Blue Skye Financial Partners, a fund that Salvatore Cerchione and Gianluca D’Avanzo head, sued Elliott Management Corp over the sale of iconic Italian football club AC Milan to current owner RedBird Capital (see here a previous post by BeBeez). Blue Skye asked Milan bankruptcy Court to issue an insolvency sentence for Rossoneri Sport and Project Redblack the controlling vehicles of AC Milan of which Elliott had 95.73%. The court hearing will take place on 24 May, Wednesday. Press reports said that Rossoneri Sport and Project Redblack wired 515 million euros in cash and 541 million in bond to firms of Elliott based in the Cayman Islands and the Delaware. RedBird acquired AC Milan for 1.12 billion and received a vendor loan of 560 million from Rossoneri Sport. Blue Skye (4.27% owner of the lender) said in its court complaint that it lost collateral for 100 million.
The auction of Fabbrica Italiana Sintetici (FIS), an Italian producer of active ingredients that in 2022 appointed as advisors Houlihan Lokey and Zulli Tabanelli, is gaining momentum (see here a previous post by BeBeez). Fis attracted the interest of Bain Capital, Carlyle, Apax, Permira, and Advent on the ground of an enterprise value of one billion euros. Fitch rated the company with a B (corporate) and B+ for a 350 million senior bond. Fis has sales of 690 million (72% in Europe – 10% in Italy; il 15% in North America, 12% in Asia, 1% in South America and Africa), an adjusted ebitda of 88.45 million and a net financial debt of 236.9 million. Fitch said that in 2022 the company posted an ebitda in the region of 80 million with a margin of 11.5% (14.5% in 2021 with a 15.1% outlook for 2026).
Market rumours say that Milan-listed Banco BPM is in advanced talks for selling its merchant acquiring business (see here a previous post by BeBeez). Press items quoted analysts as saying that the asset generates an operative profit of 35 – 40 million for BPM. Bain & Co is reportedly advising the vendor on the ground of an enterprise value of 300 million euros (enterprise value/ebitda of 10/11 X). The merchant acquiring business has attracted the interest of FSI, Nexi, Worldline, and other private equity funds.
Milan-listed Banca Profilo, an asset of which Sator Private Equity has 62.4% and that hired Lazard for a sale in June 2020 and Wepartner in 2022, attracted a bid for a 29% stake from Twenty First Capital (see here a previous post by BeBeez). Previous press reports said that the firm with a 150 million euros market capitalization attracted a further offer for a 30% stake from L&B Partners, an undisclosed member of the Moratti Family and other entrepreneurs. Milan-listed Banca Popolare di Sondrio also expressed interest for the majority of Banca Profilo. In 2009, Sator subscribed with 70 million to a 110 million capital increase of Banca Profilo.
The Italian Government authorised the sale of the gas and electric plant that Russian energy giant Lukoil owned in Sicily. (see here a previous post by BeBeez). Cyprus-based GOI Energy acquired the asset after the golden power review of the Italian Government. The buyer belongs to Argus, a private equity and asset manager that Michael Bobrov heads. Lukoil acquired 49% of the plant from ERG in 2008 on the ground of an enterprise value of 2.75 billion euros and later purchased all the remaining stakes. In November 2022, Lukoil declined an offer of Crossbridge Energy Partners for the asset.
Italian infrastructure investors Eurizon ITER and Eurizon ITER ELTIF signed an agreement for acquiring 55% of Gruppo Zaffiro, a provider of health assistance (see here a previous post by BeBeez). Zaffiro currently belongs to Milan-listed Mittel (60%) and the founder Gabriele Ritossa (40%). Mittel will fetch 42 million for its stake and its 25 million credits with Zaffiro. The closing should take place by the end of June and Ritossa may reinvest for 45% of the target and keep his executive role.
On 4 April, Tuesday, Milan-listed safety and fire-fighting systems company Sebino said it attracted the delisting interest of private equity Seta (see here a previous post by BeBeez). The compay has a market capitalization of 94 million euros. Seta will acquire 85% of the business from the ceo Gianluigi Mussinelli (45.2%), Giacomina Cadei, Lucia Cadei, Elena Cadei, Maria Luisa Cadei, and Giovanni Romagnoni. The funs will pay 7,20 euros per share. The Cadei Family (36%) will sell at 5,5 euros per share while Giovanni Romagnoni will get 7,2 euros for his 4,3% stake. Seta will buy 70% of Sebino and will finance the transaction with its own resources, banking facilities and a vendor loan.
Sebastiano Rocca led a management buy-out for Value Partners, an Italian strategic consulting firm that the chairman Giorgio Rossi Cairo founded (see here a previous post by BeBeez). Alberto Antonioli and Emanuele Salamone joined Rocca. Rossi Cairo will hold a relevant stake in the firm.
Between December 2022 and April 2023, Fondazione Cariplo sold a total 8% of Milan-listed BF, the holding that controls agribusiness Bonifiche Ferraresi (see here a previous post by BeBeez). Fondazione Cariplo now owns 11.29% of BF which said to BeBeez that the current shareholders are Gruppo Dompé (24%), ceo Federico Vecchioni (4%) and Eni Natural Energies (7%). Bonifiche Ferraresi has sales of 269 million euros.
Consilium said it acquired the majority of Fonderia Boccacci, an Italian producer of industrial components, from the Boccacci Family (see here a previous post by BeBeez). Angelo Lazzari, ceo, will keep his role. Crédit Agricole Italia and Banco BPM financed the transaction and appointed Simmons & Simmons for counsel. Consilium retained EY, Gattai, Minoli, Partners, Kearney, Fieldfisher, 4ward Consulting, Greenwich, Deloitte, and Aon. Boccacci hired Russo De Rosa Associati and Equita K Finance. Fonderia Boccacci has sales of above 50 million euros.
Italian Fine Food, a food sector private equity that AVM Gestioni launched, started its 100 million euros fundraising BeBeez (see here a previous post by BeBeez). Gianni & Origoni is assisting the firm. The fund will also invest in tech food and create a digital platform to distribute the portfolio companies’ products with the support of blockchain, NFT, Virtual Reality and 360° Experience technologies.
Gruppo Certina, a German turnaround investor, acquired Nuova TMR, an Italian producer of transmission towers (see here a previous post by BeBeez). In 2018, Certina purchased troubled Italian Demm, an Italian producer of industrial components. Nuova TMR has sales of 10 million euros and net profits of 20%. Certina will integrate Nuova TMR with Demm.
Panariagroup, an Italian ceramics producer that the Mussini Family delisted from Milan market in 2021, announced the acquisition of Portuguese competitor Gresart (see here a previous post by BeBeez). Panaria has sales of 450 million euros.
Quick, an Italian producer of nautic accessories of which Fondo Italiano d’Investimento and Armònia have 70%, acquired Italian competitor Sanguineti Chiavari Produzione Articoli Nautici from the Sanguineti Family (see here a previous post by BeBeez). After such an acquisition, Quick will increase its presence in the super-yachts and mega-yachts segments. The target has sales of 2.4 million euros, an ebitda of minus 42054 euros and equity of 4.4 million.
Idroelettrica Nord Italia and Swisspower sold to Italian cloud provider and IT company Aruba two hydroelectric plants with a total power of 2MW based in Bergamo area (see here a previous post by BeBeez). Alessandro Bachini assisted the buyers. Idroelettrica Nord Italia hired L&B Partners Avvocati Associati. Idroelettrica has sales of 3.9 million euros, an ebitda of 2.2 million and net cash in the region of 0.445 million.
Chimera Abu Dhabi and Haeres Capital signed an even joint venture and lunched ChimHaeres Investment Holding, a vehicle bases in Milan and in Switzerland that will focus on luxury and lifestyle brands in Italy, France, Switzerland, the UK, and other European countries (see here a previous post by BeBeez). Philippe Camperio, ceo, will head ChimHaeres, which already has in its portfolio fashion firms Borsalino and Vionnet. In addition, the holding signed agreements for acquiring a majority stake of Fogal and Zagato. Giovanni Maria Rossi is the chairman of ChimHaeres.
Italy’s industrial and commercial refrigeration firm MTH (Manifatture Tecnolegno Hartz) acquired 80% of Foris Index, an Italian producer of doors for fridge (see here a previous post by BeBeez). After such a transaction, the companies will generate aggregated sales of 40 million euros. The Berardi Family sold the asset and kept a minority. Studio Dondona assisted MTH while Foris Index retained Pirola Corporate Finance and Studio Commerciale e Tributario Scialdone. The target has sales of 8 million.
Ludoil Energia, a subsidiary of logistic firm Ludoil Energy, acquired Isecold, a Naples-based competitor (see here a previous post by BeBeez). Isecold retained as advisors PwC Italia and Chiomenti. The target has sales of 1.5 million euros, an ebitda of below 0.4 million and a net financial debt of 1.7 million.
Marposs, an Italian manufacturer of industrial components, announced the acquisition of German competitor MeSys, a company that managing directors Eva Knorr and Daniel Eggerath head (see here a previous post by BeBeez). Stefano Possati, chairman, and Alessandro Strada, ceo, manage Marposs which has sales of 410 million euros, an ebitda of 50 million and net debt of 240 million.
