On 9 May, Friday, Apollo Global Management carried on a further private sale of Milan-listed Lottomatica’s shares and reduced its stake in the gambling company from 31.6% to 21.3% (see here a previous post by BeBeez). Apollo fetched 496,6 million out of an accelerated bookbuilding procedure for institutional investors whose settlement will close by 15 May, Thursday. Apollo signed a 60 says lock-up for its remaining stake in Lottomatica subject to the waiver by joint global coordinators and joint bookrunners Barclays and Deutsche Bank and some other conditions. BNP Paribas, Goldman Sachs International, J.P. Morgan e UniCredit. Apollo Capital Solutions, Berenberg, Btig, Jefferies, Morgan Stanley, Siebert, and Latham & Watkins also supported Apollo.
Plasmon, the Italian iconic brand for baby food that belongs to Nasdaq-listed Kraft Heinz, may attract the binding offers of London’s private equity Aurelius and Milan-listed Newlat Food (see here a previous post by BeBeez). Houlihan Lokey is handling the sale process that Kraft Heinz unsuccessfully tried to close in on the ground of an enterprise value of 700 million euros.
Milan-listed independent asset and wealth manager Azimut rose to 56% its 15% in US private equity and venture firm HighPost Capital through its subsidiary Azimut Alternative Capital Partners (see here a previous post by BeBeez). David Moross and Mark Bezos, the brother of Amazon head Jeff Bezos, are the founders of HighPost. In 2023, Azimut increased its stake in the US firm to 15%, while in 2021 it purchased a 12.5% through the subscription of a capital increase. Azimut will buy the majority of HighPost while supporting the founders for the target’s future growth. The transaction structure is a mix of put and call agreements as well as primary and secondary investments whose 50% will be in the form of Azimut Holding shares swap that will allow Moross and Bezos to increase their interest in the head company. Gibson, Dunn & Crutcher assisted HighPost Capital while Azimut retained Sidley Austin. Giorgio Medda is the ceo of Gruppo Azimut.
Sources said to BeBeez that Asterion Industrial Partners acquired the majority of Revalue Energies, a developer of renewable energy plants that co-ceos Marco Corsetti and Luca di Giacomo founded (see here a previous post by BeBeez). Guido Mitrani is a founding partner of Asterion. BeBeez Private Data, the private capital database of BeBeez and FSI, monitors Asterion and its Italian portfolio companies. Find out here how to subscribe for one month or one year or Click here for booking a demo videocall with BeBeez database manager
Fiamm Energy Technology,an Italian subsidiary of Japan’s Resonac Corporation, attracted the interest of Germany’s Mutares and US Opengate Capital (see here a previous post by BeBeez). Houlihan Lokey and BonelliErede are handling the sale process Fiamm has sales in the region of 400 million euros with a 25 million ebitda.
Gruppo Fabbri Vignola (GFV), an Italian producer and vendor of machinery for the packaging sector that belongs to Argos Wityu since 2017, acquired the competitor G.F Packaging España, the owner of Teixpac brand (see here a previous post by BeBeez). The vendors Manel Flotats and Joan Flotats will keep their management roles of the above 13 million euros turnover target. Stefano Pellegatta is the ceo of GFV.
Objectway, a firm for the digital transformation of asset managers, retained Houlihan Lokey, Deloitte and Giovannelli for handling a sale process that attracted the interest of Cinven, TA Associates, Rivean, Carlyle, and Montefiore (see here a previous post by BeBeez). Luigi Marciano founded Objectway in 1990 and sold a stake to Futurimpresa in 2012. Marciano owns 87.74% of the company since 2020 while CA Indosuez Fiduciaria has 12.26%. Objectway has sales of 130 million euros with an ebitda in the region of 25 million, net cash of 21.3 million, and equity of 96.4 million.
Innovo Renewables, a portfolio company of Aviva Investors, acquired PH Consulting Engineering (si veda altro articolo di BeBeez). The target will rebrand as Innovo PH Engineering Services and Rodolfo Bigolin will act as chairman and ceo while Massimiliano Pili and Simon Hartmann will keep their management role. PwC and PwC TLS advised the buyer. Fabio Gaspare Panté acted as public notary. PH Consulting Engineering retained Pavia e Ansaldo. BeBeez Private Data, the private capital database of BeBeez and FSI, monitors Aviva Investors and its Italian portfolio companies. Find out here how to subscribe for one month or one year or Click here for booking a demo videocall with BeBeez database manager
Sources said to BeBeez that Accursia Capital acquired Costampress, an Italian industrial company that belonged to the Molin Family (25%), Ragazzo Family (25%) and other minority shareholders (see here a previous post by BeBeez). Swen Graf will head the Italian target and replace Riccardo Molin as ceo. Adacta and MDA assisted Costampress. ACT Legal advised Accursia Capital while Studio Giovanardi assisted the involved banks. Costampress has sales of 25 million euros.
Italian tannery company Conceria Pasubio, a portfolio company of PAI Partners since 2021, acquired Italian competitors SK!N (3 million euros turnover with an adjusted ebitda of one million) and Conceria Antiba which has sales of 57 million and an adjusted ebitda of 12 million (see here a previous post by BeBeez). BeBeez Private Data, the private capital database of BeBeez and FSI, monitors PAI Partners and its Italian portfolio companies. Find out here how to subscribe for one month or one year or Click here for booking a demo videocall with BeBeez database manager
Tages Helios Net Zero, part of Tages Capital, attracted a 30 million euros commitment from FOF Infrastrutture, a fund of funds of CDP Real Asset (see here a previous post by BeBeez). Tages Helios Net Zero set a 650 million fundraising target. BeBeez Private Data, the private capital database of BeBeez and FSI, monitors FOF Infrastrutture, the funds in which it invested and their portfolio companies. Find out here how to subscribe for one month or one year or Click here for booking a demo videocall with BeBeez database manager
Swiss IDAK Food Group, a portfolio company of TowerBrook Capital Partners, acquired Sorrento Sapori e Tradizioni from Famag (see here a previous post by BeBeez). The vendors hired Houlihan Lokey (financial advisor), NCTM (tax and legal) and Micucci & Partners (business). IDAK retained Alvarez & Marsal (operational, financial and IT due diligence), Chiomenti and Bureau Plattner (legal), and Grant Thornton (tax). Sorrento Sapori e Tradizioni has a turnover of 26.9 million euros, an ebitda of 6.3 million and a net debt of 2.7 million. Christof Lehmann is the ceo of IDAK Food Group. BeBeez Private Data, the private capital database of BeBeez and FSI, monitors TowerBrook Capital and its Italian portfolio companies. Find out here how to subscribe for one month or one year or Click here for booking a demo videocall with BeBeez database manager
On 6 May, Tuesday, Eureka! Venture and The University of Chicago Booth School of Business alumnus Paolo Guida, MBA, announced the launch of ETA Fund, the first Italian institutional investment vehicle for search firms (see here a previous post by BeBeez). Guida is a seasoned M&A and private equity professional that pioneered the serial investments in Italian search fund since 2017. He joined Eureka! Venture as partner and key-man of ETA. Guida was speaking on the sidelines of the Entrepreneurship Through Acquisition, the first Italian annual conference about the search fund market that took place at Milan’s POLIMI Graduate School of Management – Campus Navigli which also presented its Search Fund Observatory, MBA and Elective Courses (press release and report). BeBeez International acted as media partner for the event and in September 2024 published Insight View about search funds with a focus on Italy. The item is available for the subscribers to BeBeez News Premium and BeBeez Private Data and includes information about the vehicle that already closed acquisitions, those who are still looking for targets and divestments. The BeBeez Insight View says that in 3Q24, 25 search funds were active in Italy, 12 of them were looking for a target, one is closing, 11 closed an acquisition, and one sold the purchased asset. Nostos Capital, Eolo Capital, Alpha Generator Capital, Peak35, and Leonessa Capital started to operate in 4Q24. Stefano Peroncini is the ceo of Eureka! Venture. Guida will head ETA Fund and will receive the support of ambassadors such as entrepreneurs, CEOs and professionals experienced in the vehicle’s areas of interest as well as in legal, m&a due diligence, executive search and business development, who will work alongside the searchers and acquired companies. BeBeez Private Data, the private capital database of BeBeez, backed by FSI, monitors the Italian Search funds and their portfolio companies. Find out here how to subscribe for one month or one year or click here for booking a demo videocall with BeBeez database manager
Safety21, an Italian software provider for the smart road and smart city sector that belongs to BU (Bregal Unternehmerkapital) since 2021, acquired Cross Control, an image detection firm for street safety, from Lina Citeroni (40%), Massimo De Matteo (33,33%) and Marco Paris (26.67%) who will keep their management roles (see here a previous post by BeBeez). Safety21 received assistance from Orrick, Grant Thorton, Pirola Pennuto Zei, Studio Legale Sica, and Startax. Crosscontrol has sales of 3.6 million euros, an ebitda of 0.67 million and a net financial debt of 0.39 million. Gianluca Longo is the ceo and founder of Gruppo Safety21 which has a turnover of 67 million, an ebitda of 22.5 million, a net financial debt of 68 million, and equity of 115.9 million.
Archiva, a digital filing company of Progressio, acquired 60% of Mitric, an independent software vendor (ISV) of mobile apps from Milan-listed Siav B-Corp (51%) and founders Luigi Bassani and Davide Pezzi (9% in total) (see here a previous post by BeBeez). Archiva retained Clearwater, Adacta and BonelliErede. The closing will take place on 31 May, Saturday. Nicola Voltan is the ceo of Siav which fetched 1.05 million euros (enterprise value of 2 million) out of the sale of the stake. Giuliano Marone is the ceo of Archiva which has sales of 22.5 million, an ebtida of 3.5 million and a net financial debt of 5.8 million.
Italian high-end restaurants brand Da Vittorio’s advisors Banca Imi and Emintad received expressions of interest from LVMH, the French giant for the luxury sector, Dogus Holding, a Turkish conglomerate for the hospitality sector, The Three Hills, Investindustrial, and top hotels chain Gruppo Statuto (see here a previous post by BeBeez). Da Vittorio belongs to the Cerea Family and has sales in the region of 95 million euros (30% – 40% from the catering sector)
Naroma Caffè, part of Arva Family Office (the financial harm of Guatemala’s Argueta Family), acquired a minority of Cappellini Caffè (see here a previous post by BeBeez). Naroma Caffè retained Studio Mannelli & Partners for this transaction and all the next M&A negotiations in Italy, sources said to BeBeez. The vendor Cristina Cappellini hired Del Pinto e Associati Studio Legale.
White Bridge Investments (WBI) acquired a 63.38% stake in Italian hotel management firm LVG Group and its subsidiaries LVG Hotel Collection, LVG Hotel Consulting and Diamond Tech from Milena Mineo (48.75%) and Davide Prontera (14.63%) (see here a previous post by BeBeez). WBI will subscribe to a 10 million euros capital increase of the target that ceo Claudio Lavagna founded in 2019. PedersoliGattai, DVR Capital, Deloitte, and Bain & Company assisted the buyer. LVG Group retained Latham & Watkins and Blasio Legal Advisors.
CareHub, a Silver Economy Fund – Quadrivio platform company for the aggregation of polyclinics, acquired Italian competitor Comedica for an undisclosed value (see here a previous post by BeBeez). After such a deal, CareHub’s turnover is worth in the region of 6 million euros. Bird & Bird advised the buyers, while Studio Legale Notari and Studio Commercialisti Associato Gregori Patrizia e Rondoni Beatrice assisted the vendors. Milan’s Studio Notarile Cecala signed the closing. Comedica previously belonged to Marco Bartolucci (50%), Maurizio Gregori (25%) and Natale Gregori (25%). Silver Economy Fund raised 150 million ahead of a 300 – 400 million target. Gianluca Santoro (ceo), Alessandro Bartucci, Francesca Anselmi, and Valentina Rossi are the founders of Brexia Med the company through which the private equity started to implement a buy and build strategy.
The Italian antitrust authorised Duferco International Trading Holding (Dith), a Swiss Italian steel company, to acquire Marcora, an Italian compeitor of which it purchased a 20% in August 2021 (see here a previous post by BeBeez). Studio Castagnola Vismara Battaglia and Studio Grossi Salvi & Partners assisted the vendors. Studio CMS and Studio Van Bael & Bellis advised Dith.
Kedrion Biopharma, an Italian biotech and pharma company that belongs to London private equity (see here the company’s shareholding structure), will invest 150 million euros for building an industrial plant in Lucca area for increasind its production capacity (see here a previous post by BeBeez).
