On 31 May, Friday, the EU Antitrust provided thefinal authorization for KKR‘s acquisition of NetCo from Milan-listed TIM (see here a previous post by BeBeez). Gatti Pavesi Bianchi Ludovici and BonelliErede assisted Tim for the Antitrust notification that took place on 19 April, Friday. KKR retained Simpson Thacher & Bartlett and Gide Loyrette Nouel. As previously reported, NetCo attracted the offer of Optics Bidco, a vehicle of KKR, Abu Dhabi Investment Authority (ADIA) and Canada Pension Plan Investment Board (CPP Investments). F2i will invest one billion euros for acquiring a 10% of NetCo of which the Italian Government will buy 15-20%. KKR will acquire NetCo without including Sparkle on the ground of an enterprise value of 18.8 billion that the eventual earn-outs could push to 22 billion. Fastweb, an Italian subsidiary of Swisscom, will not join the acquisition of NetCo. Walter Renna is the ceo of the company wich signed a binding agreement for sellinf to KKR and its co-investor in Netco a 4.5% of FiberCop for 438.7 million. This company owns the secondary network of TIM and the network of FlashFiber, a joint-venture of TIM (80%) and Fastweb (20%) (see here a previous post by BeBeez). In 2021, KKR acquired 37.5% of FiberCop from TIM for 1.8 billion and an enterprise value in the region of 7.7 billion while Fastweb purchased 4.5% of the asset in exchange of a 20% of FlashFiber. TIM kept a 58% of FiberCop. Fastweb is reportedly holding merger talks with Vodafone Italia.
On 7 June, Friday, Italian fashion firm TOD’s delisted from Milan market as L-Catterton and the Della Valle Family successfully concluded the public offer that launched on 25 March, Monday (see here a previous post by BeBeez). The bidders will pay a total of 44.3 million euros for an equity value of 1.4 billion and an enterprise value of 2.05 billion. Diego Della Valle is the chairman and ceo of the company.
TDR Capital acquired 62.5% of Italian retailer of hygiene products Acqua&Sapone from HIG Capital and beaten the competition of Clayton Dubilier & Rice (see here a previous post by BeBeez). The asset reportedly attracted the interest of Seventure Partners (Natixis Global Asset Management) and CVC Capital. Press reports say that TDR will finance the 1.3 billion euros enterprise value transaction with bridge loan financing facilities of 800 – 850 million of Barclays, Deutsche Bank, IMI-Intesa Sanpaolo, and UniCredit ahead of the issuance of a high yield bond. HIG Capital acquired the asset in 2021. Raffaele Legnani heads Italy’s bureau of HIG.
The share price of Alkemy, a digital enabler for mid and large companies, is of 12 euros, in line with the delisting public offer that Italian martech Retex reportedly launched (see here a previous post by BeBeez). Earlier in May, FSI said it will subscribe a 100 million euros capital increase of Retex for acquiring 80%,of the business ahead of creating a 500 million turnover group. Retex will invest up to 68.23 million for acquiring Alkemy. Duccio Vitali (owner of the target’s 11% – 17.87% voting rights) committed to tender the offer and in reinvesting in Retex which retained Intermonte, Mediobanca and PedersoliGattai. Further shareholders of Alkemy are Riccardo Lorenzini (6.25% – 10.24%), StarTIP (Tamburi Investment Partners – 7.48% – 6,22%), CIP Merchant Capital (6.69% – 5.57%), Alberto Bitetto (5.02% – 4.18%), and Francesco Brioschi (5.01% – 4.17%). However, Gianni Tamburi, the ceo of StarTIP, reportedly said that the public offer price is not fair as it doesn’t reward the growth perspectives of Alkemy that may benefit from the resources of the National Recovery and Resilience Plan (NRRP) .
Taste of Italy 2 said it acquired the majority of Grupo Ñaming (Ñaming-Sansala), a Spanish producer of sandwiches, while Sviluppo Sostenibile and ACON Investments purchased the control of Spain’s Romar Care Group, a producer of hygiene and cosmetics products, from private equity GPF Partners (see here a previous post by BeBeez). Taste of Italy 2 and Sviluppo Sostenibile belong to Dea Capital Alternative Funds. Talde Private Equity sold Grupo Naming while the company’s ceo Jorge Miranda reinvested in the business for a minority. Muzinich financed the transaction. DeA Capital Alternative Funds received assistance from Arcano (financial), Eversheds Sutherland Spain (legal), PwC (Financial, Legal, Tax and Employment DD), KPMG (Commercial DD), and BMS Group (Insurance DD e R&W Insurance Trading). Talde Private Equity retained Socios Corporate Finance and Deloitte. Ñaming has sales of 40.5 million euros. Valencia-based Romar Care Group was born in 2019 out of the merger of Quimi Romar, Agrado Cosmetic, Envasado Xiomara, and Aerosoles Preval that GPF Partners carried on. The managers of will keep a minority of the company. RSM, Hogan Lovells and Ashurst advised Sviluppo Sostenibile while GPF retained Houlihan Lokey and Uria Menéndez. RGC has sales of 120 million.
Marianna Vintiadis, the former Southern Europe head of global investigation firm Kroll that founded intelligence company 36Brains in 2020, is a new equity partner of RSM International, an international network (see here a previous post by BeBeez). Vintiadis will be the new ceo of RSM Italy Corporate Finance. Sources said to BeBeez that RSM acquired 36 Brains and that Vintiadis reinvested in the buyer. Antonio Giuseppe Di Pietro, the co-founder of 36Brains, carried on an exit from the business.
Zero Industry, an Italian sportswear company, acquired Rosti Maglificio Sportivo, a competitor (see here a previous post by BeBeez). Zero Industry belongs to Carisma, an investor in Italian SMEs operating in the sectors of Food&Food Supplements, fashion, luxury, apparels, retail, and hospitality that Giovanni Cagnoli and Roberto Folli head. Zero Industry has sales of 9.7 million euros, an ebitda of 0.56 million and a net financial debt of 0.582 million.
Esperia Investor, a holding for early-stage tech investments that Antonio Ferrara and Emiliano Di Bartolo founded, raised from 35% to 90% its stake in Grimaldi Franchising, a network of realtors of which Racco Group has 10% (see here a previous post by BeBeez). In 2023, ReValens acquired 55% of Grimaldi Franchising from Milan-listed Gabetti Property Solutions. Grimaldi Franchising has a turnover of 2.9 million euros, an ebitda of above 0.24 million and net cash of 0.453 million.
IGI Private Equity received the co-investment support of LGT Capital Partners and BNP Paribas BNL Equity, for acquiring ThermoKey, an Italian HVAC-R (Heating, Ventilation, Air Conditioning & Refrigeration) company, from Berrier Capital, a vehicle of Alberto Craici, Giorgio Visentini, Giuseppe Visentini (who reinvested for a 5% and became ceo), and Giuseppe Patriarca (see here a previous post by BeBeez). IGI Private Equity retained Finerre, Studio Legale Chiomenti, Molinari Agostinelli Studio Legale, KPMG, and Prometeia. The vendors rereceived assistance from Fineurop Soditic and Studio Legale Greenberg Traurig Santa Maria. ThermoKey has sales in the region of 60 million euros, an adjusted ebitda of above 8 million and a net financial debt of 10.2 million.
Itago acquired the majority of Italian industrial varnish producer Vernici Caldart through a leverage buy out (see here a previous post by BeBeez). Marco Caldart (49%) and Paolo Caldart (40%) and the managers Cristian Sala and Gianluca Zanardo sold part of their stakes and reinvested in the company. Banca Popolare di Sondrio and Crédit Agricole Italia financed the transaction. Itago retained Studio Spada Partners, Goetz Partners, EY, and Eversheds Sutherland. Studio Legale e Tributario Russo De Rosa Associati advised the lenders. Vernici Caldart has sales of 30 million euros, an ebitda of 6 million and net cash of 13.2 million.
Italian SPAC and private capital serial investor Simone Strocchi said to BeBeez that he aims to launch a fund for acquiring minorities of listed Italian mid and big caps for swapping them with equity of unlisted small firms (see here a previous post by BeBeez). The manager did not disclose further details about the size of the vehicle.
Francesco Revel-Sillamoni launched the search fund Solferino Capital, a vehicle that received the support of 25 global investors (see here a previous post by BeBeez). In 2018, Revel-Sillamoni set and headed the Italian branch of Apax Partners. Sources said to BeBeez that Solferino Capital attracted the resources of Relay Investments, Istria Capital, ONEtoONE Asset Management, JB46, Search Fund Capital, Albira Investments, AKIRO Partners, and others. Gitti and Partners assisted Solferino Capital which aims to acquire the majority of Italian companies facing generational issues and with a 15 – 50 million euros enterprise value, Revel-Sillamoni said to BeBeez.
Scan Global Logistics (SGL), a Danish company that belongs to CVC Capital Partners since 2023, said it acquired Foppiani Shipping & Logistics from even owners Paolo Cavicchi and Enrico Rossi (see here a previous post by BeBeez). The target has sales of 100.8 million euros, an ebitda of 6.1 million and net cash of 24.3 million.
Star Capital aims to raise 200 million euros, sources said to BeBeez (see here a previous post by BeBeez). Marco Gazzaniga (managing partner and ceo), Marco Baratti (senior partner), Carlo Arteria (senior partner), Alessandro Colombo (senior partner), Pierluigi Secco (partner), and Tiziano Sala (partner) will sign for a relevant commitment in the fund. The sources said that since 2003, the fund’s transactions generated a 3.6X return on the invested capital.
Equita Green Impact Fund (EGIF) raised 100 million euros that inclued 30 million that CDP Real Asset reportedly poured (see here a previous post by BeBeez). EGIF set a 200 – 250 million target and attracted the resources of co-anchor investor European Investment Fund – InvestEU. EGIF is compliant with the Article 8 of EU Sustainable Finance Disclosure Regulation (SFDR).
Music Center, an Italian producer of components for musical instruments that belongs to Consulium Private Equity since 2021, acquired Canada’s competitor Légere Reeds with the financing support of illimity Bank, Sparkasse and Muzinich & Co (see here a previous post by BeBeez). Alpeggiani Avvocati Associati, Pirola Pennuto Zei, Stikeman Elliott, Grant Thornton, and EY Capital & Debt Advisory assisted Music Center. The lenders retained Dentons. Légère received assistance from ATBL, Torkin Manes and MNP Corporate Finance. Music Center has sales of 10.9 million euros, a 1.7 million ebitda and net debts of 7.4 million.
Noberasco, an Italian distributor of dry fruit that belongs to the eponymous family, sold a minority to iCCT-illimity Credit & Corporate Turnaround (see here a previous post by BeBeez). Savona Court accepted the restructuring and receivership plan of Noberasco, its lenders and iCCT which acquired the credits of Banco BPM, Banco Desio, BPER Banca, Banca d’Alba, Banca Popolare di Sondrio, Banca Alpi Marittime Credito Cooperativo Carrù, and Banca di Credito Popolare Azzoaglio. The company’s debt in 2023 amounted to 117.6 million euros (85.4 million financial liabilities). MCC provided 80% warranty for the facilities that Banco Desio, Banca MPS, Banca Passadore, Banca Progetto, BPER Banca, Crédit Agricole Italia, Deutsche Bank, and Filse-Finanziaria ligure per lo sviluppo economico issued. SACE‘s warranty covered 90% of the 16.2 million resources that iCCT, Intesa Sanpaolo and Unicredit poured. The iCCT fund will lend 10 million to Noberasco and charge 11% per year with the first payment due on 30 June, Sunday and a tenure of 4.5 years. Further to acquiring 10% of the business from the Noberasco Family, the fund will also acquire 600 B class shares through a capital increase for converting in equity 7.3 million of its total 29.1 million credit. The company wil also be able to extend part of its financial maturities and to write off 6.1 million of its unsecured banking debt (out of 51.7 million). Noberasco also received speciality finance facility of 5 million that add to the 20 million resources it previously borrowed from Generalfinance.
The Ferrero Family sold Nuova Elettromeccanica Sud, an Italian producer of industrial components for the electric energy sector, to Addtech Energy, a subsidiary of Swedish-listed Addtech (see here a previous post by BeBeez). The buyer has sales in the region of 1.8 billion euros and a 14% ebitda margin and received assistance from EY. The Ferrero Family retained Studio Legale Rappazzo and Studio Bandini. Nuova Elettromeccanica Sud has a turnover of 14.2 million, an ebitda of 4.4 million and net cash of 2.2 million.
Monforte Capital Partners (MCP), a search fund that Simone Botti and Marco Polato launched, is acquiring Agenzia Formativa Dante Alighieri (AFDA) and Dinamica Job Academy (DJA), two provider of digital training and education (see here a previous post by BeBeez). Sources said to BeBeez that the fund carried on the deal through the spv Monforte Education. MCP retained Eptalex while the vendors received assistance from Unistudio Advisory and Unistudio Tax&Legal. AFDA has sales of 3.5 million euros, an ebitda of 0.555 million and net cash of 1.23 million. In June 2022, MCP raised 0.6 million from Vonzeo Capital, Istria Capital, Alza Capital, JB46, Search Fund Club, Simon Webster, and other HWNI and institutional investors.
Canadian Centerline Airport Partners (CAP) acquired 51% of Aeroporto Verdi di Parma (AVP) (see here a previous post by BeBeez). CAP received assistance from Giulio Leucci and Hermes Infra Holdings. AVP has sales of 2.9 million euros, an ebitda of minus 3 million, losses of 3 million and a net financial debt of 3.6 million. Guido Dalla Rosa Prati will keep his role as chairman of AVP.
Gruppo San Donato (GSD -51%), GKSD Investment Holding (9%) and Italian insurer Generali Italia (40%) launched the joint venture Smart Clinic for developing 100 clinics in Italy by 2023 (see here a previous post by BeBeez). Vito Cozzoli (chairman), Bonifacio Moroni (ceo), Francesco Galli, Francesco Bardelli, and Gavino Arrica will manage the company. Sources said to BeBeez that the investment is worth 150 million euros. Legance, Bird & Bird and Ruberti e Associati assisted Gruppo San Donato while BonelliErede advised Generali Italia.
LMDV Capital, an investment holding of Leonardo Maria Del Vecchio, is going to acquire 71.17% of Acqua e Terme di Fiuggi, an Italian water bottler and manager of thermal areas (see here a previous post by BeBeez). Maurizio Stirpe, Francesco Borgomeo, Francesco Battisti, Nicola Benedetto, and Fiuggi Municipality (5%) will keep their minorities.
Modula, an Italian intralogistic company, said it acquired BeNeLux competitor Vanas Engineering from Soar Tpi, a subsidiary of US Touch Point Group (see here a previous post by BeBeez). Pwc Tls assisted Modula while Soar Tpi retained Janson.
Avvale (fka Techedge), a digital business transformation company that delisted from Milan market in 2021 and that belongs to Domenico Restuccia and Equilybra, said it acquired French competitor Reportwise (see here a previous post by BeBeez). Avvale aims to generate sales of 500 million euros by 2026 through M&A and organic growth. Bertrand Lacheteau, Grégoire Borgeaud, Jean-Laurent Philippe, and Ludovic Reynaud sold Reportwise which has sales of 14 million.
Scouting Tra Partners Group (STPG) rebranded as Scouting Capital & Family Advisors (SCFA) and launched equity investment vehicle Scouting Club Investments (see here a previous post by BeBeez). SCFA ceo Rinaldo Sassi explained such plans to BeBeez in late 2022. Chiara Venezia will head Scouting Club Investments. Sassi, Filippo Bratta, Davide Milano, Ilaria Mori, Marco Musiani, and Giuseppe Mario Sartorio are the further partners of SCFA.
