M&A Review · H2 2014 384 23,358 H1 2014 435 28,625 H2 2013 336 20,048 H1 2013 289 16,507 ... 1....

M&A Review

Italy

H1 2017

Zephyr Quarterly M&A ReportGlobal, Q3 2015

You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”

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M&A ReviewItaly, H1 2017

Page 1 © Bureau van Dijk Bureau van Dijk is the leading provider of private company, corporate ownership and deal information www.bvdinfo.com

The following report details completed mergers and acquisitions activity in Italy in H1 2017 using data from the Zephyr database.

It focuses on global deals activity by target company

Click here to access the raw data in an Excel spreadsheet.

Inbound Italian M&A value supported by banking dealmaking

Inbound mergers and acquisitions (M&A) targeting Italian companies in H1 2017 failed to sustain the growth recorded in H2 2016 as activity slumped from 680 deals worth EUR 48,128 million to 293 deals totalling USD 30,914 million. Volume more than halved over the six months while value was down by over a third, though the decline appeared particularly stark as H2 2016 was one of the highest six month periods on record.

Unicredit’s EUR 13,000 million rights issue propped up overall value and made companies operating in the banking sector the most valuable targets of the six months with EUR 17,474 million-worth of deals. This was more than five times the value of dealmaking within the machinery, equipment, furniture and recycling industry (USD 3,151 million). US acquirors completed USD 3,226 million-worth of inbound Italian M&A but were overtaken by Norwegian buyers by volume. Companies based in China, France, Germany and the Netherlands also participated in notable inbound deals of value during H1.

Inbound Italian deals by volume and value

Completed date No of deals Total deal value (mil EUR)

H1 2017 293 30,914

H2 2016 680 48,128

H1 2016 508 18,453

H2 2015 413 48,370

H1 2015 438 37,378

H2 2014 384 23,358

H1 2014 435 28,625

H2 2013 336 20,048

H1 2013 289 16,507


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http://www.bvdinfo.com/BvD/media/reports/ItalyH12017.xls

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Inbound Italian deals by volume and value

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Top inbound Italian deals by value

Deal value (mil EUR) Deal type Target Target

country Acquiror Acquiror country

Completion date

1. 13,000 Capital Increase 72% Unicredit SpA IT Shareholders 02/03/2017

2. 2,510 Minority stake 10% Autostrade per l'Italia SpA IT Allianz Capital Partners GmbH; EDF Invest; Silk Road Fund Co., Ltd; DIF Infrastructure IV

DE; FR: CN: NL

27/04/2017

3. 1,310 Minority stake 3% Intesa SanPaolo SpA IT Investors 30/05/2017

4. 1,160 Minority stake 3% Unicredit SpA IT Norges Bank NO 18/05/2017

5. 740 Acquisition 99% Associazione Calcio Milan SpA IT Rossoneri Sport Investment Luxembourg Sarl LU 13/04/2017

6. 709 Minority stake 3% Brembo SpA IT 29/05/2017

7. 700 Acquisition 100% IRUS Vicolungo Srl; IRUS Vicolungo II Srl; IRUS Vicolungo III Srl; IRUS Castel Guelfo Srl; IRUS Castel Guelfo II Srl; among other assets

IT; IT; IT; IT; IT

Neptune Venture Capital ES 15/02/2017

8. 700 Acquisition 100% Polynt SpA IT Reichhold LLC 2 US 19/05/2017

9. 460 IBO 100% Boscolo Hotels SpA IT Varde Partners Inc. US 20/04/2017

10. 400 IBO 100% Golden Goose Srl IT Carlyle Europe Partners IV LP; Carlyle Asia Growth Partners V LP US; KY 07/03/2017

11. 386 Minority stake 1% Unicredit SpA IT 28/02/2017

12. 357 Minority stake 1% Intesa SanPaolo SpA IT 27/02/2017


14. 331 Acquisition 100% IP Cleaning SpA IT Tennant Company US 06/04/2017

15. 320 Acquisition 80% ABM Italia SpA IT Keter Holdings Ltd IL 03/03/2017

16. 304 Minority stake 3% to 5% Snam SpA IT BlackRock Inc. US 31/03/2017

17. 300 Capital Increase 26% Cementir Holding SpA IT 24/02/2017

18. 300 Acquisition 100% Tagetik Software Srl IT Wolters Kluwer Tax and Accounting US 06/04/2017

19. 297 Acquisition 55% to 66% Amplifon SpA IT Ampliter NV IT 02/04/2017






Inbound Italian target sectors by volume

Target sector H1 2016 H2 2016 H1 2017

Other services 99 129 73

Machinery, equipment, furniture, recycling 66 79 57

Gas, water, electricity 31 24 33

Textiles, wearing apparel, leather 35 32 25

Banks 127 212 24

Chemicals, rubber, plastics 28 30 16

Construction 17 12 14

Post and telecommunications 21 60 12

Wholesale & retail trade 22 23 11

Publishing, printing 13 7 8

Transport 6 5 6

Metals & metal products 6 5 6

Food, beverages, tobacco 3 12 4

Hotels & restaurants 11 6 4

Education, health 0 4 2

Primary sector 10 18 1

Wood, cork, paper 1 6 1

Insurance companies 13 19 0

Public administration and defence 0 0 0

Inbound Italian target sectors by value

Target sector H1 2016 (mil EUR)

H2 2016 (mil EUR)

H1 2017 (mil EUR)

Banks 4,634 4,102 17,474

Machinery, equipment, furniture, recycling 1,401 2,023 3,151

Construction 1,472 237 3,048

Other services 3,880 3,719 2,476

Textiles, wearing apparel, leather 1,967 271 1,287

Chemicals, rubber, plastics 1,242 7,554 876

Post and telecommunications 679 23,981 786


Wholesale & retail trade 1,763 3,096 537


Food, beverages, tobacco 27 3,211 114

Transport 184 616 48












Top inbound Italian acquiror countries by volume

Acquiror country H1 2016 H2 2016 H1 2017

Norway 26 19 31

US 86 152 29

Germany 6 16 13

France 25 41 13

China 2 7 10

UK 73 135 10

Spain 4 10 9

Netherlands 9 5 6

Switzerland 18 12 5

Sweden 4 3 5

Luxembourg 15 10 4

Israel 0 0 3

Japan 1 3 3

Australia 3 3 3

Finland 0 0 2

Canada 0 0 2

Bermuda 9 3 2

Austria 1 0 2

Top inbound Italian acquiror countries by by value

Acquiror country H1 2016 (mil EUR)

H2 2016 (mil EUR)

H1 2017 (mil EUR)

US 4,587 3,926 3,226

China 68 162 2,816

France 646 8,718 2,663

Germany 7 67 2,510

Netherlands 191 0 2,510

Norway 658 568 2,396

Spain 475 846 804

Luxembourg 509 22,060 783

Cayman Islands 104 69 400

UK 4,181 1,600 346

Israel 0 0 336

Italy 0 0 297

Switzerland 167 247 156

Sweden 10 105 55

Japan 169 2,569 9

Australia 78 15 7

Hong Kong 10 85 2

Poland 0 0 2

Malta 83 0 2

Canada 0 0 2

Russia 0 0 1





Inbound Italian private equity deals by volume and value


H1 2017 21 4,508

H2 2016 22 573

H1 2016 33 4,836

H2 2015 34 2,899

H1 2015 22 986

H2 2014 30 2,318

H1 2014 31 1,324

H2 2013 26 949

H1 2013 19 1,146

Inbound Italian PE and VC value for H1 2017 is one of highest on record

The value of inbound private equity and venture capital (PE and VC) investment targeting Italian companies reached EUR 4,508 million (H2 2016: EUR 573 million) in H1, which was one of the highest on record (H1 2016: EUR 4,836 million; H2 2006: EUR 5,325 million) due to the sale of a 10 per cent stake in Autostrade per l’Italia to Silk Road Fund and a consortium comprising of Allianz Capital Partners, EDF Invest and DIF Management for EUR 2,510 million.

Unsurprisingly, this one deal made companies operating in the construction sector the most valuable targets of the six months and companies based in France, China and the Netherlands the main inbound PE and VC investors by value.

Only 12 inbound Italian PE and VC deals had a known value in H1 and of these only two were worth more than EUR 500 million, the second of which was Elliott Management and Haixia Capital Management backing Rossoneri Sport Investment Luxembourg’s acquisition of Associazione Calcio Milan for EUR 740 million.

Other notable PE and VC inbound deals by value targeted Boscolo Hotels, Golden Goose and Fintyre and featured Varde Partners, Carlyle and Bain Capital, respectively. The 21 completed deals targeted companies operating in sectors such as hotels and restaurants, transport, and education and health, among others.





Inbound Italian private equity deals by volume and value

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Top Inbound Italian private equity deals by value


country General Partner/Fund Manager Completion date

1. 2,510 Minority stake 10% Autostrade per l'Italia SpA IT Allianz Capital Partners GmbH; EDF Invest; DIF Management BV 27/04/2017

2. 740 Acquisition 99% Associazione Calcio Milan SpA IT Elliott Management Corporation; Haixia Capital Management Co., Ltd 13/04/2017

3. 460 IBO 100% Boscolo Hotels SpA IT Varde Partners Inc. 20/04/2017

4. 400 IBO 100% Golden Goose Srl IT Carlyle Group LP 07/03/2017

5. 232 IBO 100% Fintyre SpA IT Bain Capital Private Equity LP 10/03/2017

6. 100 Minority stake Linkem SpA IT BlackRock Inc. 12/01/2017

7. 35 IBO majority stake Vetroelite SpA IT LBO France Gestion SAS 10/05/2017

8. 20 IBO 100% Selematic SpA IT Vertis SGR SpA 27/03/2017

9. 9 Minority stake MotorK Italia Srl IT Zobito AB; 83North Ltd 23/03/2017

10. 1 Minority stake Buzzoole Srl IT Impulse VC; R301 Capital SA 06/01/2017

11. 0 Minority stake Moovenda Srl IT 01/03/2017

12. 0 Minority stake Lybra Tech Srl IT 12/01/2017

13. n.a. IBO 20% HISI - Holding di Investimento in Sanita ed Infrastrutture Srl IT Ardian France SA 01/02/2017

14. n.a. Minority stake 49% Usco SpA IT OEP Capital Advisors LP 03/04/2017

15. n.a. IBO 10% Twin Set - Simona Barbieri SpA IT Carlyle Group LP 14/04/2017

16. n.a. IBO majority stake Reutter GmbH; ITIB Srl DE; IT Steadfast Capital GmbH 13/04/2017

17. n.a. Acquisition 100% Fait Plast SpA IT Groupe IDI SA 30/06/2017

18. n.a. Acquisition majority stake Dentalcoop Srl IT Bencis Capital Partners BV 27/03/2017

19. n.a. Minority stake 13% Nuovo Trasporto Viaggiatori SpA IT Peninsula Capital Partners LLC 29/06/2017

20. n.a. IBO 80% Tolve Windfarms Holding Srl IT Ardian France SA 29/06/2017

21. n.a. Acquisition 100% Altea Software Srl; Estia Srl IT; IT EPF Partners SA; Naxicap Partners SA; Ardian France SA 19/01/2017





Inbound Italian private equity target sectors by volume






Construction 1 1 2




Transport 0 0 1









Banks 0 0 0


Inbound Italian private equity target sectors by value


H2 2016 (mil EUR)

H1 2017 (mil EUR)

Construction 66 0 2,510

Other services 2,182 3 750


Textiles, wearing apparel, leather 1,410 0 400









Banks 0 0 0




Transport 0 0 0







Top inbound Italian private equity acquiror countries by volume

Acquiror country H1 2016 H2 2016 H1 2017

US 9 3 7

France 4 3 4

Luxembourg 5 2 2

Netherlands 0 0 2

Switzerland 0 1 1


Germany 0 1 1

Belgium 0 1 1

China 1 0 1

Sweden 0 0 1

Israel 0 0 1

UK 9 7 1

Russia 0 0 1

Top inbound Italian private equity acquiror countries by value

Acquiror country H1 2016 (mil EUR)

H2 2016 (mil EUR)

H1 2017 (mil EUR)

France 50 1 2,545

China 66 0 2,510

Germany 0 0 2,510

Netherlands 0 0 2,510

US 1,436 66 1,192

Luxembourg 83 0 740


Israel 0 0 9

Sweden 0 0 9

Switzerland 0 0 1

Russia 0 0 1





Outbound Italian M&A value increased in H1

The value of outbound M&A with Italian acquirors continued to form a series of peaks of troughs in H1 2017 as it rose 30 per cent to EUR 2,033 million from EUR 1,560 million in H2 2016, while volume declined for the third consecutive period to 61 deals, from 68 deals in H2 2016 (H1 2016: 84; H2 2015: 86).

Outbound Italian M&A was supported by a EUR 750 million deal, which represented 37 per cent of total value over the six months and also made French companies the most valuable targets in H1 2017. The deal involved Suez completing a EUR 750 million capital increase to fund its acquisition of GE Water Technologies.

In all, Italian buyers took part in 61 deals targeting companies based in countries such as the UK, Spain, the US, Germany and France. In addition to France, other countries which received significant investment from Italian firms included Spain (EUR 483 million), Romania (EUR 400 million) and Canada (EUR 142 million).

The gas, water and electricity sector accounted for 59 per cent of overall investment received by Italian companies in H1 2017 (EUR 1,190 million), with the top two deals for the period featuring targets operating in the sector. The primary sector placed second with EUR 340 million-worth of deals, followed by machinery, equipment and furniture, recycling (EUR 176 million), and hotels and restaurants (EUR 142 million).

Outbound Italian deals by volume and value


H1 2017 61 2,033

H2 2016 68 1,560

H1 2016 84 7,997

H2 2015 86 2,373

H1 2015 80 9,563

H2 2014 78 930

H1 2014 92 2,103

H2 2013 95 6,502

H1 2013 53 3,189






Outbound Italian deals by volume and value

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Top 20 outbound Italian deals by volume and value


country Acquiror Acquiror country Completion date

1. 750 Capital Increase 8% Suez SA FR Caltagirone SpA; among other international acquirors IT; ES; FR; FR 23/05/2017

2. 400 Acquisition 14% Enel Energie Muntenia SA; E-Distributie Muntenia SA RO; RO Enel SpA IT 10/04/2017

3. 340 Minority stake Nueva Pescanova SL ES Unione di Banche Italiane ScpA; among other international acquirors IT; ES; ES; ES; US; ES; ES; ES; GB; ES

27/06/2017

4. 142 Acquisition 80% Kicking Horse Coffee Co Ltd CA Luigi Lavazza SpA IT 24/05/2017

5. 76 Acquisition 100% Inoxpa SA ES Interpump Group SpA IT 03/02/2017

6. 55 Acquisition 100% CK3 LLC US Davide Campari-Milano SpA IT 28/02/2017

7. 51 Acquisition 100% Magnesita Refratarios SA's talcum powder business BR IMI Fabi SpA IT 31/03/2017

8. 40 Acquisition 100% Six undisclosed wind farm operators in Germany DE ERG Power Generation SpA IT 02/05/2017

9. 34 Minority stake MedLumics SL ES Innogest Capital; among other international acquirors IT; FR; ES; ES; IE 20/03/2017

10. 34 Acquisition from 56% to 74% Vard Holdings Ltd SG Fincantieri Oil & Gas SpA IT 24/03/2017

11. 17 Minority stake Job Digital Networks SL ES Mediaset SpA; among other international acquirors IT; FR; MX; US; FR; NL; ES; ES; ES; GB; ES; FR

22/05/2017

12. 15 Minority stake Anaconda Biomed SL ES Innogest SGR SpA; among other international acquirors IT; ES; US; ES 23/05/2017

13. 13 Minority stake 4% Puretech Health plc GB Recordati Industria Chimica e Farmaceutica SpA IT 12/06/2017

14. 10 Minority stake Soldo Financial Services Ltd GB R204 Partners SpA; among other international acquirors IT; US; GB; CH; GB 21/06/2017

15. 7 Acquisition 70% MAI SA AR IMA Industria Macchine Automatiche SpA IT 04/01/2017

16. 7 Acquisition 62% Brunello Kuchinelli Rus OOO RU Brunello Cucinelli SpA IT 31/03/2017

17. 7 Minority stake TechSee Augmented Vision Ltd IL Comdata SpA; among other international acquirors IT; DE; IL; CH 26/06/2017

18. 6 Minority stake Alesi Surgical Ltd GB Panakes Partners SGR SpA; among other international acquirors IT; DE; GB; GB 31/05/2017

19. 6 Minority stake UltraSoC Technologies Ltd GB Atlante Tech; among other international acquirors IT; GB; GB; GB; GB 26/05/2017

20. 5 Minority stake Housing Anywhere BV NL Real Web Srl; among other international acquirors IT; NL 09/01/2017





Outbound Italian target sectors by volume







Transport 0 3 4










Construction 2 1 0



Banks 1 1 0

Outbound Italian target sectors by value


H2 2016 (mil EUR)

H1 2017 (mil EUR)

Gas, water, electricity 22 0 1,190









Transport 0 112 4


Insurance companies 5,494 0 0



Banks 0 351 0









Top outbound Italian target countries by volume

Target country H1 2016 H2 2016 H1 2017

UK 7 10 8

Spain 4 11 7

US 9 5 5

Germany 15 4 5

Netherlands 3 1 3

Czech Republic 12 0 3

France 8 3 3

Colombia 0 0 2

Switzerland 4 6 2

Brazil 0 1 2

Russia 0 1 2

Argentina 0 0 2

Canada 0 3 2

Top outbound Italian target countries by value

Target country H1 2016 (mil EUR)

H2 2016 (mil EUR)

H1 2017 (mil EUR)

France 224 113 750

Spain 9 194 483

Romania 95 0 400

Canada 0 14 142

US 765 182 58

Brazil 0 8 51

Germany 156 96 40

UK 96 182 37

Singapore 0 0 34

Argentina 0 0 10

Russia 0 0 7

Israel 23 12 7

Netherlands 1 0 5

Greece 0 0 4

Poland 112 144 3

Switzerland 200 28 1

Vietnam 0 0 1





Outbound Italian private equity deals by volume and value


H1 2017 15 107

H2 2016 18 310

H1 2016 15 281

H2 2015 9 24

H1 2015 9 132

H2 2014 9 9

H1 2014 8 57

H2 2013 7 2,406

H1 2013 8 66

Outbound PE and VC investment fell in H1

The volume and value of outbound PE and VC investment by Italian companies dropped in the first half of 2017. In all there were 15 deals worth a combined EUR 107 million completed during the six-month period, compared to the 18 deals worth EUR 310 million closed in the second half of 2016.

Value for the period was significantly down, a fact which can be attributed to a lack of high value deals. The largest outbound PE and VC deal completed during H1 was worth EUR 34 million and took the form of a round of funding by Spanish firm MedLumics from Italian investor Innogest Capital, among other international investors such as Edmond de Rothschild Investment Partners and Ysios Capital Partners. This deal alone accounted for 32 per cent of overall outbound PE and VC investment in H1 2017.





Outbound Italian private equity deals by volume and value

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Top 20 outbound private equity deals by value



1. 34 Minority stake MedLumics SL ES Edmond de Rothschild Investment Partners SA; Ysios Capital Partners SGECR SA; Innogest SGR SpA; Caixa Capital Risc SGEIC SA; Seroba Life Sciences Ltd

20/03/2017

2. 17 Minority stake Job Digital Networks SL ES Mediaset SpA; TF1 SAS; TV Azteca SA De CV; e.ventures; 5M Ventures Regie SAS; Randstad Holding NV; Media Digital Ventures SL; Samaipata Ventures SL; Sabadell Venture Capital SL; Northzone Ventures Sweden AB; Caixa Capital Risc SGEIC SA; Augesco Ventures SaS

22/05/2017

3. 15 Minority stake Anaconda Biomed SL ES Banco de Sabadell SA; Innogest SGR SpA; Omega Fund Management (US) Inc.; Ysios Capital Partners SGECR SA

23/05/2017

4. 10 Minority stake Soldo Financial Services Ltd GB Accel Management Company LLC; Connect Ventures LLP; U-Start SA; Bain & Company Italy Inc.; InReach Ventures LLP

21/06/2017

5. 7 Minority stake TechSee Augmented Vision Ltd IL Comdata SpA; Innogy Venture Capital GmbH; OurCrowd Management Ltd; Planven Investments SA 26/06/2017

6. 6 Minority stake Alesi Surgical Ltd GB Earlybird VC Management GmbH & Co KG; Finance Wales plc; IP Group plc; Panakes Partners SGR SpA 31/05/2017

7. 6 Minority stake UltraSoC Technologies Ltd GB Octopus Ventures Ltd; Enso Ventures Ltd; Oxford Capital Partners LLP; FSE Fund Managers Ltd; IMI Fondi Chiusi SGR SpA

26/05/2017

8. 5 Minority stake Housing Anywhere BV NL henQ Invest BV; Real Web Srl 09/01/2017

9. 3 Minority stake 17% Tiberina Automotive Argentina SA AR Simest SpA 04/01/2017

10. 2 Minority stake Pharmacube Inc. US CRCM LP; Graph Ventures LLP; P101 SGR SpA; Fenox Venture Capital Inc. 02/05/2017

11. 1 Minority stake Oval Money Ltd GB Intesa SanPaolo SpA; B-Ventures Srl; Bertoldi Holding Srl 05/04/2017

12. 1 Minority stake Leflair Vietnam Co., Ltd VN AME Ventures Srl; Caldera Pacific Ventures; Nextrans Inc. 17/01/2017

13. n.a. Minority stake Mysharedbike Ltd HK Swiss Founders Fund AG; Lamivoie Capital 24/04/2017

14. n.a. Acquisition majority stake Bucmi Application SL ES Onza Venture Capital Investments SCRRC SA 09/05/2017

15. n.a. IBO majority stake Valtecnic SA; Ibertasa SA ES; ES Charme Capital Partners SGR SpA; Miura Private Equity SGEIC SA 01/06/2017





Outbound Italian private equity target sectors by volume







Transport 0 1 0





Banks 0 0 0






Construction 0 0 0



Outbound Italian private equity target sectors by value


H2 2016 (mil EUR)

H1 2017 (mil EUR)






Transport 0 96 0





Banks 0 0 0





Gas, Water, electricity 0 0 0

Construction 0 0 0







Top outbound Italian private equity target countries by volume

Target country H1 2016 H2 2016 H1 2017

Spain 1 4 5

UK 3 6 4

Argentina 0 0 1

US 2 2 1

Israel 2 1 1

Hong Kong 0 0 1

Vietnam 0 0 1

Netherlands 1 0 1

Top outbound Italian private equity target countries by value

Target country H1 2016 (mil EUR)

H2 2016 (mil EUR)

H1 2017 (mil EUR)

Spain 9 6 66

UK 14 152 23

Israel 23 12 7

Netherlands 1 0 5

Argentina 0 0 3

US 14 3 2

Vietnam 0 0 1





Domestic Italian M&A volume and value down in H1 2017

The volume and value of domestic Italian M&A declined in the first half of 2017. In all 210 deals worth a combined EUR 8,929 million completed during the six months. In terms of volume this represented a 42 per cent decline on the 364 deals completed in H2 2016, while value fell 45 per cent from EUR 16,330 million over the same timeframe. The decline was less steep year-on-year; in H1 2016 there were 272 deals worth EUR 11,308 million.

Despite the disappointing result there were still a few sizeable deals closed in the first half of 2017; the largest was a EUR 3,724 million acquisition of Banca Popolare di Milano by Banco BPM, which closed in January. This was followed by a EUR 1,120 million purchase of a 3 per cent shareholding in Intesa SanPaolo by Assicurazioni Generali. No other domestic Italian M&A deal broke the EUR 1,000 million barrier in H1 2017.

The most valuable sector over the six months was the banking industry, which was targeted in deals worth a combined EUR 6,304 million, a figure which was undoubtedly boosted considerably by the EUR 3,724 million Banco Popolare di Milano deal. This placed it well ahead of second-placed machinery, equipment, furniture and recycling with EUR 528 million, while construction was third with EUR 468 million.

Domestic Italian deals by volume and value


H1 2017 210 8,929

H2 2016 364 16,330

H1 2016 272 11,308

H2 2015 301 15,033

H1 2015 453 4,671

H2 2014 411 13,338

H1 2014 424 7,567

H2 2013 322 5,959

H1 2013 292 4,705






Domestic Italian deals by volume and value

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Top domestic Italian deals by value



Completion date

1. 3,724 Acquisition 100% Banca Popolare di Milano Scarl IT Banco BPM SpA IT 01/01/2017

2. 1,120 Minority stake 3% Intesa SanPaolo SpA IT Assicurazioni Generali SpA IT 17/02/2017

3. 390 Acquisition 100% Banca del Mezzogiorno - MedioCredito Centrale SpA IT Agenzia nazionale per l attrazione degli investimenti e lo sviluppo d impresa SpA IT 09/05/2017

4. 389 Minority stake 3% to 4% Intesa SanPaolo SpA IT Assicurazioni Generali SpA IT 17/02/2017

5. 320 Acquisition 100% Porta Vittoria SpA IT Prelios SpA IT 20/02/2017

6. 301 Acquisition from 41% to 100% Moleskine SpA IT DM Invest Srl IT 24/01/2017

7. 290 Acquisition 51% Banca Intermobiliare di Investimenti e Gestioni SpA IT Mr Luca Cordero di Montezemolo; Piovesana Holding SpA; Mi Mo Se SpA; Mr Pietro D’Agui; Romed SpA; MAVA Societa Semplice; Duet BIM SA; SerendipEquity BIM Holding LLC; Pietro SpA; Building SpA; Cruiser Srl; Ms Gianfranca Cullati; Serfin Servizi Finanziari alle Imprese Srl; Mr Alessandro Federici

IT; IT; IT; IT; IT; IT; US; IT; IT; IT; IT; IT; IT

23/06/2017

8. 278 Acquisition 100% Old Mutual Wealth Italy SpA IT Phlavia Investimenti Srl IT 09/01/2017

9. 230 Acquisition 100% Bassilichi SpA IT Istituto Centrale delle Banche Popolari Italiane SpA IT 30/06/2017

10. 196 Acquisition 85% Buccellati Holding Italia SpA IT Yuelong Industry Co., Ltd's Italy SPV IT 30/04/2017





Top domestic Italian deals by value (cont’d)



Completion date

11. 141 Acquisition from 50% to 100% Banca Esperia SpA IT Mediobanca SpA IT 04/04/2017

12. 137 Acquisition 86% Avio SpA IT Space2 SpA; Leonardo - Finmeccanica SpA; In Orbit SpA IT; IT; IT 04/04/2017

13. 125 Minority stake 5% to 10% BPER Banca SpA IT UnipolSai Assicurazioni SpA IT 08/05/2017

14. 125 Acquisition Banca Regionale Europea SpA; Banca Popolare di Ancona SpA; Banca Carime SpA; Banco di Brescia San Paolo CAB SpA; Banca Popolare Commercio e Industria SpA; Banca Popolare di Bergamo SpA; Banca di Valle Camonica SpA

IT; IT; IT; IT; IT; IT; IT

Unione di Banche Italiane ScpA IT 20/02/2017

15. 106 Acquisition from 53% to 69% Astaldi SpA IT Fin Ast Srl; Finetupar International SA IT; LU 01/03/2017

16. 100 Acquisition 100% Premuda SpA IT Pillarstone Italy SpA IT 31/03/2017

17. 80 Acquisition 100% GF Group SpA IT Glenalta Food SpA IT 28/02/2017

18. 76 Minority stake 6% Societa Cattolica di Assicurazione SC IT Fondazione Cassa di Risparmio di Verona Vicenza Belluno e Ancona; Qualified Investors

IT 05/04/2017

19. 71 Acquisition from 52% to 67% COFIDE - Gruppo De Benedetti SpA IT Fratelli de Benedetti SpA IT 01/06/2017

20. 63 IBO 70% Util Industries SpA IT IDEA CCR (Corporate Credit Recovery) I IT 28/03/2017





Domestic Italian target sectors by volume






Banks 11 23 13



Construction 14 3 9




Transport 4 13 7








Domestic Italian target sectors by value


H2 2016 (mil EUR)

H1 2017 (mil EUR)

Banks 2,892 3,302 6,304

Other services 1,195 6,305 727




Transport 122 1,527 149




Gas, water, electricity 4,550 1,350 46


Publishing, printing 503 1,122 31












Domestic Italian private equity deals by volume and value


H1 2017 60 239

H2 2016 68 3,800

H1 2016 52 549

H2 2015 74 677

H1 2015 71 757

H2 2014 72 2,784

H1 2014 53 404

H2 2013 93 1,063

H1 2013 71 1,032

Domestic PE and VC value plummeted in H1

The value of domestic PE and VC investment declined significantly in the first half of 2017, dropping from EUR 3,800 million in H2 2016 to EUR 239 million. Volume was also down, albeit to a much lesser extent, falling from 68 to 60 over the same timeframe. It was a more positive story year-on-year; although value still declined from EUR 549 million in H1 2016, volume actually increased from 52 over the same timeframe.

The largest domestic PE and VC deal which closed in the first half of 2017 was worth EUR 63 million and involved IDeA Capital Funds picking up a 70 per cent shareholding in Turin-headquartered brake shoes and braking systems manufacturer Util Industries.

Largely, as a consequence of the aforementioned deal, the machinery, equipment, furniture and recycling sector topped the rankings by value in H1 2017 with a combined EUR 120 million. It was followed by metals and metal products with EUR 27 million, while three industries each had investment of EUR 15 million over the six months, namely publishing and printing, textiles, wearing apparel and leather and chemicals, rubber and plastics.





Domestic Italian private equity deals by volume and value

0

10

20

30

40

50

60

70

80

90

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H1 2013 H2 2013 H1 2014 H2 2014 H1 2015 H2 2015 H1 2016 H2 2016 H1 2017

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Top domestic Italian private equity deals by volume and value



1. 63 IBO 70% Util Industries SpA IT IDeA Capital Funds SGR SpA 28/03/2017

2. 31 IBO 100% Selcom Elettronica SpA IT Avenue Capital Group LLC; Europa Investimenti SpA 01/06/2017

3. 27 IBO 80% Duplomatic Oleodinamica SpA IT Alcedo SGR SpA 15/03/2017

4. 15 IBO 80% Ceramica Cielo SpA IT Mittel SpA 22/06/2017

5. 15 IBO 100% forte forte srl IT Style Capital SGR SpA 01/05/2017

6. 14 Minority stake Satispay SpA IT 29/04/2017

7. 9 Minority stake Filippetti SpA IT RiverRock European Capital Partners LLP 24/01/2017

8. 8 Minority stake Greenbone Ortho Srl IT Innogest SGR SpA; Italian Angels for Growth; Invitalia Ventures SGR SpA; Helsinn Investment Fund SA 16/06/2017

9. 8 Minority stake 37% Hnh Srl IT Siparex Ingenierie et Finance SAS 14/02/2017

10. 7 Minority stake WISE Srl IT High-Tech Grunderfonds Management GmbH; Antares Private Equity SpA; Principia SGR SpA; F3F Spa; IMI Fondi Chiusi SGR SpA

25/05/2017

11. 6 Minority stake BiovelocITA Srl IT Arepo Fiduciaria Srl; Banor Societa di Intermediazione Mobiliare SpA 16/03/2017

12. 5 Minority stake Bucci Automations SpA IT Simest SpA 15/03/2017

13. 5 Capital Increase 5% Gruppo PSC SpA IT Simest SpA 16/01/2017

14. 5 Minority stake Midnight Call Srl IT RedSeed Ventures; Ad4ventures 27/02/2017

15. 3 Minority stake Zehus Srl IT Invitalia Ventures SGR SpA; Vittoria SpA; Havel Srl 09/03/2017

16. 3 Minority stake Homepal A Better Place Srl IT Shark Bites SpA; BPER Banca SpA 05/04/2017

17. 2 Minority stake Treedom Srl IT Ersel SIM SpA; U-Start SA; Rancilio Cube Srl; Sella Ventures 30/03/2017

18. 2 Minority stake 40South Energy Srl IT Enel Green Power SpA; Invitalia Ventures SGR SpA 20/01/2017

19. 2 Minority stake Business Innovation Lab Srl IT GC Holdings Inc.; P101 SGR SpA; Azimut Enterprises Holding Srl 20/05/2017

20. 2 Minority stake Codemotion Srl IT LVenture Group SpA; Invitalia Ventures SGR SpA; Primomiglio SGR SpA 25/06/2017





Domestic Italian private equity target sectors by volume












Transport 0 2 1




Construction 1 1 0

Banks 0 0 0

Domestic Ialian private equity target sectors by value


H2 2016 (mil EUR)

H1 2017 (mil EUR)


Other services 69 1,497 34









Banks 0 0 0




Construction 0 0 0

Transport 0 1,033 0

Notes to editors

Activity is based on the activity of the target company.

Deal status is completed within the time period.

The sector breakdown uses targets’ activities as defined to be ‘Major Sectors’ by Zephyr.

The date range is 01/01/2017 - 30/06/2017

M&A Review · H2 2014 384 23,358 H1 2014 435 28,625 H2 2013 336 20,048 H1 2013 289 16,507 ... 1....

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