half year m&a activity report. 1,075 ibo majority stake teamsystem holding spa it hellman &...

Half Year M&A Activity ReportItaly, H1 2016

Zephyr Quarterly M&A ReportGlobal, Q3 2015

Bureau van Dijk (BvD) is the leading provider of private company, corporate ownership and deal information from around the world. www.bvdinfo.com

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Page 1 © Bureau van Dijk

The following report details mergers and acquisitions activity in Italy in H1 2016 using data from the Zephyr database.

It focuses on deal activity by target company.

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

Inbound Italian M&A halves in H1 2016

The value of inbound mergers and acquisitions (M&A) targeting Italian companies declined significantly in the first half of 2016, dropping 52 per cent to EUR 19,604 million. This is despite a considerable increase in volume over the six months; in all some 443 deals were signed off, marking an improvement on the 370 transactions closed in the second half of 2015.

US buyers were the main acquirors of Italian targets in H1, having taken part in 77 transactions worth a combined EUR 4,885 million. As a result the country led both the volume and value rankings. The UK placed second on both fronts, having participated in 62 Italian purchases with an aggregate value of EUR 3,344 million. Japan was third by value with EUR 2,719 million, followed by France with EUR 1,524 million.

Buyers favoured the wholesale and retail trade industry over the six month period as EUR 4,207 million was invested in the sector. Despite the result, the industry could only place sixth by volume with 22 deals. Other sectors which received significant investment in H1 include banks (EUR 3,350 million), food, beverages and tobacco (EUR 2,577 million) and textiles, wearing apparel and leather (EUR 1,728 million).

In all, five of the top 20 deals signed off in the first half of the year were worth EUR 1,000 million, or more, and the largest transaction of the period actually broke the EUR 2,000 million-barrier. That deal took the form of Asahi Group Holdings’ EUR 2,550 million purchase of beer maker Birra Peroni, although the price also included Meantime Brewing Company, Koninklijke Grolsch and Miller Brands, which are based in the UK, Netherlands and the UK, respectively.

Inbound Italian deals by volume and value

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

H1 2016 443 19,604

H2 2015 370 40,472

H1 2015 401 34,991

H2 2014 377 23,156

H1 2014 432 28,179

H2 2013 336 20,048

H1 2013 287 14,642

H2 2012 270 19,456

H1 2012 229 17,616

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”

www.bvdinfo.com/BvD/media/reports/ItalyH12016.xls

www.bvdinfo.com/BvD/media/reports/ItalyH12016.xls






Inbound Italian deals by volume and value

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Page 3 © Bureau van Dijk Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.

Top 20 inbound Italian deals by value

Deal value (mil EUR) Deal type Target Target

country Acquiror Acquiror country

Completion date

1. 2,550 Acquisition 100% Koninklijke Grolsch NV; Meantime Brewing Company Ltd; Birra Peroni Srl; Miller Brands (UK) Ltd

NL; GB; IT; GB Asahi Group Holdings Ltd JP 30/06/2016

2. 1,200 IBO 60% Artsana SpA IT InvestIndustrial V LP; Investindustrial VI LP GB 22/06/2016

3. 1,075 IBO majority stake TeamSystem Holding SpA IT Hellman & Friedman LLC US 31/03/2016

4. 1,040 Acquisition 100% Rhiag - Inter Auto Parts Italia SpA IT LKQ Corporation US 30/06/2016

5. 1,000 IBO 100% Sisal Group SpA IT CVC Capital Partners Ltd GB 30/05/2016

6. 996 Capital Increase 56% Banco Popolare Societa Cooperativa IT 30/06/2016

7. 914 Acquisition 100% Mediaset Premium SpA IT Vivendi SA FR 31/05/2016

8. 700 Acquisition 100% Polynt SpA IT Reichhold LLC 2 US 30/06/2016

9. 550 Minority stake 3% Snam SpA IT 06/01/2016

10. 470 Minority stake increased from 5% to 6%

Intesa SanPaolo SpA IT BlackRock Inc. US 10/05/2016

11. 400 Acquisition 100% Poli Group Holding Srl IT Almirall SA ES 31/01/2016

12. 392 Minority stake 49% EDP Renewables Polska Holdco SA; EDP Renewables Europe SL's 598 MW wind assets in Italy

PL; IT ACE Poland Sarl; ACE Italy Sarl LU; LU 30/06/2016

13. 350 IBO 100% Agrifarma SpA IT Permira Advisers LLP GB 31/05/2016

14. 311 Minority stake 2% Atlantia SpA IT 29/03/2016

15. 280 Minority stake 2% Unicredit SpA IT 08/06/2016

16. 262 Minority stake 3% Terna - Rete Elettrica Nazionale SpA IT 04/02/2016

17. 234 Minority stake 1% Intesa SanPaolo SpA IT 28/06/2016

18. 200 Acquisition 100% Champion Europe SpA IT Hanesbrands Inc. US 30/06/2016

19. 169 Acquisition increased from 75% to 100%

DeLclima SpA IT Mitsubishi Electric Corporation JP 17/02/2016

20. 163 Minority stake 3% Recordati Industria Chimica e Farmaceutica SpA IT 23/02/2016

www.zephyr.bvdep.com






Inbound Italian target sectors by volume

Target sector H1 2015 H2 2016 H1 2016

Banks 55 49 117

Other services 115 83 84

Machinery, equipment, furniture, recycling 51 59 58

Textiles, wearing apparel, leather 16 7 29

Gas, water, electricity 28 39 28

Chemicals, rubber, plastics 21 21 27

Wholesale & retail trade 28 15 22

Post and telecommunications 12 19 20

Construction 19 25 14

Publishing, printing 10 8 12

Insurance companies 3 3 11

Hotels & restaurants 4 8 10

Metals & metal products 10 5 5

Food, beverages, tobacco 13 12 4

Transport 4 5 2

Primary sector 7 5 1

Education, health 1 1 0

Public administration and defence 0 0 0

Wood, cork, paper 3 4 0

Inbound Italian target sectors by value

Target sector H1 2015 (mil EUR)

H2 2015 (mil EUR)

H1 2016 (mil EUR)

Other services 3,555 2,312 4,680

Wholesale & retail trade 1,225 2,068 4,207

Banks 10,385 5,713 3,350

Food, beverages, tobacco 408 293 2,577

Textiles, wearing apparel, leather 818 31 1,728

Machinery, equipment, furniture, recycling 1,334 13,981 1,352

Construction 586 1,013 1,334

Chemicals, rubber, plastics 1,165 2,877 1,302

Gas, water, electricity 5,020 6,449 959

Post and telecommunications 6,492 2,843 661


Insurance companies 1,067 212 135

Metals & metal products 1,757 19 91


Transport 606 9 33

Primary sector 425 1,216 7









Top inbound Italian acquiror countries by volume

Acquiror country H1 2015 H2 2015 H1 2016

US 52 36 77

UK 23 20 62

Norway 12 53 26

France 14 14 19

Switzerland 26 21 14

Luxembourg 11 7 12

Bermuda 4 3 9

Netherlands 9 6 8

Ireland 1 1 5

Germany 17 4 4

Cayman Islands 0 2 4

Sweden 2 2 3

Belgium 4 3 2

China 12 0 2

Japan 3 3 2

Australia 1 0 2

Spain 4 6 2

Austria 2 2 1

Cyprus 0 0 1

Liechtenstein 0 0 1

Bahrain 0 0 1

Kazakhstan 0 0 1

Top inbound Italian acquiror countries by value

Acquiror country H1 2015 (mil EUR)

H2 2016 (mil EUR)

H1 2016 (mil EUR)

US 6,828 3,789 4,885

UK 576 2,849 3,344

Japan 0 538 2,719

France 2,540 1,082 1,524

Norway 1,452 7,510 658

Luxembourg 115 51 504

Spain 1,343 27 400

Netherlands 374 10,002 191

Switzerland 774 3,299 164

Bermuda 196 30 112

Cayman Islands 0 27 86

China 3,222 0 68

Ireland 200 0 47

Liechtenstein 0 0 30

Cyprus 0 0 19

Sweden 9 0 10

Australia 0 0 8

Germany 153 0 7

Belgium 255 9 1






Inbound Italian PE and VC investment rockets in H1

The value of inbound private equity and venture capital (PE and VC) investment targeting Italian companies improved significantly in the first half of 2016, rocketing from EUR 248 million in H2 2015 to EUR 3,840 million. By contrast, volume declined over the same timeframe, sliding from 29 to 24.

A few deals had a considerable effect on the value result; in fact, some 85 per cent of all inbound Italian PE and VC investment over the six months was attributable to just three transactions. The period’s most valuable transaction was worth EUR 1,200 million and involved the purchase of a 60 per cent shareholding in babywear manufacturer Artsana by InvestIndustrial. Others targeted in high value deals include TeamSystem Holding (EUR 1,075 million) and Sisal Group (EUR 1,000 million).

Largely as a consequence of the Artsana and Sisal Group transactions, the UK invested the most in Italian PE and VC transactions over the six months. Other large investors include the US, which injected EUR 1,085 million, although again this was primarily due to the TeamSystem Holding deal.

Inbound Italian private equity deals by volume and value


H1 2016 24 3,840

H2 2015 29 248

H1 2015 22 986

H2 2014 30 2,318

H1 2014 29 919

H2 2013 25 949

H1 2013 19 1,146

H2 2012 18 148

H1 2012 10 554






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Top inbound Italian private equity deals by value


country General Partner/Fund Manager Completion date

1. 1,200 IBO 60% Artsana SpA IT Bi-Invest Holdings SA 22/06/2016

2. 1,075 IBO majority stake TeamSystem Holding SpA IT Hellman & Friedman LLC 31/03/2016

3. 1,000 IBO 100% Sisal Group SpA IT CVC Capital Partners Ltd 30/05/2016

4. 350 IBO 100% Agrifarma SpA IT Permira Advisers LLP 31/05/2016

5. 66 Acquisition 75% Ladurner Ambiente SpA IT Mandarin Capital Management SA 29/04/2016

6. 60 Minority stake Aquafil SpA IT Three Hills Capital Partners LLP 15/02/2016

7. 50 IBO 100% Bistar Commerciale Srl IT L Capital Management SA 14/06/2016

8. 8 Minority stake Mosaicoon SpA IT 24/05/2016

9. 7 Minority stake WiTech SpA IT 14/03/2016

10. 7 Minority stake 15% Marval Srl IT Mandarin Capital Management SA 09/03/2016

11. 5 Minority stake 11% Marval Srl IT Mandarin Capital Management SA 09/03/2016

12. 5 Minority stake DFLabs SpA IT Evolution Equity Partners LLC 04/05/2016

13. 5 Minority stake Smartika SpA IT Hamilton Ventures LLC 12/01/2016

14. 1 Minority stake Dr Wine Tech Srl IT 16/06/2016

15. 1 Minority stake GoOut Srl IT 31/05/2016

16. 0 Minority stake Leevia Srls IT 21/04/2016

17. n.a. IBO majority stake Cigierre - Compagnia Generale Ristorazione SpA IT BC Partners Ltd 31/01/2016

18. n.a. IBO 100% Limacorporate SpA IT EQT Partners AB 30/06/2016

19. n.a. IBO 100% F2A Srl IT Ardian Italy Srl 11/02/2016

20. n.a. Minority stake Eurochiller Srl IT Luxempart SA 01/01/2016

21. n.a. IBO 100% Contacta SpA; Visiant Contact Srl IT; IT Aksia Group SGR SpA 05/01/2016

22. n.a. IBO majority stake Comdata SpA IT Carlyle Group LP 31/03/2016

23. n.a. IBO 100% Alfatherm SpA IT OpenGate Capital LLC 29/06/2016

24. n.a. IBO majority stake Corneliani SpA IT Investcorp Bank BSC 21/06/2016







Inbound Italian private equity target sectors by volume











Banks 0 1 0







Transport 1 0 0

Construction 0 3 0


Inbound Italian private equity target sectors by value


H2 2015 (mil EUR)

H1 2016 (mil EUR)

Other services 34 4 2,150

Textiles, wearing apparel, leather 0 0 1,200







Banks 0 0 0







Transport 500 0 0


Construction 0 9 0







Top inbound Italian private equity acquiror countries by volume

Acquiror country H1 2015 H2 2016 H1 2016

UK 2 3 6

US 6 3 5

Luxembourg 2 3 4

France 1 2 2

Belgium 0 0 1

Bahrain 0 0 1

China 0 0 1

Top inbound Italian private equity acquiror countries by value

Acquiror country H1 2015 (mil EUR)

H2 2015 (mil EUR)

H1 2016 (mil EUR)

UK 0 5 2,610

US 352 4 1,085

Luxembourg 1 0 78

China 0 0 66

France 500 230 50

Belgium 0 0 1






Outbound Italian M&A improves in H1 2016

There were 72 outbound M&A deals with Italian acquirors worth a combined EUR 8,665 million announced in H1 2016. In terms of value this represents the best result for a six month period since the first half of 2011, while volume also improved, albeit at the considerably slower rate of 4 per cent, from 69 deals in H2 2015 to 72.

The bulk of outbound Italian M&A investment in H1 2016 was generated by a single deal as EXOR acquired Bermuda-headquartered insurance player PartnerRe for EUR 6,097 million. This transaction alone accounted for 70 per cent of total investment over the six months.

In all Italian buyers took part in 72 deals with overseas targets in countries such as Germany, Czech Republic, the UK and France. Unsurprisingly, Bermuda led the value rankings, but this was entirely due to the PartnerRe transaction. Other countries to receive significant investment from Italian buyers include the US (EUR 747 million), the UK (EUR 245 million) and France (EUR 224 million).

The insurance sector accounted for the bulk of foreign investment by Italian companies in H1, although here too this was due solely to the PartnerRe deal. The food, beverages and tobacco industry was the next most valuable with EUR 918 million, while machinery, equipment, furniture and recycling came next with EUR 646 million and construction was fourth with EUR 374 million.

Outbound Italian deals by volume and value


H1 2016 72 8,665

H2 2015 69 1,865

H1 2015 66 2,153

H2 2014 78 932

H1 2014 91 2,019

H2 2013 95 6,502

H1 2013 53 3,189

H2 2012 63 2,740

H1 2012 62 4,044






Outbound Italian deals by volume and value

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Top outbound Italian deals by value



Completion date

1. 6,097 Acquisition 100% - Bid 2 - Increased offer

PartnerRe Ltd BM EXOR SpA IT 18/03/2016

2. 800 Acquisition 100% Mondelez International Inc.'s Europe-based Carte Noire business Luigi Lavazza SpA IT 22/02/2016

3. 374 Acquisition 100% Lane Industries Inc. US Salini Impregilo SpA IT 04/01/2016

4. 264 Acquisition 100% Focus Diagnostics Inc.'s tangible and intangible assets US DiaSorin SpA IT 13/05/2016

5. 200 IBO majority stake SF-Filter AG CH Ambienta SGR SpA IT 09/03/2016

6. 144 Acquisition 100% Edif Group Ltd GB RINA SpA IT 30/06/2016

7. 118 Minority stake 17% Societe des Produits Marnier Lapostolle SA FR Davide Campari-Milano SpA IT 15/03/2016

8. 103 Minority stake 13% Welltec A/S DK EXOR SpA IT 10/02/2016

9. 95 Acquisition 100% Balda AG's further operating business assets; Balda Medical GmbH & Co. KG; Balda C. Brewer Inc.; Balda Precision, Inc.; Balda Medical Systems SRL

DE; DE; US; US; RO

Stevanato Group SpA IT 13/03/2016

10. 81 Acquisition 100% Renoir TopCo Ltd GB FILA Fabbrica Italiana Lapis ed Affini SpA IT 04/02/2016

11. 78 Acquisition 66% ASIMCO Meilian Braking Systems (LangFang) Co., Ltd CN Brembo SpA IT 19/05/2016

12. 50 Capital Increase 23% Carmat SA FR Sante Holdings Srl; Air Liquide Venture Capital; Europe Innovation 2006 FCPI; UFF Innovation 5; Airbus Group SE; CorNovum; Zaka SA

IT; FR; FR; FR; NL; FR; FR

27/04/2016

13. 48 Minority stake increased from 6% to 15%

Gameloft SE FR Amber Capital UK LLP; Amber Capital Italia SGR SpA GB; IT 13/04/2016

14. 40 Minority stake 4% Banco de Credito Cooperativo ES Assicurazioni Generali SpA IT 01/04/2016

15. 22 Acquisition 79% Erdwarme Oberland GmbH DE Enel Green Power SpA IT 13/01/2016


Benetton Korea Inc. KR Benetton Group SpA IT 01/04/2016

17. 14 Minority stake FACE IT Ltd GB Index Venture Management LLP; Anthos Management LLC; United Ventures SpA

GB; US; IT 26/01/2016

18. 13 Minority stake Regentis Biomaterials Ltd IL Medica Venture Partners; Vitalife Life Sciences Venture Capital; Generali Investments Italy SGR SpA; Technion Technology Transfer; Xizang Haisco Pharmaceutical Group Co., Ltd

IL; IL; IT; IL; CN

07/02/2016

19. 10 Minority stake AtScale Inc. US Storm Ventures LLC; UMC Capital Corporation; X/Seed Capital Management LLC; Comcast Ventures; AME Ventures Srl

US; KY; US; US; IT

16/05/2016

20. 10 Acquisition 51% DST Consulting GmbH; EMDS GmbH DE Engineering Ingegneria Informatica SpA IT 30/06/2016







Outbound Italian target sectors by volume









Banks 1 1 2



Construction 5 1 2








Transport 1 3 0

Outbound Italian target sectors by value


H2 2015 (mil EUR)

H1 2016 (mil EUR)

Insurance companies 1,246 0 6,097








Banks 20 56 40









Transport 505 297 0







Top outbound Italian target countries by volume

Target country H1 2015 H2 2015 H1 2016

Germany 2 9 12

Czech Republic 1 0 9

UK 6 8 8

France 3 9 7

US 9 5 6

Spain 2 5 5

Denmark 1 4 4

Switzerland 0 2 3

Sweden 2 2 2

Netherlands 2 1 2

Israel 0 0 2

Belgium 0 0 2

Poland 4 1 2

Namibia 0 0 1

India 1 4 1

South Korea 0 0 1

Portugal 0 0 1

China 1 0 1

Romania 12 9 1

Hungary 0 0 1

Bermuda 0 0 1

Luxembourg 0 0 1

Top outbound Italian target countries by value

Target country H1 2015 (mil EUR)

H2 2015 (mil EUR)

H1 2016 (mil EUR)

Bermuda 0 0 6,097

US 158 6 747

UK 0 480 245

France 26 795 224

Switzerland 0 208 200

Germany 20 354 153

Denmark 0 0 113

Romania 1 0 95

China 54 0 78

Spain 1 44 49

Israel 0 0 23

South Korea 0 0 15

Poland 6 1 9

Sweden 1 58 6

Netherlands 1,246 0 1






Outbound PE and VC investment rockets in H1

Both the volume and value of outbound PE and VC investment by Italian companies increased considerably in the first half of 2016. The 17 completed deals worth EUR 431 million represents a significant increase in volume and value on the seven deals worth EUR 21 million closed in the second half of last year.

Of the 17 deals announced during the six months, 14 had disclosed values. The largest of these accounted for almost half of all investment for the period as Ambienta SGR agreed to pay EUR 200 million for a majority stake in Swiss industrial filter wholesaler SF-Filter. This was followed by a EUR 144 million acquisition of UK-based technical, quality and safety engineering consultancy Edif Group by RINA.

Outbound Italian private equity deals by volume and value


H1 2016 17 431

H2 2015 7 21

H1 2015 9 132

H2 2014 10 9

H1 2014 8 57

H2 2013 7 2,406

H1 2013 8 66

H2 2012 4 78

H1 2012 4 2






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Top outbound Italian private equity deals by value



1. 200 IBO majority stake SF-Filter AG CH Ambienta SGR SpA 09/03/2016

2. 144 Acquisition 100% Edif Group Ltd GB VEI Capital SpA 30/06/2016

3. 14 Minority stake FACE IT Ltd GB Index Venture Management LLP; Anthos Management LLC; United Ventures SpA 26/01/2016

4. 13 Minority stake Regentis Biomaterials Ltd IL Medica Venture Partners; Vitalife Life Sciences Venture Capital; Generali Investments Italy SGR SpA; Technion Technology Transfer; Xizang Haisco Pharmaceutical Group Co., Ltd

07/02/2016

5. 10 Minority stake AtScale Inc. US Storm Ventures LLC; UMC Capital Corporation; X/Seed Capital Management LLC; Comcast Ventures; AME Ventures Srl

16/05/2016

6. 9 Minority stake Pi-Cardia Ltd IL Clal Biotechnology Industries Ltd; Innogest SGR SpA; Intesa SanPaolo SpA; Virtus Inspire Ventures; Clal Biotechnology Industries Ltd

07/01/2016

7. 9 Minority stake Job Digital Networks SL ES Reti Televisive Italiane SpA; Caixa Capital Risc SGECR SA; Bonsai Venture Capital SA; Mediaset Espana Comunicacion SA; Cube Jelly Investment SL; Ad4ventures; Antai Venture Builder SL; Ithaca Investments; Media Digital Ventures SL; Banco de Sabadell SA; Samaipata Ventures SL

01/03/2016

8. 9 Minority stake Payleven Holding GmbH DE New Enterprise Associates Inc.; Seventure Partners SA; HV Holtzbrinck Ventures Adviser GmbH; ru-Net Ltd; MePay Oy

11/02/2016

9. 8 Minority stake Ixaltis SAS FR Institut Regional de Developpement Industriel de Midi-Pyrenees SA; iXO Private Equity SAS; Principia SGR; Sofimac Partners SA; Goineau Developpement Sarl

30/05/2016

10. 6 Minority stake YesLab Ltd GB Wellington Partners Venture Capital GmbH; PROfounders Capital Ltd; Lepe Partners LLP; Playfair Capital LLP; U-Start Srl

29/06/2016

11. 4 Minority stake TOK.TV Inc. US Italian Angels for Growth; XG Ventures LLC; TechStars LLC; Social Starts LLC; AngelLab; TAF Management LLC; Anya Capital SRL; Opea; JetVentures; Heyi Capital

31/03/2016

12. 3 Minority stake Ascatron AB SE LPE SpA; Quadrivio Capital SGR SpA; Como Venture Srl; Rise Leader Investment Ltd; Shenzhen InteBridge Technology Incubation Co., Ltd

18/05/2016

13. 1 Minority stake Pneusmart BV NL Digital Magics SpA; Shark Bites SpA 20/06/2016

14. 1 Minority stake Kpi6 Ltd GB LVenture Group SpA; Angel Partner Group 08/03/2016

15. n.a. IBO 100% Mikrotron Mikrocomputer, Digital- und Analogtechnik GmbH

DE Ambienta SGR SpA 14/01/2016

16. n.a. IBO 100% Calucem GmbH DE Ambienta SGR SpA 18/04/2016

17. n.a. IBO 100% Graphic plc GB Quadrivio Capital SGR SpA 03/06/2016







Outbound Italian private equity target sectors by volume







Transport 0 0 0



Construction 0 0 0


Outbound Italian private equity target sectors by value


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Transport 0 0 0



Construction 0 0 0







Top outbound Italian private equity target countries by volume

Target country H1 2015 H2 2015 H1 2016

UK 0 0 5

Germany 1 2 3

Israel 0 0 2

US 4 2 2

Switzerland 0 0 1

France 0 1 1

Spain 2 2 1

Netherlands 0 0 1

Sweden 0 0 1

Top outbound Italian private equity target countries by value

Target country H1 2015 (mil EUR)

H2 2015 (mil EUR)

H1 2016 (mil EUR)

Switzerland 0 0 200

UK 0 0 164

Israel 0 0 23

US 111 6 14

Spain 1 4 9

Germany 20 11 9

France 0 0 8

Sweden 0 0 3

Netherlands 0 0 1






Domestic Italian M&A value up year-on-year

Both the volume and value of domestic Italian M&A declined in the first half of 2016. In all there were 191 deals worth a combined EUR 8,312 million, which represents a 12 per cent decline in volume against a 34 per cent drop in value. It was a more positive story year-on-year, although volume still declined on the 257 transactions announced in H1 2015, value actually improved significantly from EUR 3,605 million over the same timeframe.

Just one domestic M&A deal broke the EUR 1,000 million-barrier in H1 2016; that was a EUR 3,215 million purchase of the remaining 32 per cent stake in renewable energy firm Enel Green Power by Enel in April. That was followed by a deal worth EUR 989 million as Fondo Atlante picked up banking player Veneto Banca.

The most valuable sector over the six months was gas, water and electricity, which notched up investment of EUR 3,926 million, placing it well ahead of its nearest competitor; banking companies were targeted in deals worth EUR 1,392 million. It is notable that these two industries were targeted in the two largest deals of the period. The bulk of the gas, water and electricity investment was attributable to the Enel Green Power deal, while Veneto Banca also accounted for a large portion of banking value over the period.

Domestic Italian deals by volume and value


H1 2016 191 8,312

H2 2015 216 12,659

H1 2015 257 3,605

H2 2014 386 10,953

H1 2014 423 7,567

H2 2013 317 5,677

H1 2013 289 4,690

H2 2012 369 20,939

H1 2012 305 8,288






Domestic Italian deals by volume and value

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Top completed domestic Italian deals by value



Completion date

1. 3,215 Acquisition increased from 68% to 100% Enel Green Power SpA IT Enel SpA IT 01/04/2016

2. 989 Capital Increase 98% Veneto Banca ScpA IT Fondo Atlante IT 30/06/2016

3. 540 Acquisition 70% Riello SpA IT United Technologies Holdings Italy Srl IT 31/05/2016

4. 416 Acquisition 100% Societa Energie Rinnovabili SpA; Societa Energie Rinnovabili 1 SpA

IT CEF 3 Wind Energy SpA IT 14/06/2016

5. 292 Acquisition increased from 51% to 98% Kos SpA IT Compagnie Industriali Riunite SpA; F2i Health Management IT 17/05/2016

6. 246 Minority stake 37% Engineering Ingegneria Informatica SpA IT MIC Bidco SpA IT 10/03/2016

7. 213 Acquisition increased from 18% to 78% Banca di Sassari SpA IT Banca Popolare dell'Emilia Romagna SpA IT 20/05/2016

8. 200 Acquisition 100% Beta Utensili SpA IT TIPO – TIP Pre-IPO SpA; Mr Roberto Ciceri IT 21/01/2016

9. 191 Acquisition 100% Banca di Sassari SpA's 55 branches IT Banco di Sardegna SpA IT 20/05/2016

10. 190 Minority stake 42% Hydros Srl; Seledison SpA IT Societa Elettrica Altoatesina SpA IT 31/05/2016

11. 155 Minority stake 15% Societa Cattolica di Assicurazione SC IT Quaestio Capital Management SGR SpA IT 04/05/2016

12. 130 Acquisition 100% Italchimici Srl IT Recordati Industria Chimica e Farmaceutica SpA IT 31/05/2016

13. 130 Acquisition 100% RCS Libri SpA IT Arnoldo Mondadori Editore SpA IT 14/04/2016

14. 100 IBO majority stake Gimatic Srl IT Xenon Private Equity Ltd; AGIC Industrial Promotion Capital; Mr Giuseppe Bellandi

GB; IT 30/06/2016

15. 100 IBO 60% So Ma Ci S SpA IT Quadrivio Capital SGR SpA IT 10/02/2016

16. 95 Acquisition 100% F2i Ambiente SpA IT IREN Ambiente SpA IT 29/01/2016

17. 85 Acquisition increased from 90% to 100% Assiteca Broker Di Assicurazioni SpA IT Assiteca SpA IT 10/05/2016

18. 68 Acquisition 100% Mitim Srl IT Recipharm Italia SpA IT 24/02/2016

19. 63 Minority stake 9% Save SpA IT Marco Polo Holding Srl IT 22/02/2016

20. 58 Minority stake 1% Mediaset SpA IT Finanziaria d'Investimento Fininvest SpA IT 27/04/2016







Domestic Italian target sectors by volume









Construction 11 5 8



Banks 8 10 7

Transport 6 8 3








Domestic Italian target sectors by value


H2 2016 (mil EUR)

H1 2016 (mil EUR)

Gas, water, electricity 612 970 3,926

Banks 290 404 1,392


Other services 527 1,083 709




Machinery, equipment, furniture, recycling 430 1,008 260

Chemicals, rubber, plastics 57 5,758 200

Transport 14 814 119


Wholesale & retail trade 42 1,994 6













Domestic PE and VC value improves in H1

The value of domestic PE and VC investment improved in the first half of 2016, climbing 79 per cent to EUR 547 million from EUR 306 million in H2 2015. The increase came despite a decline in volume, which slid from 61 to 44 over the six months.

The largest domestic PE and VC deal signed off in the first half of 2016 was worth EUR 246 million and involved banking, financial, insurance and telecommunications firm Engineering Ingegneria Informatica being taken over by Neuberger Berman and Apax Partners. In all three deals broke the EUR 100 million-barrier over the six months; others targeted in high value deals include automation sensors manufacturer Gimatic and circuit board maker So Ma Ci.

The publishing and printing sector topped the value rankings for H1 with total investment of EUR 247 million, despite having only been targeted in five deals, placing it behind machinery, equipment, furniture and recycling (13) by volume. The latter received investment of EUR 214 million for the period.

Domestic Italian private equity deals by volume and value


H1 2016 44 547

H2 2015 61 306

H1 2015 68 729

H2 2014 65 523

H1 2014 53 404

H2 2013 91 871

H1 2013 70 1,030

H2 2012 56 552

H1 2012 46 845






Domestic Italian private equity deals by volume and value

0

10

20

30

40

50

60

70

80

90

100

0

200

400

600

800

1,000

1,200

H1 2012 H2 2012 H1 2013 H2 2013 H1 2014 H2 2014 H1 2015 H2 2015 H1 2016

Dea

l val

ue (m

il EU

R)






Top domestic Italian private equity deals by value



1. 246 Minority stake 37% Engineering Ingegneria Informatica SpA IT Neuberger Berman LLC; Apax Partners LLP 10/03/2016

2. 100 IBO majority stake Gimatic Srl IT Xenon Private Equity Ltd; AGIC Industrial Promotion Capital 30/06/2016

3. 100 IBO 60% So Ma Ci S SpA IT Quadrivio Capital SGR SpA 10/02/2016

4. 24 Minority stake 21% Tecnoinvestimenti SpA IT First Capital SpA 20/04/2016


Ligabue SpA IT Fondo Italiano d'Investimento SGR SpA 11/05/2016

6. 11 IBO 55% EXA RE3 SRL IT Alcedo SGR SpA 18/02/2016

7. 9 Minority stake 49% RigeneranD Srl IT Principia SGR 10/05/2016

8. 7 Minority stake Silk Biomaterials Srl IT Principia SGR 21/04/2016

9. 7 Minority stake BeMyEye Srl IT Nauta Capital SL; 360 Capital Management SA; P101 Srl 31/05/2016

10. 5 IBO 100% Luxy SpA IT HAT - Holding All Together SpA 17/02/2016

11. 4 Minority stake Echolight Srl IT Invitalia Ventures SGR SpA; Panakes Partners SGR SpA 22/06/2016

12. 3 Minority stake Sardex Srl IT Fondazione Banco di Sardegna; Banca Sella Holding SpA; Innogest SGR SpA; Melpart SpA; Nice Group SpA; Invitalia Ventures SGR SpA

11/04/2016

13. 2 Minority stake Newronika Srl IT Innogest SGR SpA; F3F Spa; IMI Fondi Chiusi SGR SpA 14/06/2016

14. 2 Minority stake Domec Solutions Srl IT Sviluppo Basilicata SpA 26/05/2016

15. 2 Minority stake D-Eye Srl IT Innogest SGR SpA; Invitalia Ventures SGR SpA; Fondazione Giovanni e Annamaria Cottino; Si14 SpA

21/01/2016

16. 2 Minority stake Zehus Srl IT Invitalia Ventures SGR SpA; Vittoria SpA 30/05/2016

17. 1 Minority stake 4 Baby Srl IT Gruppo Editoriale L'Espresso SpA; Innogest SGR SpA; Ligurcapital SpA; A11 Venture Srl 08/02/2016

18. 1 Minority stake Sailsquare Srl IT Ligur Capital SpA; FocusFuturo Srl 28/06/2016

19. 1 Minority stake wineOwine Srl IT LVenture Group SpA; Angel Partner Group 27/04/2016

20. 1 Minority stake Foodquote Srl IT Digital Magics SpA; Editoriale Il Fatto SpA; Finanziaria Regionale Abruzzese SpA 16/02/2016







Domestic Italian private equity target sectors by volume











Banks 0 0 0








Transport 0 1 0

Construction 0 0 0

Domestic Italian private equity target sectors by value


H2 2015 (mil EUR)

H1 2016 (mil EUR)








Transport 0 0 0




Banks 0 0 0





Construction 0 0 0



Zephyr Half Year M&A Report

Notes to editors

Activity is based on the activity of the target company.

Deal status is announced within the time period.

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

The date range is 01/01/2016 - 30/06/2016 inclusive.

half year m&a activity report. 1,075 ibo majority stake teamsystem holding spa it hellman &...

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