Quadrivio Capital SGR seeks €100M for second VC fund TTVenture Due

Quadrivio one the leading private equity funds in Italy with more than €1 Bln of assets under management, has announced the launch of its second fund called TTVenture Due with a target of €100M which will invest in highly innovative and technological startups in the Life Sciences, Healthcare, Cleantech and New Materials space. The new TTVenture Due fund will be successor of Quadrivio's first fund TTVenture which launched in 2008 with a target of €64 million has been subscribed by the major italian banking fondations such as Fondazione Cariplo, Fondazione Cassa di Risparmio di Cuneo, Fondazione Cassa dei Risparmi di Forlì, Fondazione Cassa di Risparmio di Modena, Fondazione Cassa di Risparmio di Parma, Fondazione Cassa di Risparmio della Provincia di Teramo, Fondazione Cassa di Risparmio dell’Aquila, Fondazione Cassa di Risparmio di Ascoli Piceno, State Street Global Advisors and Camera di Commercio di Milano.

In its six years of operation, the first TTVenture fund has made 23 investments in innovative startups across different sectors mainly in the life sciences, medtech, new materials, cleantech, agri-food and industrial technology. Aim, Biouniversa, Bluegreen, Cogisen, CryptoLab, Directa Plus, D-Orbit, Eucardia, Glomeria Therapeutics, IpadLab, M31, MilkyWay, Pilegrowth Tech, Personal Factory, SanSeverino, Sem+, TTSeed and TTAdvisor are the innovative startups that benefted from the investment of the first TTVenture fund. The first TTVenture fund which was managed by fund Fondamenta SGR did also invest in four international funds such as Sofimac Partners (France - biotech), Terra Venture Partners (Israel - clean technologies and renewables), AXON Partners Group (Spain - material sciences) and Vertis (Southern Italy - digital technolgies. In 2012 was acquired by Quadrivio sgr when Fondamenta SGR became a subsidiary of Quadrivio.

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Fondo Italiano di Investimento backs Forgital Group with a €30M investment

Fondo Italiano di Investimento has acquired a minority stake in Forgital Group, the Vicenza-based industrial components manufacturer and systems provider for the aerospace, oil&gas and power generation sectors.

The fund led by Gabriele Cappellini has injected €30 million into the company owned by the family Spezzapria and founded in Vicenza (Italy) in 1873, which operates internationally in the production of rings and other drop-forged components of big dimensions. The company has a turnover in excess of €250 million and employes more than 1,000 staff across 17 subsidiaries around the globe.

The transformation process of the company started in 2008 with the creation, in Trento, of Fly SpA turning from components production to supplier of complex integrated systems destined to high-tech sectors, such as aerospace. The investment made by Fondo Italiano di Investimento aims to accelerate the new growth strategy of the Forgital Group.

Interviewed by tgcom24, Nadir Spezzapria, shareholder and president of Forgital Group said that entry of the Fondo Italiano di Investimento in Forgital confirms the strategic vision of the company, which among others is confirmed by the numerous multi-year contracts subscribed with primary O&M aerospace contractors for a value in excess of $2 billion, a very important target.

The investment in Forgital represents the continuation of the fund led by Gabriele Cappellini of the backing of italian SMEs, with the target to support ther growth and strengthen their national and international competitiveness. Between direct and indirect investments, nowadays are 75 the companies in the portfolio of FII for an overall turnover of €4 billion and more than 24,000 employees. 

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Ergon Capital Partners exits Zellbios to Deutsche Private Equity

 MILAN, 16 th December 2013 - Brussel-based private equity operator Ergon Capital Partners has announced it has entered in a contractual agreement with Deutsche Private Equity for the sell of the majority stake held in Zellbios, the Luxembourg-based leading manufacturer of niche Active Pharmaceutical Ingredients (APIs), mostly off-patent, serving the worldwide pharmaceutical market. With 700 employees, a turnover in excess of €130 million and production facilities in Germany (Raubling), Italy (Pavia) and India, Zellbios is the result of the merger of the italian Farmabios SpA and the german Pharmazell GmbH, two highly specialized API players, which has a unique competitive position allowing the company to establish itself as strong player in the global API industry:

• Farmabios: focuses on the production of highly specialized APIs, characterized by low volume, high margin and complexity: (i) sterile and non sterile steroids, (ii) sterile and non sterile cephalosporins, (iii) highly potent substances (HPS) and (ii) antineoplastics.
• Pharmazell focuses on the production of niche APIs, with a global leading market position and high entry barriers such as (i) 5-ASA derivatives and (ii) cysteine derivatives.

In August 2007, Ergon Capital Partners acquired Farmabios from its founders and, in 2011, acquired Pharmazell from Auctus Capital Partners and Lead Equities to form Zellbios. Back in September this year Bloomberg reported the transaction would be valued at almost €200 million ($271 million). 

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Consilium toward the first closing of its new fund

Consilium SGR, is approaching the closing of its latests fund currently in fund raising, which will be held at €80 million. Consilium SGR operates since 2006 with its closed-end fund Consilium Private Equity Fund (CPEF), with an endowment of €150million, which has a duration of 10 years and an investment period of 6 years. Of the so far realized 8 investments, four are still in its portfolio, while four have been divested. Among these we find Consilium share in Rollon sold to Chequers Capital (20% of the capital) and IGI SGR S.p.A. (70%), while the residual 10% remained in the hands of the management, led by CEO Eraldo Bianchessi, who reinvested. The company, with Headquarter in Vimercate (Milan), is a leading Italian manufacturer of linear rails and actuators. The Group has subsidiaries in France, Germany and USA. In 2010, Ardian (previously Axa Private Equity), the premium independent private investment company and Consilium acquired the majority of Rollon to support its domestic and international growth strategy. According to BeBeez, the transaction occurred on the base of a company valuation, debt included, at roughly €100 million, i.e. 6 times the expected EBITDA for the end of 2013, which is slightly increasing with respect to the €16,2 million in 2012, in the face of a turnover of €53.9 million, the 80% being realized abroad. The acquisition has been financed for the half with equity and for the other half with debt financed by Unicredit. 

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When the stock exchange becomes "environmental-friendly": GreenItaly1 hunting for "green stocks"

VedoGreen, the company of the IR Top Group, providing financial solutions for green companies, together with Idea Capital Funds SGR of Dea Capital/De Agostini Group, one of the most important independent Italian Private Equity operators, that manages a green economy specialized fund, and Matteo Carlotti, already among the promoters of the SPAC (Special Purpose Acquisition Company) named MadeinItaly1, promotes GreenItaly1, the first S.P.A.C. (Special Purpose Acquisition Company) specialized in Italian green companies. 

GreenItaly1, was founded with the purpose to invest in the green economy which is a very attattractive industry for investors thanks its strong technological innovation and high growth

rates, aims to collect €40 million through the listing on the AIM Italia-MAC managed by Italian stock exchange, London Stock Exchange Group, in order to succeed in a merger operation with a target company within 24 months from the listing. GreenItaly1, will be supported by Intermonte as Global Coordinator and Nominated Advisor. The firm focuses its research on Italian medium-sized companies, operating in Italy and abroad, which are active in one of the following segments of the green economy classified by VedoGreen as follows: Agribusiness, Ecobuilding, Ecomobility, Environmental Services, Green Chemistry, Lighting Solutions, Smart Energy, Waste Management, Water-Air and Noise Treatment, White Biotech.

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Triliantic acquires a minority stake in Betty Blue

There is glamour which is resilient. And watches toward East. It is the glamour of Elisabetta Franchi a creative-entrepreneur from Bologna which in 1998 founded Betty Blue S.p.A., an italian company operating in the luxury premium fashion, clothing ready-to-wear and accessories market under the brand names Elisabetta Franchi and Betty Blue. Elisabetta Franchi has now opened up to the private equity fund Trilantic Capital Partner in view of a future listing on the stock exchange, in an agreement for the acquisition of a minority equity shareholding. With headquarter in Quarto Inferiore di Granarolo Emilia, in the province of Bologna,  where  back in 2009, with its business expanding more and more, the company took over the factories of a pharmaceutical company on the outskirt of Bologna, establishing a structure of 6,000 sq. m nested in greenery, Betty Blue employs 150 persons.

On the value of the transaction there is utmost discretion, but to get an idea of the numbers of Betty Blue just think that in 2012 the company had revenues of approximately €105 million with an EBITDA of roughly €26 million and for year 2013, the Bologna-based company expects to close the financial year with results in further growth. Based on the results of the company it is expected

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Redbrick Capital Partners and Emisys Capital SGR: two new funds in the italian private equity space

In the complex financial and economic situation which is affecting, without distinction, all sectors and typologies of firms, italian SMEs can now rely on two new sources of capital sources. The first born from two teams of operators specialized in mezzanine financing, AF Mezzanine and Mezzanove Capital, which came together to give life to Emisys Capital SGR, and launch the new closed-end investment fund Emisys Development, to support the development plans of italian small and medium enterprises, by leveraging in hybrid products including mezzanine financing, convertible loans, participation preferred stocks and minority stakes in form of ordinary stocks. It is a very innovative investment strategy for the italian market, able to give an effective answer at the raising need of development capital. Emisys Development will invest in established companies - that have a solid economic-financial profile - in different industrial sectors with an horizon of medium-long term and commitment ranging between €5m up to €12m on each transaction. Backing of startup companies as well as turnaround operations are strictly excluded. 

Emisys Capital sgr, previously AF Mezzanine counts among its shareholders: 

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Synergo exits CastFutura to Star Capital

Synergo SGR has exited CastFutura to Star Capital SGR, which valued the company at €25 million included its debt. The operation was revealed by MF - Milano Finanza. The operation ended at 4 times the consolidated EBITDA of 2012, equal to €6.7 million (from 6.2 in 2011) against a turnover of €51.5 million (from 55.2 million in 2011) and a net financial debt of €15.7 million (from 24.2).

CastFutura , which produces components for the domestic gas cooker and heating sector, is in the Synergo portfolio (with 73.94% of the capital), since the company  followed the funds of BS Private Equity sgr, which in turn had invested in 2005 in the company group. The divesture, started more than a year ago, saw at the beginning tighten negotiations with the German EGO group - an international high-tech company and one of the leading global manufacturers of domestic appliance technology, components and products - but at the end it went awry.

CastFutura was acquired by

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Mandarin Capital Partners exits 7.57% stake of IMA

Sino-Italian buyout fund Mandarin Capital Partners has exited I.M.A. S.p.A. after almost five years in its shareholding, reaping a good capital gain by the disinvestment. Through its subsidiaries Morchella S.r.l. and Rufus S.r.l., the fund specialized in deals between Italy and China communicated the sell of its 7.57% stake at €18.60 ($24.51) for a total of 2,789,393 equity shares (€52 Mln / $69.7 Mln) through an accelerated procedure of order collection from italian and foreign investors. The orders collection was managed by Banca IMI S.p.A. and Equita S.I.M. S.p.A. which acted as Joint Global Coordinators & Joint Bookrunners. 

According to Milanofinanza.it the stocks were placed for two/thirds among foreign investors (London, Switzerland and Germany) and for one third among italian investors with a demand exceeding the offer by 1.6 times  as proof that italian mid caps increasingly attract foreign investors. The stock increased by 20.6% in the last six months and by 46% in the last year, and Mandarin profited of this (total return of 55% including dividends) cashing a good capital gain, reaping a 2.2x multiple and an IRR of 27% on its original investment.

Mandarin bought a 7% stake in IMA in October 2009 when the company

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Aquafil buys Xentrys from Domo Chemicals and aims to global leadership

Aquafil, a global leading player in the field of production and sales of carpet yarns, has reached an agreement with Domo Chemicals on the sale of  its nylon 6 carpet yarn business to Aquafil. The business unit specialized in the production of nylon 6, known under the brand "Xentrys", located in Leuna, Germany, has a turnover of €50 million and 249 employees. Domo Chemicals will further concentrate on the global growth of its Chemicals, Polymer and Engineering Plastic businesses. Aquafil will integrate the business unit of Domo Chemicals with the target to accelerate the growth to reach the global leadership in the sector. The closing of the operation is foreseen on 1st October 2013.

On Aquafil:

Founded in 1969, the company is a leading player, in Italy and in the world, in the production and sale of synthetic fibers for textile flooring, in particular of nylon 6. The group has over 2,000 employees and 12 plants spread over three continents and seven countries: Italy, Slovenia, Croatia, USA, Thailand and China and has reached in 2012, with its division BCF, a turnover of €280.6 million. In 2011Aquafil introduced ECONYL Regeneration System ®, an innovative industrial process of regeneration for the production of nylon 6 polymer starting from: post-consumption wastes, i.e. finished products composed in whole or in part from polyamide 6 and joints at the end of the life, such as, among others: fishing nets, fluff (upper part of carpets and rugs).

On Domo Chemicals:

Domo Chemicals is a leading strongly intagreted company for the production of caprolactam (organic compounds)/nylon 6 which serves a worldwide clientele with high-quality products in the field of nylon intermediates (phenol, cyclohexanone, caprolactam) nylon 6 polymers, polypropylene polymers, engineering plastics and BCF strings of nylon 6.
The company  reached a turnover of €800 million in 2012 and has 950 employees. The company is part of Domo Investment Group.

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Vertis Venture II: a new venture capital fund for italian startups

Vertis Sgr has recently announced the raising of a new venture capital fund - Vertis Venture II - with a target of €60 million as well as the launch of an incubator for innovative startups. The announcement was made by Amedeo Giurazza (CEO of Vertis) during the two-days meeting (on 17th and 18th May) organized by the firm to discuss on venture capital in Southern Italy. Not only, Giurazza did also announce the launch of an incubator for innovative startups within IPE, the Naples' management school directed by Antonio Ricciardi, as well as the strategic alliance with Il Denaro, a regional economic magazine. The IPE management school will train future innovators while Il Denaro will take care of the communication. The new fund, "Vertis Venture II", will invest in the whole peninsula, in contrast with the first fund (of 25 million euros), which has been raised also using the resources put at disposal by the italian government for an ad-hoc vehicle conceived for Southern Italy. Vertis Venture II will also invest in seed operations, namely investments between EUR 50k and 300k.

The company is preparing now the new fund regulation which will be submitted to the bank of Italy. A fund in which will probably also invest

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Orizzonte SGR invests €3 million in the italian IT-outsourcing provider Wiit

A minority stake to the ICT Fund of Orizzonte SGR: new resources to support the growth path of the Wiit Group.  

Milan, 8th May, 2013 - News in the shareholding  of Wiit S.p.A., the company founded in 2001 by Alessandro Cozzi and focused on the IT-outsourcing, with high standards and service levels and supply of  Cloud services. Orizzonte SGR S.p.A. enters as shareholder in Wiit S.p.A. by investing €3M in the IT-outsourcing specialist Wiit Group through its ICT fund by acquiring a minority stake in the company, and investing thus in the strategic value of an italian company that is affirming itself more and more in the market as an outsources for the ongoing management of infrastructure and ERP applications. 

The fund has identified a situation characterized by a high level of innovation and specific experiences of technology, in possession of high know-how and excellent infrastructure which allow to cope with big growth perspectives in an industry that is rapidly changing.

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Vertis invests 9 million in Arav - Silvian Heach

Vertis, a Naples-based private equity firm, entered the shareholding of the likewise Naples-based Arav Fashion Group, which produces and distributes the brands Silvian Heach, Silvian Heach Kids and the fashion brand for kids Aston Martin. 

The entry of Vertis, occurs after a reorganization which foresees the creation of a newco cleared from the accumulated debts, in which flows also Arav Kids. Vertis, took a minority stake in the Arav Fashion Group through three of the funds under the company management, two of private equity (Vertis Capital and Vertis Capital Parallel), and one of venture capital (Vertis Venture) for a total investment of €9 million which will be paid out in two tranches by means of subscription of two share and capital increase agreements, the first of which will be subscribed at the beginning of June following the finalization of the reorganization operations. Mena Marano and Giuseppe Ammaturo, founders of the Arav Fashion Group, will remain majority stakeholders in the group and keep their respective charges of CEO and president, respectively. "I am sure that through the liquidity injection, we can further boost the development of our brands on both the domestic market and, above all, in terms of internationalization" declared Mena Marano which manages the group  that in 2012 had a turnover of €90 million, with an adjusted margin of more than 10% and plans to establish itself as world leading company at a very advantageous quality/price ratio. 

"The choice to invest in the Arav Fashion Group, a company of excellence recently selected by the Italian stock exchange as a "top" 100 company to take part to its Elite program, was something quite easy. The company, with significant growth rates, above all, great opportunities yet to be seized at the international level, definitely reach ambitious goals" said Amedeo Giurazza, CEO of Vertis, which followed the operation. 

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Principia SGR backs 4W MarketPlace with 2.5 Million Euros

 With this investment the Milan-based innovative startup, born with the support of the venture incubator Digital Magics, aims to strenghten the technological development and to further consolidate its podition as italian leader among onlime advertising platform for Premium Publishers.

4w MarketPlace the leading Italian premium ad-network within the online performance advertising space which partners with the main italian publishers as well as media agencies, has recently announced the entry of Principia SGR in its shareholding by mean of the acquisition of a stake in the company. Principia SGR, one of the largest and leading Italian venture capital firms, has invested 2.5 Million Euros by underwriting a capital increase targeted to back the Milan-based startup created by the venture incubator "Digital Magics".

The investment provided by Principia SGR will help the company to strengthen its technology department for R&D in the field of computational advertising as well as the study of new cutting-edge online advertising models. These activities will be carried out at the company offices in the town of Fisciano, benefiting - among others - from the strategic partnership with the Department of Communication Sciences of the University of Salerno. 

All this will allow 4w MarketPlace to consolidate its presence

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