OTTO MESI DI PRIVATE EQUITY - SETTEMBRE 2018 - BEBEEZ.IT
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Settembre 2018 Otto mesi di private equity
Secondo il database di BeBeez, da inizio gennaio sino a fine agosto si sono contate 113 operazioni di private equity nel senso
più ampio del termine, di cui 55 rappresentate da investimenti diretti dei fondi in società italiane, che diventano 69 se si
contano anche i 14 deal nell’ambito di operazioni di ristrutturazione aziendale. Per il resto, sono stati
Sono state 113 mappati 30 investimenti indiretti (add-ons) condotti da società partecipate da fondi di private equity italiani
o esteri che hanno comprato aziende italiane oppure partecipate da fondi italiani che hanno comprato aziende
le operazioni di estere; 6 acquisizioni dove a comprare sono stati club deal di investitori; e 8 deal dove le società sono target
private equity di business combination annunciate oppure già concluse da parte di altrettante Spac.
in senso lato
Questa attività condotta in otto mesi non è lontana per numero di deal da quella di tutto lo scorso 2017, quando
tra gennaio e i fondi di private equity avevano annunciato 100 investimenti diretti nel capitale di società italiane, compresi
agosto 2018 5 deal nell’ambito di ristrutturazioni
aziendali. Il numero peraltro includeva anche le 21 acquisizioni condotte Neuberger Berman in relazione alle
che hanno partecipazioni dirette del Fondo Italiano d’Investimento. A quel numero andavano poi aggiunte 33 operazioni
riguardato di investimento indirette da parte di aziende in portfoglio e tre
business combination da parte di Spac. Il tutto per un totale di 136 operzioni.
l’Italia.
Sul fronte dei valori delle operazioni, secondo i dati Aifi diffusi lo scorso marzo, nel 2017 gli investimenti dei
In tutto il 2017 fondi (inclusi anche quelli dei fondi di venture capital) si sono limitati a 4,938 miliardi di euro (investiti in 250
erano state società), ben il 40% in meno dagli 8,191 miliardi del 2016 (su 245 società). Ma questo soprattutto perché l’anno
soltanto 136 scorso non si sono visti i cosiddetti mega-deal, cioè le operazioni al di sopra dei 300 milioni di euro di equity
investito.
Quest’anno, invece, un grande aiuto alle statistiche lo daranno di sicuro i deal su Recordati, u Italo-Ntv, su EiTowers e di
conseguenza è ragionevole attendersi un balzo nel valore degli investimenti.CVC Capital Partners, in cordata con PSP Investments e StepStone pagheranno infatti 28 euro per azione la quota di controllo del gruppo farmaceutico Recordati in mano alla famiglia, per una valutazione complessiva della quota del 51,8% di 3,03 miliardi di euro e di un equity value dell’intera società di 5,8 miliardi. Senza contare che poi andrà lanciata l’opa. L’altro grande deal è stato quello su Italo-Ntv: il fondo Global Infrastructure Partners ha valutato l’equity del gruppo 1,94 miliardi di euro, il che, inclusa la posizione finanziaria netta da 443 milioni, porta l’enterprise value a poco meno di 2,4 miliardi. Peninsula Capital e alcuni dei vecchi azionisti, compreso l’ad Flavio Cattaneo, hanno reivestito per una minoranza per 150 milioni di euro. Il tutto mentre è attualmente in corso l’opa di 2i Towers, veicolo di F2i e Mediaset, su EiTowers, valutata 1,6 miliardi di euro, con F2i che a luglio ha anche vinto l’asta per RTR Rete Rinnovabile a cui è stato assegnato un enterprise value di ben oltre un miliardo. Tra le operazioni di medie dimensioni, da ricordare certamente l’ennesimo giro di buyout su Italmatch Chemicals. Bain Capital ha comprato il gruppo chimico internazionale da Ardian per una valutazione di circa 700 milioni. Ma anche il deal di FSI Mid- Market Growth Equity Fund sul 41,2% di Missoni per 70 milioni di euro. Quanto ai club deal, Asset Italia, la società promossa da Tamburi Investment Partners insieme a 30 family offices di imprenditori italiani, ha comprato il 38,8% di Alpitour da Wise sgr e J.Hirsch&Co per un equity value dell’intero tour operator di 470 milioni di euro. Infine da segnalare il grande attivismo delle Spac con appunto otto operazioni di business combination annunciate, di cui già due concluse con la quotazione di Industrie Chimiche Forestali e Cellular Italia.
Private equity deals announced in 2018
relating to Italian companies targets
or made by Italian or foreign portofolio companies
Announcement Revenues Who has sold or has % stake Posts by
date Target Sector 2016 diluted in the capital Investors acquired BeBeez
Direct
Investments
designs and builds plants and
accessories dedicated to
industrial painting for the
January Spraytech tanning sector 10 Mauro Golin NEIP III (Finint sgr) 70.0% BeBeez
PM&Partners sgr and
January Monviso backary products 36 manager Cerea Capital BeBeez
Casa vinicola
January Botter BeBeez
January Eolo 75* Luca Spada BeBeez
January GSA 70* Armònia sgr 68.5% BeBeez
January Brenta BeBeez
January RGI BeBeez
February Atex BeBeez
February Eurofiere BeBeez
Luciano Benedini.
IT systems for consumer Francesco Cavagna and Charme Capital
March OCS credit and retail banking 30* Lorenzo Cereda Partners 80.0% BeBeez
Change Capital Partners
March Sebeto Group restaurants chain 60 and founders OP Capita 80.0% BeBeez
(Roberto Imperatrice.
Pippo Montella e Franco
Manna)Aksìa Group sgr
(96%) e Equita private
March CRM piadina maker 20* Montagnani family debt fund (4%) 100.0% BeBeez
Chiorino finishing of leather for the
March Technology luxury leather goods sector 30* nd Arcadia sgr BeBeez
rubber and silicone pipes and Danilo and Vittorio Palladio Finanziaria
March Uni Gasket seals 50* Calissi Holding 75.0% BeBeez
Aromatika
(Caffè
March Borbone) coffe maker 94* Massimo Renda Italmobiliare 60.0% BeBeez
Business
Integration Argos Soditic e
March Partners corporate advisory 180* manager Apax Partners France 100.0% BeBeez
Sozzi
April Arredamenti furniture 30.6 Sozzi family Nuo Capital minority BeBeez
Gruppo
Magnaghi
April Aeronautica aeronautic components 100 Graziano family The Three Hils 25.0% BeBeez
plastic components for
April Adler Group automotive industry 1400* Scudieri family FSI Growth 28.0% BeBeez
plants for indusrial treatment
April Tecno Pool of food&beverage industry 37 Lago family Xenon Private Equity majority BeBeez
Daniele Conti and
April Seco minicomputer 50* Luciano Secciani FII Tech Growth minority BeBeez
Fondo Italiano per
public illumination systems l’Efficienza
April Selettra and projects 7.3 Tommaso e Vito Telesca Energetica (FIEE) 50.0% BeBeez
Michael Havel. MCI
April Lifebrain diagnostic laboratories 100* Capital Investindustrial 96.0% BeBeez
Global Infrastructure
Partners III (Peninsula
Italian entrepreneurs. and some old
April Italo-Ntv high speed railways Peninsula Capital shareholders reinvest) 100.0% BeBeez
Alessandro Squarzi.
Cristiano Martelli. Gian
Luca Zucchelli e Matteo
May Atlantic Stars sneakers maker 17* Zoni Alcedo sgr 60.0% BeBeezheating and cooling plants Ersel Investment Club e Ersel Investimenti e
May Arbo components 60* Daniele Franco Bravo Capital Partners
Mezzalira Investment
May Sitland furniture 21* Sergio Bellin Group 100.0% BeBeez
Wise sgr and Tamburi Investment
May Alpitour tour operator 1200* J.Hirsch&Co Partners 38.8% BeBeez
linear guides for the
May Nadella mechanical industry 70* 21 Investimenti ICG 100.0% BeBeez
sliding doors for residential
May Scrigno properties 68* Berardi family Clessidra sgr 100.0% BeBeez
Business 2% (sale al
May School 24 education 20.9 Gruppo Sole 24 Ore Palamon Capital 51%) BeBeez
Silvder Ridge
May Italia owner of photovoltaic plants nd Silver Ridge Power Amarnato Holding 100.0% BeBeez
Oakley Capital. Mauro
leading internet site for price Giacobbe. Angelica
comparison in the insurance Pellizzari and Barbara.
sector. bank current accounts. Eleonora and Luigi
May Facile.it utility tariffs 66* Berlusconi EQT 100.0% BeBeez
operator specialized in
providing after-sales services Sbs (Storti family) and
May Estendo for large and small appliances 25* Andrea Fortis Armònia sgr 68..% BeBeez
FSI Mid-Market
June Missoni iconic fashion brand 150* Missoni family Growth Equity 41.2% BeBeez
21 Investiment. NEIP
III. Quadrivio
bakery products for breakfast fund.Gallina family and BC Partners and wide
June Forno d'Asolo and frozen pastry 100* management management majority BeBeez
eco-sustainable plastic
packaging for the cosmetics L Catterton and wide
June Pibiplast market 60* Bosi family Ambienta sgr majority BeBeez
Electa Ventures. minority
biological segment of oils and Azimut Global and
The Organic lecithins for food use and Counseling and Ipo convertible
June Factory proteins for zootechnical use 40*** Paolo Frigati Club bonds BeBeezcollection. transport. storage. Xenon Private Equity V
treatment and disposal of e Roccaforte Icon Infrastructure
June Eco Eridania special waste 145* (Alessandro Giustini) Partners IV >50% BeBeez
advanced tinting systems. for
July Corob the paint and coatings sector 100* Wise sgr e management Ardian >50% BeBeez
Dispensa Investindustrial
July Emilia fast casual restaurants chain 20* Alfiero Fucelli Growth 70.0% BeBeez
Astorg Parnters.
production and sale of pulleys Neuberger Berman and
and belts in polyurethane and NB Aurora. Tadolini
July Megadyne rubber 319* family Partners Group BeBeez
production of printing
Uteco machines for flexible management e Chivilò NB Renaissance
July Converting packaging 121.4 family Partners 81.0% BeBeez
July Carton Pack packaging for the food sector 80* Leone family 21 Investimenti >50% BeBeez
Vår Energi as
(merger
between Eni
Norge and leader in the exploration and
Point production of hydrocarbons in HitecVision e Eni
July Resources) Norway nd HitecVision e Eni Group Group 100.0% BeBeez
CVC Capital Partners.
Fimei spa (Recordati PSP Investments and
July Recordati pharmaceutical products 1288* family) StepStone 51.8% BeBeez
special additives for water and
Italmatch oil & gas treatment. wide
July Chemical lubricating oils and plastics 400* Ardian and management Bain Capital majority BeBeez
production. distribution and
Evergreen Life sale of natural food Palladio Finanziaria
July Products supplements 15* Pesle family Holding nd BeBeez
RTR Rete
July Rinnovabile renewable energy plants 158* Terra Firma F2i 100.0% BeBeez
Mediaset and the market
Tlc and tv transmission (tenderd offer started 2i Towers (F2i and Target BeBeez
July EiTowers towers 262.9* Aug 27th) Mediaset) 100%mechatronic and digital Domrakaba (Facchinetti
solutions for access control and Faustini family keep
July Iseo and security 145* 60%) Italmobiliare 40.0% BeBeez
wide
August Calligaris design furniture 140* Calligaris family Alpha Private Equity majority BeBeez
real estate and urban security
August United spa services nd Carlo Mastrangelo LB Capital 33.0% BeBeez
packaging for the cosmetic FSI Mid-Marcket
August Lumson sector 100*** Moretti family Growth Equity Fund 35.0% BeBeez
energy plants management Fondo Italiano per
Comat Servizi systems in the residential l’Efficienza
August Energetici sector nd Comat spa Energetica (FIEE) nd BeBeez
Add-ons
Fondo Italiano per
l’Efficienza
City Green development of energy Energetica (FIEE) and
February Light efficiency in public lighting 55 Gemmo Gemmo 100.0% BeBeez
Jason and Ryan Borg
City Prints and brothers (reinvest in
February Premier Fabrics printing of fabrics 20* Imprima) Imprima (Wise sgr) 100.0% BeBeez
Evoca (ex N&W
Global vending.
VE Global coffe trader and vending controlled by Lone
March Solutions machine distributor in USA nd nd Star) 100.0% BeBeez
Jiayou
March Chemical chemical nd Ecolab Italmatch (Ardian) 100.0% BeBeez
Bruseschi family
(reinvests a minority in Garda Plast
March Ifap plastic nd Garda Plast) (Progressio sgr) 100.0% BeBeez
April Eden Viaggi tour operator nd Filippetti family Alpitour 100.0% BeBeez
La Genovese
April Gomme tyre distribution 11.7 Balduzzi family Fintyre (Bain Capital) 100.0% BeBeezImanuel Baharier.
Giuseppe Virgone.
Sin&rgetica . Avm
Development spa e Tan Nexi (Advent-Bain
April Sparkling18 digital payments technology nd Holdings srl Capital- Clessidra) 100.0% BeBeez
RBS-Retail
banking Covisian (Aksìa
April Services customer management nd Alessandro De Angelis Group) 100.0% BeBeez
Bracchi ( Igi Private
Equity. Siparex. la
May BAS Group logistica 30 soci privati famiglia Annoni) 100.0% BeBeez
Monviso (Céréa
Grissinificio Partenaire e
May Europa alimentare 6.5* famiglia Mosca Capzanine) 100.0% BeBeez
Optima-Mec3
(Charterhouse Capital
May Giuso Guido alimentare nd Bruno Lulani Partners) 100.0% BeBeez
Irideos
(Infracom. F2i sgr (80%) and
KPNQWest Marguerite fund (20%) F2i sgr (80%) and
Italia. MC-link merge their portfolio Marguerite fund
May and BigTLC) tlc 159* companies (20%) 100.0% BeBeez
Evoca (ex N&W
Global vending.
Quality espresso coffee machines controlled by Lone
May Espresso sa equipment nd nd Star) 100.0% BeBeez
City Green development of energy
May Light efficiency in public lighting 55 FIEEE and Gemmo Fondo Marguerite 100.0% BeBeez
maker of professional manual
coffee machines and
Quality complementary accessories
May Espresso for the HoReCa sector nd nd Evoca (Lone Star) 100.0% BeBeez
HTL Strefa (to lancing devices (safety
be merged with lancets. personal lancets and
PIC. Artsana pen needles for insulin
May Group) injections) 80* EQT Investindustrial 100.0% BeBeez
May First Data Sia 100%% BeBeezshops and temporary store Grandi Stazioni Retail
manager in 70 railway (Antin Infrastructure.
June Retail Group stations in Italy nd Nicolò Marzotto Icamap e BG am) 100.0% BeBeez
molds and molding of small Tecnomeccanica
metal parts for automotive to (fondo Idea Efficienza
June Mea electronics sectors 27* Olsa spa Energetica) 100.0% BeBeez
Techni Waterjet waterjet cutting machines for Gmm spa (Consilium
June Ltd metal. stone and glass sectors 18* nd sgr) 100.0% BeBeez
Forniture wholesale distribution of Alliance Marine
Nautiche items. accessories. equipment Farina and Montanari (Weinberg Capital
June Italiane and instruments for boating 10* families Partners) 100.0% BeBeez
European Tyres
wholesale distribution of full- Reifen Krieg. Holger Distribution - Fintyre
June Reifen Kreig range spare tires 30* Krieg and Tobias Fink (Bain Capital) 100.0% BeBeez
Irideos (F2i and
June Enter tlc provider nd Paolo Lezzi Marguerite fund) 100.0% BeBeez
company producing fine and Fedrigoni (Bain
June Cordenons technical papers 89* Ferruccio Gilberti Capital) 100.0% BeBeez
products
portfolio. in the
ophthalmic NTC (Valenedica -
June sector pharmaceutical products nd Novaartis Wise sgr) 100.0% BeBeez
Carlo Marco Cavallo
wedding dresses and (ceo). Alessandra Pronovias (BC
July Nicole accessories 28.5* Rinaudo e Luigi Cavallo Partners) 100.0% BeBeez
DeltaMed (Aungens
Bioengineering Capital e DB Private
July Laboratories medical devices nd Francesco Greco Equity) 77.0% BeBeez
Allsystem (Vincenzo
Serrani e Private
July Ivri security 240* BIKS Group Equity Parners) 100.0% BeBeez
DPH – Doing
Pharmaceutical
digital communication for Holding spa (Star
August Educom pharma and health sectors 4* nd Capital) 100.0% BeBeezClub deal
Orienta Partners.
February Fratelli Bassini Bread maker 11* Bassini family Indigo Capital 100.0% BeBeez
Stefano Miccinelli.
e-procurement and IT for Crespi. Cicogna Stefano Trentino.
insurance companies and Mozzoni and Faina Marco Forasassi
March Gruppo Step banks 60* families Torresani. 45.0% BeBeez
Renato Peroni and
Cristiano Portas
Davide Groppi (reinvests Italian Design Brands
March Davide Groppi light design 9 a minority in IDB) (57%) e Paolo Pagani 100.0% BeBeez
BC Partners.
Investindustrial and Stefano Beraldo.
Ontario Teachers Coin's managers and
March Gruppo Coin retailer 400* Pension Plan italian entrepreneurs 100.0% BeBeez
Equity Partner
Investment Club
value added marketing (Mediobanca. Pfc.
services ( analysis of big de Brabant and Mussetto Ardian Growth and
June Seri Jakala data) nd families H14) BeBeez
Stefano Saturnino. Ilaria 11 famiglie di
Panini Durini Puddu. Alessandro Di imprenditori
July (Pancioc spa) lunch bar chain 9.7* Pace organizzate da Astraco >75% BeBeez
Spac
Banca private entrepreneurs of
Interprovinciale 1 bn total the Emilia Romagna
January (Illimity) commercial bank assets Region Spaxs tbd BeBeez
glues and adhesive fabrics for Progressio sgr. Mandarin
Industrie shoes and leather goods for Capital Partners. Private
Chimiche the automotive and flexible Equity Partners sgr and
February Forestali packaging sectors 78.7* Guido Cami EPS Equita PEP Spac >90% BeBeez
machinery. complete lines and
turnkey systems. mainly for Catelli family and
March CFT the food & beverage industry 200* Alessandro Merusi Glenalta tbd BeBeez64.2
(annual Aim market. Amato
May Net Insurance insurance company premia) family Archimede tbd BeBeez
L Catterton. Motion
accessories for smartphones. Equity Partners. DVR
tablets. mp3 players with the Capital and Foglio and
June Cellular Italia Cellular Line brand 165.5* Aleotti families Crescita 63.0% BeBeez
security closures for liqueurs. aPriori. NB Renaissance.
wine. oil and vinegar. water SwanCap. Marco
and beverages and Giovannini and other
June Guala Closures pharmaceutical products 534.8* managers Space4 tbd BeBeez
ABK Group Michelangelo Fortuna.
Industrie production and marketing of Andrea Guidorzi.
June Ceramiche ceramic floor and wall tiles 115.4* Roberto Fabbri Capital for Progress 2 tbd BeBeez
Fine Foods &
Pharmaceuticals nutraceutical and Eigenfin srl (Marco
June Ntm pharmaceutical products 119.6* Eigenmann) Innova Italy 1 tbd BeBeez
Restructuring
January Implanta Lab dentistic clinics nd bankrupcty procedure Argos Soditic 100.0% BeBeez
Pacific Global
Management (Silvio
February La Perla fashion brand 150* Scaglia) Sapinda Holding 100.0% BeBeez
Presotto
February Industrie Mobili furniture 16* Luciano Biscontin Ibla Capital majorituy BeBeez
Reno d'Medici. Intesa
Sanpaolo. Manuli
family. banks (from a
May Manucor pvc films maker 137* debt restructuring) Pillarstone Italy 100.0% BeBeez
manufacturer of gears for the
automotive. agricultural
machinery. forklifts and
May Demm industrial machines sectors backrupcty procedure Certina Holding 100.0% BeBeez
Fondo Idea CCR I and
May Cartiere Pigna paper maker 28 Jannone Group Gruppo Buffetti 40.0% BeBeezBanca
June Intemobiliare private bank markert Attestor Capital 70.6% BeBeez
June Snaidero kitchen furniture 126.6 Snaidero family Idea CCR II >51% BeBeez
products for early childhood. Brevi family (debt
such as cribs. high chairs and restructuring agreement.
June Brevi strollers 20* art. 67 LF) Phi Industrial 100.0% BeBeez
textile group that produces
high-end fabrics and
June Canepa accessories 106 Canepa-Saibene family Idea CCR II 67.0% BeBeez
Johnson-CPZ
Distribuzione (Marzio
producer of diaries and Carrara) and
June Lediberg notebooks 125* Iris Capital Fund bv Pillarstone Italy 100.0% BeBeez
Fineurop Investment
July Pharmaday pharmaceuticals products 43.8 backrupcty procedure Opportunities 100.0% BeBeez
tablecloths. underwear and Fineurop Investment
July Planetex nightwear 57.9** backrupcty procedure Opportunities 100.0% BeBeez
July Kiko make-up maker 610* Percassi family Peninsula Capital 33.0% BeBeez
*2017 . **2015. ***2018Puoi anche leggere
