The Italian Government authorised Dutch oil trader Vitol to acquire a 35% Milan-listed Saras from the Moratti Family for a total of 582 million euros on the ground of an enterprise value of 1.9 billion (see here a previous post by BeBeez). Vitol also signed a call option for purchasing a further 5% through a funded collar contract from Angel Capital Management (the holding of Angelo Moratti). Russell Hardy is the ceo of Vitol which is also waiting for the approval of the Italian competition authority. Saras has a net debt in the region of 202 million.
Manucor (fka Manuli Film), an Italian producer of biaxially oriented polypropylene (BOPP), sold to bulgaria’s competitor Plastchim, Loren spv (a vehicle of Pillarstone), chairman Matteo Rossini and ceo Luigi Scagliotti said on 30 April, Tuesday, without disclosing further details (see here a previous post by BeBeez). Cappelli RCCD Studio Legale, Fineurop, Deloitte, and Banca Finint acted as sponsors . Plastchim retained PWC. Manucor has sales in the region of 150 million euros and an ebitda of above 10 million. Gaudenzio Gregori, the chairman and ceo of Pillarstone said to BeBeez that Manucor generated a 225.7 million turnover in 2022. The difference with current figures is due to the fact that Russian Biaxplen LLC, a trading services firm, sold its stake in the company 2023.
Xenon Private Equity closed the acquisition of Solana, an Italian food company from the Biancardi, Jacini and Repetti Families (see here a previous post by BeBeez). The target previously belonged to Antonio Biancardi, chairman (19.05%), Paolo Jacini(7.19%), Pietro Giovanni Jacini (4.48%), Gisella Filippi (4.39%), and ceo Antonio Casana (6.45%). Credit facilities of BPER Banca, Banca Sella, Iccrea Banca, Cassa Centrale – Credito Cooperativo Italiano, BDM Banca, BCC Lodi, and Banca Centropadana and a bond that Equita Private Debt subscribed financed the deal. Fineurop Soditic, Pavia e Ansaldo and Gelmetti Studio Legale Associato assisted Xenon, while Simmons & Simmons advised the banks. Equita received assistance from Dentons. Casana will keep his ceo role. Solana has sales of 64.5 million euros, an ebitda of 17.8 million and net cash of 19.3 million.
Neuberger Berman will sell the control of Italian private equity NB Renaissance (NBR) to the target’s management, Milan-listed NB Aurora Sicaf RAIF said (see here a previous post by BeBeez). Previous press reports said that Neuberger Berman will keep a 10% of NBR, while Stefano Bontempelli, Fabio Canè and other managers will acquire the majority.
Unicredit took off the pledge on 25% on Financo, the holding of the Colaiacovo Family that owns ciments producer Colacem and Colabeton as Gianluca Vacchi and Brunello Cucinelli poured 160 million euros in the company (see here a previous post by BeBeez). In early 2023 Perugia Court accepted the receivership plan of the company which retained MFB Partners, Gatti Pavesi Bianchi Ludovici and Mediobanca as advisor. Unicredit was one of the main creditors of Financo.
The Leonelli Family sold Eurosirel, and Italian producer of medical devices, to Alto Partners and Arca Space Capital (a partnership of Arca Fondi and Space Capital Advisors) (see here a previous post by BeBeez). Ernesto Leonelli (90%) and Alberto Leonelli (10%) sold their stakes. Arca Fondi received assistance from Space Capital Advisors. The buyers received assistance from OC&C, Giovannelli Studio Legale, Spada Partners, and ERM. Leonelli retained Marcianesi & Associati and Orrick. Eurosirel has sales of 62 million euros, an ebitda of 11 million.
The board of directors of Milan-listed digital firm H-Farm said that the 0.15 euros per share public offer that E-FARM and CGN Futuro (aggregate owners of 50% of the target) for a 51.06% of the company is too loow (see here a previous post by BeBeez). Riccardo Donadon, chairman, and director Giancarlo Broggian said that the offer will start on 6 May, Monday, and the tender will finish on 4 June, Tuesday.
Italian insurance broker Wide Group, a portfolio company of UK Pollen Street Capital, acquired Assistudio from Mauro Santarossa (60%), Sarah Bressani (20%) and Cristina Mazzoli (20%) (see here a previous post by BeBeez). The target’s managers will keep their operative roles. Assistudio has sales of 0.84 million euros, an ebitda in the region of 0.08 million and net cash of 1.2 million.
Gruppo Beta, a producer of work tools of which Milan-listed Tamburi Invesment Partners (TIP) has 48.99%, aims to grow through acquisitions (see here a previous post by BeBeez). The company has sales of above 250 million euros. Roberto Ciceri is Beta’s chairman and ceo.
