RIELLO INVESTIMENTI PARTNERS SGR STARTS PROMOTING IMPRESA ITALIA II, ITS SECOND PRIVATE DEBT FUND
A real support to the economic recovery post-Covid
8 June 2020
Riello Investimenti Partners Sgr starts promoting Impresa Italia II, its second private debt fund, with a capital target of 150 million, expected mainly by pension funds, insurance companies and the existing investors of other funds managed by Riello Investimenti SGR.
As for the previous fund, launched in 2016, with 70 million assets raised, Impresa Italia II will invest in medium and long-term debt instruments, issued to support the growth plans of Italian SMEs, identified for their intrinsic value and for their development projects.
The management team, led by Alberto Lampertico, boasts many years of experience and extensive expertise in identifying investment opportunities and structuring debt instruments as much efficient as possible for the needs of a company.
Impresa Italia II will be managed actively. The investments, mainly senior secured and in no-cyclical and well diversified industrial sectors, will benefit from periodic coupons and also from an extra return linked to company performances.
The investment strategy will integrate ESG analysis and issues and will look at the sustainable growth of the companies in the portfolio, adopting the three-phase approach of Riello Investimenti Partners Sgr: excluding controversial sectors (such as weapons, tobacco and gambling); supporting companies towards virtuous choices in environmental, social and good governance terms; monitoring the achieved results.
CMC Group strengthens its capital structure to face future e-commerce challenges. The Impresa Italia Fund of Riello Investimenti Partners SGR underwrites € 7.0m of Bonds, while a Club Deal of private investors underwrites € 2.5m of Participatory Financial Instruments.
28 May 2020
CMC Group, leader in the design and manufacture of innovative packaging and mailing machines, has revolutionized the world of e-commerce with its "CartonWrap", a machine capable of creating dynamic, protective cardboard packaging perfectly sized around the product to be shipped, becoming in recent years a point of reference for the main operators in the sector.
Due to the growing demand for its technological solutions, the entrepreneurs Francesco and Lorenzo Ponti, supported by their father and founder Giuseppe, took over the minority shares, purchasing back 100% of CMC Group, and they reorganized the capital structure. Alantra, as the group's financial advisor, coordinated a club deal of private investors, who underwrote a € 2.5m capital increase against the issue of participatory financial instruments, and the issue of two bonds for a total of € 7.0m, fully Underwritten by the Impresa Italia fund managed by Riello Investimenti Partners SGR S.p.A..
CMC Group, based in Città di Castello (Umbria), exports its portfolio of highly innovative solutions and machinery all over the world, supporting the main international players in the e-commerce sector in the operational and logistical phases of their business. In 2019 the group generated a turnover of approx. € 61m, recording a 17% growth compared to the previous year and a CAGR ’16 -’19 of 30%, with a margin of 16% at the Adjusted EBITDA level. Thanks to a rapidly expanding order backlog, the 2020-2023 business plan foresees further significant annual growth in the coming years.
Thanks to its experience in the construction of packaging and mailing machinery gained in over 40 years of activity, CMC Group has been able to innovate the world of e-commerce by fully responding to the emerging needs of large operators, from the management of operating peaks to cutting costs and energy optimization. The "CartonWrap", in fact, with its ability to create tailor-made packaging, significantly reduces cardboard and plastic waste, as well as transport costs of the products, with a significant positive impact on the environment.
Francesco Ponti, shareholder and CEO of the group, comments: “we entered the e-commerce market in 2015 and since then we have seen great interest in the main operators at a global level, with proprietary solutions with very high technological content customized based on the demand. In 5 years we have grown from approx. € 20m to € 61m in turnover hiring more than 100 people in Italy, the United States and the Netherlands where CMC operates in the territories through two subsidiaries. With today's operation, we are preparing to tackle, more capitalized and structured, a new important growth path".
Alberto Lampertico, Investment Director of the Private Debt Impresa Italia fund, adds: “CMC is positioned in a highly up-to-date and interesting market sector with double-digit global growth rates. Its technological solutions allow it to present a unique offer to its customers. To maintain this competitive advantage, entrepreneurs and management have decided to embark on a path of strengthening of their capital and financial structure. We positively evaluated the market positioning, the know-how and the human resources as well as the coherent growth plan of CMC and decided to support them for the next stage".
CMC Group was supported by Alantra (by the managing partners Marcello Rizzo, Luca Barone e Niko Mobili) as Financial Advisor & Arranger and by Studio Dentons (Avv. Fosco Fagotto, Avv. Alessandro Dubini, Avv. Franco Gialloreti and Avv. Filippo Frabasile) from a legal point of view. Impresa Italia – Riello Investimenti Partners SGR was supported by Orrick (Avv. Marina Balzano and Avv. Giulio Asquini) from a legal point of view. The club deal was supported by Studio Dentons (Avv. Fosco Fagotto and Avv. Franco Gialloreti) from a legal point of view.
COVID-19, INSTITUTIONAL INVESTMENTS AND ECONOMIC RECOVERY IN ITALY
12 May 2020
Despite coronaviruses have been known since 2002 at the time of Sars, the pandemic has found a totally unprepared world. In addition to the dramatic health repercussions, COVID-19 has produced one of the most serious economic crises in the past history, with evident effects in terms of strong contraction of Italian GDP, increase in unemployment, closure of tens of thousands of businesses. All efforts must therefore be aimed at restarting, to prevent the health crisis from turning into a very heavy economic crisis, which could lead to an even more dramatic democratic crisis in our country which, together with Greece, has not yet recovered the pre-2008 levels.
Real economy, welfare and work can be the watchwords from which and on which to start again to have the necessary momentum to overcome the crisis. COVID-19 has shown the gaps in a health system that we believed to be exceptional, the cracks in the protection of the elderly and the vulnerabilities of our economy and the labor market, but also a general unpreparedness to manage crises that perhaps, since the world war time, we were no longer prepared to face.
In this situation, institutional assets could be one of the extra weapons to be used for recovery.
The second virtual conference of Itinerari Previdenziali was born from these premises, aiming to offer all interlocutors the opportunity to outline the possible paths that investors and market operators envisage to support a restart as necessary.
In this important opportunity for discussion, Riello Investimenti Partners participated among the selected successful managers, also as a speaker, bringing its experience and views.
Riello Investimenti Partners SGR signs the closing of the investment in First Advisory
8 May 2020
Riello Investimenti Partners Sgr, through its third private equity fund Italian Strategy, has completed the acquisition of a majority stake in First Advisory, an insurance broker leader in the “Private Life Insurance” sector.
First Advisory, which is controlled by the 3 founders Massimiliano Merlo, Giuseppe Frascà, Lorenzo Fanti, and by a club deal of private investors, is an independent platform specialized in the distribution of private life insurance products. Its three managers have matured an experience in Life Insurances and have advised to private HNWI and institutional investors; nowadays, the firm accounts for €16 billions of intermediated insurance policies. Indeed, the firm is a leader among Italian independent insurance B2B2C platforms and one of the main players in Europe. The firm has been collaborating with major insurance companies in Italy and Europe, as well as leading Private Banking, Wealth Management and Family Office divisions to whom also offers proprietary software platforms and front-middle-back office services. In the period between 2016-2019, First Advisory recorded a revenue growth rate of over 60% and an EBITDA of €4,2m as preliminary result for the 2019 fiscal year. The transaction included a major reinvestment by managing partners, who maintain a managerial role, and by club deal of private investors.
Riello Investimenti Partners SGR supports a growth phase of First Advisory and the institutionalization of its activity on the Life Insurance Brokerage market.
First Advisory becomes a part of Italian Strategy’s portfolio, the third Private Equity fund managed by Riello Investimenti Partners SGR. The management team has an extensive business and financial experience and developed the capabilities to identify the best investment opportunities on the market.
INVESTING IN COVID-19 TIME
22 April 2020
First Virtual Conference
The emergency that the country is going through has highlighted many critical issues in terms of both health and economics. Financial markets have recorded sharp declines, in many cases eliminating the gains achieved since the beginning of the year, despite the Central Banks and their actions. At a time when not even safe assets have been spared from negative performance, we are wondering what are the best strategies to avoid substantial losses and, above all, what could be the suitable investments to optimize the economic recovery. The current "social distance" and the smart working “new style” offer to us the opportunity to organize the first completely virtual conference, which aims to bring together the community of operators and investors and to offer a moment of sharing ideas and "stay together”, albeit at a distance, with positivity and the hope of a quick restart. A meeting to discuss the possible paths to follow and to share the experiences of each operator or investor to face this difficult period that has changed our usual lifestyle, our investments and has produced great instability to the financial markets.
Even with this new experience of a virtual conference, Riello Investimenti Partners Sgr participated among the selected successful managers as sponsor and speaker, to bring its experience and views.
A new bond has been issued by Spinosa S.p.A., with a value of €2,7m and 6 years maturity, aimed at increasing production capacity to enhance growth – Impresa Italia (Riello Investimenti Partners Sgr) confirms its support to the company.
18 December 2019
Spinosa S.p.A. produces and markets Mozzarella di Bufala Campana DOP in Italy and abroad. Such a “Made in Italy” flagship product is known worldwide for its unique flavour and organic properties. Previously, in April 2018 Spinosa S.p.A. issued a €4,5m Minibond to complete an investment phase that resulted in the company doubling its revenues. Today, after recording significant growth on the large-scale distribution channel in Italy and abroad, the firm meets debt capital markets for the second time. The aim is to further increase production capacity, with the goal of exceeding €35m sales target. Both bonds have been arranged and fully underwritten by Impresa Italia, the private debt fund managed by Riello Investimenti Partners SGR S.p.A.. The asset management firm, which has always focused on evaluating and supporting Italian SMEs, becomes a strategic partner for the company.
The CEO of Spinosa S.p.A Luigi Griffo comments: “New major challenges await Spinosa. Our strategic priority is to increase production volume, enhance automation in the production process and become more environmental friendly. The latter can be achieved by increasing reliance on renewable energy sources and implementing industry 4.0 technology processes. We consider innovation as an opportunity (not a threat) to safeguard the quality of a traditional product such as Mozzarella di Bufala. With this in mind, we have invested in blockchain technologies, standing out for the quality and reliability of our product. These features made it possible for us to evolve from a local to global firm and be recognized as reliable partners of the foreign and domestic large-scale distribution.”
Alberto Lampertico, Investment Director at Riello Investimenti SGR – the management conpany of Impresa Italia Private Debt – adds: “Since the first day of investment in Spinosa in 2018, we could see great managerial commitment and attention to quality. These factors combined are driving the company towards significant achievements and ambitious growth opportunities. Our investment strategy is focused on excellent Italian SMEs to provide them with constant support on their growth path.”
A few days after its first closing, Italian Strategy, the third private equity fund managed by Riello Investimenti Partners SGR, has completed its first acquisition of a 73% stake in FoodNess S.p.A. The company has offices in both Curtatone (MN) and Reggio Emilia and is the leader in the Free from soluble products alternative to coffee. Its distribution channels include the HoReCa, vending and large-scale distribution.
27 June 2019
FoodNess is characterized by its innovative content, being the first company to introduce the Wellness concept in the Ho.Re.Ca.. The company’s product range is unique within the Free From sector, particularly referring to beverages that are alternative to coffee (new product category introduced by FoodNess in 2016), and frozen creams. The products offered are gluten-free, GMO-free and do not contain hydrogenated fats. Moreover, in the last two years FoodNess has implemented a further major innovation: the elimination of added sugars (including glucose syrup) and other additives from soluble & capsuled products. As of today, these are the only products on the market that enjoy such attributes, considered crucial for the market success. This great result has been possible thanks to an outstanding R&D department that enabled the gaining of highly specialized, cutting edge know-how. The “functional food” sector is expected to grow significantly, particularly within the Ho.Re.Ca channel.
Since its launch in 2014, FoodNess sales recorded a 40% growth rate (15-18% CAGR). This helped the brand gain significant market share and become the co-leader in coffee-alternatives, with over 17.000 bars and restaurants served in Italy.
In 2018, FoodNess recorded a revenue of €19,1m, with EBITDA of €3,1m and NFP of €6m.
The founders Paolo Fermi, Franco Lusetti and Alberto Andrei will hold their managerial roles and a relevant minority ownership share in the company. The business model focuses on the consolidation in the Ho.Re.Ca. and growth in large-scale distribution channels. Additionally, the plan aims to increase the presence of the company abroad, with a focus on the food chains.
In the co-investment with Italian Strategy, a significant minority share capital has been acquired by Dr. Mario Muttoni and Dr. Roberto Venturi degli Esposti. They both have over 20 years of experience in the Ho.Re.Ca. sector. As a result, they have the capabilities to drive growth within the company, given their knowledge of foreign markets and product development.
The investment in FoodNess is aligned with Italian Strategy’s investment strategy, which focuses predominantly on four main areas: Furniture, Food & Beverages, Automation and Luxury & Fashion. Within these industries, the fund manager seeks investment opportunities in prominent Italian SMEs.
Gruppo PSC finances growth with a €25m bond issuance
17 June 2019
With its private debt fund Impresa Italia, Riello Investimenti Partners, together with Anthilia Capital Partners and Amundi Asset Management underwrites a bond issued by Gruppo PSC. The group has been operating for over 60 years in the engineering and completion of complex technological plants directed to large infrastructures and industrial works.
The non-convertible bond, which has been issued through a private placement, will allow PSC to support orders’ backlog and business development through strategic acquisitions of target companies.
“In addition to the optimization of the financial position, the transaction fits perfectly with the firm’s growth plan” – says Umberto Pesce, Chairman of Gruppo Pesce – “driving organic and external growth, thanks to the increase of production capacity and acquisition of target companies.”
Gruppo PSC is headquartered in Rome and was founded in the late ’50s as a handicraft company for installation and maintenance of electric equipment. Within 60 years, the firm has successfully positioned itself as leader in the Italian infrastructure industry, and has subsequently undertaken an ambitious diversification and internationalization process. Nowadays, PSC operates globally and directly with partners such as Enel, RFI, Trenitalia, Fincantieri, OpenFiber, and is active in rail technologies, naval technologies, fireproof systems, and energy networks. The group, which is controlled by PSC Partecipazioni S.p.A. (holding company of the Pesce family), is also participated by Simest, with a 9,6% share, and Fincantieri, with a 10% share, through a strategic partnership agreement. The group has an orders backlog of €700m, and in 2018 it recorded a total production of €191m, with an EBITDA of €21m.
First closing of the new private equity fund, “Italian Strategy”, promoted by Riello Investimenti Partners SGR.
30 May 2019
Italian Strategy, the private equity closed-end fund promoted by Riello Investimenti Partners SGR, has reached its first closing on May 30th 2019, with initial commitments exceeding €50m.
Italian Strategy has a target size of €150m, and it’s current investors are major institutional investors, including financial institutions, pension funds, prominent entrepreneurs and family offices. Such an investors’ platform generates a strong flow of investment opportunities across the Italian territory, underlining Riello Investimenti background and strong local rooting with the Italian enterprises.
Italian Strategy is the most recent initiative led by Riello Investimenti Partners SGR, the independent asset management firm that has been specialized in alternative investments for over 20 years, targeting small to medium enterprises and developing a deep know-how within this particular market.
The investment team is led by Nicola Riello, Luigi Terranova and Andrea Tomaschù.
The fund’s strategy will be focused on majority stake or qualified minority investments in traditional “Made in Italy” sectors, those with great value generation potential, with solid fundamentals and leadership position. Riello Investimenti Partners SGR aims to support the growth of outstanding Italian SMEs, particularly in foreign markets. The investment approach balances traditional industrial expertise with the necessary financial know-how to successfully complete extraordinary transactions.
In the last few months, the investment team has already begun an analysis on potential targets, building a pipeline that should allow the fund Italian Strategy to complete the first investments before the end of 2019.
Educational and economic poverty: the interventions of Banking Foundations
9-11 May 2019
Annual meeting dedicated to Banking Foundations.
In a changing world where Italy is striving for better social cohesion, “educational poverty” certainly limits social development, effective economic policies, and a more cohesive, society with fewer inequalities, capable of recognizing everyone’s rights and duties. Among the major challenges we face, educational poverty may be the most important for the coming years. Such an issue has been recognized with great vision and vigorously promoted by the Banking Foundations.
The aim of the event is to reflect upon and discuss about our country’s social and economic frameworks, which are inevitably interconnected. Therefore, during the two-day reunion, the meeting will be divided in two sessions: the presentation of the general macroeconomic and financial framework curated by policy makers (with a focus on the EU, combining geopolitical and economic-historian scenarios, on a short-medium term perspective); the comparison of possible scenarios for the investment of the foundational wealth across different asset classes, assessing potential economic returns as well as the impact on the country’s development.
During this great opportunity for discussion, Riello Investimenti Partners SGR has joined as a speaker among other successful asset managers.
Two debt instruments arranged for the acquisition of LB Officine Meccaniche
02 April 2019
The Private Debt fund Impresa Italia, managed by Riello Investimenti Partners SGR S.p.A., has arranged and fully underwritten two debt instruments issued to fund the 60% acquisition of LB Invest, holding of Gruppo LB. The group includes LB Officine Meccaniche, Sermat and Sitec, a successful Italian player active in the engineering, installation and maintenance of high-performance, technological industrial plants.
Located in the hearth of the ceramic cluster, between Fiorano Modenese and Sassuolo, Gruppo LB designs and manufactures plants for the management and treatment of raw material and powder in the ceramic, premixture and mining sectors. The firm operates both domestically and globally, and the 2018 consolidated revenue amounted to €45m, with €4,5m EBITDA.
The transaction has been completed through a Newco specifically established and participated in by a group of investors coordinated by Astraco. The latter is an independent advisor that arranges and manages private capital investment in the form of Club Deals. This investment in managerial and strategic continuity, also allows for the entry into Gruppo LB’s capital stock, and consequently further involvement of Ing. Emilio Benedetti, CEO of the group, as well as a substantial reinvestment by Edoardo Ligabue’s family, who has a managerial role in LB.
The common objective is to pursue a successful growth plan, using the pre-existing development diversification strategy, to reach new targets and tangible results.
Spinosa and Panini Durini as finalists for the Private Debt Award 2018
28 March 2019
Two deals, arranged and fully underwritten by the private debt fund Impresa Italia, managed by Riello Investimenti Partner SGR S.p.A, are among the finalists for the Private Debt Award 2018: Spinosa for the “Development” category and Panini Durini (Macon S.r.l.) for the “LBO” category.
On the second edition of the Private Debt Award, promoted by AIFI and Deloitte in collaboration with Economy and Il Sole 24 ORE, 11 private debt deals have been selected for a prize that will be awarded on April 4th next year.
This year, the best deals closed between August 1st 2017 and December 31st, 2018 will be awarded according to the following categories:
- Development (considering market penetration in customer segments/ geographies, or development of new products/ technologies);
- Leveraged buyout/ extraordinary transactions (considering M&A transactions, also involving private equity funds, while financing an LBO, or dealing directly with the entrepreneur);
The jury is chaired by Innocenzo Cipolletta and includes Luigi Abete, Daniele Candiani, Guido Corbetta, Giancarlo Giudici, Sergio Luciano, Giovanni Maggi, Antonella Mansi, Luca Manzoni, Christian Martino and Federico Visconti.
Gate completes a new exit with the sale of Trafimet Group S.p.a
01 March 2019
Riello Investimenti Partners SGR has completed the sale of its stake in Trafimet Group S.p.a., owned by the Gate fund. The buyer was KEMPPI OY group, a Finnish player in the welding industry.
Trafimet Group is active in the production and distribution of MIG/TIG and PLASMA torches for metal cutting and welding. The firm benefits from an established international sales network and has a wide product range, which includes welding hardware, consumables and protection accessories. For this reason, Trafimet aims to be considered as one-top-shop for industrial clients.
The group manufactures its products both in Italy, in Castegnero (VI), as well as overseas, in China (Jinan), and positions itself among the major European players.
Taking advantage of M&A opportunities in the welding industry, Trafimet acquired Ferro S.r.l. in 2013, a company that manufactures welding equipment. Furthermore, in 2015 the firm acquired a distribution company with headquarter in Turkey, predominantly active in the Middle East and Western Asia, consolidating its presence within those major markets.
Gate fund owned a 96% stake in the firm.
Impresa Italia involved in the acquisition of IMA D&F
20 December 2018
TB-Tauris Italia S.r.l., which is owned by the German manager Thomas Becker, has acquired a 60% stake in IMA Dairy & Food Holding GmbH. The company is the sub-holding of the IMA S.p.A. group, and is involved in the design, production and sale of automatic machines and embedded systems to form, fill and seal food products, particularly in the dairy sector.
The Private Debt fund Impresa Italia, managed by Riello Investimenti Partners SGR S.p.A., has financed the acquisition by fully underwriting the €7m bond issued by TB-Tauris Italia S.r.l..
Impresa Italia supports ETT’s growth.
20 December 2018
The Private Debt fund Impresa Italia, managed by Riello Investimenti Partners SGR S.p.A., has fully underwritten a €2,5m minibond issued by ETT S.p.A.. The firm, which is based in Genova, specialized in technological innovation and digital design and is a leader in the ICT solutions for the culture sector. The funds are directed towards several projects that are being implemented by the company.
The bond is a senior-secured with collateral in the form of trade receivables towards various government owned counterparties for major R&D projects. ETT is fully dedicated to technological innovation and, for years, has utilized community and national funds to drive growth.
This bond is the last of a financing round for ETT S.p.A. making up an overall value of €4m. The firm has been advised by Sella Corporate & Investment Banking.
ETT’s activity is divided in the following business units: “New Media” and “Smart Government”. The former is centred on the application of innovative solutions (VR, Augmented Reality, gaming etc.) aimed at improving customer experience in fields such as cultural activities/museums, edutainment/entertainment, tourism, marketing and communication. The latter develops software solutions to support public entities in several areas (employment and training, environment, logistics, transport, healthcare etc.), aimed at simplifying service delivery and data monitoring, according to the “Smart Cities and Communities” principles.
ETT is based in Genova, with domestic offices across the country and foreign offices in London and Lugano. The client base consists of public entities, mainly present in the employment and cultural/museums fields, and private groups, particularly in the fashion, luxury, design, automotive and consumer goods fields to whom the firm offers services involving corporate communication, marketing, retail support and training.
Impresa Italia involved in the acquisition of Panini Durini.
10 July 2018
Astraco has arranged and organized the entry of private investors in Pancioc S.p.A. capital stock, which owns and manages the lunch and snack bar brand Panini Durini.
The transaction has been completed through the creation of a Newco, which allowed for the club deal acquisition of a majority stake in Panini Durini. Impresa Italia, the private debt fund managed by Riello Investimenti Partners SGR, has completed the joint investment through a “HoldCo Financing” debt instrument.
Panini Durini launched its first lunch bar in 2011 characterized by an innovative format and Italian concept. Today, the firm accounts for 14 stores located in the most strategic central areas of Milan and 3 additional bars inside shopping centres. The company achieved significant success in the Milanese market thanks to the brand positioning and process consistency. In 2017 sales amounted to €9,5m , whereas in 2018 the projected sales are expected to reach €11m.
The strategic objective for the next three years is to expand the network of bars with 20 new openings in Italy and abroad.
Impresa Italia supports Spinosa in its growth path.
26 April 2018
Spinosa S.p.A. producer Mozzarella di Bufala Campana, with headquarter in Castel Volturno (CE), has issued a €4,5m bond to enhance the production capacity and the quality assurance system in order to drive domestic and foreign growth.
Impresa Italia fund has fully underwritten the bond due on March 30th, 2024.
In the last few years, Spinosa has doubled its revenues, increasing its exports and forming partnerships with leaders in large-scale distribution. The proceeds of this issuance will serve to complete a €10m CAPEX funding cycle initiated in 2015, which the firm has implemented to meet growing market demand and keep quality and service standards high.
Impresa Italia finances the development of Nuceria Adesivi.
10 January 2018
Nuceria Group, leader in manufacturing production labels, cases and flexible packaging, with plants in Nocera, Salerno, Milano and Torino, has issued two bonds, for a total value of €7m , aimed at raising further financial resources to support projects and achieve growth.
Impresa Italia has underwritten a €6m bond due on 31st March 2024, listed on the ExtraMot PRO of Borsa Italiana.
The two bonds are aimed at financing the company’s growth with the creation of a “flexible division”, an operationally innovative project that will be based in Salerno, with a dedicated plant. The firm also plans to buy a fully integrated high-tech print line, designed for the “folding” pole, located in Salerno.
Impresa Italia finances the management-buy-out of Omniafibre.
04 December 2017
Omniafibre S.r.l. is based Alife (Caserta) and is specialised in the production of card and cardboard for consumer and industrial applications. Gino Fronzoni, the manager and son of the founder, with a 20% share in the company, has led a management-buy-out for the acquisition of an 80% stake owned by the parent company Iniziative Industriali S.p.A. (which in turn is owned by SERI S.p.A.).
Omniafibre S.r.l. is an “atypical” paper mill, mainly focused on the production of several products: food and technical filter paper; ultra-thick board for the permeation of pesticides and fragrances; engine heated gaskets. Thanks to production plants in Alife and Beaver Falls (NY - USA), the company reached a production value of €15m, offering tailor made solution to international clients. The Italian market accounts for only 8% of the total sales volume.
The Private Debt fund Impresa Italia, managed by Riello Investimenti Partners SGR S.p.A., has arranged and fully underwritten the €5,5m bond that was functional to the management-buy-out. Omniafibre aroused interest from the fund managers by demonstrating an ability to serve unrelated niche markets with a good balance between price, quality and service.
Impresa Italia fully underwrites the bond issued by Citieffe.
10 November 2017
Citieffe, a company active in the development of trauma orthopaedic solutions, continues its process of innovation and growth both in Italy and abroad thanks to a bond issuance.
The bond is directed to finance the market penetration in the American continent: nowadays, the US market is the global leader in the production of traumatology devices.
The Private Debt fund Impresa Italia, managed by Riello Investimenti Partners SGR S.p.A., has arranged and fully underwritten the bond issued, as it admired the peculiarity of Citieffe: despite being a truly Italian firm in a highly competitive environment dominated by large multinationals, the firm successfully stands out owing to its capability to innovate and serve the client’s needs.
The search of Alpha and Beta in the irrational rationale of capital markets.
4/7 October 2017
XI Itinerario Previdenziale
These years characterized by irrational and unusual market trends have to some extent disoriented investors’ expectations and managers’ strategies. The search for a yield and risk mitigation represent even more challenging objectives in what is a volatile environment, especially considering the target return that must be met.
With these emerging dynamics resulting in a new market rationality (or the acknowledgement of a new world order), the XI Itinerario Previdenziale represented an opportunity for discussion between experts, managers, advisors and administrators in charge of Pension Funds and Healthcare Funds. The discussion has been centred on trends that have recently impacted financial markets and future frameworks expected for the short–medium term. Moreover, an analysis has been made on development strategies commonly adopted by fund managers. Finally, new social, political and macroeconomic scenarios have been assessed that should be considered by the welfare system in order to gain return and assure service delivery to its stakeholders.
The conference speakers presented the proposals of the most successful asset managers and the asset classes that allow to gain more satisfactory returns with better future perspectives.
During this great opportunity for discussion, Riello Investimenti Partners SGR has joined as a speaker among other successful asset managers.
SafCo Engineering issues a €4m minibond, Impresa Italia underwrites €1m value.
31 July 2017
SafCo Engineering S.p.A., a company specialized in the production of gas and fire detection systems for factories, has issued two minibonds for an aggregate value of €4m. These have been underwritten, among others, by Banca Sella, by the private debt fund managed by Riello Investimenti Partners SGR and by Confidi Systema, and will be listed on the ExtraMot Pro from July 31st 2018.
Founded in 2001, SafCo Engineering S.p.A. is headquartered in Pioltello (Milan). The firm has offices in UAE, Slovakia and Mexico, and has a global network of agents and local collaborators. Its clients are among the world leading contractors and operators in the oil, petrochemical and energy sectors.
The aim is to financially support the issuer’s growth by consolidating in sectors and markets where the firm is already present (through the establishment of Newcos, as planned in Saudi Arabia). Moreover, owing to investments in human resource job-specific expertise, the firm can strengthen its presence in non-core activities.
Energon Esco issues a €7m bond due in 7 years, fully underwritten by Impresa Italia (Riello Investimenti Partners).
31 March 2017
Energon Esco issues a €7m bond due in 7 years, fully underwritten by Impresa Italia (Riello Investimenti Partners SGR).
Energon Esco is an Energy Service Company that offers customized and fully integrated solutions of energy efficiency to residential clients and tertiary-sector companies (nursing homes, sport facilities, swimming pools, etc.). The firm has developed a portfolio of 150 customers in Italy and has sold almost 200m KWh of heat energy; the annual turnover for the year ending on June 30th 2017 is projected to be around €15m, with over €2m EBITDA. Taking into account the 100% share acquisition of PVB Solutions in May 2015, the consolidated annual turnover for the same year is expected to be around €45m , with approximately €7 m EBITDA. Considering a significant growth expected to drive the company’s market in the next 3 years and the 100% share acquisition of PVB Solutions, Energon’s management has collaborated with Pirola Corporate Finance in the search of long-term funds. The aim is for the firm to gain access to capital markets and support its external and organic growth. Impresa Italia, the Private Debt fund managed by Riello Investimenti Partners SGR S.p.A., has arranged the transaction and fully underwritten the bond issued, which is a proper cashflow financing. The uniqueness of the transaction lies in the capability of combining the technicality and creditor protection mechanisms typical of a project financing together with the maturity and higher liquidity of capital markets instruments, in order to create value and foster growth.
Caronte & Tourist issues a €28m bond with 6-years maturity, underwritten by the private equity investors Muzinich, Riello Investimenti Partners and Tenax.
18 October 2017
Riello Investimenti Partners SGR has underwritten a share of senior secured notes issued by Caronte & Tourist S.p.A. in a financing deal jointly performed with leading institutional investors. This has been made through “Impresa Italia”, the private debt fund focused on Italian SMEs.
Caronte & Tourist S.p.A. (C&T) is controlled by the Franza and Matacena families and it is the leading shipping operator on the Strait of Messina, with an 80% market share. In addition, it is one of the main operators for the connections between Sicily, Campania and other minor islands.
In 2015, the firm accounted for €172m revenues (€151m in 2014), 25,2% or €43m EBITDA (18,4% or €28m in 2014) and a Net Financial Position of €43m (€46m in 2014). C&T employs more than 700 people.
The bond, which amounts to €28m and is due in June 2022, is aimed at supporting the financial needs of the group related to the increase of the fleet capacity, acquisition of smaller competitors offering connections between minor islands, and resettlement of the of the ownership structure.
Soleto issues a €6m minibond, Impresa Italia underwrites €1m value.
05 December 2016
Riello Investimenti Partners SGR has underwritten a minibond issued by Soleto S.p.A., together with other leading institutional investors. This has been made through “Impresa Italia”, the private debt fund focused on Italian SMEs.
Soleto S.p.A has been active since 1992 in the Telecommunication & Infrastructure industry, and specifically, the company operates in the design, installation, maintenance and post-sale support of specialist facilities and broadband optical fibre networks.
The company shows a revenue growth trend, where sales have increased from €24m in 2012 to €46m in 2015. The budgeted sales for 2016 are expected to be €51m . Meanwhile, from a profitability standpoint, Soleto reported an EBITDA margin of 9% in 2015, outperforming the industry average.
The industry where Soleto operates is expected to grow substantially in the next few years, driven by government support to overcome the digital divide. Indeed, several investments for a total of €12,3bn are expected to be made within the next 5 years. These will be directed to broadband and ultra-broadband development, through the implementation of optical fibre networks in the urban areas of the country.
Thanks to the support of Banca Sella, Soleto has issued a €5m minibond to fund the company’s development and seize the growth opportunity given by the favourable market condition.
The senior-amortizing minibond has a 5-year maturity and has been fully underwritten by institutional investors.
Gate sells its interest in Pool Service after 4 years from the initial investment.
05 December 2016
Riello Investimenti Partners SGR has concluded the sale of its stake in the Pool Service group, owned by the Gate Fund.
The buyer was Accord Management, an investment firm founded in 2009 by Stefano Banfo, Maurizio Spampinato, Gianluca Bolla and Vittorio Riccardi, which in December 2012, together with Riello Investimenti Partners SGR, had previously made a joint acquisition of an 80% share in Pool Service.
During the period between 2013-2016, Pool Service has driven growth through the consolidation of core business’ profitability and development of new product lines, achieved through the acquisition of Medavita in July 2015.
The 2015 fiscal year accounted for a consolidated revenue of €35,5m, an EBITDA of €4,7m and a Net Financial Position of €14,8m.
Launch of Impresa Italia Private Debt. First closing of the new private debt fund promoted by Riello Investimenti Partners SGR.
02 May 2016
Impresa Italia, the private debt closed-ended fund promoted by Riello Investimenti Partners SGR, has completed its first closing at €70m on April 30th 2016.
The first fundraising round has been made with leading institutional investors such as Fondo Italiano d’Investimento, through its dedicated private debt investment division, and the European Investment Fund. Other investors include leading Italian banks and high net worth individuals.
Impresa Italia is the most recent initiative led by Riello Investimenti Partners SGR, that has been specializing in alternative investments for over 15 years, targeting small to medium enterprises and developing a deep know-how within this particular market.
The investment team is led by Nicola Riello, Luigi Terranova and Andrea Tomaschù, professionals with expertise in private equity and corporate finance that have been working together for over 10 years.
The fund’s strategy will be focused on investments made on medium to long term debt instruments aimed at supporting the growth of outstanding Italian SMEs. The investment approach, which handles complex transactions, will balance the traditional industrial expertise with the necessary financial know-how.
In the last few months, the investment team has already started an analysis on potential targets, building a pipeline that should allow Impresa Italia to complete the first investments within the end of 2016.
Riello Investimenti Partners and Style Capital receive the prestigious from the jury of Premio Demattè.
18 December 2015
Yesterday evening, the 12th edition of “Premio Claudio Demattè Private Equity of the Year” took place at the National Museum of Science and Technology.
During this year, Aifi and EY, in collaboration with Corriere della Sera, Gruppo 24 Ore, SDA Bocconi and Borsa Italiana, have promoted the event and selected a winner among 14 divestments made by 13 private equity and venture capital funds between August 2014 and July 2015.
The Golden Goose deal, a co-investment made by Riello Investimenti Partners SGR and Style Capital SGR, has been ranked among the top 4 Buyouts of the year and has received a special mention by the Jury for the 2015 edition.
The jury has been chaired by Innocenzo Cipolletta and included Giampio Bracchi, Bruno Busacca, Edoardo De Biasi, Stefano Firpo, Aldo Fumagalli, Gian Maria Gros-Pietro, Raffaele Jerusalmi, Daniele Manca, Stefano Micossi, Umberto Nobile, Marcella Panucci, Angelo Provasoli, Carlo Secchi and Andrea Sironi.
Trafimet targets the Middle East markets.
Trafimet Spa has acquired a majority share in the Turkish company Zengin.
Trafimet, headquartered in Castegnero (VI) and controlled by Riello Investimenti Partners SGR through the GATE fund, is active in the production of torches, MIG/TIG and PLASMA, for metal welding and cutting.
Zengin, based in Istanbul, has been operating for over 20 years in the Middle East markets, selling welding torches, plugs, accessories and welding machines. For over 4 years, the company has been a Turkish distributor of Trafimet Spa.
The main objective of the acquisition is to consolidate the presence in the Turkish and other closer markets, particularly in Middle East and Western Asia. In addition, the aim is to benefit from significant synergies on the manufacturing and logistic level.
The acquisition has been funded by the Gate fund and other shareowners through a capital increase in Trafimet Spa, which subsequently acquired an 80% stake in the Turkish company.
Pool Service growth through acquisitions.
Headquartered in Cairate (Va), Pool Service Spaa B2B vendor of haircare products in the professional channel, has recently acquired 100% of Medavita Spa.
Pool Service has been acquired by GATE fund in December 2012 through a joint investment deal with the investment firm Accord Management, which led to the acquisition of 80% equity in Pool Service Spa.
In 2014, Pool Service recorded revenues and EBITDA margin of €21,5m and around 16,8%, respectively.
Medavita Spa is headquartered in Milan and has its production facilities in Opera (MI). The firm is active in the professional cosmetic industry and distributes its own-branded products to a customer base composed of 5.400 hairdressers. The company’s revenue in 2014 was around €10,1m and remained stable for the last three years, whereas the EBITDA for the same year was around €2,0m.
The acquisition of Medavita by Pool Service represents a great value creation opportunity arising from potential synergies that can be generated between the two firms, both from the manufacturing and sales and distribution perspective.
The acquisition has been fully arranged by Pool Service, through financial leverage and cash, without any further investment from the fund.
With the sale of CDNE, the GATE fund completes a new exit.
Riello Investimenti Partners SGR has completed the sale of CDNE Spa (renamed as “Punto Fotovoltaico spa”), controlled by the Gate fund, to BKW Group, a Swiss player in the energy sector.
CDNE is active in the renewable energy and energy saving industry and offers solutions to families and enterprises aimed at saving and streamlining energy bills.
Founded in Massazza (BI) in 2007, CDNE has become a well-known Italian player in just a few years; the company operates throughout the entire country thanks to a widespread network of 75 points of sales developed over the years.
Initially, the core business was only oriented towards the sale and installation of photovoltaic panels. Subsequently, its product range has been extended thanks to a continuous evolution process. Nowadays, CDNE is one of the sole players that offers fully integrated energy saving solutions.
In June 2011, the Gate Fund acquired a 51% share in the company by means of a capital increase.
The US based Sifco Industries acquires 100% of C Blade; GATE fund and the firm’s ex-managers sell the entire capital.
Riello Investimenti Partners SGR has concluded the sale of its stake in C Blade Spa to Sifco Industries, a leading American producer of forged components for the Aerospace industry. The firm has acquired 100% of C Blade’s equity.
Based in Maniago (PN), C Blade Spa is specialized in the production of steel-forged blades, which are essential in the Power Generation process through steam and gas turbines. Active for more than 50 years, the company has partnered with leading manufacturers in the industry and is one of the sole European players capable of forging, stamping and refining large-sized steel blades.
In 2014 the firm had revenues of around € 25m and employed around 150 employees.
The initial investment in C Blade had been completed when, in 2008, GATE acquired an 82% stake through a buy-out; subsequently Gate increased its participation to 86%.
The Belgian Private Equity fund Ergon Capital takes over the Italian fashion brand Golden Goose.
The Gate fund, managed by Riello Investimenti Partners SGR, sold its stake in Golden Goose to the Belgian private equity firm Ergon Capital, after a negotiation that began in September 2014.
Founded in 2000 by Alessandro Gallo and Francesca Rinaldo, the firm is a growing Italian enterprise belonging to the luxury clothing and accessories industry, well known for its sneakers. Since its launch, the firm has pursued a growth strategy focusing on the high-end customer segment, offering a modern and unique style, defined by a strong brand identity. This has been supported by a distribution network of 600 carefully selected, multi-branded stores that are spread across Italy and larger international markets, such as Korea, Japan and the United States.
The consistent growth rate recorded in 2013-2014 and the significant brand appeal in the fashion luxury segment, thanks to the opening of the first flagship stores in Milan, Paris, New York and Tokyo, have contributed to render the firm particularly attractive for potential investors.
In March 2013, the investment in Golden Goose had been completed through a Newco jointly controlled by DGPA Capital and GATE, that acquired 75% of Golden Goose Srl.
Fondo Italiano invests €100m in 4 different debt funds.
28 April 2015
Just a few months following the first selection, the Fondo Italiano d’Investimento (FII) Board of Directors has approved the intervention in the first 4 private debt funds, for an amount no lower than €100m. The funds, which will be subject of investment within the next weeks, are: Antares AZ1, managed by Futurimpresa SGR; Fondo di Debito per lo Sviluppo Industriale, managed by Private Equity Partners SGR; Impresa Italia, managed by Riello Investimenti Partners SGR; Ver Capital Credit Partner Italia V, managed by Ver Capital SGR.
The new fund of funds focused on debt instruments for Italian SMEs, such as minibonds, signed the first closing on September 1st 2014 thanks to Cassa Depositi e Prestiti €250m commitment, and soon after that FII performed in January a selection on potential targets. More recently, great interest in this initiative has led to the second closing of the fund, whose investors include Intesa Sanpaolo, Istituto Centrale delle Banche Popolari and Creval, for an aggregate amount of €45m, with ongoing negotiations involving interested professional fund managers.
Innocenzo Cipolletta, Chairman of FII, stated: “Once again, Fondo Italiano has demonstrated the capability to quickly respond to the needs of Italian SMEs, providing new financial resources apt to support their development plans. Fondo Italiano’s main objective is to facilitate the creation of a stable market for debt instruments, complementary to the banking service. Of course, we hope that our contribution will not remain isolated, but that another institutional investor with a medium-long term investment perspective will soon join us.”
The initiatives that have been announced prove to be extremely diversified. Indeed, they range from minibonds to more articulated debt instruments, with potential intervention on both small and medium-size enterprises.
Antares AZ1, a closed-end fund promoted by Azimut, will be managed by Futurimpresa SGR Spa through a dedicated team led by Stefano Romiti and Gabriele Casati, both with experience in private equity and corporate finance. The team will be supported by Alberto Arrotta as Senior Advisor, who enjoys an extensive experience in leveraged and corporate finance, as well as debt advisory. The fund’s investment strategy is mainly oriented towards debt instruments, medium-to-long term bonds and hybrid capital.
Fondo di Debito per lo Sviluppo Industriale will be the fifth closed-ended fund managed by Private Equity Patners SPA. Ever since its foundation in 1989 by Fabio Sattin and Giovanni Campolo, the independent firm had kept its focus on the private equity market. Nevertheless, the newly established fund will be directed to underwriting traditional hybrid debt instruments (convertible and cum warrant bonds), primarily aimed at supporting the development plans, internationalization and build-up of Italian enterprises. Pier Paolo Quaranta will be the Chief Investment Officer and will leverage his experiences acquired in AF Mezzanine SGR and Unicredit.
Fondo Impresa Italia will be the second fund promoted and managed by Riello Investimenti SGR SpA, with Gate being the first focused on the private equity market. The investment team is a well-established team led by Nicola Riello, Luigi Terranova and Andrea Tomaschù, professionals with expertise in private equity and corporate finance that have been working together for over 10 years. The fund’s investment strategy is primarily oriented towards debt instruments and senior/junior bonds, as well as equity instruments and convertible bonds.
Ver Capital Credit Partners Italia V will be managed by Ver Capital SGR, founded in 2006 by Andrea Pescatori. The fund’s investment strategy is oriented towards senior secured bonds, mainly bullet and fixed rate bonds. Capital Credit Partners Italia V will be managed by a well-established team, whose professionals, with experience in private equity and debt investments, have been working together in Ver since 2007. The team will be led by Andrea Pescatori and will also include the other partners of the SGR: Alberto Gesualdi, Francesco Franchini and Paolo Mariani.
In addition to the investments approved today, the analysis of further private debt initiatives continues. Such initiatives have already been screened by the BoD of Fondo Italiano. In addition, an assessment has been conducted on further investment vehicles to be established, whose formation are expected to take place over the coming months. The interventions of the newly established fund of funds add up to those made by the first fund managed by FII. Indeed, within the first 4 years of activity, FII has engaged with over 120 Italian enterprises with direct and indirect interventions, accounting for an overall investment of € 5bn and involving around 26 thousand employees.
Source: Comunicato stampa Fondo Italiano d’Investimento.
GATE fund, managed by Riello Investimenti Partners, completes its first exit with the sale of a 5% stake in H-Farm Ventures.
Riello Investimenti Partners SGR sold its share of H-Farm Ventures S.p.A to Veneto Sviluppo, the financial firm located in the Veneto Region, as well as a leading Italian investor in the industrial sector.
The H-Farm has the dual role of investor and developer: on one side, it supports start-ups with the necessary funds to support their operations (seed-capital); on the other, it assists the project teams offering managerial, financial and commercial services with an entrepreneurial approach.
Across 2011, H-Farm management has undertaken an ambitious growth plan through a capital increase of €4,5mand a convertible bond of €4,5m, both being fully underwritten by Tier-1 investors.
In this respect, Riello Investimenti Partners SGR invested in H-Farm in 2011, through the GATE fund, and acquired a 5,0% stake of the company’s share capital.