Key Takeaways
- • Investindustrial is exploring a sale of its 82% stake in Guala Closures, with JPMorgan and Mediobanca appointed as advisers and an enterprise value estimated at 1.6-1.8 billion euros.
- • CVC Capital Partners and Groupe Bruxelles Lambert (GBL) took 74.6% of Recordati at 53 euros per share, clearing the 66.67% takeover threshold but falling short of the 90% needed for standard delisting, implying an equity value above 11 billion euros.
- • Renaissance Partners and the Luccini Family hold 93.459% of Reway Group in a take-private offer valued at 400 million euros in equity and 471.5 million euros enterprise value (9.5x EV/EBITDA), backed by a 345 million euro financing package.
- • Platinum Equity reached an agreement with 21 Invest to acquire the majority of Trime at a 250 million euro enterprise value, with management reinvesting alongside the buyer.
- • Several mid-market transactions closed or advanced: CDP Equity agreed to buy 8.9% of 2i Aeroporti, H.I.G. Capital took majority control of L4A, and Riello Investimenti acquired majority control of Italsur.
Summary
According to BeBeez International's weekly Italian private equity roundup, Investindustrial is considering a sale of its 82% stake in Guala Closures and has appointed JPMorgan and Mediobanca as advisers. The enterprise value of Guala Closures could be between 1.6 and 1.8 billion euros. Delfin, Factor Holding, Gabriele Nissim, Marina Nissim, Alantra, Cortapedra and Stelios Vitogiannis hold the remaining 18%.
On 23 October, CVC Capital Partners and Groupe Bruxelles Lambert (GBL) raised their stake in Milan-listed Recordati to 74.6%, exceeding the 66.67% minimum threshold for their takeover bid to succeed. The stake remains below the 90% required to initiate a standard delisting. The consortium paid 53 euros per Recordati share, an equity value above 11 billion euros. On 21 October, Barclays raised its target price from 55 to 56 euros (Equalweight), while Intermonte/Websim, Equita and Banca Akros set targets of 71, 69 and 65 euros per share respectively.
Renaissance Partners and the Luccini Family are reportedly close to taking Milan-listed Reway Group private, following an offer that launched on 5 October. The bidders hold 93.459% of the shares, worth a total of 62.16 million euros at 10.31 euros per share, implying an equity value of 400 million euros and an enterprise value of 471.5 million euros, or 9.5x EV/EBITDA. Renaissance Partners and the Luccini Family acquired equity worth 178.79 million and 76.90 million euros respectively, with a further 50.2 million euros available to purchase. The buyers also took on banking debt of 81.81 million euros, which could rise by a further 16.31 million. On 27 July, Reway signed a 345 million euro financing with a syndicate including Intesa Sanpaolo, Banco BPM, BNL BNP Paribas, Crédit Agricole Italia, BPER Banca, Cassa Depositi e Prestiti, Piraeus Bank, illimity Bank, Cherry Bank, Solution Bank and ECRA Private Debt Fund (Eurizon Capital Real Asset), to fund the buyout, refinancing, working capital, industrial investments and M&A.
Sources told BeBeez that Platinum Equity agreed with 21 Invest, the investment firm founded by Alessandro Benetton and part of 21 Next – Edizione, to acquire the majority of Trime at a 250 million euro enterprise value. Chairman Andrea Fontanella, CEO Paolo Tacconi and other managers will reinvest alongside Platinum. Platinum will finance the deal with facilities from Intesa Sanpaolo, UniCredit, BPER Banca, Crédit Agricole, BNL BNP Paribas and Deutsche Bank.
Other transactions in the roundup include CDP Equity's agreement to acquire 8.9% of 2i Aeroporti, the holding company for Italy's main airport investments, from Asterion Industrial Partners (8%) and F2i (0.9%), with closing possibly by year-end 2026 according to sources; Fabio Barchiesi is CEO of CDP Equity. Riello Investimenti acquired majority control of Italsur from the Tullii family and Clara Budiani, financed by BPER Corporate & Investment Banking and Banca Sella, with Marco Visini leading a buy-and-build strategy. H.I.G. Capital acquired a majority of L4A alongside co-CEOs Roberto Paganessi and Andrea Diani, with Generali Asset Management providing financing. Wateralia, a portfolio company of Ambienta, bought a controlling stake in CSA from Giorgio Bonatti, with CEO Luca Bonatti retaining a minority stake and his role. Separately, Excellera, 70% owned by Intermediate Capital Group (ICG), acquired Brussels-based competitor Fourtold.
On 23 October, CVC Capital Partners and Groupe Bruxelles Lambert (GBL) raised their stake in Milan-listed Recordati to 74.6%, exceeding the 66.67% minimum threshold for their takeover bid to succeed. The stake remains below the 90% required to initiate a standard delisting. The consortium paid 53 euros per Recordati share, an equity value above 11 billion euros. On 21 October, Barclays raised its target price from 55 to 56 euros (Equalweight), while Intermonte/Websim, Equita and Banca Akros set targets of 71, 69 and 65 euros per share respectively.
Renaissance Partners and the Luccini Family are reportedly close to taking Milan-listed Reway Group private, following an offer that launched on 5 October. The bidders hold 93.459% of the shares, worth a total of 62.16 million euros at 10.31 euros per share, implying an equity value of 400 million euros and an enterprise value of 471.5 million euros, or 9.5x EV/EBITDA. Renaissance Partners and the Luccini Family acquired equity worth 178.79 million and 76.90 million euros respectively, with a further 50.2 million euros available to purchase. The buyers also took on banking debt of 81.81 million euros, which could rise by a further 16.31 million. On 27 July, Reway signed a 345 million euro financing with a syndicate including Intesa Sanpaolo, Banco BPM, BNL BNP Paribas, Crédit Agricole Italia, BPER Banca, Cassa Depositi e Prestiti, Piraeus Bank, illimity Bank, Cherry Bank, Solution Bank and ECRA Private Debt Fund (Eurizon Capital Real Asset), to fund the buyout, refinancing, working capital, industrial investments and M&A.
Sources told BeBeez that Platinum Equity agreed with 21 Invest, the investment firm founded by Alessandro Benetton and part of 21 Next – Edizione, to acquire the majority of Trime at a 250 million euro enterprise value. Chairman Andrea Fontanella, CEO Paolo Tacconi and other managers will reinvest alongside Platinum. Platinum will finance the deal with facilities from Intesa Sanpaolo, UniCredit, BPER Banca, Crédit Agricole, BNL BNP Paribas and Deutsche Bank.
Other transactions in the roundup include CDP Equity's agreement to acquire 8.9% of 2i Aeroporti, the holding company for Italy's main airport investments, from Asterion Industrial Partners (8%) and F2i (0.9%), with closing possibly by year-end 2026 according to sources; Fabio Barchiesi is CEO of CDP Equity. Riello Investimenti acquired majority control of Italsur from the Tullii family and Clara Budiani, financed by BPER Corporate & Investment Banking and Banca Sella, with Marco Visini leading a buy-and-build strategy. H.I.G. Capital acquired a majority of L4A alongside co-CEOs Roberto Paganessi and Andrea Diani, with Generali Asset Management providing financing. Wateralia, a portfolio company of Ambienta, bought a controlling stake in CSA from Giorgio Bonatti, with CEO Luca Bonatti retaining a minority stake and his role. Separately, Excellera, 70% owned by Intermediate Capital Group (ICG), acquired Brussels-based competitor Fourtold.
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