Key Takeaways
- • QuattroR is close to receiving binding offers for Massimo Zanetti Beverage Group (MZBG) at an enterprise value of about €1.2 billion, with Lazard and Intesa Sanpaolo running the sale and Advent, BCPartners, One Rock Capital Partners and trade buyers reportedly interested, according to BeBeez.
- • Ambienta may appoint Goldman Sachs and JPMorgan to explore a sale of Officine Maccaferri, which it acquired in 2024 at an enterprise value above €500 million from Carlyle Global Credit, Stellex Capital Management and Man Group.
- • Moneyfarm declined a €250–300 million offer from Nasdaq-listed eToro and reportedly appointed Barclays and Credit Suisse to explore strategic options, including a London IPO at a £400 million enterprise value.
- • The Italian Supreme Court dismissed Ilva and Acciaierie d'Italia's appeals against the shutdown of the hot end at the Taranto steelworks on 29 October, with binding offers from Jindal Steel International and Italian trade buyers expected around 8–9 November.
- • Elliott Investment Management's Banca CF+ signed a reverse merger for Milan-listed Banca Sistema, with full implementation targeted for 7 November at an exchange ratio of 1.
Summary
BeBeez's weekly Italian private equity roundup covers several transactions and processes. The most significant is the reported sale of Massimo Zanetti Beverage Group (MZBG), a QuattroR portfolio company, which is close to receiving binding offers on an enterprise value of €1.2 billion. Lazard and Intesa Sanpaolo are handling the process, and Advent, BCPartners, One Rock Capital Partners and trade buyers could be interested. QuattroR bought 50% of MZBG in 2023 and later raised its stake to 70%; founder Massimo Zanetti holds 30%.
Ambienta, the firm founded by Nino Tronchetti Provera, may appoint Goldman Sachs and JPMorgan to explore a sale of Officine Maccaferri, which Ambienta acquired in 2024 at an enterprise value above €500 million from Carlyle Global Credit, Stellex Capital Management and Man Group. Stefano Susani is CEO of Officine Maccaferri.
Moneyfarm, the London-based digital wealth manager founded in 2011 by Giovanni Daprà and Paolo Galvani, declined a €250–300 million offer from eToro. Moneyfarm raised €53 million in 2022 at a pre-money valuation of €325 million, with backers including M&G and Poste Italiane. The company reportedly appointed Barclays and Credit Suisse to explore strategic options or a London IPO at an enterprise value of £400 million, though Galvani previously said a listing was not planned in the medium term.
In Italy's industrial sector, the Supreme Court on 29 October rejected appeals by Ilva and Acciaierie d'Italia against the shutdown of the hot end at the Taranto steelworks. Binding offers from Jindal Steel International and a group of Italian trade buyers are reportedly expected on 8 or 9 November, and talks between the government and unions may follow in mid-November. The ruling means any bid must account for the shutdown and conditions for a possible restart.
Other deals reported in the roundup include Mirato Group's acquisition of the majority of Lebanon's Mirato MEA from Dalal Holding Group; EDGE Group's acquisition of 80% of CMD – Costruzioni Motori Diesel; FingrooveB-Corp's acquisition of SDM B-Corp; Miura Partners' portfolio company SABSEG's acquisition of insurance broker Mec.Vis; Etjca Group's binding agreement to acquire Magistra, financed by Crédit Agricole Italia, Banco BPM, UniCredit, Banca Ifis, Eiffel Investment Group and Tenax Capital; and KKR portfolio company Circor's acquisition of Green Silence Group from Xenon Private Equity and minority holders.
Finally, Elliott Investment Management's Banca CF+ signed a reverse merger for Milan-listed Banca Sistema on 30 October, with full implementation targeted for 7 November and accounting effects from 1 November at an exchange ratio of 1.
Ambienta, the firm founded by Nino Tronchetti Provera, may appoint Goldman Sachs and JPMorgan to explore a sale of Officine Maccaferri, which Ambienta acquired in 2024 at an enterprise value above €500 million from Carlyle Global Credit, Stellex Capital Management and Man Group. Stefano Susani is CEO of Officine Maccaferri.
Moneyfarm, the London-based digital wealth manager founded in 2011 by Giovanni Daprà and Paolo Galvani, declined a €250–300 million offer from eToro. Moneyfarm raised €53 million in 2022 at a pre-money valuation of €325 million, with backers including M&G and Poste Italiane. The company reportedly appointed Barclays and Credit Suisse to explore strategic options or a London IPO at an enterprise value of £400 million, though Galvani previously said a listing was not planned in the medium term.
In Italy's industrial sector, the Supreme Court on 29 October rejected appeals by Ilva and Acciaierie d'Italia against the shutdown of the hot end at the Taranto steelworks. Binding offers from Jindal Steel International and a group of Italian trade buyers are reportedly expected on 8 or 9 November, and talks between the government and unions may follow in mid-November. The ruling means any bid must account for the shutdown and conditions for a possible restart.
Other deals reported in the roundup include Mirato Group's acquisition of the majority of Lebanon's Mirato MEA from Dalal Holding Group; EDGE Group's acquisition of 80% of CMD – Costruzioni Motori Diesel; FingrooveB-Corp's acquisition of SDM B-Corp; Miura Partners' portfolio company SABSEG's acquisition of insurance broker Mec.Vis; Etjca Group's binding agreement to acquire Magistra, financed by Crédit Agricole Italia, Banco BPM, UniCredit, Banca Ifis, Eiffel Investment Group and Tenax Capital; and KKR portfolio company Circor's acquisition of Green Silence Group from Xenon Private Equity and minority holders.
Finally, Elliott Investment Management's Banca CF+ signed a reverse merger for Milan-listed Banca Sistema on 30 October, with full implementation targeted for 7 November and accounting effects from 1 November at an exchange ratio of 1.
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