Apollo Global Management will acquire for 6.3 billion USD in cash the Gaming & Digital businesses of International Game Technology (IGT) and NYSE-listed Everi Holdings, which manufactures slot machines and provides casino services (see here a previous post by BeBeez). IGT is a NYSE-listed U.S. subsidiary of the De Agostini Group, the concessionaire of Italian lotteries Gioco del lotto, Gratta e vinci and Lotteria Italia. De Agostini will reinvest a minority stake in the combined company upon the transaction’s closing. IGT will rebrand and change its stock symbol. Deutsche Bank and Macquarie Capital financed Apollo. Macquarie Capital, Deutsche Bank, Mediobanca, Sidley Austin, White & Case, Wachtell, Lipton, and Rosen & Katz assisted IGT. Global Leisure Partners, Pillsbury Winthrop Shaw Pittman and Houlihan Lokey supported Everi. Paul, Weiss, Rifkind, Wharton & Garrison advised Apollo.
La Doria, a food company that belongs to Investindustrial (65%) and the Ferraioli family (35%) since 2021, acquired Italian competitor Clas from Equinox (90.1%) and Cominter (9.99%) (see here a previous post by BeBeez). Between 2020 and 2021, Equinox acquired a majority stake in Clas from Renato Bersano and Cominter. KPMG Advisor and Chiomenti assisted Doria. Vitale&Co and Advant Nctm supported Equinox and Cominter. Clas revenues are in the region of 75.7 million (89% export), ebitda of 3.6 million and net financial debt of 2.1 million. La Doria also signed a conditional agreement to acquire the private label dry pasta business of Pastificio di Martino Gaetano e Fratelli, which has revenues of 108 million. The agreement includes the purchase of the 13 % that Pastificio Di Martino owns in LDH (La Doria) Ltd. Pastificio di Martino will also acquire a minority stake in the La Doria Group. Giuseppe Di Martino will assume the role of key pasta advisor for La Doria Group, which received assistance from Chiomenti and Ernst & Young. UniCredit and Studio Astolfo Di Amato e Associati advised Pastificio di Martino, which has been part of Borsa Italiana’s Elite community since 2016. (see here a previous post by BeBeez)
Bending Spoons, an Italian mobile app developer in its scaleup stage, announced an agreement to acquire WeTransfer, a Dutch digital file sharing platform (see here a previous post by BeBeez). Milbank and Legance advised Bending Spoons’ lenders Banco BPM, BNP Paribas/BNL and Intesa SanPaolo. Bending Spoons received support from A&O Shearman, Latham and Watkins, and EY Advisory. WeTransfer received assistance from Loyens & Loeff and Allen & Company. Bas Beerens, Nalden and Damian Bradfield founded the target, which attracted a 25 million USD Series A round from Highland Capital Partners Europe in 2015 and a 35 million euros Series B round in 2019 from HPE Growth and other investors. Alexandar Vassilev and Damian Bradfield are the CEO and commercial director of WeTransfer. Bending Spoons pledges to donate at least 3 million USD over the next two years to The Supporting Act Foundation for celebrating such an acquisition and making clear its commitment to the creative community. Luca Ferrari, Francesco Patarnello, Matteo Danieli, and Luca Querella are the founders of Bending Spoons, which has 360.8 million euros in revenues, ebitda of about 177.9 million, net debt of 86.4 million, and equity of 237.5 million.
ProMach took over MBF, a company specialising in bottling technology. ProMach owner is Leonard Green & Partners (50%) and BDT & MSD Partners (50%), which finalised the acquisition of 49.8 % of Italy’s IMA Group in early 2024 (see here a previous post by BeBeez). Previous articles reported that the shareholders of IMA and ProMach want to merge the two companies to generate more than 5 billion in aggregate revenues ahead of a NYSE listing by 2028. Antonio Bertolaso (70.75 % – chairman), Anita Bertolaso (21.59 % – ceo) and Giuliano Boscaro (7.65 % coo), sold MBF and will retain their operational roles. PwC Deals and PwC TLS assisted the sellers. Pro Mach received support from Advant Nctm. MBF has 46.2 million in revenues, 3.5 million in ebitda and net cash of approximately 0.604 million.
Dedagroup, an aggregation hub for Software as a service (SaaS) solutions that belongs to the Podini family, acquired SEI Consulting from founder and ceo Piero Solidoro (83%), Banca Popolare del Lazio (10%), Luca Marsano (5%) and Alessandra Leo (2%). Scozzi Dottori Commercialisti and Valli Mancuso& Associati assisted Dedagroup. SEI Consulting received support from Credem EuromobiliarePrivate Banking and Studio Russo De Rosa Associati. SEI Consulting has a turnover of 4.6 million euros and an ebitda in the region of 0.983 milllion (see here a previous post by BeBeez)
ClessidraPrivate Equity sold L&S, a manufacturer of lighting systems, to EMK Capital (see here a previous post by BeBeez). DC Advisory, Houlihan Lokey, Legance – Avvocati Associati, Linklaters, Ernst & Young, Studio Alonzo Committeri & Partners, MN Tax&Legal assisted Clessidra. Pietro Barteselli is the CEO of L&S, which has a turnover of 120 million euros, ebitda of 23.2 million and net debts of 38.1 million.
Sources said to BeBeez that TAS, a software house that belongs to Rivean Capital (fka Gilde Private Equity) signed a binding agreement for raising from 55% to 100% its stake in EliData (see here a previous post by BeBeez). Founders Marco Connizzoli (25.01%) and Giuseppina Maiavacca (19.98%) sold their shares. Rucellai & Raffaelli assisted TAS. Fieldfisher Italy advised the sellers. EliData has sales in the region of 10.6 million euros, ebitda of 2.7 million and net financial debt of 0.800 million
Sustainable Development, part of DeA Capital Alternative Funds, acquired from the Landrini Family a majority stake in GM International, a manufacturer of safety instruments for industry in hazardous environments (see here a previous post by BeBeez). Paolo Landrini will serve as CEO, maintaining a significant minority stake with other family members. Zdravko Petkovic will retain the position of general manager. Goetzpartners, Pedersoli Gattai, Spada Partners and ERM assisted The Sustainable Development Fund. Cerved Rating Agency provided the ESG assessment in line with the fund’s mission. Nexxo Advisory Partners and Bonelli Erede supported GM International which has sales of 17.4 million euros, ebitda of 4.3 million and net cash of 1.9 million
Xenon FIDEC (Italian Fund for Decarbonization and Circular Economy) launched Orion, a new hub for the environmental engineering sector (see here a previous post by BeBeez). Orion, Opus Automazione, Tae, and subsidiary Hydroskop are all part of this platform that has an aggregate turnover of more than 50 million euros. These companies are involved in researching and reducing water networks leaks and monitoring them.
Azimut, the Milan-listed group that Pietro Giuliani leads, raised from its clients a committment for a 105 million euros club deal to invest in Alps Blockchain, an Italian sustainable mining company (see here a previous post by BeBeez). Alps Blockchain belongs to Smart FF (39.87% – Francesca Failoni has 98% of this vehicle and Giuseppe Failoni has 2%), Azimut Direct Investment Alps Blockchain (22.47%), Azimut Enterprises (22.47%), Skiarea Miara (8.07%), and minor shareholders. Francesco Buffa is the ceo of Alps Blockchain.
Austrian industrial holding company Remus signed a binding agreement for acquiring a majority stake in GLM Group, a group active in automotive components, from Star Capital (70%) and Peppino Barlafante, who will retain a minority stake and keep his operative role (see here a previous post by BeBeez). Mauro Casales and Michele Lanzaro will retain their roles as the target’s CEO and CFO. The selling shareholders and GLM received assistance from Equita Mid Cap Advisory, Studio D’Incecco and Giliberti Triscornia and Associates. Deloitte Financial Advisory, Studio Gecic Law, Studio Von Wobeser y Sierra, Studio Fellner Wratzfeld & Partner and PedersoliGattai assisted Remus Holding. GLM Group in the region of 88 million euros and ebitda of 9.3 million.
Annovi Reverberi Group, a manufacturer of electric motors, acquired Alberti International, a company operating in the professional hot water cleaner industry. LS Lexjus Sinacta assisted Annovi Reverberi, Bacchi assisted the sellers (see here a previous post by BeBeez). Alberti International has 6.3 million euros in revenues, 0.923 million euros in ebitda, and 3.1 million in net debt. Prior to this transaction, the company owners were Clementino Alberti (40 %), Fabio Alberti (30 %) and Katia Alberti (30 %).
Ardian sold F2A, a provider of outsourcing solutions for payroll that acquired in 2016, to SD Worx, a competitor that belongs to Worxinvest and CVC Capital Partners (32.5 %) (see here a previous post by BeBeez). Mediobanca assisted Ardian, PedersoliGattai, Gitti, PwC and Endava. While SD Worx was assisted by EY, EY Parthenon, Linklaters and WTW. SD Worx has 1.06 billion euros in revenues with an adjusted ebitda of 181.6 million
AGCM, the Italian antitrust authority, given conditional clearance for the merger of Sammontana and Forno d’Aoslo Group (FdA), two Italian manufacturers of sweets and baked goods, which Investindustrial announced in February (see here a previous post by BeBeez). BC Partners sold FdA. The Bagnoli family, Investindustrial and the company’s senior management will own the new group, which will aim for international growth and has revenues of nearly 1 billion euros. AGCM said, however, that this transaction may produce anticompetitive effects, so the two companies will have to divest some assets in favor of a trade buyer that holds its own production facilities, distribution network and proprietary brands. The two companies will also have to review some distribution contracts in some areas in Italy.
In Group, a testing & inspection company that the fund Bravo Capital Partners and the management own, announced the acquisition of AZ, Ithaca IoT and Omega (see here a previous post by BeBeez). Giuseppe Caruso and Alberto Betti, founders of AZ and Omega, will reinvest in In Group alongside Bravo Capital and the founders of In Situ and Tecno In, two companies that the private equity firm acquired between 2023 and 2024. Banco BPM financed the transaction through a Sustainable Linked Loan that set ESG KPIs for the next coming years. Pedersoli Gattai, Russo De Rosa Associati and Becap advised In Group. AZ partners Itaca and Omega received support from Bruno Della Negra, Nicola Lenzi and Studio Argentini. Advant NCTM assisted Banco BPM. AZ revenues are of 2.6 million euros, ebitda of 1.4 million and net cash of 0.860 million
Sources said to BeBeez that Andera Partners acquired 70 % of Tecnikabel, active in high value-added connectivity solutions in various sectors, while Equiter co-invested (see here a previous post by BeBeez). The Garaffi family will reinvest in the transaction while retaining a minority stake in Tecnikabel. Intesa Sanpaolo, Crédit Agricole, Banco BPM and Eurizon Capital Real Asset financed the transaction and received assistance from Simmons & Simmons. Tecnikabel and the Garaffi family received support from Andersen. Ethica Group, McDermott, Roland Berger, EFESO, PwC, ERM and EHS supported Andera Partners and Equiter. Tecnikabel has a turnover of more than 140 million euros, ebitda of nearly 20 million, and net debt of 19.3 million
Tecno Capital ESG Società Benefit, part of the Tecno Capital Group (partner of Intesa SanPaolo in the Campania ESG Lab, Sustainable Finance partner of Euronext and Sustainable Partner of Elite), acquired 65 % of Energika, an energy efficiency company (see here a previous post by BeBeez). Pirola Pennuto Zei & Associati advised Tecno Capital. Energika received support from Elisa Bergamin and Skema. Paolo Paglierani is the managing director of Energika, which now also belongs to EK 97 (15 %), Agostino Demaurizi (10 %) and Chiara Magnani (10 %) and has a turnover of 2.3 million euros, 0.676 million euros ebitda and almost 0.209 million in net debt.
Dxor Investments, the major shareholder of Altea Green Power, listed on Euronext Growth Milan, issued through the vehicle Dxor Investments 1 a 6.5-million-euro bond maturing in 2030 that VER Capital subscribed for (see here a previous post by BeBeez). ADB Corporate Advisory, Chiomenti and Banca Finanziaria Internazionale acted as advisors the transaction. Dxor Investments 1 will invest these resources in acquiring an additional 6.24 % of Altea Green Power, which currently belongs to Giovanni Di Pascale‘s Dxor Investments (54.98 %), Dxor Investments 1 (3.76 %), Cecilia Martucci (6.24 %). The remaining 35.02% is public. Dxor Investments 1 may acquire Martucci’s stake.
Decorluxe, an industrial packaging hub for cosmetics, perfumes, and liquor, which Ethica launched in 2023 through the Ethica Global Investments platform, acquired Decor-Style, a company for special printing (see here a previous post by BeBeez). The Bonacina family reinvested in the project. Ethica Global Investments received support from ESG Lex and Studio Grossi Salvi & Partners. Angelo Riva and Davide Roncoroni supported Decor-Style, which has 3.3 million euros in revenue, 1.3 million in ebitda, 1.1 million in debt, and 4.2 million in equity.
Wide Group, an Italian insurance broker that belongs to Pollen Street Capital, bought A.I.C. Broker, which has revenues of 3.9 million euros, ebitda of 0.668 million, and net liquidity of 1.7 million (see here a previous post by BeBeez). Gianpaolo Torrieri, Leonardo Scarponi, Luigi Flaviani, and Alessandro D’Ilario (who previously owned 18 % of A.I.C.) will be new partners of Wide Group.
Verdalia Bioenergy, a platform that Goldman Sachs launched in 2023 to invest more than 1 billion euros by 2026 in the biomethane sector in Europe, acquired a portfolio of four projects for the construction and operation of plants in the Piedmont and Friuli-Venezia Giulia Italian Regions from Healthy Business Advisory, which will continue to support Verdalia in the implementation of the projects up to ready-to-build stage (see here a previous post by BeBeez).
Gradiente acquired Hawai Italia, a manufacturer of fashion and technical footwear accessories, from even shareholders Andrea Scipioni, Bruno Scipioni and Manuela Scipioni (see here a previous post by BeBeez). Grant Thornton Financial Advisory Services, Effepartners and Gitti and Partners advised the sellers. Gradiente received support from Dentons, Monitor Deloitte, PwC, Russo De Rosa Associati, Ramboll and KPMG. Hawai Italia has revenues in the region of 20 million euros, ebitda of 4.1 million and net cash of little below 2 million.
Lifenet Healthcare, a medical company that Nicola Bedin (55%) and Exor own (45%), acquired Istituto Fanfani, a clinical research and testing laboratory (see here a previous post by BeBeez). The target’s managers will retain their roles. Istituto Fanfani has revenues of 9 million euros.
Algebris Green Transition Fund attracted commitments for an additional 60 million euros in the past three months from Italian and international institutional investors and closed its funding at 380 million, above its 300 million target (see here a previous post by BeBeez). Luca Valerio Camerano, managing director and senior partner of Algebris Green Transition Fund, said the fund aims to invest in companies operating in the areas of green transition, circular economy and smart cities & agritech. Francesco Becchelli and Matteo Tarchi are the other senior partners of the vehicle.
Gruppo Banca Sella launched FIER (Futuri investimenti in economia reale), a platform for club deal investments in Italian SMEs in the industrial, ICT, business services and consumer sectors with an annual turnover of at least 15 million euros and a positive ebitda (see here a previous post by BeBeez). The managers of FIER are Sergio Ravagli, Alessandro Bellia, Giovanni Arrigo and Edoardo Licitra. FIER has resources worth in the region of 60 million euros to invest in 2-4 transactions. Gruppo Sella provided about 12 million as anchor investor and will participate in each investment for up to 20% of the established amount. The average ticket is at least 15 million per transaction, with a duration between 4 and 6 years.
