I regolamenti dei fondi comuni di investimento. Clausole standard nel private equity
Otto mesi di private equity · Secondo il database di BeBeez, da inizio gennaio sino a fine agosto...
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Otto mesi di private equity Settembre 2018
Transcript of Otto mesi di private equity · Secondo il database di BeBeez, da inizio gennaio sino a fine agosto...
Otto mesi di private equity
Settembre 2018
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
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
estere; 6 acquisizioni dove a comprare sono stati club deal di investitori; e 8 deal dove le società sono target
di business combination annunciate oppure già concluse da parte di altrettante Spac.
Questa attività condotta in otto mesi non è lontana per numero di deal da quella di tutto lo scorso 2017, quando
i fondi di private equity avevano annunciato 100 investimenti diretti nel capitale di società italiane, compresi
5 deal nell’ambito di ristrutturazioni
aziendali. Il numero peraltro includeva anche le 21 acquisizioni condotte Neuberger Berman in relazione alle
partecipazioni dirette del Fondo Italiano d’Investimento. A quel numero andavano poi aggiunte 33 operazioni
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.
Sul fronte dei valori delle operazioni, secondo i dati Aifi diffusi lo scorso marzo, nel 2017 gli investimenti dei
fondi (inclusi anche quelli dei fondi di venture capital) si sono limitati a 4,938 miliardi di euro (investiti in 250
società), ben il 40% in meno dagli 8,191 miliardi del 2016 (su 245 società). Ma questo soprattutto perché l’anno
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.
Sono state 113
le operazioni di
private equity
in senso lato
tra gennaio e
agosto 2018
che hanno
riguardato
l’Italia.
In tutto il 2017
erano state
soltanto 136
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
date Target Sector
Revenues
2016
Who has sold or has
diluted in the capital Investors
% stake
acquired
Posts by
BeBeez
Direct
Investments
January Spraytech
designs and builds plants and
accessories dedicated to
industrial painting for the
tanning sector 10 Mauro Golin NEIP III (Finint sgr) 70.0% BeBeez
January Monviso backary products 36
PM&Partners sgr and
manager Cerea Capital BeBeez
January
Casa vinicola
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
March OCS
IT systems for consumer
credit and retail banking 30*
Luciano Benedini.
Francesco Cavagna and
Lorenzo Cereda
Charme Capital
Partners 80.0% BeBeez
March Sebeto Group restaurants chain 60
Change Capital Partners
and founders OP Capita 80.0% BeBeez
(Roberto Imperatrice.
Pippo Montella e Franco
Manna)
March CRM piadina maker 20* Montagnani family
Aksìa Group sgr
(96%) e Equita private
debt fund (4%) 100.0% BeBeez
March
Chiorino
Technology
finishing of leather for the
luxury leather goods sector 30* nd Arcadia sgr BeBeez
March Uni Gasket
rubber and silicone pipes and
seals 50*
Danilo and Vittorio
Calissi
Palladio Finanziaria
Holding 75.0% BeBeez
March
Aromatika
(Caffè
Borbone) coffe maker 94* Massimo Renda Italmobiliare 60.0% BeBeez
March
Business
Integration
Partners corporate advisory 180*
Argos Soditic e
manager Apax Partners France 100.0% BeBeez
April
Sozzi
Arredamenti furniture 30.6 Sozzi family Nuo Capital minority BeBeez
April
Gruppo
Magnaghi
Aeronautica aeronautic components 100 Graziano family The Three Hils 25.0% BeBeez
April Adler Group
plastic components for
automotive industry 1400* Scudieri family FSI Growth 28.0% BeBeez
April Tecno Pool
plants for indusrial treatment
of food&beverage industry 37 Lago family Xenon Private Equity majority BeBeez
April Seco minicomputer 50*
Daniele Conti and
Luciano Secciani FII Tech Growth minority BeBeez
April Selettra
public illumination systems
and projects 7.3 Tommaso e Vito Telesca
Fondo Italiano per
l’Efficienza
Energetica (FIEE) 50.0% BeBeez
April Lifebrain diagnostic laboratories 100*
Michael Havel. MCI
Capital Investindustrial 96.0% BeBeez
April Italo-Ntv high speed railways
Italian entrepreneurs.
Peninsula Capital
Global Infrastructure
Partners III (Peninsula
and some old
shareholders reinvest) 100.0% BeBeez
May Atlantic Stars sneakers maker 17*
Alessandro Squarzi.
Cristiano Martelli. Gian
Luca Zucchelli e Matteo
Zoni Alcedo sgr 60.0% BeBeez
May Arbo
heating and cooling plants
components 60*
Ersel Investment Club e
Daniele Franco
Ersel Investimenti e
Bravo Capital Partners
May Sitland furniture 21* Sergio Bellin
Mezzalira Investment
Group 100.0% BeBeez
May Alpitour tour operator 1200*
Wise sgr and
J.Hirsch&Co
Tamburi Investment
Partners 38.8% BeBeez
May Nadella
linear guides for the
mechanical industry 70* 21 Investimenti ICG 100.0% BeBeez
May Scrigno
sliding doors for residential
properties 68* Berardi family Clessidra sgr 100.0% BeBeez
May
Business
School 24 education 20.9 Gruppo Sole 24 Ore Palamon Capital
2% (sale al
51%) BeBeez
May
Silvder Ridge
Italia owner of photovoltaic plants nd Silver Ridge Power Amarnato Holding 100.0% BeBeez
May Facile.it
leading internet site for price
comparison in the insurance
sector. bank current accounts.
utility tariffs 66*
Oakley Capital. Mauro
Giacobbe. Angelica
Pellizzari and Barbara.
Eleonora and Luigi
Berlusconi EQT 100.0% BeBeez
May Estendo
operator specialized in
providing after-sales services
for large and small appliances 25*
Sbs (Storti family) and
Andrea Fortis Armònia sgr 68..% BeBeez
June Missoni iconic fashion brand 150* Missoni family
FSI Mid-Market
Growth Equity 41.2% BeBeez
June Forno d'Asolo bakery products for breakfast and frozen pastry 100*
21 Investiment. NEIP
III. Quadrivio
fund.Gallina family and management
BC Partners and management
wide majority BeBeez
June Pibiplast
eco-sustainable plastic
packaging for the cosmetics
market 60* Bosi family
L Catterton and
Ambienta sgr
wide
majority BeBeez
June
The Organic
Factory
biological segment of oils and
lecithins for food use and
proteins for zootechnical use 40*** Paolo Frigati
Electa Ventures.
Azimut Global
Counseling and Ipo
Club
minority
and
convertible
bonds BeBeez
June Eco Eridania
collection. transport. storage.
treatment and disposal of
special waste 145*
Xenon Private Equity V
e Roccaforte
(Alessandro Giustini)
Icon Infrastructure
Partners IV >50% BeBeez
July Corob
advanced tinting systems. for
the paint and coatings sector 100* Wise sgr e management Ardian >50% BeBeez
July
Dispensa
Emilia fast casual restaurants chain 20* Alfiero Fucelli
Investindustrial
Growth 70.0% BeBeez
July Megadyne
production and sale of pulleys
and belts in polyurethane and
rubber 319*
Astorg Parnters.
Neuberger Berman and
NB Aurora. Tadolini
family Partners Group BeBeez
July
Uteco
Converting
production of printing
machines for flexible
packaging 121.4
management e Chivilò
family
NB Renaissance
Partners 81.0% BeBeez
July Carton Pack packaging for the food sector 80* Leone family 21 Investimenti >50% BeBeez
July
Vår Energi as
(merger
between Eni
Norge and
Point
Resources)
leader in the exploration and
production of hydrocarbons in
Norway nd HitecVision e Eni Group
HitecVision e Eni
Group 100.0% BeBeez
July Recordati pharmaceutical products 1288*
Fimei spa (Recordati
family)
CVC Capital Partners.
PSP Investments and
StepStone 51.8% BeBeez
July Italmatch Chemical
special additives for water and
oil & gas treatment. lubricating oils and plastics 400* Ardian and management Bain Capital
wide majority BeBeez
July
Evergreen Life
Products
production. distribution and
sale of natural food
supplements 15* Pesle family
Palladio Finanziaria
Holding nd BeBeez
July
RTR Rete
Rinnovabile renewable energy plants 158* Terra Firma F2i 100.0% BeBeez
July EiTowers
Tlc and tv transmission
towers 262.9*
Mediaset and the market
(tenderd offer started
Aug 27th)
2i Towers (F2i and
Mediaset)
Target
100%
BeBeez
July Iseo
mechatronic and digital
solutions for access control
and security 145*
Domrakaba (Facchinetti
and Faustini family keep
60%) Italmobiliare 40.0% BeBeez
August Calligaris design furniture 140* Calligaris family Alpha Private Equity
wide
majority BeBeez
August United spa
real estate and urban security
services nd Carlo Mastrangelo LB Capital 33.0% BeBeez
August Lumson
packaging for the cosmetic
sector 100*** Moretti family
FSI Mid-Marcket
Growth Equity Fund 35.0% BeBeez
August
Comat Servizi
Energetici
energy plants management
systems in the residential
sector nd Comat spa
Fondo Italiano per
l’Efficienza
Energetica (FIEE) nd BeBeez
Add-ons
February
City Green
Light
development of energy
efficiency in public lighting 55 Gemmo
Fondo Italiano per
l’Efficienza
Energetica (FIEE) and
Gemmo 100.0% BeBeez
February
City Prints and
Premier Fabrics printing of fabrics 20*
Jason and Ryan Borg
brothers (reinvest in
Imprima) Imprima (Wise sgr) 100.0% BeBeez
March
VE Global
Solutions
coffe trader and vending
machine distributor in USA nd nd
Evoca (ex N&W
Global vending.
controlled by Lone
Star) 100.0% BeBeez
March
Jiayou
Chemical chemical nd Ecolab Italmatch (Ardian) 100.0% BeBeez
March Ifap plastic nd
Bruseschi family
(reinvests a minority in
Garda Plast)
Garda Plast
(Progressio sgr) 100.0% BeBeez
April Eden Viaggi tour operator nd Filippetti family Alpitour 100.0% BeBeez
April
La Genovese
Gomme tyre distribution 11.7 Balduzzi family Fintyre (Bain Capital) 100.0% BeBeez
April Sparkling18 digital payments technology nd
Imanuel Baharier.
Giuseppe Virgone.
Sin&rgetica . Avm
Development spa e Tan
Holdings srl
Nexi (Advent-Bain
Capital- Clessidra) 100.0% BeBeez
April
RBS-Retail
banking
Services customer management nd Alessandro De Angelis
Covisian (Aksìa
Group) 100.0% BeBeez
May BAS Group logistica 30 soci privati
Bracchi ( Igi Private
Equity. Siparex. la
famiglia Annoni) 100.0% BeBeez
May
Grissinificio
Europa alimentare 6.5* famiglia Mosca
Monviso (Céréa
Partenaire e
Capzanine) 100.0% BeBeez
May Giuso Guido alimentare nd Bruno Lulani
Optima-Mec3
(Charterhouse Capital
Partners) 100.0% BeBeez
May
Irideos
(Infracom.
KPNQWest
Italia. MC-link
and BigTLC) tlc 159*
F2i sgr (80%) and
Marguerite fund (20%)
merge their portfolio
companies
F2i sgr (80%) and
Marguerite fund
(20%) 100.0% BeBeez
May
Quality
Espresso sa
espresso coffee machines
equipment nd nd
Evoca (ex N&W
Global vending.
controlled by Lone
Star) 100.0% BeBeez
May
City Green
Light
development of energy
efficiency in public lighting 55 FIEEE and Gemmo Fondo Marguerite 100.0% BeBeez
May
Quality
Espresso
maker of professional manual
coffee machines and
complementary accessories
for the HoReCa sector nd nd Evoca (Lone Star) 100.0% BeBeez
May
HTL Strefa (to
be merged with
PIC. Artsana
Group)
lancing devices (safety
lancets. personal lancets and
pen needles for insulin
injections) 80* EQT Investindustrial 100.0% BeBeez
May First Data Sia 100%% BeBeez
June Retail Group
shops and temporary store
manager in 70 railway
stations in Italy nd Nicolò Marzotto
Grandi Stazioni Retail
(Antin Infrastructure.
Icamap e BG am) 100.0% BeBeez
June Mea
molds and molding of small
metal parts for automotive to
electronics sectors 27* Olsa spa
Tecnomeccanica
(fondo Idea Efficienza
Energetica) 100.0% BeBeez
June
Techni Waterjet
Ltd
waterjet cutting machines for
metal. stone and glass sectors 18* nd
Gmm spa (Consilium
sgr) 100.0% BeBeez
June
Forniture
Nautiche
Italiane
wholesale distribution of
items. accessories. equipment
and instruments for boating 10*
Farina and Montanari
families
Alliance Marine
(Weinberg Capital
Partners) 100.0% BeBeez
June Reifen Kreig
wholesale distribution of full-
range spare tires 30*
Reifen Krieg. Holger
Krieg and Tobias Fink
European Tyres
Distribution - Fintyre
(Bain Capital) 100.0% BeBeez
June Enter tlc provider nd Paolo Lezzi
Irideos (F2i and
Marguerite fund) 100.0% BeBeez
June Cordenons
company producing fine and
technical papers 89* Ferruccio Gilberti
Fedrigoni (Bain
Capital) 100.0% BeBeez
June
products
portfolio. in the
ophthalmic
sector pharmaceutical products nd Novaartis
NTC (Valenedica -
Wise sgr) 100.0% BeBeez
July Nicole
wedding dresses and
accessories 28.5*
Carlo Marco Cavallo
(ceo). Alessandra
Rinaudo e Luigi Cavallo
Pronovias (BC
Partners) 100.0% BeBeez
July
Bioengineering
Laboratories medical devices nd Francesco Greco
DeltaMed (Aungens
Capital e DB Private
Equity) 77.0% BeBeez
July Ivri security 240* BIKS Group
Allsystem (Vincenzo
Serrani e Private
Equity Parners) 100.0% BeBeez
August Educom
digital communication for
pharma and health sectors 4* nd
DPH – Doing
Pharmaceutical
Holding spa (Star
Capital) 100.0% BeBeez
Club deal
February Fratelli Bassini Bread maker 11* Bassini family
Orienta Partners.
Indigo Capital 100.0% BeBeez
March Gruppo Step
e-procurement and IT for
insurance companies and
banks 60*
Crespi. Cicogna
Mozzoni and Faina
families
Stefano Miccinelli.
Stefano Trentino.
Marco Forasassi
Torresani. 45.0% BeBeez
Renato Peroni and
Cristiano Portas
March Davide Groppi light design 9
Davide Groppi (reinvests
a minority in IDB)
Italian Design Brands
(57%) e Paolo Pagani 100.0% BeBeez
March Gruppo Coin retailer 400*
BC Partners.
Investindustrial and
Ontario Teachers
Pension Plan
Stefano Beraldo.
Coin's managers and
italian entrepreneurs 100.0% BeBeez
June Seri Jakala
value added marketing
services ( analysis of big
data) nd
de Brabant and Mussetto
families
Equity Partner
Investment Club
(Mediobanca. Pfc.
Ardian Growth and
H14) BeBeez
July
Panini Durini
(Pancioc spa) lunch bar chain 9.7*
Stefano Saturnino. Ilaria
Puddu. Alessandro Di
Pace
11 famiglie di
imprenditori
organizzate da Astraco >75% BeBeez
Spac
January
Banca
Interprovinciale
(Illimity) commercial bank
1 bn total
assets
private entrepreneurs of
the Emilia Romagna
Region Spaxs tbd BeBeez
February
Industrie
Chimiche
Forestali
glues and adhesive fabrics for
shoes and leather goods for
the automotive and flexible
packaging sectors 78.7*
Progressio sgr. Mandarin
Capital Partners. Private
Equity Partners sgr and
Guido Cami EPS Equita PEP Spac >90% BeBeez
March CFT
machinery. complete lines and
turnkey systems. mainly for
the food & beverage industry 200*
Catelli family and
Alessandro Merusi Glenalta tbd BeBeez
May Net Insurance insurance company
64.2
(annual
premia)
Aim market. Amato
family Archimede tbd BeBeez
June Cellular Italia
accessories for smartphones.
tablets. mp3 players with the
Cellular Line brand 165.5*
L Catterton. Motion
Equity Partners. DVR
Capital and Foglio and
Aleotti families Crescita 63.0% BeBeez
June Guala Closures
security closures for liqueurs.
wine. oil and vinegar. water
and beverages and
pharmaceutical products 534.8*
aPriori. NB Renaissance.
SwanCap. Marco
Giovannini and other
managers Space4 tbd BeBeez
June
ABK Group
Industrie
Ceramiche
production and marketing of
ceramic floor and wall tiles 115.4*
Michelangelo Fortuna.
Andrea Guidorzi.
Roberto Fabbri Capital for Progress 2 tbd BeBeez
June
Fine Foods &
Pharmaceuticals
Ntm
nutraceutical and
pharmaceutical products 119.6*
Eigenfin srl (Marco
Eigenmann) Innova Italy 1 tbd BeBeez
Restructuring
January Implanta Lab dentistic clinics nd bankrupcty procedure Argos Soditic 100.0% BeBeez
February La Perla fashion brand 150*
Pacific Global
Management (Silvio
Scaglia) Sapinda Holding 100.0% BeBeez
February
Presotto
Industrie Mobili furniture 16* Luciano Biscontin Ibla Capital majorituy BeBeez
May Manucor pvc films maker 137*
Reno d'Medici. Intesa
Sanpaolo. Manuli
family. banks (from a
debt restructuring) Pillarstone Italy 100.0% BeBeez
May Demm
manufacturer of gears for the
automotive. agricultural
machinery. forklifts and
industrial machines sectors backrupcty procedure Certina Holding 100.0% BeBeez
May Cartiere Pigna paper maker 28
Fondo Idea CCR I and
Jannone Group Gruppo Buffetti 40.0% BeBeez
June
Banca
Intemobiliare private bank markert Attestor Capital 70.6% BeBeez
June Snaidero kitchen furniture 126.6 Snaidero family Idea CCR II >51% BeBeez
June Brevi
products for early childhood.
such as cribs. high chairs and
strollers 20*
Brevi family (debt
restructuring agreement.
art. 67 LF) Phi Industrial 100.0% BeBeez
June Canepa
textile group that produces
high-end fabrics and
accessories 106 Canepa-Saibene family Idea CCR II 67.0% BeBeez
June Lediberg
producer of diaries and
notebooks 125* Iris Capital Fund bv
Johnson-CPZ
Distribuzione (Marzio
Carrara) and
Pillarstone Italy 100.0% BeBeez
July Pharmaday pharmaceuticals products 43.8 backrupcty procedure
Fineurop Investment
Opportunities 100.0% BeBeez
July Planetex
tablecloths. underwear and
nightwear 57.9** backrupcty procedure
Fineurop Investment
Opportunities 100.0% BeBeez
July Kiko make-up maker 610* Percassi family Peninsula Capital 33.0% BeBeez
*2017 . **2015. ***2018
