Newsletter 2017-09:Layout 1 - Fineurop Soditic · De Wave – Precetti ... and La Gardenia Beauty In May 2017, the Germany-based ... perfume-shops; they joined forces in 2013 creating

October2017

Your advisor in corporate finance

– Italian M&A –

NEWSLETTER

Fashion and Luxury:Armònia – Alberto Aspesi Gansu Gangtai Holding Group – Buccellati Phi Industrial Acquisitions – Boglioli Style Capital – Forte_Forte

Retail chains:Douglas Holding – Limoni and La Gardenia Beauty EdRip – D.I.M.ARGiochi Preziosi

Furniture and home design:Keter Group – ABM Italia

Tourism, Travel and Leisure:CDP Equity – HotelturistChinese Investors – AC MilanVärde Partners – Boscolo Group

Food and beverage:Alto Partners – Ro.Mar Associated British Food – Acetum Marr – Speca Alimentari Orsero – Fruttital Firenze and Galandi, HermanosFernandéz LòpezPastificio Di Martino – Grandi Pastifici ItalianiSfoglia Torino – Idea QuickValeo Foods – Dolciaria Val d’Enza

Industrial manufacturing and components:AGIC Capital – Gimatic Charme Capital Partners and IMA – ATOP De Wave – Precetti Guangdong Xingye Investment – CMI Indel B – AutoclimaInvestment AB Latour - VimecIsa – AltanovaMarazzi – Emilceramica Palladio Holding – RCF Group

Machinery and Engineering:Alcedo – AgrimasterDana – Brevini Power Transmission and Fluid Power business

Emak Group – LavorwashNB – Comelz Tennant – IP Cleaning

Packaging:Aetna Group – OCMEConstantia Flexibles – TR Alucap LBO France – VetroEliteProgressio – Garda PlastTriton Partners and Bormioli Luigi – Bormioli Rocco’s pharma packaging and tableware business

Electrical appliances:Culligan Group – Blupura

Automotive and Auto Components:Autodis – OVAM, Ricauto and Top CarBain Capital – FinTyre Baosteel Group – Emarc SSCP – Isoclima Wise – Tatuus Racing

Healthcare and medical services:BC Partners – DentalPro

Educational services:Aksìa – Alpha Test

Chemicals, cosmetics and pharmaceuticals:Alto Partners – Tricobiotos Blackstone – De Nora Chequers Capital – Giovanni BozzettoFinancial Investors – Primat Intercos – Cosmint NB Renaissance and Chequers Capital – BiolchimViscolube – Bitolea

ICT, Media and communication:Exprivia – ItaltelF2i and Marguerite Fund – MC-LinkWolters Kluwer – Tagetik Software

Banks, insurance and financial services;Anima – Aletti Gestielle

O ver the last months, the M&A market confirmedits positive trend. Industries such as food and

beverage, packaging, chemicals and industrialcomponents registered a high number oftransactions.

M inority investments are more frequent, and therole of new investment instruments such as

SPAC, family offices, investment clubs, is increasing.

F oreign strategic investors were very active, inparticular from China and U.S.

A cquisition financing is also in a very goodshape, with a variety of alternative lenders

approaching the Italian market.

A verage M&A multiples still stay at a record high-level.

will speak at the

Italian M&A and Private Equity Forum 2017Milan - October 19th, 2017

Fashion andluxury:

Armònia – Alberto Aspesi

In December 2016, the Italianprivate equity fund Armònia SGRS.p.A. agreed to acquire a 90%stake in Italian fashion groupAlberto Aspesi for a bout Euro 55million, while the founder of thebrand will retain 10% stake in theCompany.In 2008, Mr. Alberto Aspesialready sold 50% of his shares toItalian investment fund InvestitoriAssociati, for a consideration ofEuro 150 million, before buyingthem back in 2013.Founded by Mr. Aspesi in 1969,the Italian fashion house is mainlyknown for its down jackets andhigh-tech outerwear.Aspesi operates multipleboutiques across Europe andJapan and posted 2016 revenuesof Euro 40 million and EBITDA ofEuro 5.2 million with 30% ofturnover generated overseas.The transaction is the 1stinvestment made by theinvestment Armònia fund,recently founded by a group ofItalian entrepreneurs andinvestors.The following table shows theimplied transaction multiplesbased on Alberto Aspesi’s 2016figures:

Gansu Gangtai HoldingGroup – Buccellati Holding Italia

In August 2017, the listed China-based conglomerate GansuGangtai Holding Groupcompleted the acquisition of an85% stake in Buccellati HoldingItalia S.p.A., from the Italianprivate equity firm Clessidra SGRS.p.A. (59.5%) alongside thefounding family (25.5%) for Euro195.5 million.Following the transaction, thatvalues the Company atapproximately Euro 270 million,existing investors will retain theremaining 15% stake in thejewellery producer. In particular,both Clessidra and the Buccellatifamily will own a 7.5% stakeeach. Buccellati, founded in Milan in1919, is one of the mostprestigious jewelers in Italy, well-known for its made in Italy hand-crafted techniques. TheCompany has an internationalpresence especially in Europeand the US with flagship storesand distribution agreements.Buccellati was totally familyowned until 2013 when Clessidraacquired a 67% stake, with theremaining 33% retained by theBuccellati family.Buccellati generated 2016 salesof Euro 44 million and employsapproximately 180 people.This acquisition allows GansuGangtai Holding Group to furtherstrengthen its businessinternationally.The implied EV/Sales multiple is6.2x, based on 2016 figures.

Phi Industrial Acquisitions– Boglioli

In May 2017, the Spanishinvestment fund Phi IndustrialAcquisitions announced theacquisition of Boglioli from theItalian mid-market private equityfirm Wise SGR S.p.A.Mr. Perrone will maintain his roleas CEO of Boglioli with theobjective to keep growing theGroup. Wise initially invested in Boglioli in2007, acquiring a majority stake,while it acquired the remaining20.33% stake from the foundingfamily later in March 2013.Founded by the Boglioli family inthe outskirts of Brescia in 1974,the Company is a well-knownluxury menwear tailor fashionhouse. The Company recorded 2016sales of around Euro 23 million.Boglioli filed for a bankruptcyprocedure (concordato incontinuità) last January in order tobe protected by creditors and goon with a relaunch plan.Following the entry of newinvestors and financial capital,Boglioli presented to the Court anew business plan to continue itsrecovery path and further growthinternationally.

Style Capital –Forte_Forte

In April 2017, Style Capital SGRS.p.A. announced the acquisitionof a majority stake (around 55%)in Forte_Forte S.r.l. from thefounder family for approximatelyEuro 10 million.Established by the Forte brothersin 2001, Forte_Forte designs andmanufactures women wear and

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EV/Sales 1.4x

EV/EBITDA10.6x

Armònia – Alberto Aspesi

its products are currently availablein 500 multiband stores.Headquartered near Vicenza, theCompany generated 2016 salesof Euro 14.8 million, 70% ofwhich generated by export(mainly France, the US andJapan) with an EBITDA of aroundEuro 1.8 million.Style Capital will boost the brandinternational expansion especiallyin the Eastern market. It willsupport the opening of flagshipstores and the debut in e-commerce channel enhancing itscatalogue with a total lookcollection.The Company is expected toreach sales of Euro 40 million by2020. The following table shows theimplied transaction multiplesbased on Forte_Forte’s 2016figures:

Tourism, Traveland Leisure:

CDP Equity – Hotelturist

In August 2017, Cassa Depositi ePrestiti through CDP Equityacquired a 46% stake inHotelturist S.p.A. (TH Resorts) forEuro 20.4 million of capitalincrease.Founded 40 years ago, TH Resortis an Italian leading tour operatormanaging around nineteen 3 and4 stars-hotels with around 3,500rooms. It employs approximately2,500 people and generated2016 sales of Euro 46 million.

CDP will support the Hotelturistgrow plan, aiming at double itsnetwork through the opening ofover 10 new hotels and resorts inthe next 5 years and to becomethe Italian leading player in itsmarket segment.

Chinese Investors – AC Milan

In April 2017, the China-basedinvestment consortium Sino-Europe Sports InvestmentManagement Changxing Co.Ltdcompleted the acquisition fromFininvest of the entire stakeowned in AC Milan (equal to99.93%).The deal with the Chineseconsortium, which includes theparticipation of a Chinese Stateinvestment fund and the Chineseinvestor Yonghong Li, values thesoccer club at Euro 740 million,including the club’s indebtednessof approximately Euro 220 millionas of June 30th 2016. The buyers also confirmed theircommitment to undertakesignificant capital increases andliquidity injections aimed atstrengthening AC Milan’s financialstructure.

Värde Partners – Boscolo Group

In April 2017, the US-basedinvestment firm Värde Partnerscompleted the acquisition of100% of Boscolo Group foraround Euro 150 million, via anauction.The deal includes 9 luxury hotelslocated across Italian key tourist-driven cities (Rome, Florence,Milan and Venice), France (Nice),

Hungary (Budapest) and theCzech Republic (Prague),including over 1,300 rooms.As part of the transaction, theBoscolo family will retain thedomestic tour operator BoscoloTours and Hotel Airone, a 97-room hotel in Chioggia as well asthe ownership of the Boscolo andExedra brands, which will befranchised out to Värde.The agreement follows Värde’sacquisition of over 90% of theGroup's outstanding debt from itsoriginal lenders for around Euro240 million.The Group has been valued ataround Euro 500 million.Founded in 1976, Boscolo is anItalian luxury hotel groupcontrolled by the Boscolo family. The Group registered 2016revenues of Euro 180 million withan EBITDA of Euro 33 million. Inparticular, the luxury hotel divisiongenerated sales of Euro 105million with an EBITDA of around27%.This transaction is one of thelargest deals in the Italian hotelsector since global financial crisis.The new investor will supportBoscolo with additional capitaland strong management to followa new path to growth.

Retail chains:

Douglas Holding – Limoniand La Gardenia Beauty

In May 2017, the Germany-basedDouglas Holding AG, portfoliocompany of CVC Capital Partnerssigned an agreement to acquireLimoni S.p.A. and La GardeniaBeauty S.p.A. together trading as

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EV/Sales 0.9x

EV/EBITDA 7.5x

EV/EBIT8.5x

Style Capital – Forte_Forte

Leading Luxury Group S.r.l. (LLG)from a group of investors led byprivate equity firm Orlando ItalyManagement S.A. for Euro 200million. Both Limoni and La Gardenia areItaly-based operators of chain ofperfume-shops; they joinedforces in 2013 creating a leadingbeauty and perfumery retailer inItaly.With approximately 500 storesacross all regions, LLG runs themost extensive beauty andperfumery network in Italy, whichperfectly complements Douglas'existing 126 stores in the country.LLG generated 2016 combinedturnover of approximately Euro370 million, with a combinedEBITDA of around Euro 27 million. Douglas, leading retailer in theEuropean beauty sector, hasrecently acquired Spanishperfumery chain Bodybell. The purchase of LLG is a furtherstep in the international strategyof Douglas that aims tostrengthen its position in the core market in Europe. In Italy, Douglas currently operates 126perfumeries and online storeemploying about 1,100 people. Post deal, Douglas will operate2,000 perfumeries across Europefrom Portugal to Latvia, combinedwith a network of online shops, in19 European countries.Closing of the transaction issubject to customary conditions.The following table shows theimplied transaction multiplesbased on LLG’s 2016 expectedfigures:

EdRIP – D.I.MAR

In August 2017, the France-based private equity firm Edmondde Rothschild InvestmentPartners won the auction toacquire a majority stake inD.I.MAR S.r.l. from Argos Soditic.The current CEO and the Muccifamily will hold a minority stake(almost 10%) in the Companywhich has been valued at aroundEuro 65 million.Founded at the beginning of the‘90s, D.I.MAR is a leading frozenseafood specialized retail chain inItaly with over 100 stores, tradingunder the “Sapore di Mare”brand.It generated 2016 sales ofapproximately Euro 80 million,with an EBITDA of Euro 6.5million.EdRIP is expected to supportD.I.MAR’s network expansionmainly through the opening offurther directly operated stores inItaly.The following table shows theimplied transaction multiplesbased on D.I.MAR’s 2016 figures:

Giochi Preziosi

In July 2017, Giochi Preziosi hasbought back a 49% stake in theCompany from the Chineseholding Ocean Gold Global foraround Euro 100 million.The amount has been raisedthrough the sale to the Italianbaby care player Artsana of a50:50 jv between Artsana andGiochi Preziosi for Euro 105million.Established in the outskirts ofMilan in 1978, Giochi Preziosi is

an Italian market leader in thedistribution and retail of childrentoys, with a wide range ofproducts from early childhoodthrough the teenage. In addition,together with Artsana, it runs atoys and children garments retailchain of more than 600 storesunder the Toys Center (Italy),Bimbo Store (Italy), King Jouet(France), Prenatal (Italy, Spain,Portugal and Greece) brands aswell as a wide franchisingnetwork.In 2016, Giochi Preziosigenerated sales of Euro 905million.In 2015, Ocean Gold Globalacquired a stake in GiochiPrezioni from Clessidra SGR,Unicredit Group and IntesaSanpaolo.

Furniture andhome design:

Keter Group – ABM Italia

In March 2017, the Israel-basedKeter Group, backed by the UKprivate equity firm BC PartnersLtd, completed the acquisition ofa controlling stake in ABM ItaliaS.p.A. from Clessidra SGR S.p.A.for around Euro 410 million (EV).Established near Treviso in 1972,ABM Italia is one of Europe’sleading manufacturer of high-endresin storage systems fordomestic/office applications suchas cabinets & shelves andstorage boxes. The Company’s products are soldunder the Kis brand mostly inEurope and North America. TheGroup operates also in themedical sector through the brandAP Medical with the production ofdisposable resin containers for

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EV/Sales0.8x

EV/EBITDA10.0x

EdRIP – D.I.MAR

EV/Sales 0.5x

EV/EBITDA7.4x

Douglas Holding – LLG

sharps and special hospitalwaste.ABM Italia employs approximately600 people across its 3production facilities in Italy andCanada. It is expected to reachan EBITDA of 40-45 million.The acquisition enables Keter,one of the world’s leadingmanufacturers of resin-basedhousehold and garden consumerproducts, to strengthen itsEuropean and North Americaplatforms taking advantage ofpotential opportunities acrossseveral countries and categories.The implied EV/EBITDA multipleis around 10x based on 2016expected figures.

Food & Beverage:

Alto Partners – Ro.Mar

In May 2017, Alto Capital III, afund managed by the privateequity house Partners SGRS.p.A. completed the acquisitionof a 70% stake in Ro.Mar S.r.l.through a buy-out transactionwhereby the founding Semenzatofamily will retain the remaining30% stake.Established near Venice in 1890,Ro.Mar produces and marketssliced bread, bread fortramezzini/sandwiches andloaves under the Semenzatobrand and private label for Italianand international large-scaleretailers.The Company, thanks to theattention to raw materials and theuse of modern technologiesmanufactures high qualityproducts and it is considered oneof the leading players in itsreference market.

Ro.Mar posted a 2016 turnoverof Euro 18 million, 20% of whichgenerated abroad.The deal is the eighth and latestinvestment of the fund AltoCapital III. Alto Partners is expected toconsolidate Ro.Mar’s position inthe domestic market and tosupport its expansion on aninternational scale.

Associated British Foods– Acetum

In September 2017, the UK-based food, ingredients and retailgroup Associated British Foods(ABF) agreed to acquire an 80%stake in Acetum S.p.A. from theprivate equity firm Clessidra.The deal has been valued ataround Euro 350 million.Based near Modena, Acetum isone of the Italian topmanufacturer of balsamic glazes,wine and apple vinegars andother condiments. Its productssell in 60 different countries, withits largest markets being the USand Germany.Its brands include Mazzetti(leading brand in Germany andAustralia), as well as Acetum andFini. It reported 2016 sales of Euro103 million with an EBITDAmargin above 30%. Clessidra acquired an 80% stakein the Company from thefounders two years ago and itmade significant investmentsduring under its ownership inorder to strengthen themanagement structure and tosupport the product offering.The new investor is expected tosupport Acetum’s growth plans tobroaden its international presencein speciality foods.

The deal is subject to the AntitrustAuthority approval and it isexpected to complete by end ofyear.

Marr – Speca Alimentari

Effective from January 2017, MarrS.p.A. acquired Speca AlimentariS.r.l.Based near Verbania, SpecaAlimentari has been active in thefood distribution for restaurantsand hotels for over 30 years.The Company, which generated2016 sales of Euro 11 million, is areference player in the LakeMaggiore area and employsaround 30 people.The transaction is in line withMarr’s investment strategy andallows the Company to improvethe food service distribution in thenorthern Italy area.

Orsero – Fruttital Firenzeand Galandi, HermanosFernandéz Lòpez

In July 2017, Orsero S.p.A.acquired a 50% stake in FruttitalFirenze S.p.A and Galandi S.p.A.from Pi.Da, a company belongingto the Maestrelli family, for a totalconsideration of Euro 14.377million.The remaining 50% stake inFruttital Firenze and Galandi isalready owned by Orsero throughits subsidiary GF Distribuzione.Fruttital Firenze and Galandi areboth active in the distribution offresh fruit and vegetables inTuscany. The Companies reached2016 revenues of respectivelyover Euro 40 million and aboutEuro 30 million.Orsero, listed on the AIM Italia, isa European leading importer and

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distributor of fruit and vegetables.The Company has recentlyacquired a 50% stake inHermanos Fernandéz Lòpez SA(HFL) for Euro 19 million. HFL is afruit and vegetables distributor inSpain with revenues of Euro 181million. The remaining 50% stake inHermanos Fernandez Lopez isalready owned by Orsero throughits subsidiary GF Distribuzione.The following table shows theimplied transaction multiplesbased on 2016 figures:

Pastificio Di Martino –Grandi Pastai Italiani

In May 2017, Pastificio Di MartinoGaetano & F.lli S.p.A. announcedthe acquisition of a 66.67% stakein Grandi Pastai Italiani for Euro 7million via a capital increase.Established in Reggio Emilia in1961, Grandi Pastai Italiani offersa wide range of first courses suchas filled pasta, potato gnocchi,special pasta shapes andgourmet products distributed asprivate label and under the “Pastadi casa mia” and “Bertarini”brands.With a workforce of 200employees, the Companygenerated 2016 sales of Euro 52million and it is expected to reach2017 sales of Euro 59 million.The transaction enables PastificioDi Martino to scale up itsrevenues, recording Euro 250million over the next 3 years andto increase its pasta productioncapacity in some Italian regions

such as Campania, Emilia-Romagna and Lombardy.The implied EV/Sales multiple isaround 0.4x based on GrandiPastai Italiani’s figures.

Sfoglia Torino – Idea Quick

In April 2017, Sfoglia TorinoS.p.A. acquired 100% of thecapital of Idea Quick S.r.l.,supported by the French agri-food private equity firm Unigrains.Headquartered in Turin, IdeaQuick is a frozen puff pastryproducer focused on mini puffpastry pizzas, sweet pastries,savoury puff pastry tarts andappetizers.In 2016, Idea Quick registeredsales of approximately Euro 11million. The investment in Idea Quickreinforces Sfoglia Torino’spresence on its cross-channelbusiness model (retail, HoReCaand B2B). The transaction is in line withSfoglia Torino expansion process,firstly launched last Februarythrough the acquisition of RighiS.r.l. The deal allows Sfoglia Torino tofurther consolidate the Italianfrozen puff pastry sector creatinga Group with a combinedturnover of over Euro 30 million.We estimate an impliedEV/EBITDA multiple of 7x, basedon Idea Quick’s 2016 figures.

Valeo Foods – Dolciaria Val d’Enza

In April 2017, Irish food groupValeo Foods, portfolio companyof CapVest Equity Partners

announced the acquisition ofDolciaria Val d’Enza S.p.A. fromthe private equity fund AltoCapital III (96.6%) and theCompany’s Management (3.4%).The acquisition did not includethe Artebianca Natura eTradizione S.r.l., purchased byDolciaria Val d’Enza in June 2016and which was carved out prior tothe completion of this deal.Dolciaria Val d’Enza, founded in1977, was initially an artisanlaboratory producing fresh cakesfor the local area of Reggio Emilia.The Company is currentlyfocused on the industrialmanufacturing of oven-bakedproducts such as pies and tartletsdistributed to large retail chainsas private labels and under the“Dolci del Castello” brand. The Company generated 2016sales of over Euro 18 million withan EBITDA margin ofapproximately 20%.Alto Partners acquired a minoritystake in 2013 and took full controltwo years later. It reaped a 42%IRR from the investment.

Industrialmanufacturingand components:

AGIC Capital – Gimatic

In June 2016, Euro-Asian privateequity fund AGIC Capitalannounces the acquisition of alarge majority stake in GimaticS.r.l. from Xenon Private EquityLimited for over Euro 100 million.Existing investor Xenon PrivateEquity, as well as the Company’sCEO and co-founder have also

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EV/Sales 3.7x

EV/EBITDA 7.3x

Orsero – Fruttital Firenze andGalandi, Hermanos Fernandéz

Lòpez

invested in a minority stake.Founded near Brescia in 1985,Gimatic manufactures cutting-edge pneumatic and mechatroniccomponents and systemsolutions for consumers andsuppliers. Thanks to a broad productportfolio and to more than 100patents, Gimatic is a leadingplayer in the arm tools forindustrial automation and roboticapplications. Its components andsystems for automation are usedin the automotive, plastics,electronics, food, pharmaceuticaland medical technologybusiness.AGIC’s investment will enhanceGimatic’s market position in therobotic gripping tools andaccelerate its internationalizationand expansion in Asia, inparticular China.Gimatic achieved 2016consolidated sales of Euro 33million, with an EBITDA margin of40%. Europe accounted foralmost 80% of the Company’srevenue, with Germany and Italyas two main contributors, whileAsian sales were under 10% oftotal turnover. The following table shows theimplied transaction multiples,based on Gimatic’s 2016 figures:

Charme Capital Partnersand IMA – ATOP

In May 2017, the pan-europeanprivate equity fund CharmeCapital Partners SGR S.p.A.along with the listed industrial

group IMA S.p.A. and privateinvestors, acquired ATOP S.p.A. In particular, Charme will own a63% stake in ATOP, while IMAinvested Euro 15.8 million inexchange for a 21% stake inATOP and the foundersreinvested to acquire a 16% stakeof the Company's share capital. Atop has been valued at aroundEuro 100 million.Founded near Florence in 1993,ATOP is a leading manufacturerof innovative machineries andautomatic lines for the productionof rotors and stators for electricmotors.ATOP offers innovativetechnological solutions and it isactive in the e-mobility,automotive, householdappliances and power toolsindustries. The Companyregistered a growth rate of morethan 10% over the last 3 years,with 2016 revenues of about Euro48 million, an EBITDA of Euro 10million and over 180 employees.It is expected to generaterevenues of Euro 60 million in2017.The deal will allow ATOP toexpand its operations along withthe customer base globally, andto invest in R&D in order to widenits range of quality machines andautomatic lines. IMA, worldwide leader in thedesign and manufacturing ofautomatic machines for theprocessing and packaging ofpharmaceuticals, cosmetics,food, tea and coffee will alsobenefit from the transaction,strengthening its presence inautomatic machines segment.The following table shows theimplied transaction multiplesbased on ATOP’s 2016 figures:

De Wave – Precetti

In July 2017, De Wave S.r.l.,company specialized in marineinteriors and portfolio company ofXenon Private Equity, completedthe acquisition of 100% stake inPrecetti S.r.l. and Precetti Inc.Headquarered in Treviso andMiami, the marine services GroupPrecetti is focused on the design,manufacturing, installing andrefitting of interiors and marinecatering systems. It supplies arange of stainless steel products,custom-made furniture,decorative materials, stainlessbulkheads and deck heads forcatering areas and itmanufactures panels and doors,modular cabins in B15, walls andceilings.The Group has a sales office inSingapore.The acquisition allows De Waveto strengthen its market positionand benefit from the Precetti’sglobal network in USA, Europeand Asia. De Wave and Precetti will jointheir forces to create a well-established industrial and globalnetwork know how acting as aglobal and turnkey player in themarine interior business within thecruising industry.

Guangdong XingyeInvestment – CMI

In May 2017, the Chinese holdingGuangdong Xingye InvestmentLLC, which controls the listed

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EV/Sales3.9x

EV/EBITDA9.9x

EV/EBIT10.2x

AGIC Capital – Gimatic

EV/Sales 2.1x

EV/EBITDA 10x

Charme Capital Partners and IMA – ATOP

Chinese Group Guangdong Sacaacquired a 91.5% stake in CMI(Cerniere Meccaniche Industriali)from Italglobal Partners andpartially from the founders, whoretained the rest of the sharestogether with the CEO.Based in Bologna, CMI is amanufacturer of householdappliance hinges, with around150 employees and branches inItaly and Poland.CMI operates 3 production sitesand produces “made in Italy”quality mechanical hinges fordishwashers and kitchen ovensreaching 2016 sales ofapproximately Euro 25 million.This acquisition allows Xingye toenter the home appliancecomponents market in Europewith CMI becoming the Europeanhub of the Chinese Company.Cash multiple for the sellers hasbeen about 5.2x.The following table shows theimplied transaction multiplesbased on CMI’s 2016 figures:

Indel B – Autoclima

In July 2017, Indel B announcedthe acquisition of a 100% stake inAutoclima for Euro 31.4 million.Autoclima, based near Turin, isfocused on the design andproduction of A/C systems forend-users and distributes spareparts for A/C systems.In 2016, Autoclima reported salesof Euro 29 million, with anEBITDA adj. margin of 12.4%.This acquisition allows Indel B,listed on Borsa Italiana’s MTAmarket, to enhance its European

presence in the mobile airconditioning and mobilerefrigeration markets addressedto some different vehiclesegments such as (bus, minibus,rail and subway and specialvehicles).The following table shows theimplied transaction multiplesbased on Autoclima’s 2016figures:

Investment AB Latour –Vimec

In May 2017, the Stockholm-listed investment firm InvestmentAB Latour announced theacquisition of Vimec S.p.A. fromthe Italian PE firms IGI SGR(around 67%) and NEIP III (Finint& Partners).Established near Reggio Emilia in1980, Vimec is an Italian leadingmanufacturer of stairlifts,homelifts, platform stairlifts andmobile stairclimbers for elderlyand disabled people.It operates through its directsubsidiaries in Spain, France, UKand Poland as well as through anetwork of over 300 distributorsin 60 countries.Vimec employs 166 people andreported 2016 sales of Euro 44million with 2017 expectedrevenues of about Euro 50 million.Vimec strongly complementLatour’s existing holding Aritco(company acquired in the 2ndquarter of 2016) by addingsignificantly strengthenedpresence in key markets inEurope.The new investor will supportVimec's growth through

expanding in new geographiesand developing new products.

ISA – Altanova

In April 2017, NEIP III (Finint &Partners) and Gino Amadiannounced the merger of ISAAdvance Test and MonitoringSolutions (Varese) and Techimp(Bologna) to form the new globalplayer Altanova.ISA is an Italian leading companyin the field of design andmanufacturing of portable testequipment and online monitoringsolutions for electrical energysystems, power plants andelectrical substations.Techimp is a global leader inservices and solutions for thecondition assessment of Mediumand High voltage apparatus.ISA and Techimp count morethan 100 employees in Italy,Germany, India, US andSingapore and are globallypresent in more than 100countries and in 2016 recordedabout Euro 20 million in totalrevenues.Altanova will become a trueglobal player with a widenproduct range, moving closer toits customers and helping assetmanagers with customizedcondition assessments to fulfilltheir tasks to maintain highestavailability of medium and HighVoltage networks within budgetlimitations. The following table shows theimplied transaction multiplesbased on consolidated 2016figures:

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EV/Sales 1.4x

EV/EBITDA 7.0x

ISA – Altanova

EV/Sales around 1.0x

EV/EBITDA around 9.0x

Indel B – Autoclima

EV/Sales1.1x

EV/EBITDA7.2x

EV/EBIT9.4x

Guangdong Xingye Investment – CMI

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Marazzi – Emilceramica

In April 2017, Marazzi GroupS.p.A. completed the acquisitionof Emicleramica S.p.A. fromprivate investors.The ceramic tiles manufacturerMarazzi, is an Italy-based groupowned by Mohawk Industries,Inc., a listed US-based producerof floor covering products forresidential and commercialapplications.With a 2015 turnover of morethan Euro 150 million, an exportshare higher than 90% and twofactories with around 500employees in Italy, Emilceramicais one of the most importantcompanies in the Sassuoloceramic district and one of thetop 10 Italian tile manufacturers interms of turnover.Established in 1961,Emilceramica is currentlypositioned in the high end of themarket, and its products aredistributed through more than5,500 points of sale in 70countries worldwide.This acquisition confirms MohawkIndustries’ strong focus on Italianoperations in order to strengthenits leadership position andcapacity for innovation in theceramic sector.

Palladio Holding – Rcf Group

In May 2017, Palladio HoldingS.p.A. (PFH) announced theacquisition of a 30% stake andthe joint control in Rcf GroupS.p.A.Rcf, founded in Reggio Emilia in1949, is a world leader in thedesign, production and marketingof high-technology professionaland commercial audio products.

The Company’s products, sold inover 120 countries worldwideunder the Rcf and dBTechnologies brands, areaddressed to every sound andmusic reproduction need: fromsingle systems to large-scale,complex projects.Rcf currently employs more than400 people and has a commercialnetwork of selected professionaldistributors worldwide andsubsidiaries in the United Statesand Germany. Rcf was delistedfrom the Milan Stock Exchange inApril 2013.In 2016, Rcf reached revenues ofapproximately Euro 118 million,80% of which generated byexport, and an EBITDA of overEuro 22 million. The acquisition will help Rcf in itsfuture growth plans, which couldinclude acquisitions in the short ormedium term.

Machinery andEngineering:

Alcedo – Agrimaster

In September 2017, Alcedo SGR,through the fund Alcedo IV,acquired a majority stake ofAgrimaster from B4 Holding I,investment company managedby B4 Investimenti SGR. Established in the outskirts ofBologna in the early 1980s,Agrimaster is a leading player inthe design, manufacturing andmarketing of machinery andequipment for the agriculturalindustry, mainly focused on soilmaintenance and preparation.

Furthermore, at the beginning of2016, Agrimaster acquiredBreviglieri, a leading Italianproducer of agriculturalequipment based near Verona.The Group reported 2016 sales ofabout Euro 26 million, with anEBITDA of Euro 3,7 million.Alcedo will sustain Agrimaster’sstrategy based on furthergeographical and commercialexpansion, to be implementedboth through organic growth andadditional strategical acquisitionseither in Italy or abroad. The following table shows theimplied transaction multiplebased on the Group’s May 2017LTM figures:

Dana – Brevini PowerTransmission and FluidPower business

In February 2017, the US-basedlisted Dana Incorporatedcompleted the acquisition of an80% stake of the power-transmission and fluid powerbusinesses of Brevini GroupS.p.A with an option to purchasethe remaining 20% by 2020. Dana has valued the Brevinibusinesses at Euro 325 million.Founded in 1960, Brevini is anItalian company designing andproducing power transmissionand hydraulic systems used inoff-highway equipment andindustrial applications, with coretechnology in planetarygearboxes.Headquartered in Reggio Emilia,

EV/Sales 1.05x

EV/EBITDA 6.6x

Alcedo – Agrimaster

Brevini operates engineering andmanufacturing facilities in Italy,Germany and China, with anetwork of 30 sales subsidiariesand 9 services around the worldand employs approximately2,300 people. The business acquired reportedsales of Euro 388 million in 2015(aggregated turnover BreviniPower Transmission and BreviniFluid Power).The acquisition of Brevini alignswith Dana's enterprise strategy,which includes leveraging core expertise, strengtheningcustomer centricity, expandingglobal markets, commercializingnew technologies, andaccelerating hybridization andelectrification. The purchase expands Dana'sportfolio of innovative productswith complementarytechnologies; the combination ofBrevini and Dana Off-Highwaycreates a leading player in themarket with complementary,advanced technologies.The implied EV/Sales multiple isaround 0.8x, based on 2015figures.

Emak Group – Lavorwash

In July 2017, Comet S.p.A.,subsidiary of Emak Groupcompleted the acquisition of an83.1% of Lavorwash Group fromZenith S.p.A. (Lanfredi family) andthe Migliari family at a provisionalprice of Euro 54.8 million.A further 14.7% stake held byZenith S.p.A. and Migliari family isregulated by a put and call optionagreement to be exercised in2020 (at a price calculated on thebasis of the results obtained inthe period 2018-2019) while the

current Lavorwash minorityshareholders have retained theremaining 2.2% stake.Lavorwash, headquartered nearMantua, is a Group active in thedesign, production and marketingof a wide range of both hobbyand professional machines for thecleaning sector such as highpressure washers, vacuumcleaners, floor scrubbers. It has manufacturing facilities inItaly, China and Brazil, anddistributing subsidiaries in Spain,France, UK, Poland and China.In 2016, Lavorwash Group had aturnover of Euro 70 million, withan adjusted EBITDA of Euro 9.5million. Lavorwash Group's activity isstrongly complementary to theactivities of the Emak Group'sPump and High-Pressure WaterJetting segment.The following table shows theimplied transaction multiplesbased on Lavorwash’s 2016figures:

NB – Comelz

In September 2017, NBRenaissance Partners, theNeuberger Berman’s armdedicated to private equityinvestments in Italy, acquired amajority stake in Comelz S.p.A.from the Zorzolo family that willretain a minority interest in theCompany.Established in the renownedfootwear district of Vigevano 75years ago, Comelz is focused onthe production of cuttingmachines for the footwear and

leather goods industry.It has a wide internationalnetwork of distributors andsubsidiaries and operates twoproduction plants with aworkforce of approximately 160people.Comelz generates most of itsturnover abroad. It has increasedits sales from around Euro 23million in 2012 to approximatelyEuro 50 million expected as theend of 2017.The new investor will supportComelz in a new phase of growthacross international markets.

Tennant – IP Cleaning

In April 2017, the listed US-basedgroup Tennant Company, leadingplayer in the professional cleaningmarket, completed theacquisition of 100% in IPCleaning S.p.A. from the privateequity firm Ambienta SGR S.p.A.for a total consideration of Euro330 million. Earlier in 2014, Ambientaacquired IP Cleaning fromSynergo SGR investing aroundEuro 50 million to support growth.In 2016, IP Cleaning completedthe acquisition of Vaclensa,independent distributor ofprofessional cleaning machines inthe UK.Headquartered near Venice, IPCleaning is a European leader inprofessional and consumercleaning machines.With around 1,000 employees, IPCleaning operates 4 plants inNorthern Italy and distributes itsproducts in over 100 countries.It reached 2016 sales of Euro 192million, 80% of which comingfrom Europe with the remaining20% coming from America and

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EV/Sales 0.78x

EV/EBITDA 5.78x

Emak Group – Lavorwash Group

Asia Pacific areas and anadjusted EBITDA of Euro 28million. The transaction increasesTennant’s presence and marketshare in Europe doubling itscurrent EMEA business andprojects the new group towardsthe strategic goal of $1 billionturnover.The following table shows theimplied transaction multiplesbased on IP Cleaning’s 2016figures:

Packaging:

Aetna Group – OCME

In May 2017, Aetna Group andOCME S.r.l. agreed to merge theiractivities.Under the terms of the deal AetnaGroup, through Robopacpurchased a 50% stake in OCMEfrom the Gratteschi family, valuingthe Company over Euro 60million. Robopac, established in 1982, isthe world leader in wrappingtechnology. It generated 2016sales of Euro 160 million.Established by the Gatteschifamily in Parma in 1954, OCME isa leading packaging machinerysupplier of premium, innovation-based solutions for packagingconsumer goods. It generated2016 sales of Euro 130 million.The acquisition will create aleading player in the packagingmachinery with a turnover of Euro290 million, 1,400 employees, 9

production facilities and 16international subsidiaries.The new entity will be among the5th leading Italian players in thepackaging machinery business.

Constantia Flexibles – TR Alucap

In February 2017, the Austriangroup Constantia Flexibles GroupGmbH, a portfolio company ofWendel SA, completed theacquisition of 100% of the sharecapital of TR Alucap from theprivate equity fund Gradiente I,managed by Gradiente SGR, andLa Finanziaria Trentina.TR Alucap, headquartered nearTrento, is a leading dairy liddingcompany and is also active in thefood market.Alucap generated 2016 sales ofEuro 17,8 million, with exportshare representing about 50%. Constantia Flexibles is one of theworld’s leading manufacturers offlexible packaging products andlabels. The acquisition of TRAlucap allows ConstantiaFlexibles to extend its marketshare in the Italian dairy marketand to strengthen its position as aleading player in the European foilpackaging market. This transaction represents thethird divestment for the GradienteI Fund.

LBO France – VetroElite

In May 2017, French privateequity house LBO Franceannounced the acquisition ofVetroElite from Gradiente SGR foraround Euro 35 million (EV).Headquartered near Treviso,VetroElite, is a leading designer

and manufacturer of a wide rangeof fancy glass bottles andcontainers for the spirits,cosmetics and food industries.VetroElite generated 2016revenues in the region of Euro 20million (75% of which generatedby export) and an EBITDA greaterthan 20%.In July 2013, Gradiente acquireda controlling stake in VetroElite,from the plastics injectionmoulding company Arredo PlastS.p.A.This transaction represents thefourth divestment for theGradiente I Fund.

Progressio – Garda Plast

In July 2017, Progressio SGRS.p.A. through ProgressioInvestimenti II Fund acquired a70% stake in Garda Plast S.p.A.from the Tonoli family, with theTonoli brothers retaining a 30%stake in the business.Established in 1996, Garda Plastis the Italian leader and one of themain European players in theproduction of preforms in P.E.T.for mineral water, soft drinks anddetergents.The growth strategy enacted by Progressio, building on past performance, aims atstrengthening and consolidatingGarda Plast position on currentmarkets and expanding intoadjacent segments.Over the last 24 months,Progressio has made 4investments (Italchimici, Giorgetti,Industrie Chimiche Forestali andGarda Plast) and 2 exits(Duplomatic, sold to AlcedoPrivate Equity SGR, andItalchimici, sold to RecordatiS.p.A.).

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EV/Sales 1.7x

EV/EBITDA adj. 11.8x

Tennant – IP Cleaning

Triton Partners andBormioli Luigi – Bormioli Rocco’s pharmapackaging and tablewarebusiness

In July 2017, the UK-basedprivate equity firm Triton Partners,agreed to acquire the BormioliRocco’s pharma packagingbusiness from Vision Capital LLP.Vision Capital agreed to sell theBormioli Rocco’s tablewaredivision to Bormioli Luigi S.p.A.Established in 1825, BormioliRocco is a leading Italian pharmaprimary packaging and glasstableware manufacturer. Bormioli Rocco is a wholly-ownedsubsidiary of Bormioli RoccoHoldings S.A. focused on twoBusiness Units (home andpharma); it has 8 manufacturingplants, 2 decoration ateliers,several subsidiaries and 7 mono-brand stores featuring tablewareproducts. The Group exports itsproducts to more than 100countries worldwide. It employsover 2,000 people and has anannual turnover of Euro 440million. Vision Capital acquired thebusiness along with a number ofsmaller assets in 2011 as part ofa portfolio transaction fromBanco Popolare, drivingsignificant transformation toreposition the business as a moreprofitable and focused company.During the Vision ownership,Bormioli Rocco achievedsubstantial operationalimprovements in productionoperations, purchasing, supplychain, product rationalisation, andsales and marketing, with thebenefit of significant capitalinvestment.

The transaction is subject toregulatory approval in the relevantjurisdictions.

Electricalappliances:

Culligan Group – Blupura

In June 2017, the US-basedwater technology providerCulligan Group announced theacquisition of Blupura S.r.l. fromthe founders.Established in 2008, Blupura is awater cooler manufacturerheadquartered in Recanati.It supplies water refrigeration andwater carbonization systems forcommercial, office and domesticuses and generated 2016 sales ofEuro 6 million.Through this acquisition Culligan,an Advent portfolio company, willboost Blupura exploiting newopportunities within the world ofwater cooler production andwidening its customer base.

Automotive andAuto Components:

Autodis – OVAM, Ricautoand Top Car

In March 2017, the French GroupAutodis (Autodistribution),backed by the private equity firmBain Capital, acquired a majoritystake in OVAM, Ricauto and Top

Car.The three leading Italianwholesaler distributors operate inthe North and Center of thecountry.Founded near Milan in 1963,OVAM achieved 2016 turnover ofover Euro 80 million and employsaround 150 professionals. Established respectively in 1973and 1989, Ricauto and Top Carare based in Padua and togetherrepresent the major player withGIADI, the Autodistribution’spartner purchasing group in Italythrough the affiliated subsidiaryAD Italy. In 2016, Ricauto and TopCar generated a combinedturnover of more than Euro 40million and employing 47professionals.The newly formed Italian structurewould generate revenues inexcess of Euro 120 million andwill become one of the domesticleaders in Italy, also by attractingnew independent distributors.

Bain Capital – Fintyre

In May 2017, the US-basedprivate equity firm Bain CapitalLLC, through its Europe IV fund,acquired the entire capital ofFintyre S.p.A. from BlueGemCapital Partners LLP.Under the terms of the deal,existing Fintyre lender BlackstoneGroup subsidiary GSO CapitalPartners will support the Group inits business development througha unitranche debt instrument.Fintyre is among the leadingdistributors of replacement tyresin Europe and one of the few inthe world that covers acomprehensive range of vehicles(cars, trucks, motorcycles,

12


industrial and agriculturalvehicles). The Company operatesacross the wholesale and retailvalue chain through 11warehouses and 36 retail outletsacross Italy. Established as Pneuservice inEmpoli in the 1970s, Fintyre hasgrown the business in recentyears both organically andthrough acquisitions,consolidating its position asdomestic market leader. In 2016, Fintyre generated salesof approximately Euro 400 millionand distributed 6.3 million tyres tomore than 15,000 customers. The deal gives Bain Capital theopportunity to benefit from cross-selling synergies by combiningFintyre's product offering with itsFrench portfolio company GroupeAutodistribution SA, leadingsupplier of cars and trucks spareparts.

Baosteel Group – Emarc

In April 2017, the Chinese ironand steel producer BaosteelGroup announced the acquisitionof a 75% stake in Emarc S.p.A.from Italian state-backed privateequity firm Fondo Italianod'Investimento SGR S.p.A. - FII(31%), MA S.r.l. and theCompany’s CEO who will retainthe remaining 25% stake.Both Baosteel and theCompany’s CEO will underwrite acapital increase to supportEmarc.In 2014, Baosteel and Emarccreated through Baosteel Metal a50-50 joint venture in Shanghai,to make R&D on ultralight autocomponents to be proposed tolocal car producers.

In July 2012, FII acquired a 31%stake in Emarc via a capitalincrease of Euro 10 million.Founded near Turin in 1978,Emarc is a manufacturer ofcomponents for vehicles andindustrial machinery. It generated2015 sales of Euro 142 millionand an EBITDA of Euro 8.5million.

SSCP – Isoclima

In July 2017, Stirling SquareCapital Partners (SSCP), aleading pan-European mid-market private equity firm,acquired Isoclima Group througha management buyouttransaction.Established in Este in 1977,Isoclima is the global solutionsleader in transparent armour andhigh-performance glassproducts. The Group employsover 700 staff in operationsacross Italy, Croatia and Mexicoand its products are mainlyaddressed to the civilian andmilitary armoured vehicles,specialty vehicles, marine,architecture, aerospace and railend-markets. Stirling Square will supportIsoclima's internationaldevelopment strategies focusedon product development anddelivery into new sectors andgeographies. The transaction represents theseventh platform investment inSSCP’s third Fund.The transaction enables Isoclimato capitalize on its strengths andtap its true potential whichincludes organic development,external alliances andacquisitions.

Wise – Tatuus Racing

In March 2017, the private equityfirm Wise SGR S.p.A. through itsfund Wisequity IV, completed theacquisition of a controlling stakein Tatuus Racing S.p.A. via acapital increase and theacquisition of a stake from actualshareholders, that will retainabout 15% stake each.Founded in 1980, Tatuus Racingdesigns, produces and sellsracing cars working for the majorautomotive brands such asRenault, Toyota, Honda, Abarthand Ford and reached 2016revenues of over Euro 10 millionwith EBITDA margin ofapproximately 20%.The transaction is aimed ataccelerating and strengtheningthe Tatuus development strategyalso through add on acquisitions.

Healthcare andMedical Services:

BC Partners – DentalPro

In April 2017, funds advised byprivate equity firm BC Partnersreached an agreement to acquireDentalPro from Summit Partners,VAM Investments and otherprivate investors. Managementtogether with founders of thecompany and VAM reinvested aminority stake alongside BCPartners. Founded in Milan in 2010,DentalPro is the market leader inthe Italian dental clinic market.It offers dental services through115 full-service clinics, operatingacross 40 Italian provinces.

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DentalPro has opened more than50 new clinics since 2012, andcompleted two acquisitions in2016: Giovanni Bona and DBGroup.DentalPro generated 2016 salesof approximately Euro 110 million,with an EBITDA margin of over20% and is expected toexperience significant growth in2017 on the back of thecontinued roll-out of DentalProclinics and synergies from therecent acquisitions made BC Partners has strong expertisein the healthcare sector, havinginvested in Elysium in 2016, UK’smental healthcare facilities, inSynlab in 2009 (laboratorydiagnostics services) and inleading hospital groups acrossEurope, such as the UK-basedGHG (2000), the SwitzerlandHirslanden (2002) and theSpanish-based private clinicTeknon in 2004. BC Partners will supportDentalPro’s further consolidationon the Italian market.The transaction is subject toregulatory approvals.

Educationalservices:

Aksìa – Alpha Test

In March 2017, the private equityfirm Aksìa SGR S.p.A. though itsfund Aksìa Capital IV, acquired a70% stake in Alpha Test S.r.l.from its founding shareholdersand the Italian private equity fundAlcedo III (45%).Alpha Test is a leading player inthe field of professional

education, specialized in booksand courses for preparation atuniversity admission test and theItalian market leader in Universityadmission test preparation.Founded in Milan 1987, AlphaTest has a catalogue that includesmore than 600 titles, 100 neweditions per year, 5 million copiessold and 40,000 hours of lessonsoffered in 35 Italian cities to over80,000 students.Aksìa aims to support themanagement in the furtherdevelopment of the business,expanding the range of productson offer and entering adjacentmarket segments, either directlyor through acquisitions.

Chemicals,cosmetics andpharmaceuticals:

Alto Partners –Tricobiotos

In June 2017, Alto Capital IV, afund managed by the privateequity house Alto Partners SGRS.p.A. acquired a 71.8% stake inTricobiotos S.p.A. along with Mr.Selleri (3.2% stake) from theBucaioni family that still remainwith a 25% stake in theCompany.Founded in Tuscany in 1982, theCompany specializes in theproduction and marketing ofprofessional haircare productsboth under its owned brands andas exclusive dealer in Italy forprimary international brands.In particular it manufactures a

broad range of professionalcolours, bleaching, oxidizers,straightening products, stylingproducts (hairsprays, gels,waxes, sprays, mousses, oils)and treatment products (scalp treatment shampoos,condit ioners, restructuringsprays, lotions and fluids)addressed to the professionalchannel (hairdressers, beautycentres, SPA).It is currently present in over 60countries thanks to a widenetwork of distributors, reaching2016 sales of Euro 21 million,over 55% of which generatedabroad, and an EBITDA margin of18%.This transaction represents thefirst investment of Alto Capital IVfund, which completed the firstclosing in April 2017 at Euro103.5 million and is currently infundraising.Alto Partners will consolidateTricobiotos domestic businessand will boost its internationalpresence.

Blackstone – De Nora

In April 2017, the NYSE listedinvestment firm Blackstonethrough its Tactical Opportunitiesfund agreed to acquire a minoritystake (around 33%) in De Norafrom the De Nora family foraround Euro 650 million (EV).Founded in Milan in 1923, DeNora is a leading global designer,manufacturer and supplier ofelectrode and water technology.The electrode technologiesdivision involves the manufactureof proprietary, patentedelectrodes and cells used in awide range of major industrialelectrochemical applications,

14


including chlorine production,electronics, swimming pools andmining.The water technologies branchprovides innovative andsustainable disinfection andfiltration technologies, as well ascomplete water treatment andafter-sale support, serving thewater and waste water needs ofthe energy, marine, municipal andindustrial markets.It has manufacturing plantsacross the US, South America,Europe and Asia and generatedturnover of Euro 431 million in2016 with an EBITDA margin of15%.De Nora has grown internallythrough continuous innovationand externally with majoracquisitions in USA, Japan,England and Italy. It is present in 12 countriesworldwide with 23 offices, 12manufacturing facilities and R&Dcenters in Italy, USA and Japan. The Group currently owns 355patent families with more than2,700 territorial extensions.The acquisition enables De Norato achieve significant growth,entering a new phase ofdevelopment and expansion intonew markets.The implied EV/EBITDA multipleis under 10x, based on De Nora’s2016 figures.

Chequers Capital –Giovanni Bozzetto

In August 2017, the France-based private equity firmChequers Capital acquired acontrolling stake in GiovanniBozzetto Group, alongside itsmanagement team headed by Mr.Curreri, from Synergo SGR.

Headquartered near Bergamo,Giovanni Bozzetto Group is aspecialty chemicals company thatstarted its activity in 1919 as atextile chemicals company,producing and distributingchemical agents used throughouttextile production processes inorder to enhance their efficiency. Starting from the 1980s, theGroup expanded into othermarkets such as buildingmaterials, detergents andagriculture chemicals, bothorganically and throughacquisitions. Bozzetto has a stronginternational presence servingcustomers in 80 countries withsales generated in 2016 for Euro118 million. Bozzetto operates 5 productionplants located in Italy, Spain,Poland, Turkey and Indonesia, aswell as a partnership in China. Chequers Capital will supportBozzetto in the implementation ofits strategic plan and in pursuingexternal growth.

Financial Investors –Primat

In May 2017, the investment fundHAT SICAF S.p.A. (HAT OrizzonteGroup) along with the UK-basedinvestment management companyTendercapital and theLuxembourg-based investmentholding Compagnie FinanciereSaint Exupéry Sicav-Sif, acquireda 66.67% of Primat S.p.A. fromthe private equity firm Wise SGR in a management buyouttransaction.In November 2014, Wise SGRthrough its fund Wisequity III,acquired Primat from privateequity firm Arner.

The acquisition will enable Primatto widen its range of services andto continue consolidating itsleading position at a Europeanscale.Founded near Lecco in 1972,Primat is a coating servicescompany leader in the anti-corrosion coating of screws, boltsand fasteners used in severalfields, chief among them theautomotive industry.After the management buy out,Primat invested in a newinnovative plant in order toincrease the production capacityand the efficiency. In 2015 Primatacquired 100% of the capital ofZincatura Reggiana and in 2017100% of IEB: the acquisitionscompleted the product range ofcoating services and diversifiedthe customer base outside theautomotive industry.Primat reported 2016 turnover ofEuro 30 million with an EBITDAmargin of 35% and and it isexpected to reach 2017 sales ofEuro 40 million.

Intercos – Cosmint

In June 2017, Intercos Group,leading producer of third-partycosmetics, announced theacquisition of 100% stake inCosmint Group from the Masufamily. Founded in 1993 andheadquartered near Como,Cosmint is an Italian leadingcontract manufacturer ofcosmetic products, serving themost prestigious internationalcosmetic brands.Cosmint generated 2016 sales ofEuro 140 million.The deal will create one of thelargest B2B beauty groups

15


worldwide, counting 15 factoriesand 11 research centers acrossEurope, Asia and America,employing around 5,000 peopleglobally and with an expected2017 turnover of approximatelyEuro 700 million.

NB Renaissance andChequers Capital –Biolchim

In August 2017, the private firmsNB Renaissance Partners alongwith Chequers Capital agreed toacquire a controlling stake inBiolchim Group from Italianprivate equity firm Wise SGR forover Euro 200 million.Under the terms of theagreement, the Company’s CEOwill retain a minority stake (around8%) in Biolchim.Established near Bologna in1972, Biolchim is a leadingmanufacturer and distributors ofspecialty fertilizers addressed toprofessional agriculture, home &gardening and B2B.Biolchim is present in over 80countries and operates 7production plants, 4 of whichlocated in Italy.It distributes a wide range ofbiostimulants and other specialtyfertilizers products under the Cifo,Biolchim, Ilsa and Bionaturabrands.The Group has successfullycompleted add-ons among whichCifo and Ilsa and it is expected togenerate 2017 sales of Euro 115million, with export representingaround 35% of total sales.The new investors will supportBiolchim’s management team tofurther accelerate the Group

expansion at an internationallevel.

Viscolube – Bitolea

In July 2017, Viscolube S.r.l.,backed by the pan-Europeanmid-market private equity firmStirling Square Capital Partners,acquired Bitolea Holding S.p.A.from the private equity fundClessidra Capital Partners II.Bitolea has been valued at aboutEuro 115 million.Headquartered in Pavia, Bitolea isthe leading Italian player in thetreatment and recycling ofsolvents and other chemicalwaste, managing over 100thousand tones of productsannually.In 2016, Bitolea reached sales ofEuro 106 million with an EBITDAof Euro 18 million and a workforceof approximately 150 people.It has gained a 35% share in theItalian waste solvent regenerationmarket.The target Company represents astrategic fit for Viscolube. Boththe Companies will benefit fromcross-fertilization initiatives. Thecombined business represents anation champion in the liquidwaste regeneration sector as wellas a one-stop shop for industrialwaste solutions.The following table shows theimplied transaction multiplesbased on Bitolea’s 2016 figures:

ICT, Media andcommunications:

Exprivia – Italtel

In July 2017, the listed Italian ITgroup Exprivia has acquired an81% stake in Italtel S.p.A. forEuro 25 million.Italtel is a leading player in theItalian telecom market engaged inthe development of technologiesand solutions for the digitaltransformation. With its parentcompany Italtel S.p.A. operatingin Italy and its 12 totally-ownedoverseas companies, it generatedconsolidated 2016 revenues ofEuro 405 million with an EBITDAmargin of Euro 19 million. TheCompany employs approximately1,360 people, 254 of whichabroad.The acquisition, which will befinalized in the context of therecapitalization of Italtel for Euro115 million, ex-art. 182 bis LF, isexpected to close by December2017.

F2i and Marguerite Fund– MC-Link

In July 2017, the Italian privateequity firm F2i SGR S.p.A. and the Luxembourg-basedMarguerite Fund agreed toacquire an 89.81% stake in MC-Link S.p.A. for Euro 45.34 million(offer price of Euro 15.6 pershare).The acquisition will be followed bya mandatory offer to buy theremaining stake in the targetcompany at the same cash offerprice of Euro 15.6 per share. Itrepresents a premium of 5.5%and 1.7% respectively over the

16


EV/Sales 1.1x

EV/EBITDA 6.4x

Viscolube – Bitolea

closing price at one day and onemonth prior to the announcementdate.Headquartered in Rome, MC-Linkis a leading player in the ITservices market providinginternet-based services to bothretail and business customers.The major infrastructure assets ofMC-link include an extensivefibre-optic network measuringapproximately 2,200 km, 7metropolitan area networks and 4data centres in Rome, Milan andTurin.The Company, listed on Italy’sAIM, has a workforce of over 150people and generated 2016turnover of Euro 43.5 million withan EBITDA of Euro 9.1 million.This transaction representsrespectively F2i’s 17th andMarguerite’s 16th investment.The following table shows theimplied transaction multiplesbased on MC-link’s 2016 figures:

Wolters Kluwer – Tagetik Software

In April 2017, the listedNetherlands-based WoltersKluwer N.V. completed theacquisition of Tagetik SoftwareS.r.l. from the management andinvestment holding companyWhite Bridge Investments S.p.A.for a consideration of Euro 300million.Established in Lucca in 1986,Tagetik Software is a provider ofcorporate performancemanagement software andservices supporting the workflow

of the Office of the CFO, includingfinancial and operationalbudgeting and planning,consolidation and close process,financial modeling, analytics andreporting.With a workforce of 450employees, around 1,000corporate customers and 75,000users in over 35 countries,Tagetik reached 2016 revenues ofapproximately Euro 57 million.In July 2014, White Bridgeinvested in a large minority stakeof the Company for aconsideration of Euro 27 million.The deal allows Wolters Kluwer toexpand its division’s existingportfolio of corporate taxcompliance and internal auditsolutions.The implied EV/Sales multiple is5.3x, based on Tagetik Software’s2016 figures.

Banks, insuranceand financialservices:

Anima – Aletti Gestielle

In August 2017, the Italian assetmanager Anima Holdingpresented a Euro 700 million offerto acquire 100% stake in AlettiGestielle SGR from Italian thirdlargest bank Banco BPM.Banco BPM, formed last yearfrom the merger of BancaPopolare di Milano and BancoPopolare, owns a 14.7% stake inAnima.This acquisition will consolidatethe profile of Anima as the largestindependent Italian asset

manager and a proformacombined revenues of aroundEuro 334 billion.Aletti Gestielle Assets generated2016 total turnover of Euro 80.5billion with an EBITDA margin ofover 76%, under Management asof 30 June 2017 is Euro 18.2billion.The existing strategic partnershipwith BPM, expiring in 2030, willbe expanded to the entireperimeter of BancoBPM Group,with new expiration date in 2037.The acquisition implies possibleadditional deal in the insurancebusiness.Closing is expected within theend of 2017.

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EV/Sales 1.6x

EV/EBITDA 7.5x

F2i and Marguerite – MC-link

21 Investimenti

SwitzerlandContemporary bags (Gianni Chiarini)

Family Around 70% Fashion bags

21st Luxury Holding

SwitzerlandMaria Grazia Severi

Mmb (Jody Investment)

Control rent the business

Fashion house

Altran FranceNEXT Ingegneria dei Sistemi

Private investor

Control Software

AROL ItalyUNIMAC-GHERRI

Private investor

ControlFilling and capping

Atlantia ItalyBologna Airport

--29.38% for € 164.5 mn

Transports

Avenue Capital and Europa Investimenti

USA and Italy

Selcom Elettronica

--100% for € 30.7 mln

Electrical components

Azimut Holding

Italy Futurimpresa --+45% reaching 100% for € 2 mn

Investment management

Banca Akros and SACE

Italy Gruppo Kipre --Minority stake for € 18.6 mln

Cured meats

Basicnet Italy Briko -- Brand Sportswear

BPER Banca ItalyNuova Cassa di Risparmio di Ferrara

Fondo Nazionale di Risoluzione

100%Financial services

Brandamour ItalyLanificio Fratelli Cerruti

Cerruti family Majority stake Textile

Bruker Italia Italy XGLab -- 100%Xray technology

Ca Animation (Loste Tradi-France)

France DOK Dall’AvaDall’Ava family

MajorityHam production

Cerba Healthcare

FranceFleming Research

Private investors

ControlMedical diagnosis

Ceva Logistics Italia

Italy

Mondadori Libri and Retail (business units)

Arnoldo Mondadori Editore

Logistics business units for € 0.5 mln

Logistics

Bidder Country SellerTarget IndustryStake

Other transactions:

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Cinfa Spain Sakura ItaliaPrivate investors

Control

Food supplements and medical devices

Colosseum Dental Group

SwitzerlandFB 32 (Odonto-salute)

Private investors

ControlDental clinic chain

Dantherm (Procuritas)

Sweden Mcs Alcedo SGR ControlPortable equipment for HVAC

De Longhi ItalyProcond Elettronica

Selcom Group

€ 7.64 mnElectronic components

DeA Capital ItalyCartiere Paolo Pigna

-- 51%Paper manufacturing

Desports Group (Mr. Lizhang)

China Parma Calcio -- +30% Waste management

Dierre Italy Sintesi -- 80%Industrial sound-proofing

Elliott and Blue Skye

US Luxembourg

The Bauers Venezia

Private investors (Bortolotto Possati fanily)

75% Hotel group

Engineering Ingegneria Informatica

Italy INFOGroupIntesa Sanpaolo

Control Engineering

Epipoli ItalyGroupalia Italia

Mr. Gualtieri --Social shopping

Fassa Bortolo ItalyCalce Barattoni

-- 80%Lime and plaster

Fassa Bortolo Italy Impa -- ControlPaint and coating solutions

Fassa Bortolo Italy Q Mix -- ControlLime and plaster

Fassa Bortolo Italy Vilca -- ControlLime and plaster

Fenix (Tabacchi family)

Italy Perini Navi --

49.99% capital increase of € 27 mln

Yacht manufacturer


Other transactions:

19


Ferrarelle Italy Amedei

Octopus Holdings and Amedei family

75% and 25% Chocolate

Ferrovie Nord Milano

Italy Fuorimuro --49% for € 1.3 mn

Transport

Finarte ItalyMinerva Auctions

-- n.a.Auction house

Flodraulic Canada Sace --Around € 5 mn

Hydraulic systems

FRoSTA Germany

Commercial business including (“La Valle degli Orti”, “Mare Fresco” and Surgela”)

Nestlé ItalianaCommercial business

Frozen food

Gradiente SGR

ItalyDierre (Dierre Macap Group)

Private investors

40%Aluminium structural profiles

Granarolo Italy Venchiaredo Emmi -- Cheese

Grandland Group Co Ltd

China Permasteelisa LIXIL Group100% for approx € 467 mln

Global contractor

Hydra (Datalogic)

Italy Finlogic Market

+7.41% reaching 10.28% for € 1.8 mn

Labelling

IDB (Italian Design Brands)

ItalyCenacchi International

Private investors

Majority Furniture

IDeA CCR I ItalyTargetti Sankey

-- Control Lighting

IDeA CCR I Italy Sinterama -- 51% Textile

IMA (GIMA) ItalyMapster and Petroncini Impianti

--

80% for € 2.4 mln and 49% for € 2.5 mln

Machinery for the production and packaging of coffee

IMR Automotive and Simest

ItalyIndustriale-sud

--81.25%; 18.75%

Auto components

20



Other transactions:

Investinfood (Private Investors) and DVR Capital

Italy Zushi Italia Mr. Gaifa55%; 10%

Sushi restaurant chain

IPE (Investimenti in Private Equity)

Italy Valedo -- Minority stakeAdvertising for pharma

IPI ItalyArcotecnica and Arco-engineering

ATG Holding70% for € 8 mln

Real estate agency

Jack Sewing Machine

China M.A.I.C.A. --100% for € 6.5 mn

Machinery

Longwave (Zucchetti Group)

ItalyLantech Solutions

-- Merger ICT

Magenta 71 (Private investor)

Italy CdP EquityCassa Depositi e Prestiti

+10% Holding

Maire Investments

Italy Castello SGR Mittel 21.81%Investment management

Maison Signore

ItalyGiovanna Sbiroli

Private investors

Control Bridal wear

Mandarin Capital Partners

Italy/China La Fabbrica family ControlCeramics manufacturer

Mandarin Capital Partners, IMI Fondi Chiusi, Hydro Holding

China, Italy Raccofer -- Control Steel products

Mashfrog Italy Mamadigital -- ControlNew media agency

Medipass (Kos Group)

Italy Ecomedica -- n.a.Radio-diagnostic systems

Mirato Italy I ProvenzaliProvate investors

Control Cosmetics

Mittel Italy

IMC (Industria Metallurgica Carmagnolese)

Roblafin Holding

75% Metalworking

21



Other transactions:

Nxmh Belgium Agras DelicPrivate investors

-- Pet food

One Equity Partners

USA Lutech Laserline Majority stake IT

One Equity Partners

USA USCO -- 49%Parts for earthmoving machinery

Orange1 Holding

Italy Sicme Motori

Management and Ersel Investment Club

ControlElectric motors

Ori Martin Italy Novacciai Rodacciai 100% Metalworking

Oxy Capital and Attestor

Portugal UK

Montalbano Industria Agro alimentare

--51% for around€ 23 mn

Food

Palamon Capital Partners

UKBusiness School24

Il Sole 24 Ore49% stake for € 80 mln (EV)

Education

Plax ItalyMeccaninca GM

-- ControlMould construction

Poderi Gianni Gagliardo

Italy Tenuta GattoPrivate Investor

Control Wine

Pomi Italy De RicaGenerale Conserve

ControlTomato producer

Private Investor (Mr. Pessina)

ItalyAlliance Healthcare

KKR 50%Pharmacy chain

Quadronica Italy Fantacalcio.itGEDI (L’Espresso Group)

ControlFootball website

QuattroR Italy Fagioli Family 49% Logistics

Sagemcom (Charter house)

France Meter Italia

CPL Concordia, Coop. Bilanciai, Coop SPA

100%Smart meters provider

Santa Margherita

Italy Ca MaiolPrivate Investors

Control Wine

Sapa Italy Brigoni -- 100%Auto components

SES (Società Editrice Sud)

ItalyGiornale di Sicilia

-- Majority Newspaper


Other transactions:

22


Standex International Corp.

USAPiazza Rosa Group

Private investors

n.a.Tool treatment

Star Capital ItalyBiochemical Systems International

-- MajorityDiagnostic systems for lab

Stroili Oro Italy E’ OroMercatone Uno

ControlJewellery chain

Tecno Italy Zanotta Family Majority Furniture

Tekni-Plex USAAlfatherm self-adhesive tape business

Alfatherm (OpenGate Capital)

--Self-adhesive tape

Temasek SingaporeSportswear Company

Mr. Rivetti 30% Fashion

Terfinance ItalyCredito Salernitano

-- MergeFinancial services

The Carlyle Group

USATwinset - Simona Barbieri

Ms. Simona Barbieri

+10% reaching

Fashion house

Trasporti Romagna

Italy An.Ri Trans -- Control Transports

UL USAAE Performance Testing Lab

AE (Appliances Engineering)

ControlEnergy testing operations

Unieuro ItalyAndreoli (21 stores)

Andreoli € 12.2 mnElectronic goods chain

Vallesi (Modus brand)

Italy Unix Gruppo Alì 100%Perfumery chain

Wise SGR Italy Aleph -- Majority stakeDigital printing solutions

Wolverine Worldwide Inc

USA Sebago BasicNet Brand Sportswear

Zico Holding Italy Carioca --+39.5% reaching 100%

Stationery products

23



Other transactions:


This Newsletter has been prepared by the internal research department of Fineurop Soditic S.p.A. Although the informationand estimates contained in this document are based upon data and sources of information believed to be reliable, FineuropSoditic does not accept any responsibility or liability whatsoever with regard to the completeness or accuracy or exactnessof this document and of its estimates. The Newsletter is distributed solely for informational purposes and is not construedas a solicitation or an offer (neither private nor public) to buy or sell any securities or related financial instruments.

This Newsletter may not be photocopied, reproduced, or distributed, in whole or in part, to others without the writtenauthorisation of Fineurop Soditic S.p.A.

Next Newsletter: December 2017

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Newsletter 2017-09:Layout 1 - Fineurop Soditic · De Wave – Precetti ... and La Gardenia Beauty In May 2017, the Germany-based ... perfume-shops; they joined forces in 2013 creating