Latest Burke & Burke News
Aug 6, 2021
Milan-listed paytech Nexi signed a partnership with Alpha Services and Holdings, the head company of Greek financial services provider Alpha Bank (see here a previous post by BeBeez ). Alpha Bank will spin off its merchant acquiring unit and Nexi will acquire 51% of the newco paying 157 million euros in cash on the ground of an enterprise value of 307 million and an eventual earn–out of up to 30.6 million. Such newco expects to generate sales of 93 million with an ebitda of 18 million and will consider acquisitions. Nexi will finance the transaction with its own resources. Nexi is still backed by a consortium of private equity funds (Advent International, Bain Capital and Clessidra) grouped in Mercury UK and a major stake (25%) is held by previous major Nets shareholder Hellman&Friedman after the closing of the merger of Denmark-based paytech company into Nexi on July 1st. Minority stakes are also held by GIC and Ontario Teachers’ Pension Plan, who were also shareholders of Nets as well as H&F. Bain&Company’s private equity report said that in H2 2021 the global dry powder of the funds amounted to 3.3 trillion US Dollars (2.9 trillion in 2H 2020) (see here a previous post by BeBeez ). Bain Capital (11.8 billion), CD&R (16 billion), EQT (15.6 billion), and KKR (18.5 billion) raised well above the initial target. For a focus on Italian private equity sector, see here the Private Equity Report of BeBeez for 1H21 available for the subscribers to BeBeez News Premium and to BeBeez Private Data . Dedagroup, a catalyst for Italian providers of software As a Service (SaaS), acquired a 20% stake in ORS – Operational Research System, a provider of Artificial Intelligence and Machine Learning services for the sectors of financial services, retail and energy (see here a previous post by BeBeez ). The current owner sof ORS are Fabio Zoffi (35.44%), ceo Markus Steck (7.85%), cto Pierluigi Riva (12.6%), the head of US activities Chandra Subramanian (4.78%), managing director Enrico Campagnol (1.56%), coo Barbara Battaglino (0.74%), and ORS Operative research System (17.47%). ORS has sales of 6.1 million euros, an ebitda of 0.24 million and a net financial debt of 1.9 million. Chinese conglomerate Fosun International subscribed a capital increase of its majority owned Raffaele Caruso, an Italian fashion firm, and cleared the company’s debt (see here a previous post by BeBeez ). Fosun acquired 35% of Raffaele Caruso in 2013 together with the ceo Umberto Angeloni. The Chinese firm raised its holding in 2017, when Angeloni’s son Umberto replaced the father for the ceo role. In 2018, Raffaele Caruso posted sales of 51 million euros, an ebitda of 2.6 million and a net financial debt in the region of 20 million. The Carraro and Arduini families carried on the squeeze out of soon-to-delist Carraro, a producer of industrial components of which they already had 95.28% (see here a previous post by BeBeez ). Consob, the Italian stock market regulator, said that the buyers can raise the remaining shares at 2.55 euros each, which is the same price as the public offer that the families launched. The regulator will also suspend Carraro from trading on 4 and 5 August and authorized the delisting for the 6 August. In 1h21, Carraro generated sales of 310 million euros with an ebitda of 24.2 million, net debts of 138.3 million and net profits of 2.2 million. Augusto is liquidating its activities and selling its stakes in Milan-listed real estate investors Aedes siiq (51.25%) and Restart (35.47%) (see here a previous post by BeBeez ) Arepo AD, part of private equity Sator, Tiepolo and Prarosa appointed Serenella Rossano, Pietro Bianchi and Andrea Dara as commissioners for handling this sale. The news pushed down market capitalizations of Restart (-2%) and of Aedes (-1.8%). On 30 July, Friday, Morato Pane, a food company that belongs to Aliante Equity and the eponymous family, acquired a plant of Spanish competitor Cerealto-Siro (see here a previous post by BeBeez ). Morato has sales in the region of 250 million euros (30% abroad). Italian food company Casalini acquired the asset together with Morato, sources said to BeBeez. Aliante Equity is an investment holding that Paolo Righetto and Niccolò Fischer founded. Morato Pane also acquired Italian competitor RO.MAR. from Alto Partners (70% since May 2017) and Marco Semenzato, the target’s chairman who reinvested for a minority (See here a previous post by BeBeez ). Bruno Rossetto, the ceo of Nuova Industria Biscotti Crich and of Quality Food, also invested in RO.MAR. Milan-listed illimity Bank financed the LBO transaction. Innova Club 1 acquired a 65% stake in Burke & Burke, a medtech company, and HAT acted as lead investor (see here a previous post by BeBeez ). Further investors are the family offices PFC, RadiciFin, Nuova Sipaf, Paolo Astaldi, and Francesco Conte. Intesa SanPaolo financed the leverage buy-out transaction, while the vendors Giusto Bonandrini and Nicola Burke reinvested for a 35% of the asset. Paolo Ferrario, Marco Costaguta and Francesco Gianni launched Innova Club 1. Burke & Burke has sales of 43.6 million euros with an ebitda of 12.5 million (29% margin). Sources said to BeBeez that the company’s enterprise value amounted to 40 million. Rome-based LUISS University raised its 7.14% stake in Milan-listed LVenture Group to 14.57% through its accelerator LUISS EnLabs (see here a previous post by BeBeez )., Luiss committed to subscribe a 2.4 million euros capital increase of LVenture Group by 10 August, Tuesday, and acquire 4 million of new shares at 0.60 euros each. Montecarlo-based CBC Group, the owner of private investment vehicle Cherry Bay Capital, hired Luca Morandi for heading a new private capital project of the firm (see here a previous post by BeBeez ). The company also hired Martina Grossi as senior associate. Italian paneuropean private equity 21 Invest acquired Witor’s, an Italian sweets producer, from the BonettiFamily (see here a previous post by BeBeez ). The targets’s enterprise value amounts to 100 million euros. Witor’s has sales of 80 million and 21 Invest will hire a co-ceo for the company that will work together with Jean Valery Raffard. Fonderie Montorso, a foundry of which Fondo Italiano d’Investimento (FII) owns the majority since 2018, acquired Nuova Torneria Zanotti from the Zanotti Family (see here a previous post by BeBeez ). Torneria Zanotti has sales of 5.8 million euros and an ebitda of 0.721 million. Fonderie Montorso has sales of 75.8 million with an ebitda of 2.2 million and a net financial debt of 22.6 million. The ComelloFamily owns 30% of the company. Nextalia, the vehicle for investing in private capital that Francesco Canzonieri founded earlier this year with the support of Unipolsai Assicurazioni, Micheli Associati, Confederazione Nazionale Coldiretti, and Intesa Sanpaolo received the operative authorization from Banca d’Italia on 20 July, Tuesday (see here a previous post by BeBeez ). Canzonieri (ceo) and Alberto Vigo, head of origination, will head the investment team together with Matteo Ricatti and Giorgio Libotte. Further members of the team are Giulia Volla (head of ESG & investor relations), Federico Grossi (investment director), Alessandro Drudi (investment associate), and Martina Sgalippa (investment associate). Benedetta Volpi will be the head of legal & compliance, Laura Foresti will be the firm’s cfo. Nextalia’s Industrial Advisors are Claudio Calabi, Luca Nicodemi, Fabio Romeo, Mauro Selvetti, and Andrea Zambon. Francesco Micheli is Nextalia’s chairman, while Emanuele Grippo, Maria Leddi, Ricatti, Vincenzo Gesmundo, and Cristina De Benetti are directors of the company. Micheli also heads the strategic advisory board of Nextalia of which are part Umberta Gnutti Beretta, Giustina Mistrello Destro, Danilo Iervolino, Gaetano Miccichè, Livia Mondardini, Livia Pomodoro, and Massimo Tononi. The directors of Milan-listed illimity Bank gave their approval for the launch of the capital increase that ION Investment Group will subscribe (see here a previous post by BeBeez ). ION is a global provider of technology for the financial sector that Andrea Pignataro founded. The bank will launch a capital increase of up to 57.5 million euros for a 7.3% stake that ION will buy. PAI Partners acquired Italian producer of sliding doors Scrigno from Clessidra Private Equity (see here a previous post by BeBeez ). Clessidra hired Rothschild as financial advisor. Scrigno has sales of 70.2 million euros and an ebitda 10.5 million. Sviluppo Sostenibile, an Italian ESG investor that DeA Capital Alternative Funds launched, acquired a minority of OMB Saleri, the Italian producer of valves for hydrogen and methane, through the subscription of a capital increase (see here a previous post by BeBeez ). The Saleri family will keep the majority of the business. OMB Saleri has sales of 45 million euros and an ebitda of 4 million. Profiltubi, an Italian producer of steel pipes that belongs to German private equity Auctus Capital Partners since July 2020, acquired Officine Metallurgiche Ventura (OMV) from the eponymous family (see here a previous post by BeBeez ). Profiltubi hired Ethica Group as financial advisor. OMV has sales of 19.3 million euros with an ebitda of 42,000. Ambienta fetched 150 million euros out of the sale of Croatian ciment producer Calucem to Spanish competitor Cementos Molins (See here a previous post by BeBeez ). Ambienta gained twice as much as invested in April 2016, press rumours say. In 2010, Argus Capital acquired Calucem from Mid Europa, who financed the company’s spin-off from Heidelberg in 2006. Ambienta retained Houlihan Lokey as financial advisor. Gruppo Mandelli, the Italian owner Brera, a brand of clothes for motorbikes drivers, acquired its Italian competitor Tucano Urbano from Consilium (see here a previous post by BeBeez ). Consilium retained Fineurop Soditic as advisor. Marco Biollo, the ceo of Mandelli, is the chairman of the merged companies while Diego Sgorbati will keep his role of Tucano ceo. Consilium acquired Tucano Urbano in April 2012. The founders Nicolò Lurani Cernuschi, Claudia Bertolotti and Francesco Colombo kept a minority. Tucano has sales of 15 million euros. Gruppo Mandelli has a turnover of above 60 million with a 12% ebitda margin. NB Aurora, a Milan-listed investment vehicle that Neuberger Berman launched, acquired 47% of Farmo, an Italian producer of gluten-free products (see here a previous post by BeBeez ). Remo Giai and his son Andrea will keep their role of chairman and ceo, while their Family will keep 53% of Farmo who hired Vitale&Co as advisor. Farmo has sales of 19 million euros with an ebitda of 2 million. The company will invest the proceeds of such a transaction in its R&D for which it currently allocates 5% of its annual turnover. Naturalia Tantum, an Italian aggregator of producers of biocosmetics that Assietta Private Equity and Paolo Colonna launched, acquired Natural Way Laboratories from Ibla Capital, a financial services firm that Alessandro Lo Savio founded in 2015 (see here a previous post by BeBeez ). Natural Way Laboratories has sales of 3.26 million euros with an ebitda of 34,000 euros. Helios Energy Investments and LT Holding acquired a portfolio of biogas plants with a power of 2MW based in the central Italian region of Latium from UK-based ContourGlobal (see here a previous post by BeBeez ). Intesa Sanpaolo provided project financing facilities for these plants. Helios and LT may switch the production of these plants into biomethane. Oaktree Capital Management acquired the majority of Marini Impianti Industriali, a manufacturer of high tech systems for the railway industry, from the Marini family, who will keep a minority and whose member Massimiliano Marini will be the company’s ceo (see here a previous post by BeBeez ). Marini Group has sales in the region of 80 million euros with an ebitda of 27 million. The company aims to generate revenues of 100 million and grow abroad also through acquisitions. French Bee2link, a portfolio company of Bridgepoint Development Capital that developes SaaS solutions for automotive distributors, acquired Italy’s competitor Terranova Web Systems (TWS) from the ceo Stefano Tinti (see here a previous post by BeBeez ). Bee2link financed the transaction through the issuance of bonds that Idinvest and Eurazeo subscribed. TWS has sales of 3.2 million euros, an ebtida of 1.2 million and net cash of 0.73 million. Bridgepoint Development Capital acquired a minority of Bee2link in February 2019. The large majority (99.74%) of shareholders of Revo, a Milan-listed SPAC that Alberto Minali and Claudio Costamagna launched, will carry on the business combination with Elba Assicurazioni (See here a previous post by BeBeez ). The shareholders that did not give their approval for the transaction can exercise their recess and receive 9.996 euros per share. Ivass, the Italian regulator of insurance companies, must give its approval by 30 September, Thursday. Revo will pay Elba up to 160 millioni euros (150 million upfront and the remaining amount on the ground of the results of 31 December 2021). Revo will invest such proceeds in its organic growth and proprietary technology infrastructure. Elba raised prizes for 68.3 million and has a Solvency 2 ratio of 243.3%. Elba belongs to Roberto Checconi (25%), Francesco Micheli (25%) and smaller shareholders. Rotschild advised the company for this sale. See here the BeBeez Insight View about Spacs available for the subscribers to BeBeez News Premium and to BeBeez Private Data . A consortium of private and institutional investors organized by J.Hirsch into a new investment platform acquired a controlling stake of Gruppo Golmar, a manufacturer of sanitation products, from the Golé Family who will keep a minority (see here a previous post by BeBeez ). Intesa Sanpaolo and Unicredit financed the transaction. Golmar has sales of 32.7 million euros, an ebitda of 7.2 million, and net cash of 9.7 million. Fondo Agroalimentare Italiano, a fund that Unigrains Developement launched, co-invested with AZ Eltif Ophelia, an Eltif that Azimut launched, for acquiring the majority of Albert, an Italian manufacturer of ingredients and semifinished products for ice creams and sweets, from Enrico Libralato, who will keep his ceo role (see here a previous post by BeBeez ). Albert has sales of 6.7 million euros, an ebitda of 1.4 million and net cash of 2.1 million and aims to grow through acquisitions. First Capital, a Milan-listed vehicle for Private Investments in Public Equity (PIPE) and private equity, and financial services firm Capital For Progress Advisory, launched the siv (search investment vehicle) First4Progress (F4P) (see here a previous post by BeBeez ). The club deal platform raised 11 million euros, 10 million through the issuance of a Vienna-listed convertible bond that institutional and sophisticated investors subscribed, for acquiring an Italian mid-market company with an equity value of 50-100 milion in its pre-ipo or listing stage. F4P aims to raise further resources by 31 October 2021.