NetCo, the infrastructure network of Milan-listed TIM, asked CDP Equity – Macquarie Infrastructure and Real Assets and Kohlberg Kravis Roberts (KKR) to sweeten further their offers (see here a previous post by BeBeez). The company said that one of the bidder (KKR, rumours say) is willing to review its bid and table another one by 9 June, Friday. TIM has a market capitalization of 3.81 billion euros. Previous press reports said that the declined bids are in the region of 19-21 billion.
Trane Technologies, a producer of components for the climatization sector, acquired from Chequers Capital the majority of MTA, an Italian competitor (see here a previous post by BeBeez). MTA retained as advisors Ethica Group and ADVANT Nctm. MTA has sales of above 100 million (87% export). The Pengo and Mantegazza Families sold the company to Chequers Capital in 2019.
NB Renaissance and Style Capital won the auction for acquiring 70% of U-Power, the producer of protective shoes and owner of the brands Jallatte, Aimont and Lupos (see here a previous post by BeBeez). Sources said to BeBeez that the transaction is worth 800 million euros. The company’s founder Franco Uzzeni will reinvest for a 30% of U-Power and keep his chairman and ceo role. NB Renaissance retained as advisors Houlihan Lokey, Intesa Sanpaolo, Banca Akros, BNP Paribas, Legance, AlixPartners, PwC Advisory, PwC TLS, and ERM. Uzzeni received assistance from Lazard, UniCredit, Fieldfisher, BCG, and EY. U-Power aims to grow through acquisitions.
Wise Equity announced the closing for its 400 million euros fundraising for its midmarket fund (see here a previous post by BeBeez). The firm attracted the resources of international and domestic institutional investors (60% – 28%), HNWIs and the fund’s managers. Rede Partners, Legance – Avvocati Associati and Proskauer assisted Wise.
Sources said to BeBeez that One Equity Partners (OEP) acquired the majority of Kirey Group, an Italian IT system integrator, from Synergo Capital (see here a previous post by BeBeez). OEP also acquired Bulgaria’s Synergyc for creating an industrial catlysing pole. Kirey has sales of 76 million euros, an ebitda of 5.4 million and a net debt of 14.9 million.
Palladio Holding acquired a controlling stake of DPA Microphones, a Danish producer of high-end microphones, from RCF Group who will keep a minority of the target (see here a previous post by BeBeez). In 20218, RCF acquired DPA from The Riverside Company which invested in 2013. Palladio Holding and Amundi Private Equity own 30% of RCF which has sales of 150.7 million euros, an ebitda of 24.9 million and a net financial debt of 120.6 million.
Milan-listed Azimut launched Azimut SCA-SICAV-RAIF Automobile Heritage Enhancement (AHE), an investor in collectible cars (see here a previous post by BeBeez). Alberto Schon is the fund’s advisor. AHE has an evergreen structure and is in line with the Article 8 of Sustainable Finance Disclosure Regulation (SFDR).
CBRE Group received the Golden Power clearing for acquiring Hitrac Engineering, a data center developer (see here a previous post by BeBeez). Sources said to BeBeez that B4 Investimenti, a fund that Fabrizio Baroni heads, will gain an above 200% IRR out of such a sale. Hitrac has sales of 70 million euros and an ebitda in the region of 6 million. B4 acquired 59.2% of Hitrac in April 2021 and supported the company’s ceo Fabrizio Mainas and director Alessandro Rocchetto. Mainas kept his role. Hitrac retained as advisors Gianni & Origoni, Gusmitta & Associati and PwC. CBRE hired DLA Piper.
Thaleia acquired Cugno le Macine, an Italian gas stocking site (see here a previous post by BeBeez). One33, the Italian subsidiary of Davidson Kempner Capital Management, is the owner of Thaleia which aims to carry on further acquisitions under the leadership of ceo and coo Marco Reggiani.
Russian Lukoil received the Golden Power authorization for selling Isab to GOI Energy (see here a previous post by BeBeez). BonelliErede and Ernst & Young assisted the buyers for an enterprise value of 1.5 billion euros. Lukoil acquired 49% of ISAB from ERG in 2008 for an enterprise value of 2.75 billion and signed a call option for the whole asset. GOI Energy belongs to Argus Management, a Cyprus-based investor that ceo Michael Bobrov heads.
Montefiore Investment is in advanced talks for acquiring Exa Group, a general contractor for the sectors of luxury, leisure and fashion (see here a previous post by BeBeez). In 2016, Alcedo paid 11 million euros for acquiring 55% of Montefiore from Giuseppe Polvani, Gianrico Specchio and Paolo Pratesi who kept 45% of the business. Alcedo appointed Lincoln International, Advant NCTM and Russo De Rosa Associati as advisors. Montefiore hired New Deal Advisors. Exa previously attracted the interest of Fondo Italiano d’Investimento – Armonia and Trilantic on the ground of an enterprise value of 130 million. The company has sales of 125.5 million, an ebitda of 4.5 million and a net debt of 4.2 million.
FibrXL, a Dutch distributor and transformer of industrial fabric that belongs to Active Capital Company since March 2018, subscribed a preliminary agreement for acquiring Italian competitor Eurotexfilati (see here a previous post by BeBeez). Gianni&Origoni and Deloitte assisted FibrXL while Pirola Corporate Finance and Studio Luce advised Eurotexfilati which has sales of 16.5 million euros, an ebitda of 0.844 million and a net financial debt of 6.4 million. The target previously belonged to WP Holding (58.29%), Gem (36.71%) and cfo Alessandro Avancini (5%).
Piaggio Aero Industries and Piaggio Aviation, the units of Mubadala‘s portfolio company Piaggio Aerospace, expect to receive expression of interest for their assets by 12 June, Monday (see here a previous post by BeBeez). Vincenzo Nicastro, Carmelo Cosentino and Giampaolo Davide Rossetti are the extraordinary commissioners that are handling the sale of the assets for which the Italian Ministry of Enterprises and Made in Italy set a deadline for May 2024. Piaggio Aerospace has a backlog of 556 million euros.
Gruppo Servizi Associati (GSA), a fire-prevention company that belongs to Eurizon Capital since 2021, acquired 75% of Spanish competitor Previnsa Servicios Integrales (see here a previous post by BeBeez). GSA received assistance from GPBL and Broseta. The vendors and 25% owners retained as advisors Garrigues. The target has sales of 17.7 million euros, an ebitda in the region of 2 million. GSA has revenues of 173 million, an ebitda of 38 million and a net financial debt of 95 million.
Ambienta acquired the majority of waste recycling firm Previero N from the Previero Family who will keep a minority (see here a previous post by BeBeez). The target has sales of 63.8 million euros, an ebitda of 5.3 million and net cash of 8.5 million.
Impresoft, an Italian ICT firm that belongs to Clessidra Private Equity since 2021, announced the acquisition of Develon Digital (see here a previous post by BeBeez). Develon (62.5%) and Serviceplan Italia (37.5%) sold their stakes in the target which has sales of 2.7 million euros, an ebitda of 0.357 million and net cash of 0.288 million.
