Key Takeaways
- • CVC Capital Partners and Groupe Bruxelles Lambert (GBL) raised their take-private offer for Milan-listed Recordati from €51.29 to €53 per share, with the offer scheduled to close on 23 October; Palliser Capital, a Recordati shareholder, reportedly argues the company is worth at least €60 per share.
- • Webuild acquired a stake of just under 28% in Milan-listed Trevi Finanziaria Industriale, surpassing CDP Equity's 21.3% holding, after Intermonte bought nearly 14% of Trevi for €47.13 million (€5,165 per share) from Praude Asset Management on 5 October.
- • Evident, a Japanese portfolio company of Bain Capital, acquired CrestOptics from Apposite Capital and Health, a vehicle managed by Primo Capital, with David Martyr as chairman and Renato Giacobbo Scavo as CEO.
- • Italian mid-market deal flow continued across sectors, including Clessidra's 60% acquisition of Vega Formazione, Morato Group's acquisition of CEA Italia and German Jaus Bakery, and IMI's agreement to acquire iSMA Controlli at an enterprise value of €63 million.
Summary
BeBeez International's weekly roundup of Italian private equity activity covered several large transactions. The most prominent is the take-private bid for Recordati, the Milan-listed pharmaceutical group. According to BeBeez, CVC Capital Partners and Groupe Bruxelles Lambert increased their offer from €51.29 to €53 per share, with closing set for 23 October. Palliser Capital, a Recordati shareholder, reportedly said the company is worth at least €60 per share.
In the industrial sector, Webuild has built a position in Trevi Finanziaria Industriale. According to BeBeez, Webuild now holds just under 28% of Trevi, a larger stake than CDP Equity's 21.3%. On 5 October, Intermonte, acting as buyer's advisor, purchased nearly 14% of Trevi for €47.13 million from Praude Asset Management. On 8 October, Trevi reportedly asked its lending banks for a waiver of the change-of-control clause in its loan agreement. Webuild also reportedly launched a public offer on Trevi on 28 September, which will end on 20 November. Pietro Salini heads Webuild.
Bain Capital's Japanese portfolio company Evident acquired CrestOptics from Apposite Capital and Health, a vehicle managed by Primo Capital whose main investor is ENPAM. Leerink, Deloitte, Roland Berger and Chiomenti advised the vendors. Antonio Concolino is CEO of Primo Capital.
Other transactions included Clessidra Private Equity's acquisition of 60% of Vega Formazione, with the founders reinvesting and retaining operational roles, and Morato Group's acquisition of CEA Italia and German Jaus Bakery, after which Aliante Partners holds 39% of the group. IMI agreed to acquire iSMA Controlli from Isabella Seragnoli and managers at an enterprise value of €63 million, with closing possible in 4Q26, according to BeBeez. Lumson acquired Lombardi Design and Manufacturing, with Intesa Sanpaolo, BNL BNP Paribas, Crédit Agricole, Banco BPM and SIMEST providing financing.
The roundup also noted smaller activity, including Smart Capital's €1.5 million investment in Testbusters B-Corp, Newport & Co's agreement to acquire Sall from Justrite Safety Group, and Teco's acquisitions backed by Sienna Private Equity.
In the industrial sector, Webuild has built a position in Trevi Finanziaria Industriale. According to BeBeez, Webuild now holds just under 28% of Trevi, a larger stake than CDP Equity's 21.3%. On 5 October, Intermonte, acting as buyer's advisor, purchased nearly 14% of Trevi for €47.13 million from Praude Asset Management. On 8 October, Trevi reportedly asked its lending banks for a waiver of the change-of-control clause in its loan agreement. Webuild also reportedly launched a public offer on Trevi on 28 September, which will end on 20 November. Pietro Salini heads Webuild.
Bain Capital's Japanese portfolio company Evident acquired CrestOptics from Apposite Capital and Health, a vehicle managed by Primo Capital whose main investor is ENPAM. Leerink, Deloitte, Roland Berger and Chiomenti advised the vendors. Antonio Concolino is CEO of Primo Capital.
Other transactions included Clessidra Private Equity's acquisition of 60% of Vega Formazione, with the founders reinvesting and retaining operational roles, and Morato Group's acquisition of CEA Italia and German Jaus Bakery, after which Aliante Partners holds 39% of the group. IMI agreed to acquire iSMA Controlli from Isabella Seragnoli and managers at an enterprise value of €63 million, with closing possible in 4Q26, according to BeBeez. Lumson acquired Lombardi Design and Manufacturing, with Intesa Sanpaolo, BNL BNP Paribas, Crédit Agricole, Banco BPM and SIMEST providing financing.
The roundup also noted smaller activity, including Smart Capital's €1.5 million investment in Testbusters B-Corp, Newport & Co's agreement to acquire Sall from Justrite Safety Group, and Teco's acquisitions backed by Sienna Private Equity.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.