Asterion is negotiating the acquisition of Cavour Aero (a Luxembourg joint venture of Ardian and Crédit Agricole Assurances), 49% owner of 2i Aeroporti, for 800 million – 1 billion euros (see here a previous post by BeBeez). The target also attracted the interest from CPP-Canada Pension Plan and Swiss Life. Mediobanca, Intesa Sanpaolo and Lazard, are assisting Cavour Aero. F2i holds 51% of 2i Aeroporti.
Banca Ifigest, the independent asset manager with AUM of about 5 billion euros that Gianni Bizzarri founded, received the authorization from the Bank of Italy and the European Central Bank to go ahead with the acquisition of 70% of L&B Partners, an independent advisor with a track record in the renewable energy sector that Flavio Di Terlizzi and Michele Di Terlizzi founded in 2004 (see here a previous post by BeBeez). L&B Partners will also sell its 25% stake in Italian asset manager Soprarno to Banca Ifigest, of which it will receive 34%. The latter will also launch a45 million euros capital increase.
Eco-techno, Itago’s wastewater treatment, water recycling, and raw material recovery business, acquired Scae and Spain’s Enviro Solutions with backing from Cassa Centrale. Itago acquired 75% of Eco-Techno in December 2022 for 10 million euros (see here a previous post by BeBeez). Adacta Advisory, ERM and Studio Legale Eversheds Sutherland advised Eco-techno on the acquisition of Scae. Rossini advisory, Studio Lot Manzan & Associati, FI.GI. Studio and Studio Legale Perocco supported Scae. After these two acquisitions, the Eco-techno group will have an above 25 million turnover.
Clessidra Private Equity will acquire 60% of Molino Nicoli, a company active in the grain products segment, from the Nicoli family, which will retain a minority stake in the company (see here a previous post by BeBeez). Vitale & Co, Equita, PwC Debt Advisory , A&O Shearman, Eversheds Sutherland, EY, Bain, Bonfiglioli Consulting, ERM and Studio Alonzo Committeri & Partners advised Clessidra. The sellers received support from Mediobanca and Studio CDR Tax & Legal. Giovanni Fortunato Nicoli is chief executive officer of the target, which has revenues of 54 million euros, ebitda of 9 million, net cash of nearly 5 million and equity of 53 million.
Innovative – RFK (i-RFK), an industrial holding company listed on Paris market, sold its 30% in Web Al Chilo (WAC) and 20% stake in MagillaGuerrilla realizing a total return on investment of 3 times and an IRR of 48% (see here a previous post by BeBeez). Grimaldi Alliance assisted i-RFK, which has a capitalization of about 20.5 million euros. Between 2020 and 2022, i-RFK acquired 20% of WAC (an innovative Italian pmi that offers advanced services and products for management, analysis and development of sales channels on Amazon) from the founder Gianluca Gatti for a total investment of 0.8 million. With this transaction, i-RFK realized a return on investment of 3.11 times (thus about 2.4 million) with an IRR of 48.4%. WAC now comes under the control of New Chilo, part of Fifth Beat (Xenon Private Equity owns 60% of this firm and the rest belongs to Raffaele Boaiano, Vincenzo Barone, Francesco Vetica and Francesco Bolici). Gianluca Gatti and Brainv have invested in minority stakes in WAC. In2022, Magilla, which provides creative marketing and e-commerce services, sold a 20% stake to i-RFK for 0.250 million. The founders Francesco Ghigliotti (30.19% after the transaction), Fabio Antonacci (26.19%), Francesco Porzio (15.98%) and Giacomo Amelotti (6.66%) sold part of their stakes. The company has revenues of 2.8 million, ebitda of over 0.4 million and net cash of 0.2 million. With this transaction, i-RFK realized a return on investment of 2.08 times (about 500 thousand euros) with an IRR of 46.5%. Antonello Carlucci is the ceo of i-RFK.
Faceland, a chain of cosmetic surgery clinics that Verlinvest owns since 2023, acquired a majority stake in Juneco, an Italian competitor (see here a previous post by BeBeez). Claudio Poggio will retain the role of ceo of the target and a 2.06% stake. A&O Shearman and PwC supported Faceland. Gain Invest (20.56%), Alem 1271 (12.5%), Quarantaquattro (10.28%), Quarantotto (10.28%), RH 1 (10.28%), Carlo Valter Gianuzzi (20.56%), Poggio (10.28%) and Cristiano Fusi (5.25%) sold part of their shares and receivedsupport from Inexo and Andersen Tax Legal Corporate Finance Italia. Juneco generated 4.6 million euros in revenues, a negative ebitda of about 1 million whith equity of 0.512 million.
Fondo Italiano Agri & Food (FIAF), a vehicle thatn Fondo Italiano d’Investimento manages, acquired a majority stake in Trinità Salumi, active in the production of cured meats (see here a previous post by BeBeez). Partners Danio Sarzi Amadè (chairman), Sergio Verdelli Saccani (vice chairman) and the Mazzurega family will remain within the company in the same roles. Giovannelli and Associates, EY, EY Parthenon, RDRA, Tauw and Willis advised FIAF. Oaklins Italy (Banca Akros – Gruppo Banco BPM), DWF, Studio Tognetti-Franceschetti and Studio Biscozzi Nobili advised Trinity. Trinita has revenues of 74 million euros, ebitda of nearly 7 million and net liquidity of 13 million. The company wants to make acquisitions in the Italian and foreign foodservice markets.
Dacke Industri, a Swedish investor in innovative technology companies that belongs toNordstjernan since January 2016, acquired 70% of Airon, an Italian company that designs and manufactures pneumatic solutions for industrial automation, while the current owners retained a 30% and will continue to support the business (see here a previous post by BeBeez). Sources said to BeBeez that the current owners’ lock-up agreement will expire in five or six years. Dino Barella, Lino Giacomello and Mauro Mercanzin now each hold 10% of Airon andsold part of their shares without disclosing further details. Chiomenti and CFA – Corporate Finance Advisors advised Dacke Industri.
Sources said to BeBeez that PMI Equilybra X paid 10 million euros for a 15% of Mech i Tronic (MIT), the mechatronics hub that owns the Groupack brand (see here a previous post by BeBeez). The investor wants to support MIT’s M&A strategy, which could close two more deals by the end of 2024. MIT also acquired Neyret Group, a French producer of industrial automation components with a turnover of 40 million, from the Neyret family.
Tecnoplast, a pvc and aluminum window and door manufacturer that belongs to Fondo Sviluppo Sostenibile – DeA Capital Alternative Funds, acquired a majority stake in PLG, a window and door distributor, from Luca Piacentini and Sergio Piacentini, who will continue to lead the company (see here a previous post by BeBeez). KPMG (fnancial due diligence), Sonzogni & Partners (tax due diligence) and Giliberti Triscornia e Associati (legal due diligence and counsel) advised Tecnoplast. MBC Merchant Banking Consulting, Ogliari & Partners and Ilaria Groppelli supported the Piacentini family. PLG has a turnover of 9.1 million euros, ebitda is 0.881 million and net cash of 1.4 million. After this acquisition, Tecnoplast aims to achieve consolidated sales in excess of 100 million
IoInvesto SCF, an Italian independent financial advisory firm, announced the acquisition of Financedrip, a developer of financial software for DIY investors and independent financial advisors that Fabio Ciotoli founded in 2022 (see here a previous post by BeBeez). The seller will reinvest in Ioinvesto, a company that Danilo Zanni and Alessandro Moretti created.
Groupe Adéquat, a French recruitment and selection firm, announced the acquisition of Italian competitor AxL Group. CastaldiPartners and Pirola Pennuto Zei & Associati advised Groupe Adéquat (see here a previous post by BeBeez). ADVANT Nctm supported AxL Group, which has net sales of 110.7 million euros, ebitda of 1.2 million and net financial debt of 11.3 million.
French vehicle parts distribution group Ital Express, a portfolio company of Naxicap Partners, bought a majority stake in Sidexport from Antonio Giordana (previously 66.92% owner), Ivana Caffo (7.69%) and Massimo Iodice (2.31%), who reinvested for a minority (see here a previous post by BeBeez). Cagi sold the remaining 23.08%. Sources said to BeBeez that the value of the transaction is about 20 million euros. Naxicap has resources of 6.3 billion and wants to create a large European automotive parts distribution company through acquisitions. The combined sales of Ital Express and Sidexport could amount to more than 100 million.
Bottero, a manufacturer of glass processing machines, acquired the packaging business of EMS Group, a Xenon Private Equity firm (see here a previous post by BeBeez). Bottero has sales of 154.5 million euros, ebitda of 11.7 million and net cash of 28.2 million. The company is owned by Aldo Faccenda and the Ghinamo and Olmo families.
Bertolotto Porte, a company that manufactures doors and security doors, acquired Connecticut, an Italian competitor. Intesa SanPaolo financed the transaction without disclosing details (see here a previous post by BeBeez). The Battello family (60%) and Rita Amati (40%) sold Connecticut, a manufacturer of technical doors that has sales of 3.9 million euros, ebitda of 1.1 million, and equity of 4 million.
Alcedo, Maria Teresa Belotti and Alfredo Gavazzeni have purchased Marino Belotti, a cosmetics packaging manufacturer, from the Lumson Group of the Moretti family (see here a previous post by BeBeez). Alcedo received assistance from Livingstone Partners (fka Corus Corporate Finance), Russo De Rosa Associati, EY, EY-Parthenon and Tauw Italia. Belotti and Gavazzeni received assistance from Marco Bellora. Clearwater and Chiomenti supported Lumson. Eversheds Sutherland assisted Banco BPM. Marino Bellotti has revenues of about 14 million euros, ebitda of 2.8 million and 2.6 million in net cash
Futura, an Italian asset manager that implements ESG criteria, wants to raise 60 million euros (hard cap of 100 million) for its mid-market private equity Futura Growth (FG). Fabio Luigi Gallucci and Gabriele Benedetto will head the fund (see here a previous post by BeBeez). Gallucci said to BeBeez that Futura received the fundraising authorization from the Bank of Italy. FG will invest in old economy industries. The expected investment tenure is of 4-5 years. The first ticket should be 70% and 30% follow-on worth in the region of 5 million per target with a fund duration of 7 years. The target return is 25% net.
