Milan-listed TIM‘s bonds maturing in 2026 are an important aspect of the negotiation for the sale of the company’s infrastructure network NetCo to KKR and its backers (see here a previous post by BeBeez). TIM said that NetCo’s buyers may take over part of the company’s debt. The Italian company has an adjusted gross debt of 32 billion euros and a net financial debt of 25.6 billion (20.3 billion after lease). Tim has sales of 16.3 billion, an adjusted ebitda of 5.7 billion while net losses are worth 1.4 billion. Separately, Canada Pension Plan Investment Board (CPP Investments) said it will co-invest in NetCo with KKR and pay 2 billion for a 17.5% of Optics HoldCo, the vehicle for acquiring the asset. Abu Dhabi Investment Authority (ADIA) (20%), F2i (10%), and the Italian Ministry of Economy and Finance – MEF (15-20%) will also invest in the deal (see here a previous post by BeBeez) .
Marcolin, an Italian eyewear company that PAI Partners delisted in 2013 from Milan market, reportedly hired Goldman Sachs for sounding potential buyers on the ground of an enterprise value of 1.35 billion euros (see here a previous post by BeBeez). The asset attracted the interest of Essilux, De Rigo, Marchon, Safilo, Thélios (a portfolio company of LVMH), Fountain Vest, and Kering.
Adriatic LNG, a company that belongs to ExxonMobil (70.68%), QatarEnergy (22.02%) and Milan-listed Snam (7,3%), is in advanced talks for selling to Vitol (45%)- IFM Investors (45%)-ADNOC-Abu Dhabi National Oil Company (10%) (see here a previous post by BeBeez). The transaction is worth 800 million euros. Snam may communicate in 45 days whether it aims to exercise a call option for increasing its stake in the project and buy QatarEnergy’s holding in it. Adriatic LNG previously attracted the interest of BlackRock, IKAV, Igneo Infrastructure Partners, First Sentier Investors, and Stonepeak. Mohammed Ibrahim A. Al Sada and Timothy J. Kelly head Adriatic GNL which has sales of above 352 million, an ebitda of 166.7 million and net cash of 24.3 million.
Irca, an Italian producer of ingredients for the sweets industry that belongs to Advent International, acquired Italian distributor of semi-finished food items Benetti from the eponymus family (see here a previous post by BeBeez). Sandro Benetti is the ceo of the target and will keep his role like other family members. Irca has sales of 365 million euros, an ebitda of above 63 million, and a net financial debt of more than 300 million.
CDP Equity acquired a further 0.5% of Euronext, the stock market operator, for a total 7.8% stake (see here a previous post by BeBeez). CDP Equity, French Caisse Des Dépôts (CDC) (0.5%)and Belgium’s Federal Holding and Investment Company (Sfpim) (0.2%) acquired part part of Euroclear SA/NV 4% stake in Euronext. CDC now has a 7.8% stake while Sfpim owns 5.17%. Further shareholders of Euronext are Euroclear (1%), Intesa SanPaolo (1.50%) and ABN Amro (0.50%).
Italian football team FC Como Women (FCCW) attracted the interest of Mercury/13, a 100 million US Dollars fund that Victoire Cogevina Reynal heads for investing in Latin American and European women soccer teams (see here a previous post by BeBeez). Stefano Verga will keep his chairman role and a minority of FCCW while Cogevina Reynal and Mario Malavé will join the team’s board.
KME SE, a subsidiary of previously Milan-listed KME Group, a copper alloys producer, signed an agreement for acquiring German competitor Sundwiger Messingwerk (SMW), a producer of semi-finished rolled bronze products and of semi-finished rolled brass items (see here a previous post by BeBeez). The transaction is worth 62 million euros (including the provisions of iron). KME will pay 41 million at the closing which may take place in 1H24 (subject upon the antitrust authorizations) and 21 million through a three-years interest-free vendor loan. The buyer will invest its own resource for the equity and raise resources for the working capital. SMW has sales of 245 million and an ebitda of 16 million.
Italian fast food chain Panini Durini, a company that club deal platform Astraco acquired in 2018, closed its activities (see here a previous post by BeBeez). Riello Investimenti Partners provided the buyers with a 4.8 million euros mezzanine debt facility. The company did not provide further details.
Area Brokers Industria (ABI) acquired Italian competitor Inside 2.0 from Elisabetta Beltramini (10%) and AG3 (90% – a company that belongs to even owners Aida Barilli, Guja Ventura, Giorgia Ventura, Alise Ventura, and Andrea Ventura) (see here a previous post by BeBeez). Alpha Omega assisted ABI, a subsidiary of PIB Group, an UK insurance broker that belongs to Apax and Carlyle. Inside 2.0 has sales of 13.7 million euros, an ebitda in the region of one million and net cash of 0.687 milion and retained Fivelex.
Polygon, an Italian company for the management of medical devices that belongs to HIG Capital, acquired Italian competitor Sincronis (see here a previous post by BeBeez). Sources said BeBeez that Novauragest (49.76%), Biomed Consulting (47.8%), Claudio Francavilla (1.22%), and Antonio Meroni (1.22%) sold Sincronis. Paolo Padovani (41%) and ceo Enrico Tegon (41%) are the majority owners of Biomed. Armando Ardesi is the ceo of Polygon which retained PedersoliGattai and Spada Partners. DDP Partners assisted Sincronis which has sales of 18.2 million euros, an ebitda of 1.58 million and a net financial debt of 6.1 million.
Vivaldi Group, a food company that belongs to Unigrains since 2023, said it acquired Italian distributor of semi-finished ingredients and machinery for the sweets sector Linea Bianca Group from the Daprati and Lombardo families that reinvested in the buyer (see here a previous post by BeBeez). PedersoliGattai, Gitti and Partners, Grant Thornton Financial Advisory Services, and Bernoni & Partners assisted Vivaldi Group. Iuxta – Turati Bernardinello advised the vendors. Giampaolo Daprati is the ceo of Linea Bianca which has sales of 8.6 million euros, a one million ebitda and net cash of 1.2 million.
Fidia Farmaceutici acquired Sanifarma‘s portfolio of ophtalmic products that includes the brands Contacta and Correct (see here a previous post by BeBeez). Curtis, Mallet-Prevost, Colt & Mosle, Ethica Group and Studio Spada Partners assisted the buyer. Anna Maria della Corte and Marcello Sanguinetti sold their even stakes in Sanifarma which retained FDG&A Professionisti Riuniti, Clearwater International and Studio Bonanno Associati. Carlo Pizzocaro is the chairman and ceo of Fidia Farmaceutici.
Sae Communication acquired Different, an Italian communication agency (see here a previous post by BeBeez). The buyer belongs to Gruppo SAE (Sapere Aude Editore) the publisher of local papers Il Tirreno, La Nuova Sardegna, Gazzetta di Modena, Gazzetta di Reggio, and La Nuova Ferrara. Davide Arduini (30.25%) and Andrea Cimenti (30.25%) sold their stake in Different and will reinvest in Sae Communication while minority owners Massimiliano Gusmeo, Lorenzo Cabras, Roberto Frassinelli, and Simone Contini carried on an exit and received assistance from Marco Greco, Marianna Luciano and HLB-BMP. Donato Iacovone will join the board of Different. The buyer retained EY, Massimo Briolini and Marco Racano. Arduini and Cimenti hired AMTF Avvocati and Arkios. Different has sales of 28.6 million euros, an ebitda of 0.482 million and a net financial debt of 3 million. SAE aims to carry on further Italian buys in the communication field
Italian medical diagnostic company Bianalisi acquired Centro Medico e Residenziale San Lorenzo, an Italian with revenues of 104 million euros (see here a previous post by BeBeez). Gruppo Gheron (a firm that Massimo Bariani and Sergio Bariani control) sold the asset. Bianalisi belongs to Charme Capital Partners, chairman and ceo Giuliano Caslini (40.6%) and Columna Capital (14.75%). The buyer received assistance from Orrick, Advant NCTM and Deloitte. Gruppo Gheron hired Studio Gaffuri STP. The target has sales of 3.6 million, an ebitda of 0.58 million and debts of 9.7 million.
Gruppo Eurofood acquired 81% of Gelati Pepino 1884, an Italian ice creams producer, from Edoardo Cavagnino (51%), Regina Investments (40%) (see here a previous post by BeBeez). The target’s ceo Alberto Mangiantini will keep his role and 9% stake. The Buyer belongs to the Boerci Family. The Cavagnino family will keep a minority of Gelati Pepin and the control of iconic shop Gelateria Pepino. Giovanardi and Trotter Studio Associato assisted Eurofood. The Cavagnino Family retained Studio Mortarotti. Gelati Pepino has sales of 3 million euros, an ebitda of 0.08 million and a net debt of 1.6 million.
Tages Helios Net Zero, an energy and infrastructure fund that Tages Capital launched, said it raised a further 130 million euros for a total of 330 million and ahead of a 750 million target (see here a previous post by BeBeez). The fund is Art. 9 SFDR compliant and attracted the commitments and the reosurces of private banking clients, pension fund and other institutional investors. Eugenio Vecellio is the head of sales of Tages Capital.
In 2023, Milan-listed Italmobiliare, a holding that the Pesenti Family controls, generated a 2.201 billion euros NAV (see here a previous post by BeBeez). The aggregate revenues of its portfolio companies grew by 6.1% yoy to 1.43 billion with a 99.2 million ebitda (up 81%). Caffè Borbone, Salumificio Capitelli, Casa della Salute, Officina Profumo-Farmaceutica di Santa Maria Novella, and Italgen generated outstanding financials. Italmobiliare has a 52,1 euros NAV per share and 0,70 euros worth dividend.
Swiss Life Funds (LUX) Privado Infrastructure SICAV-ELTIF is now available to Italian investors (see here a previous post by BeBeez). Swiss Life launched in 2011 this vehicle with resources of above 10.2 billion euros. The share class can be of 1,000 euros – 1 million and allowes for monthly subscription and quarterly withdrawals. The subscription will end on 30 April, Tuesday.
