassa Centrale Banca financed the transaction and retained Shearman & Sterling. Alphial has sales of 30 million euros and after such buys it will have an European market share in the region of 30%.
Officine Maccaferri, an engineering company that belongs to Ambienta, acquired the majority of Nesa, an Italian provider of monitoring solutions for the environmental safety, from Pierluigi Bassetto and Mario Adami that will keep their management roles (see here a previous post by BeBeez). Nesa has sales of 1.9 milioni di ricavi, con 553mila euro di ebitda e 993mila euro di debiti netti
BNP BNL launched BNP Paribas BNL Equity Investments (see here a previous post by BeBeez). The vehicle aims to build a 500 million euros worth portfolio of minorities (20% of below) in Italian SMEs by the next four years, chairman Vittorio Ogliengo said to BeBeez. The fund will target companies with sales of 10 – 200 million for patient capital transactions. Lorenzo Langella is the ceo of Equity Investments.
Italian Lucart, a 700 million euros turnover paper company that belongs to the Pasquini Family, hired Lincoln International for sounding the ground over the sale of a stake to an investor, ceo Massimo Pasquini said (see here a previous post by BeBeez). Lucart aims to grow through international acquisitions. The company has an ebitda in the region of 100 million.
Eco Eridania, an Italian waste management company that belongs to Icon Infrastructure Partners, acquired 75% of Go Green, an Italian competitor that also operates in the field of land reclamation (see here a previous post by BeBeez). Previous even owners Cristian Amorelli and Antonio Lapolla sold part of their stakes. Studio Rossi-Finamore, PwC and SCP assisted Eco Eridania. The vendors retained Studio Bonamici and Tremolanti Studio Legale. Eco Eridania’s founder and chairman Andrea Giustini previously said to BeBeez that the company aims to generate sales of 700 million euros ahead of a possible IPO.
White Lab, an Italian provider of inspection services for the food and healthcare sectors, acquired Testing, a provider of services for the automotive, biomedical, railway and aeronautics from Xenon Private Equity and ceo Francesco Vignali (see here a previous post by BeBeez). The vendors reinvested in White Lab that received assistance from Banca Akros, Athena Associati, Dentons, and Giovannelli e Associati. Testing retained LCA Studio Legale. The target has sales in the region of 4 million euros, an ebitda of 2.5 million and cash of 2.6 million.
Nextalia, a private equity that Francesco Canzonieri created, is in advanced talks for acquiring Agriconsulting, a 40 million euros turnover consultancy firm for the agrifood sector (see here a previous post by BeBeez). Nextalia aims to create an agritech platform through the integration of its portfolio companies lBF Servizi and Abaco with Agriconsulting.
E-FARM and CGN Futuro launched a public offer on Milan-listed digital education platform H-Farm at 0,1125 euros per share cum dividendo ahead of a delisting (see here a previous post by BeBeez). The bidders already own 42.53% of the target and tabled a 14 million euros offer for the remaining stake with the assistance of LCA Studio Legale.
Illva Saronno Holding acquired 75% of Engine, an Italian spirit company of which it already owned 25% since May 2021 (see here a previous post by BeBeez). Paolo Dalla Mora sold the stake. Illva Saronno retained BonelliErede and Studio Pirola Pennuto Zei. Dalla Mora hired Tosetti Value Corporate Finance, Pavesio e Associati with Negri-Clementi and Studio Montinari.
Walden Group, a French logistic company for the healthcare sector, acquired the majority of XCM Healthcare and Unitex from the Marzano Family (see here a previous post by BeBeez). Investis Advisory, Iaione & Partners, Giorgio Parlato, and studio Falco & Associati assisted the vendors. Stéphane Baudry is the chairman of Walden Group which hired Pirola Pennuto Zei & Associati. XCM has sales of 1.4 million euros , an ebitda of below 0.1 million, a net financial debt of 2.5 million, and equity of 3 million. Unitex has a turnover of 5.3 million, an ebitda in the region of minus 0.1 million, a net debt of 0.51 million, and equity of 0.058 million.
Gruppo editoriale Tecniche Nuove, an Italian publisher for industry and professional sectors, acquired Italian digital agency Mazzmedia from ceo Francesco Fiori (85%) and Samuele Marazzita (head of UX Designer – 5%), Tommaso Dozio (sales director – 5%), and Federico Anelli (head of Technology – 5%) that will keep their roles (see here a previous post by BeBeez). BonelliErede and Talea assisted Tecniche Nuove. Mazzmedia has sales of 1.74 million euros, an ebitda of 13,000 euros and net cash of 68,000 euros.
Green Arrow Infrastructure of the Future Fund (GAIF – part of Green Arrow Capital), New Developments and Norway-The Netherlands’ cleantech SolarDuck signed a partnership for developing a 540 MW offshore floating photovoltaic and Aeolian plant in Corigliano Calabro (see here a previous post by BeBeez). ). GAIF already hit 75% of its 500 million euros fundraising target.
