Italy’s private equity weekly roundup. News from IKAV, Lifebrain, Bianalisi, Pasubio, Salpa, Global Solar Fund, Marelli, Eolo and more
Jun 25, 2021
Ikav, a financial services firm that Constantin von Wasserschleben founded in 2010, is said to have won the auction for the nine gas plants of Metaenergia, an Italian utility and provider of energy efficiency services for 500 million euros (see here a previous post by BeBeez ). The auction had been previously won at the beginning of the year by the Saudi group Kashoggi but the deal had not been closed due to problems related to the debt side. Last year instead the entire Metaenergia group was Sto arrivando!id to be on the market and had attracted interest by Sorgenia (a portfolio company of F2i and Asterion Capital Partners), Blackstone, Ardian, Macquarie, Glennmont Partners, Contour Global, Met Group, Engie, and Eph. Metaenergia, which belongs to the MolinariFamily, is reportedly looking for new investors. A few days ago Ikav Energy acquired 5 photovoltaic plants with a peak power of 5 MW from FSL Solar, a company that belongs to Spanish private equity Qualitas Equity (see here a previous post by BeBeez ). Ikav Energy has assets under management of above 1.5 billion euros. Lifebrain, the European chain of diagnostic labs that belongs to Investindustrial and retained as sale advisor Goldman Sachs and JPMorgan, attracted the interest of strategic and financial investors (See here a previous post by BeBeez ). Cerba HealthCare,a portfolio company of EQT and PSP Investments, Groupe Inovie, which belongs to Ardian, expressed their interest in Lifebrain which has sales of 158 million euros and an ebitda in the region of 50 million that could amount to 100 million in 2021 and push the enterprise value a to 1.5-1.6 billion. Charme Capital Partners acquired the Italian chain of diagnostic laboratories Bianalisi and raised 500 million euros for its fund (see here a previous post by BeBeez ). Charme outbeatne the competition of F2i and Triton for Bianalisi which is worth in the region of 400 million. The Caslini Family (70% owner) and Columna Capital sold the asset. Giuliano Caslini will keep his role of chairman and ceo. Rothschild assisted the vendors. Bianalisi has sales of 65.5 million and an ebitda of 13.15 million. PAI Partners acquired Conceria Pasubio, the Italian tannery company, that supplies automotive companies (see here a previous post by BeBeez ). Pasubio recently acquired Germany’s competitor Hewa Leder (see here a previous post by BeBeez ). CVC acquired 90% of Pasubio from the Pretto Family in June 2017 on the ground of an enterprise value of 285 million euros. Pasubio was reportedly up for sale with the support of JPMorgan on the ground of an enterprise value of 700 million and attracted the interest to TFL, a portfolio company of Black Diamond, AIGC and other financial and industrial players. Equinox acquired Italian ice creams producer Gruppo Salpa from the Cherubini which will reinvest for a 35% (see here a previous post by BeBeez ). The company’s management will take 2%. Sources said to BeBeez that the company’s value amounted to above 120 million euros or in the region of 14X ebitda (9 million). Salpa has sales of 36 million. The sources also said that the asset attracted the interest of Barry Callebaut, Dr. Oetker, Weston Foods, Irca, Investindustrial, NB Renaissance, Clessidra, Riverside, DeA Capital Alternative Funds, Portobello Capital, and Peak Rock. Equinox is one of the private capital investors that BeBeez Private Data monitors (find out how to subscribe for only 110 euros a month )
Specchiasol, an Italian phytotherapy company that belongs to White Bridge Investments, acquired the competitor Named from second generation owners Fabio (who will keep his ceo role) and Stefano Canova (see here a previous post by BeBeez ). Giuseppe Giorgini will head the merged companies. Specchiasol has sales of 26.8 million euros with an ebitda of 2.3 million. Swiss riri, a manufacturer of buttons and zips that belongs to Chequers Capital, acquired Italy’s competitor Amom from the Veneri Family (see here a previous post by BeBeez ) Amom has sales of 10.4 million with an ebitda of 1.2 million. Chequers Capital invested in riri in 2018, while the company’s management kept a minority. The company attracted the interest of Equistone, L-Catterton and Clessidra. Renato Usoni is the ceo of riri. Vetrerie Riunite (VR Group), a producer of glass compnents for washing machines that belongs to Sun European Partners, acquired the majority of Chinese competitor Suizhong, Ming Hui Industrial Technology (see here a previous post by BeBeez ). Davide Vassena is the ceo of VR Group which attracted a 110 million euros investment of Sun Capital in 2018. Opera (52%) and Style Capital (24%) sold the company in 2008 with a transaction of 112.5 million. York Capital Management and Marseglia Amaranto Energia e Sviluppo acquired Global Solar Fund, the owner of 174 wind farms based in the South of Italy with a power of 137MW (see here a previous post by BeBeez ). Rothschild assisted the vendors while Vertex Partners advised the buyers. GSF is born in 2008 and Chinese Suntech Power Holdings provided the firm with 88% of its 300 million euros resources. Best (Regent) Asia Group, Gsf Capital and Javier Ignacio Romero Ledesma provided the remaining amount. Marseglia Amaranto belongs to the Marseglia Family and has sales in the region of 700 million euros. KKR is mulling for a sale of the suspension division of Marelli, an Italian producer of automotive components that previously merged with Japanese Calsonic Kansei (see here a previous post by BeBeez ). KKR acquired Marelli from FCA (cka Stellantis) in October 2018 for 6.2 billion euros. The asset attracted the interest of Bain Capital, Apollo Global Management, Cinven, and Carlyle. Marelli has sales of 10.4 billion, while the turnover of the suspension division amounts to 900 million. Italian Wine Brands (IWB), a wine producer which had been listed in Milan after a business combination with a Spac-like company, acquired Italian competitor Enoitalia from the Pizzolo Family for 150.5 million euros (see here a previous post by BeBeez ). On 18 June, Friday, IWB shares closed at 35.6 euros (+11.6%). The Pizzolo Family will subscribe 1.4 million of new shares of IWB at 32.50 euros and acquire 15.91% of the company with a lock-up of 36 months. The merged companies will generate sales of 405.1 million with an ebitda of 42.7 million. Enoitalia has a turnover of 200.8 million (80% export), an ebitda of 17.1 million and a net financial debt of 1.1 million. Milan-listed CIR aims to buy back 12.282% of its publicly traded shares for up to 80 million euros (0.51 euros per share) (See here a previous post by BeBeez ). The offer will end on 29 July, Thursday. If the offer will be successful, the De Benedetti Family will have a further 14.373% of CIR. The company, an investment firm woith interests both on the public and private equity marktes. belongs to the De Benedetti family (30.759% and 45.256% of the voting rights), Cobas asset Management (13.2 % and 11.385% of the voting rights) and Bestinver Gestion (13.2% and 9.951% of the voting rights). Mario Cuccia is the new chairman of Eurovita, a life insurance company that belongs to Cinven since 2016 (see here a previous post by BeBeez ). Erik Stattin is the ceo of Gruppo Eurovita. Earlier in March Cinven hired Deutsche Bank for selling the company which attracted the interest of Blackstone, EICG (European Insurance Consolidation Group), Cnp Assurance and Crédit Agricole on the ground of an enterprise value of 600 – 700 million euros. Fedrigoni, an Italian producer of special paper and labels that since 2017 belongs to Bain Capital, acquire US competitor Acucote from the founder John Leath and his family (see here a previous post by BeBeez ). Acucote’s turnover is worth over 70 million US Dollars. Eolo, an Italian provider of wireless internet of which Searchlight Capital Partners has 49% since 2017, posted sales of 187 million euros (+20.4% from 157 million in 2020) and an ebitda of 95 million (a margin of 50.8%, from 74.2 million) (see here a previous post by BeBeez ). Morgan Stanley is auctioning a 75% of the company on the ground of an enterprise value of 2 billion. Eolo reportedly attracted the interest of DWS, Infravia Capital Partners, Wren House Infrastructure, EQT, and Brookfield Asset Management, a portfolio company of Oaktree Capital. del capitale. Eolo’s 51% belongs to its founder Luca Spada and Elmec Group. Bravo Capital Partners acquired 60% of Lorenzi, an Italian supplier of microfiber for the shoe and apparel industry, from the ceo Lorenzo Lorenzi who will keep his role (see here a previous post by BeBeez ). Banco BPM and BPER Banca financed the transaction. Lorenzi has sales of 36 million euros with an ebitda of 7.5 million. Mauro Vacchini and Fabio Galli founded Bravo which set a fundraising target of 100-120 million and appointed as partner Giovanni Saccaggi. Bravo Capital Partners is one of the private capital investors that BeBeez Private Data monitors (find out how to subscribe for only 110 euros a month )
Growth Club Capital (GCC), a club deal that Luigi Pugliese founded, acquired 70% of Portuguese Arturai Group, a provider of web security services through the platform Akamai (see here a previous post by BeBeez ). Arturai’s ceo and founder José Dias will hold a 30% of the business that aims to grow in the EMEA region. Banco BPM partly financed the transaction. Arturai has sales of 22 million euros with a 7 million ebitda. Pugliese launched GCC at the end of 2019 and set an investment target of 30 million after having attracted the resources of Paolo Bassetti, Gerardo Braggiotti, Fulvio Conti, Federico Ghizzoni, Nino Lo Bianco, and Roberto Nicastro. Brescia Court accepted the receivership application of Fintyre, an Italian tyre distributor that belongs to Bain Capital (see here a previous post by BeBeez ). The Court confirmed Stefano Midolo, Tobia Lazzari and Francesco Mazzoletti as the company’s commissioners that will have to attract a turnaround investor. Springwater Capital is reportedly holding talks for pouring 43 million euros in the company after having previously tabled a 50 million offer. The banks (Hsbc, Banco BPM, BNP Paribas, IKB, ING, UBI Banca, and others) that lent 30 million to the company will be repaid in full up to the amount covered by the assets provided as collateral, while the remaining amount will be repaid for up to 6.56 million. The suppliers have credits in the region of 137 million will also get a partial repayment (the tyres companies for 65% of their credits, and service providers for 50%). Italian Design Brands (IDB), the Italian pole for high end furniture and design that Private Equity Partners, Paolo Colonna, and Giovanni and Michele Gervasoni opened London-based Italian Design Brands UK Ltd (IDB UK) (See here a previous post by BeBeez ). IDB reportedly aims to list on Milan market by 2H22 once achieved a turnover of 200 million euros.