Latest RCF Group News
Mar 15, 2019
Italy’s private equity weekly roundup. News from AIFI, Sia, RCF Group, Cerved, Fratelli Polli, Giochi Preziosi Sia, the Italian provider of e-payments and IT infrastructure for financial services, will pay dividends for 60 million of euros or 0.35 euros per shares (see here a previous post by BeBeez ). Giuliano Asperti is the chairman of SIA, while Nicola Cordone is the ceo. The company will pay a dividend to Cdp Equity and Poste Italiane (49.48%), F2i (17.05%), HAT Orizzonte (8.64%), and to Banco Bpm, Intesa Sanpaolo, Unicredit, Mediolanum, and Deutsche Bank (24.83%). The company paid dividend for 250 million in the last five years. Sia might list on the Italian Stock Exchange in the next months with a one billion euros ipo. According to the annual survey of AIFI and of PwC-Deals, the Italian association of financial investors, in 2018, the value of private equity and venture capital investments in Italy hit the all-time peak of 9.78 billion of euros (4.93 billion yoy) for 359 transactions (+15% yoy) (see here a previous post by BeBeez ). However, funds raised 3.4 billion from 6.23 billion of the previous year and the value of disposals has been of 2.8 billion from 3.75 billion (-26%) for a total of 135 sales of portfolio companies. Aifi chairman Innocenzo Cipolletta and coo Anna Gervasoni presented the report together with the annual data about private debt surveyed with Deloitte. Private debt operators invested little above one billion (617 million in 2017) and raised 297 million (322 million). See here all BeBeez Reports for private equity, venture capital, private debt and direct lending with details on deals (available for BeBeez News Premium 12 months readers, see here how to subscribe for only 20 euros a month ). RCF Group, a producer of professional audio systems, of which Palladio Holding and Amundi Private Equity own 30%, is going to list on Milan Star Segment after the next summer (see here a previous post by BeBeez ). Lazard is the company’s financial advisor, Banca Imi, Bnp Paribas, and Goldman Sachs are the global coordinators, while Chiomentiprovides legal counsel. RCF will launch an IPO through a capital increase and a sale of shares on the ground of an enterprise value in the region of 500 million of euros. RCF has sales of 130.6 million, an ebitda of 24.8 million and net financial debt of 31.6 million. Arturo Vicari is the company’s ceo. Once private equity Advent International announced to have dropped the negotiations for acquiring listed Italian business intelligence and credit management Cerved Group, the company’s market capitalization went down 12.19% to 8.43 euros per shares from 9.6 euros value of 8 March, Friday (see here a previous post by BeBeez ). Advent said to have made such a decision as market rumours boost Cerved’s stock volatility. Advent offered 1.8-1.85 billion of euros for Cerved’s equity, on the ground of an enterprise value of 2.3 billion or 11X ebitda (see here a previous post by BeBeez ). Italian food company Fratelli Polli acquired Italian competitor Valbona from Europa Investimenti (see here a previous post by BeBeez ). Oaklins-Arietti provided m&a advisory to the buyers together that hired Evershed Sutherlands and Studio LCA for legal counsel, while Ethica Debt Advisory provided financial advisory. After such an acquisition, Polli will have sales of 110 million. Marco Fraccaroli, previously chairman of Granarolo International and manager of Pastificio Rana, is Polli’s ceo. Valbona has sales of 35.82 million, an ebitda of minus 0.95 million and net financial debt of 24.1 million Giochi Preziosi deferred the launch of the ipo to 4Q19 as it’s conducting the due diligence for the acquisition of Spain’s competitor Famosa Toys (see here a previous post by BeBeez ). After this buy, Giochi Preziosi will have sales of 200 million of euros and an ebitda of above 20 million. Furthermore, Giochi Preziosi is also finalizing the acquisition of toy maker Trudifrom Carisma. Solar Ventures, an Italian developer of photovoltaic plants that Michele Appendino leads, developed in Spain a power capability of 400 Mwp (See here a previous post by BeBeez ). Spain is a strategic market for SV as there is market parity (equal costs for solar energy and fossil sources of energy) and the country is late for the 2030 target for the production of clean energy. SV belongs to Ame Ventures, an investment holding that Appendino founded in 2005. Apax and NB Renaissance may sell Italian IT company Engineering for 1.5 billion of euros (see here a previous post byBeBeez ). NB Renaissance and Apax equally own 88% of the company, while the founder Michele Cinaglia and his family hold 12%. Vendors received expressions of interest from big funds like Permira and BC Partners, but have not yet hired the advisors for auctioning the asset. NB Renaisssance and Cinaglia may reinvest for a minority of Engineering which has sales of 1 billion (+10.1% yoy) and an adjusted ebitda of 123 million (+13.5% yoy) and 138 million of net financial debt. Toby Sacchi Clarence-Smith created CS Investimenti, an Italian search fund, with the support of 16 investors (See here a previous post by BeBeez ). Toby Sacchi will be CS ceo, DLA Piper provided legal counsel and Busani-Ridella-Mannellaacted as public notary. Sacchi Clearance-Smith co-founded Petsy.mx, a Mexican e-commerce platform for pets products. A search fund is interested in acquiring only one target. Vito Giurazza launched Maestrale Capital, the first Italian search fund in February 2017. Tre Cime Capital was the second firm of this kind. Tommaso Romanelli launched it. Laminam, an Italian producer of tiles, is said to be of interest to InvestIndustrial of Andrea Bonomi, Alpha, Sun Capital, BC Partners, and Ardian (see here a previous post by BeBeez ). Laminam is worth in the region of 300 million of euros and Mediobanca is acting as sell-side advisor. Franco Stefani founded the company in 2001, while Alberto Selmi is the ceo. Laminam has sales of above 120 million of euros and an ebitda of 30 million, while net financial debt is of 7.82 million. The company belongs to System Group (SG), which has a turnover of 530 million and belongs to the StefaniFamily. SG owns System, Modula, Tosilab, System Sicurezza, Premium Care. In 2018 SG sold to Coesia its ceramics business.