Bierrebi Italia S.r.l
Milan, 13 September 2023
Riello Investimenti Sgr, through its second Private Debt Fund, Impresa Italia II, has subscribed €7 Mio bond to finance the acquisition of Bierrebi S.r.l by Orienta Capital Partners. Bierrebi is a global leader in the design and assembly of machinery for cutting materials such as textile, unwoven fabric and composites. The company produces “Original Equipment” industrial cutting machinery in Italy mainly for the textile industry for the production of basic apparel (such as underwear and t-shirts); it is an absolute reference in the sector of tubular fabric cutting machines with Die Cutting technology. This technology, with the sophisticated textile handling techniques, allows maximizing efficiency within long and highly standardized production runs and minimizing fabric waste. The resulting competitive advantages have enabled Bierrebi to establish decades-long relationships with international blue chip clients in the industry.
Milan, 3 july 2023
Riello Investimenti Partners Sgr, through its second Private Debt Fund, Impresa Italia II, has subscribed €3,5 Mio bond issued by I.R.I S.p.A, with the aim of financing group’s growth. The issuer, founded in 2013, is a private holding company established with the aim of creating a hub of excellence of Italian SMEs, operating in the precision engineering sector; in ten years it has aggregated six companies, which produce metallic and plastic components used in different applications and sectors, from food to automotive and aerospace. This operation completes a cycle of investments. Alberto Lampertico, Investment Director of Impresa Italia II Private Debt Fund, has commented: “Guido and Paolo have identified small excellence in the Turin district of precision engineering and have proposed to the managers an aggregation path, encouraging their managerialization and generational transition. They have added their know-how to develop both production and commercial synergies. This operation completes the first cycle of realization of a specialized, efficient, and sustainable hub”.
Milan, 14 June 2023
Riello Investimenti Partners Sgr through its second Private Debt Fund, Impresa Italia II, has subscribed €7 Mio bond issued by A.R.S Tech. ARS Tech is a company manufacturing high performance carbonfiber parts for automotive market, both for racing and road applications. It is an international leader in the motorsport industry, hypercar and supercar. The company is considered the reference supplier by the leading manufactures of the industry.
ITALIAN STRATEGY PRIVATE EQUITY ACQUIRES 75% OF IL FORNAIO DEL CASALE
Milan, 31 May 2023
Riello Investimenti Partners Sgr has completed the closing for the acquisition of 75% of Il Fornaio del Casale, a company specialized in the production and marketing of industrial pastry products and bread substitutes. It is a key player in the segment of ready-made cakes and Carnival recurrence, and its product are distributed in the Italian and foreign market primarily through its label “Gecchele” and the rest through Private Label. The operation is the seventh investment of Italian Strategy Private Equity Fund III.
IMPRESA ITALIA II SUPPORTS GA.MA S.R.L IN THE RESHORING PROCESS
Milan, 5 April 2023
Riello Investimenti Partners Sgr, through its second Private Debt Fund, Impresa Italia II, has subscribed up to €5 Mio bond issued by GA.MA S.r.l.
GA.MA S.r.l is an international leader in the professional electrical products for hair, beard and personal care sector. It is also a key player in the distribution of cosmetics and clothing for outdoor and sports. The Group products are sold in more than 50 Countries all around the World through own retail chains or third-party retailers.
RIELLO SGR ACQUIRES 75% OF E.P. ELEVATORI PREMONTATI
Milan, 13 january 2023
Riello Investimenti Partners Sgr, has completed the closing for the acquisition of 75% of E.P. Elevatori Premontati, a Tuscan company leader in the design, manufacture and sales of lifting platform.
The operation is the sixth investments of Italian Strategy Private Equity Fund III.
E.P. Elevatori Premontati is a company specialized in the design and manufacture of home lifts, lifts and stairlifts, that solve the various needs of residential areas and people with mobility difficulties.
IMPRESA ITALIA II SUPPORTS THE DEVELOPMENT OF MONTALBANO ACQUE SRL
Milan, 22 September 2022
Riello Investimenti Partners Sgr, through its second Private Debt Fund, Impresa Italia II, has subscribed €6 Mio bond issued by Montalbano Acque S.r.l.
Montalbano Acque S.r.l is located in Sicily and is known with the brand name Fontalba. It is active in bottling of mineral waters from natural sources and their distribution in restaurants, hotels and large distribution.
With the subscription of the bond, Riello Investimenti aims to provide the company the financial resources for a new bottling line in glass.
RIELLO INVESTIMENTI SGR INVESTS IN CROCI
Milan, 28 July 2022
Riello Investimenti Partners Sgr, has completed a deal in co-investment with Mindful Capital Partners (former Mandarin Capital Partners) for the acquisition of Croci S.p.A, leading player active in the distribution of pet care and aquariology products.
The operation is the fifth investments of Italian Strategy Private Equity Fund (ISPE), the third private equity fund managed by the Sgr, that has €117 mio Asset under Management raised from high-net-worth individuals and leading institutional investors.
Mindful Capital Partners has acquired 70% of Croci in December 2021 through Mindful Capital Partners III Fund, who maintain lead-investor role. The aim of the operation is supporting the growth process and internalization of Croci and stabilizing the presence on the online channel.
RIELLO INVESTIMENTI SGR SUPPORTS THE DEVELOPMENT AND GROWTH PLANS OF EKALAB SRL
Milan, 27 July 2022
Riello Investimenti Partners Sgr, through its second Private Debt Fund, Impresa Italia II, has subscribed an acquisition financing package for the acquisition of Ekalab S.r.l by Alcedo V. Ekalab S.r.l is active in the research and production of nutritional supplements and offers a complete and custom-made service.
Thanks to strong R&D activities on new materials and technologies, Ekalab invests in innovation and the respect of the environment.
Impresa Italia II has subscribed €7,3 Mio bonds issued by Ekalab S.r.l. With this operation Riello Sgr will support the development and growth process of the company.
RIELLO SGR ACQUIRES 60% OF P&P
28 June 2022
Riello Investimenti Partners Sgr, has completed the signing for the acquisition of 60% of P&P Group, based in Bedizzole (BS). P&P designs and manufactures PVD (Physical Vapor Deposition) and PECVD hybrid coating equipment. The deal has been made by Italian Strategy Private Equity Fund (ISPE), the third private equity fund managed by Riello Sgr.
The group is composed by the Holding Company called P&P Holding S.r.l and the two operating companies Protec Surface Technologies S.r.l and Protim S.r.l.
Protec Surface Technologies S.r.l designs and manufactures PVD and PECVD coating systems for both decorative, including design, fashion, eyewear and sport equipment, and technical applications.
Protim S.r.l produces PVD coatings for third parties where endurance and aesthetic quality are important, for instance water fittings, kitchenware, and fashion accessory. Some processes use patented technologies, including a recent one which allows a thin film coating with bacterial action.
FROM NEW NORMAL TO NERVER NORMAL?
9-12 June 2022
The Ukraine War, with geopolitical, economic, and social implications, makes more uncertain the return to a new balance.
During the meeting we have thought about the link between the breaking stages of international balances and the long term economic and social global changes.
Sustainability, development of private markets and the increasing importance of emerging countries drive the investment decisions and the portfolio allocation to a needed and broad diversification.
In this important opportunity for discussion, Riello Investimenti Partners SGR participated, also as a speaker, among selected successful managers, bringing its experience and views.
LIFE INSURANCE PROTECTION IN A CHANGING SOCIETY
7-8 June 2022
Life insurance products are a privileged tool for Italian families to reduce the uncertainty about the future and to promote savings, but also to provide an answer to planning needs and protection of assets.
The latest macroeconomic context, without inflation and with zero rates, has produced different issues to the insurance policies.
Moreover, sustainability is becoming more important not only for insurance companies, but also for the future consumers. The pandemic has highlighted the importance of the environment respect, the good governance and the social aspects.
With the return of inflation and the decisions provided by Central Bank on monetary policies, how will insurance companies set their investments and products? How will they approach the sustainability issues?
In this important opportunity for discussion, Riello Investimenti Partners SGR participated, also as a speaker, among selected successful managers, bringing its experience and views.
IMPRESA ITALIA II SUPPORTS THE DEVELOPMENT AND GROWTH PLANS OF SOLIDWORLD S.P.A. BY SUBSCRIBING TO 5 MILLION EUROS OF BONDS
4 May 2022
Riello Investimenti Partners Sgr, through the second private debt fund, Impresa Italia II, has subscribed to 5 million euros of bonds issued by SolidWorld S.p.A., a sector leader that develops 3D technologies for the entire digital process of companies in order to design, develop and manufacture products in a more efficient and sustainable way. It is one of the main Italian system providers in the offer of technologically advanced solutions and products for the automation and digitalisation of industrial processes, with particular reference to “three-dimensional” (“3D”) digital innovation.
The Group now has 14 operating offices and 3 technology hubs across Italy. In 2021, the SolidWorld Group recorded revenues for around 55 million euros, a 13% growth on the 2020 revenues.
With the subscription of the bonds, Riello Investimenti Partners SGR intends to equip the Group with the financial resources needed to seize the opportunities provided by growth on the reference market and in particular to support the development and marketing of the proprietary software Integr@, to expand the company’s penetration into the additive manufacturing segment, to promote a rebalancing of the financing sources in favour of a more balanced financial structure and, lastly, to consolidate its leading role in the Italian context including through potential acquisitions.
Alberto Lampertico, Investment Director of the private debt fund Impresa Italia II, commented: “There are two key ingredients to the growth and innovation of SolidWorld S.p.A.: the bioengineering initiatives carried out in collaboration with prestigious healthcare facilities and universities and the reshoring trend, namely the return to Italy of processes currently carried out in other geographies, which is very important for us. SolidWorld S.p.A. is nicely positioned to be the player of reference in these dynamics”.
The management team at Riello Investimenti Partners SGR, which was awarded the Private Debt Award 2021 in the “Development” category, continues its search for investment opportunities in excellent Italian SMEs in line with its activities in recent years.
RIELLO INVESTIMENTI PARTNERS SGR SUPPORTS THE DEVELOPMENT AND GROWTH PLANS OF THE CLABO GROUP WITH 3.15 MILLION IN BONDS
14 April 2022
Riello Investimenti Partners Sgr, through the second private debt fund, Impresa Italia II, has subscribed to €3.15 million in bonds issued by Clabo S.p.A., a global leader in the sector of professional glass cabinets for ice cream shops, pastry shops, bars, coffee shops and hotels, listed on the Euronext Growth Milan market, with reference to the company’s communication on 1 February 2021.
The intervention of Riello Investimenti Partners SGR, with the support of SACE through the Garanzia Italia instrument, is part of a process launched previously by the Clabo Group, which intends to pursue the goal of increasing its market share in the “small retail” segment, through the American subsidiary HMC and the launch of a new range of products in Europe and Asia, as well as increasing the efficiency of the production process through targeted investments that promote the internalisation of external processes. The investments will include, among other things, ad hoc activities to support a digitalisation and IoT programme for the functions present in refrigeration products, the “green” transition with a positive impact on the environment and the study and application of innovative materials thanks to intense R&D activity.
In 2021, Clabo generated a consolidated turnover of € 50.8 million, up by 42% compared to the previous financial year, with EBITDA of €6 million. In 2022, the company intends to continue the growth trend with a turnover target of € 52-55 million.
The management team at Riello Investimenti Partners SGR, awarded the Private Debt Award 2021 in the “Development” category, continues its search for investment opportunities in excellent Italian SMEs in line with its activities in recent years. Alberto Lampertico, Investment Director of the private debt fund Impresa Italia II, commented: “Clabo is a virtuous example of an SME in many ways. In particular, we appreciated the resilience shown during the pandemic and its ability to make use of synergies between the various group companies operating in Europe, the USA and the Far East. Thanks to its know-how and global oversight characterised by a diversified and flexible offer, Clabo saw a consistent recovery in business even from early 2021, continuing into 2022”.
TRANSFER SIGNED OF FIRST ADVISORY
22 March 2022
Riello Investimenti Partners Sgr, has signed the agreement for the transfer to Nextalia SGR of the majority interest in First Advisory. Control of the company was acquired in May 2020 through the private equity fund, Italian Strategy.
Nicola Riello, President of the asset management company, said: “The objective that we had set ourselves with our entry into First Advisory Srl was to support its growth and consolidation; in less than two years after the investment, I am very proud of the progress made by the company and the speed of execution of the strategy, made possible by an extremely capable and competent management team”.
Once the operation is complete, Nextalia SGR will hold a 60% interest, Riello Investimenti Partners SGR will exit the shareholding structure entirely, while 40% of the capital will be held by the manager-shareholders and current investors, who will reinvest in light of the company’s excellent performance and great potential for growth in the coming years. The closing of the operation is set for April.
INFLATION AND INVESTMENT: THE EFFECT ON REAL ECONOMY AND ISTITUTIONAL INVESTORS
13-14 December 2021
Iam Learning Network is an association, built to be the meeting point between Institutional Investors and Asset Managers and is the answer to Pension Funds and Health Funds needs in terms of know how. The first educational tool provided by Iam Learning Network has been webinars and in person meetings.
Riello Investimenti Partners SGR with its experience has described the difference between open markets and private capital investments (event in terms of sustainability), explaining the added value of an active management style in developing the target companies.
WERTHER INTERNATIONAL: FIRST DEAL BY IMPRESA ITALIA II
18 November 2021
Riello Investimenti Partners Sgr, through its second private debt fund Impresa Italia II, underwrites €7.0Mio bonds issued by Werther International S.p.A, a leader among the Italian companies in production and distribution of garage and wheel service equipment, and one of the most important lifts manufacturer. The group works worldwide and benefits from an established international sales network.
Alberto Lampertico, Investment director of private debt Impresa Italia II fund, adds: “the Italian Motor valley district is internationally recognized as a Made in Italy excellence, and it’s characterized by a concentration of active operators. Werther represents an historical player with a strong track record of innovation and efficiency. With this deal we are proud to support the company in an aggregation process of Italian excellences to strengthen development. We positively evaluated the investments on green projects of Werther, which are revolutionizing the transport sector. This attention to sustainability, throughout the value chain, allow the company to pass our ESG due diligence”.
This operation represents the first underwriting of Impresa Italia II fund, a few months from the first closing, in June 2021. The management team, which has received the Private Debt Award 2021 in the “Development” category, continues in identifying investment opportunities in Italian SMEs.
RIELLO INVESTIMENTI PARTNERS SGR IS AWARDED THE PRIVATE DEBT AWARD 2021
5 October 2021
Riello Investimenti Partners SGR an independent asset management company active for over 20 years in the alternative investments sector, has been awarded the Private Debt Award 2021 in the Development category, for the CMC S.p.A. operation. The category included all operations deemed significant for their drive for growth, entry into new segments or geographic areas and development of new products and technological innovations.
AIFI and Deloitte, sponsors of the Private Debt Award, now in its fourth edition, gave managers the opportunity to submit the best private debt operations concluded between 1 January and 31 December 2020. The panel, chaired by Innocenzo Cipolletta and formed of key names in corporate consultancy, business, universities, associations and publishing, brought 18 operations to the final, subscribed to by 13 private debt funds. Alberto Lampertico, Investment Director of Private Debt at Riello Investimenti, commented: “We are pleased about this important award, which acknowledges our approach based on the profound knowledge of companies and active portfolio management.
The second debt fund, Impresa Italia II, will continue in the same vein, supporting excellence through investment, as it did for CMC S.p.A., a leader in the design and manufacture of innovative machinery for packaging and mailing, in recent years a point of reference for the main sector operators including for its attention to sustainability”. Nicola Riello, President of Riello Investimenti, added: “I am very proud of this award, which is proof of the excellent work carried out in identifying virtuous SMEs, the fabric of our national economic system and increasingly more aware of the development of their growth plans using alternative investment sources such as private debt”.
ALTERNATIVE FINANCE BETWEEN RISK AND RETURN: BACK TO THE ORIGINS?
22-25 September 2021
In a difficult macroeconomic context, with the COVID19 effects, the financial performances are the main test bench for pension funds directors, who must maintain the long-term balance and must satisfy the new needs of their investors. The meeting is the opportunity for the sector experts to discuss the portfolio allocation, taking the opportunity to invest in alternative solutions.
In this important opportunity for discussion, Riello Investimenti Partners SGR participated, also as a speaker, among selected successful managers, bringing its experience and views.
FIRST CLOSING FOR IMPRESA ITALIA II, THE FUND MANAGED BY RIELLO INVESTIMENTI PARTNERS SGR
10 June 2021
Riello Investimenti Partners SGR announces the initial closing of Impresa Italia II, the second private debt fund with initial funding of 73 million euros and a funding target of 150 million. Among the main investors, as anchor investors, are “Fondo Italiano d’Investimento” and “European Investment Fund”, already investors in the first fund, which are joined by key credit institutes and leading insurance companies, a type of investor for which private debt is particularly suited.
Impresa Italia II, a fund compliant with alternative personal savings schemes, will invest in medium and long-term debt instruments, issued to support the growth plans of Italian SMEs, identified for their intrinsic value and development projects. The management team, led by Alberto Lampertico, has multiple years of experience and a vast array of skills in the identification of investment opportunities and the structuring of efficient debt instruments for the needs of excellent companies. Impresa Italia II’s investment strategy will be focused on the active management of the portfolio companies and will envisage a close equity-style relationship between the management team and the companies, in which the team will assist SMEs in the definition and approval of their industrial plans. The investment process will envisage full ESG integration, from initial due diligence to periodic assessment, targeting the sustainable growth of the portfolio companies and adopting the four-stage approach of Riello Investimenti Partners SGR: exclusion of controversial sectors (such as weapons, tobacco and gambling), ESG screening prior to the investment, engagement with companies towards virtuous decisions in terms of environmental, social and good governance aspects, and monitoring and assessment of the results achieved.
The pipeline of potential investments will proceed in line with the management of the previous fund, in terms of sectoral and geographic diversification, issuer turnover and IRR.
RIELLO INVESTIMENTI PARTNERS SGR EXPANDS INTO VENTURE CAPITAL WITH THE LAUNCH OF THE FIRST ITALIAN FUND SPECIALISED IN NEW-GENERATION AGRIFOOD
27 May 2021
Riello Investimenti Partners SGR, a close ally to the excellence of Italian SMEs and mindful of investment requests from professional investors, extends its scope of action to the Venture Capital asset class. The launch of this new asset class takes place through the promotion of LINFA Ventures, the first venture capital fund in Italy focused on investments in innovation of the agrifood chain, the most important sector in the global economy and particularly relevant in the Italian context, where it represents 15% of the GDP.
Investments in venture capital in the agrifood sector have increased tenfold in recent years, up to 30 billion dollars at global level. The reasons for this overwhelming growth are related to changes and tensions on the lengthy supply chain of agrifood production. New requirements have encouraged the application of new technologies to the agrifood sector and the development of startups and innovative companies dedicated to the study of alternatives to animal proteins, the creation of digital platforms for delivery or traceability and food safety, and the creation of hydroponic greenhouses for the production of fruit and vegetables of extremely high quality. In Italy, the agrifood sector is already highly developed and extremely innovative. However, the digital acceleration has created the need for many startups and scaleups, with advanced and innovative products and business models, to receive investments and professional management in order to grow. The opportunity for investment and value creation is therefore very important.
LINFA Ventures has a funding goal of 80 million euro, with an initial closing set at 40 million euro and, like the other funds of the asset management company, will be managed by an independent team. It will mainly invest in minority interests, protected by governance and exit agreements, providing capital increase resources to support the development of late stage and growth capital companies.
The fund will be compliant with alternative personal savings schemes and will offer its investors the chance to access the tax incentives envisaged by legislation for investments in innovative SMEs. The asset management company will also apply its proprietary ESG screening model for unlisted SMEs to LINFA Ventures, with a view to the integration of ESG aspects into investment processes.
WEBINAR PRIVATE EQUITY & DEBT
29 April 2021
FinLantern, headquartered in Lugano, is a fast-growing international network of different financial professionals. The network aims to support its members’ activities and to increase their visibility in the international financial arena.
During the “Private Equity & Debt Webinar” our CEO Luigi Terranova has the chance to explain to a broadly diversified foreign investors the expertise of Riello Investimenti Partners SGR in the private capital market.
RIELLO INVESTIMENTI PARTNERS SGR BECOMES A MEMBER OF THE ITALIAN SUSTAINABLE INVESTMENT FORUM
9 April 2021
The Council of the Italian Sustainable Investment Forum has unanimously confirmed the membership application submitted by Riello Investimenti Partners SGR.
The Italian Sustainable Investment Forum is a non-profit association founded in 2001. It is a multi-stakeholder organisation formed of financial operators and other organisations interested in the environmental and social impact of investments.
The Forum’s mission is to promote the knowledge and practice of sustainable investment, with the aim of disseminating the integration of environmental, social and governance (ESG) criteria into financial products and processes.
Since 2012, the Forum has organised SRI Week, one of the main events in Italy dedicated to sustainable and responsible investment.
The Forum is a member of Eurosif, an association committed to promoting sustainable finance on the European markets.
ITALIAN STRATEGY PRIVATE EQUITY HAS COMPLETED THE ACQUISITION OF A 65% STAKE IN GARMONT INTERNATIONAL SRL
8 April 2021
Riello Investimenti Partners Sgr, through its third private equity fund Italian Strategy, has completed the acquisition of 65% of Garmont International Srl, Italian company-based in Vadelago (TV)- a leader in the technical sports shoes, outdoor and tactical. The remaining 35% of the capital will be detained for 30% by the current President and CEO, Pierangelo Bressan who keeps his managerial role, and for the remaining 5% by Terry Urio, who keeps his CFO role. The acquisition has been perfected by Italian Strategy Private Equity.
Garmont recorded a revenue of over €20M and it specializes in production and distribution of high-end shoes and accessories, in the outdoor sector (mountain climbing, trekking, climbing, backpacking and trail running), and tactical (boots, military style enthusiast), characterized by the high-quality materials and by a sophisticated design. Garmont distributes its products in more than 40 Countries and has realized an ambitious strategic plan intended to reinforce the current position in the outdoor market, and to develop new segments through investigation and launch of new products.
The investment represents the third operation of Italian Strategy fund, 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.
BEYOND THE PANDEMIC: HOW WILL BE 2021 FOR THE PRIVATE MARKETS?
3 marzo 2021
How will be the relationship between Institutional Investors and private markets in 2021? Can the opening of private markets to retail investors cause the shift of big Italian investors to other asset classes? The meeting has been the opportunity to answer these questions, and the main actors could discuss about it, trying to improve the products offering and the investments demand of private markets.
IMPRESA ITALIA SUPPORTS FIRST CAPITAL IN THE INCREASE OF THE INVESTMENT IN ICF
29 January 2021
Riello Investimenti Partners SGR S.p.A., through the private debt fund, Impresa Italia, has fully subscribed to debt securities, for an amount of 5 million euros, in support of the 5% increase of the investment of the financial holding First Capital S.p.A. in Industrie Chimiche Forestali S.p.A. (“ICF”), bringing the total investment to 25%.
ICF is one of the main international operators in the design, production and marketing of adhesives and high-technology fabrics, mainly for the footwear and leather goods, automotive and packaging markets.
Alberto Lampertico, Investment Director of the private debt fund Impresa Italia, added: “We share with First Capital the long-term growth objectives of SMEs; therefore, we decided to support it in this particular operation, because we have seen the enormous potential of ICF for growth on the domestic and international markets, thanks to a wide range of products with different applications in resilient sectors. ICF has the flexibility of an SME, which allows it to propose tailor-made solutions to the main sector players in a global market, while boasting rigorous attention to the topics of compliance and quality management, investing heavily in the integration of economic, environmental and social sustainability, with products and programmes that are mindful of the environment and human resources”.
Impresa Italia is one of first private debt funds launched in Italy; it invests in debt securities issued by Italian SMEs with the aim of supporting them as they optimise their financial sources. The management style of the fund is active and follows “equity style” and ESG approaches.
FIRST ADVISORY ACQUIRES 100% OF LIFE&WEALTH
The subsidiary of Riello Investimenti SGR increases its AUM to 20 billion euros
6 October 2020
First Advisory has acquired 100% of Life & Wealth, an independent broker specialised in life insurance, with assets under management of over 3 billion euros. The Milan-based company is owned by the Italian Strategy Private Equity III fund of Riello Investimenti Partners SGR.
Born of the initiative of its 3 founding managers, who boast years of experience in life insurance and consultancy for HNWI and institutional investors, First Advisory is an independent company specialised in the distribution of insurance products dedicated to the private banking market. Thanks to the acquisition of Life & Wealth, First Advisory has consolidated its leading position on the Italian market among independent B2B2C insurance platforms and is one of the key players in Europe, with assets under management over 20 billion euros.
The operation is part of the strategic plan presented during the entry of Riello Investimenti Partners SGR into the capital last May. With this acquisition, First Advisory also bolsters its commercial strength, with the entry into the team of Renato Lot, founder of Life & Wealth.
First Advisory has collaboration agreements with the biggest Italian and European insurance companies and the main divisions of private banking, wealth managers and family offices, to whom it offers high-level front/middle/back office services.
RIELLO INVESTIMENTI PARTNERS SGR JOINS AND SIGNS THE PRI (PRINCIPLES FOR RESPONSIBLE INVESTMENT) SUPPORTED BY THE UNITED NATIONS
18 August 2020
Riello Investimenti Partners SGR has signed the 6 principles of the PRI, an initiative proposed in 2005 by the former Secretary-General of the United Nations, Kofi Annan, to encourage financial institutions towards responsible investment. Since its creation in 2006, there are now more than 3000 signatories of the PRI across the world with assets under management exceeding 100 trillion dollars.
The 6 principles that our asset management company has committed to are:
1. Incorporate ESG issues into investment analysis and decision-making processes.
2. Be active owners and incorporate ESG issues into our ownership policies and practices.
3. Seek appropriate disclosure on ESG issues by the entities in which we invest.
4. Promote acceptance and implementation of the Principles within the investment industry.
5. Work together to enhance our effectiveness in implementing the Principles.
6. Report on our activities and progress towards implementing the Principles.
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.