INVESTMENT OPPORTUNITIES IN TALY FOR …ambankara.esteri.it/ambasciata_ankara/resource/doc/2015/...players operating in the steel industry worldwide M&A OPPORTUNITIES FINANCIAL HIGHLIGHTS

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INVESTMENT OPPORTUNITIES IN ITALY

FOR TURKISH COMPANIES

ANKARA ▪ ISTANBUL ▪ IZMIR

October 2015

TURKISH-ITALIAN COOPERATION MEETING

1ST FDI ATTRACTION ROADSHOW

THE ITALIAN GOVERNMENT

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SAMPLES OF INVEST OPPORTUNITIES: INDEX

• Food and Beverage 27 • Fashion Industry 23 • Real Estate 20 • Automotive and Components 8 • Construction Material 7 • Industrial Machinery 6 • Textile Industry 6 • Pharmaceutical Industry 3 • Metallurgic Industry 2 • Chemical Industry 1 • Components Industry 1 • Electronic Equipment 1 • Flat Glass 1 • Furniture & Crafts 1 • ICT 1 • Petrochemical Industry 1 • Pharmaceutical equipment 1 • Railway 1 • Retail 1 • Software Engineering 1 • Tourism 1 • Transportation 1 • White Goods Industry 1

... and in 23 sectors 116 projects in 17 Regions…

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CONTENT OF THE DOCUMENT

• M&A OPPORTUNITIES

• OTHER PROJECTS

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COMPANY 31 - AUTOMOTIVE AND COMPONENTS M&A

OPPORTUNITIES

TURNOVER From 20 to 30

NUMBER OF EMPLOYEES From 50 to 100

COMPANY OVERVIEW

• The company, based in the centre of Italy and founded in

1976, is a leader in the field of design and production of

printed circuit boards. The Company is active in printed

circuits boards, flexible, rigid and electronic components

for automotive in particular, but also for other sectors

(audio-visual, healthcare, white goods, energy,

telecommunications, energy and banking). The company

is focused on research & development, technological

innovation and continuous training of his highly

specialised staff.

• Certifications: ISO TS 16949:2009; ISO 9001:2008

• The company created some partnership and joint-projects

with its customers. The company is able to develop a

wide range of products with high standards at

internationally competitive prices.

• Transnational Activity: 20 to 49% of the turnover.

• The owner is available for cooperation with foreign

partners and for both solutions:

- Financial partner: in the minority stake

- Industrial partner: sell the majority stake

MARKETS & COMPANY STRUCTURE

FINANCIAL HIGHLIGHTS TRANSACTION PROPOSED

Euro Mln, Number, 2013

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COMPANY OVERVIEW

COMPANY 54 - AUTOMOTIVE AND COMPONENTS


• The Company, founded in the ’70s, offers its customers,

such as Tier 1 automotive clients, a broad product

portfolio in both steel and aluminum, producing doors,

hatches, sliding door systems, structural assemblies, and

modules for structural body parts for light commercial

vehicles (LCV) and cars. The Group has 10

manufacturing facilities strategically located close to

major customers and 740 employees.

• In May 2013, the Group started 2 operating JVs (both in

Canada and in Europe) with a North American

manufacturer of structural body parts for cars and other

motor vehicles, focused on hydro forming technology

• In March 2014, the Group started a marketing JV in

China with a Chinese conglomerate, one of the main

players operating in the steel industry worldwide

M&A

OPPORTUNITIES


• The owner is available to a sell the majority stake.

2010 2011 2012

TURNOVER 121,3 132,4 143,7

EBITDA 10,1 8,4 9,2

Euro Mln

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COMPANY OVERVIEW



• The Company is a family-owned business, among global

leaders in the manufacture of high precision

machined metal products for the Auto industry

worldwide, and primarily a Tier 2 supplier. The Company

makes critical small parts in high volume to very high

precision. It operates at the micron level of tolerance and

produces an average 170 million parts per year with a

defect rate of 4ppm or less. The Company is focused on

critical high-precision components primarily for

automotive powertrain and chassis applications e.g.

components of gasoline and diesel fuel injectors, starter

motors, AC compressors and shock absorbers.

• The Company serves a broad range of sophisticated

customers and sells globally. Automotive accounts for

about 90% of total revenues, followed by Aerospace and

Appliances. Approximately 85% of sales are in Europe,

10% in the Americas and 5% in Asia (China, India).

Germany is the largest market for HPM (36% of sales).

Top 5 Customers in 2012 were Bosch, Delphi, Eaton,

Sanden and Continental

M&A

OPPORTUNITIES


• The Owners are open to consider selling the majority or

even the totality of their shares.

• The Company is managed by a strong CEO and

Executive Team committed to continue growing the

business

• 2014 revenues are about 95 mln euro with EBITDA of

about 16 mln euro and net debt close to 36 mln euro;

• 2015 budget indicates sales of 99 euro mln, EBITDA of

18 mln euro , net debt of 34 mln euro.

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COMPANY 58 - AUTOMOTIVE AND COMPONENTS M&A

OPPORTUNITIES

COMPANY OVERVIEW

• The Company is an Italian group that designs and

manufactures customized metal components (i.e.

tubes and brackets for exhaust systems) mainly for the

automotive industry. The Company owns state of the art

and flexible production plants for bending, welding

punching and press of metal components. The Group

develops its activity in 4 plants, one of which is

located abroad, with a total surface of some 15,000

sqm and owns international standard certifications like

ISO UNI EN ISO 9002, UNI EN ISO 14000 and ISO TS

16949.

• The Group’s main customers are well-known Tier 1 and

OEM operators. 80% of the turnover is generated abroad

(EU countries). The Comapny is able to assists its

customers, during all the production steps from the

fulfillment of the idea to the delivery of the final products

• The Company employs approximately 380 people

• The owner is available to a sell the majority stake.




2012 2013 2014

TURNOVER 49 55 57

EBITDA 3,6 5,3 5,8

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COMPANY OVERVIEW



• The company is the result of two companies founded by

the same entrepreneur. Both companies operate in two

different niches of the value chain of brake aftermarket

automotive components.

• Due to a thirty year-old experience, the company is an

European leader in the brake parts production thanks

to the quality of its products and the continuous research

of new technical solutions.

• Following requests by racing car sector, the company

R&D department together with tuning firms, developed a

Racing friction material only for competition with highly

performances.

• Company products range includes: shoes, pads, shoes

kits, discs, wheel cylinders, pressure regulating valves,

master/slave cylinders, clutch master cylinders.

• The company is certified: UNI ENI ISO 9001:2008, ECE

R-90, AAMVA.

M&A

OPPORTUNITIES


• The company is looking for an investor to sell the existing

share. 2010 2011 2012

TURNOVER 24,6 24,0 24,8

EBITDA 5,7 5,0 5,4

Euro Mln

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• The Company supplies to the main rail and road Public

Transportation Companies, and also to the Manufacturers

of vehicles and machines.

• Certification: UNI EN ISO 9001

COMPANY A - AUTOMOTIVE AND COMPONENTS M&A

OPPORTUNITIES

COMPANY OVERVIEW

• Established in 1960 by a historic family of Neapolitan entrepreneurs, the company works in the field of design and production of innovative and technologically advanced composite materials to be used on any kind of vehicle and machines. Company product range includes: - Contact strips for the pantographs of rail vehicles and

trolleybuses; - Friction modifiers for railway wheels; - Ecological brake pads and brake blocks for trains,

undergrounds, trams, buses, trucks, vans ,cars and motorcycles;

- Brake straps for agricultural and industrial machines, overhead traveling cranes, cranes, elevators and other applications



• The Company is looking for:

- Equity participation

- Joint Venture (the Company holding the management of

the Joint Venture)

2010 2011 2012

TURNOVER 24,6 24,0 24,8

EBITDA 5,7 5,0 5,4

Euro Mln

TURNOVER * € 1 Mln first year

EBITDA % 25%

NET FINANCIAL POSITION € 150.000/year

TOTAL INVESTMENT € 6 Mln

ROI 18%

* 3 Mln second year; € 5 Mln third year; € 8 Mln fourth year; € 15 Mln fifth year

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COMPANY F - AUTOMOTIVE AND COMPONENTS M&A

OPPORTUNITIES

COMPANY OVERVIEW

The Company

• The Company is engaged in the design and manufacture

of bodies (coachwork) for motor vehicles as well as

trailers and semi-trailers

• One of the largest producers of trucks and towing trucks

in Italy and among the largest in Europe

• Production capacity is over 15,000 per year

• The average revenue of the top-20 Italian companies in

this sector is € 60 mln per year

Asset Profile

• Plant based in central Italy

WHY INVEST


• STRENGTHS: very competitive and effective post-sale

service, state-of-the-art equipment, wide product-offer and

highly-qualified workforce. The company has a long term

track record of production and high-standing relations with

local stakeholders

• CHALLENGES: due to declining domestic demand the

company needs to open up to new international markets

• The Company is looking for an Industrial investor

• Company/plant acquisition

FIANCIAL HIGHLIGHTS

2011 2012 2013

Turnover ~ 45 ~ 27 ~ 37

EBITDA ~ -6 ~- 5 ~ -4

Employees ~ 350

Net Financial Position ~ 36 ~ 38 ~ 35

Euro Mln

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COMPANY G - AUTOMOTIVE AND COMPONENTS M&A

OPPORTUNITIES

COMPANY OVERVIEW

The Company

• Leading Company in the tyre production in Italy.

• Average revenues top-10 Italian companies € ~30 mln

Asset Profile • Plant for the manufacture of rubber tyres and tubes

located in northern Italy wholly controlled by the parent company

• Retreading and rebuilding of rubber tyres (commercial tyres, car tyres, industrial tyres, earthmover tyres, design and R&D, tyres machinery, retreading system)

WHY INVEST

TRANSACTION PROPOSED

• STRENGTH POINTS: highly qualified workforce; plants

covers 40,000 sq. Leading tyre production in Italy with

positive relations with local stakeholders

• POTENTIAL MARKETS: 50% of the production is

exported to Europe, mainly to Germany and the UK

• CHALLENGES: the plant is facing strong price

competition from producers in Europe and East Asia.

Costs reduction represents one of the key challenge


• Company/plant acquisition (€ 140 mln revenues,

EBITDA/turnover 9.5%)

FINANCIAL HIGHLIGHTS

2011 2012 2013

Turnover ~ 110 ~ 85 ~ 50

EBITDA ~ 3 ~ 0,7 ~ -7

Employees 420


Euro Mln, Number

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COMPANY T - CHEMICAL INDUSTRY M&A

OPPORTUNITIES

COMPANY OVERVIEW

The Company

• The company operates in wholesale and manufacturing

of plastic materials, synthetic resins and other related

products

• Engaged in the wholesale distribution of chemicals and

chemical products.

Asset Profile

• Plants for the production of chemical product, nitrogen

fertilizers, plastic materials and rubber is located in the

South of Italy.

WHY INVEST


• STRENGTHS: The plant is in perfect conditions and has

a production capacity of 250-300,000 tons per year, out

of 1 mln tons per year of potential market in Italy

• POTENTIAL MARKETS: further expanding in the Italian

market and increase the penetration in the European

market.


• Asset acquisition


2011 2012 2013

Turnover ~ 1.5 ~ 1.2 ~ 1

EBITDA ~ -1.3 ~ 1.1 ~ -0.89

Employees 82

Net Financial Position ~ 1,600 ~ 790 ~ -24

Euro Mln, Number

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COMPANY I – COMPONENTS INDUSTRY M&A

OPPORTUNITIES

COMPANY OVERVIEW

The Company

• The Company operates in the manufacturing and

distribution of wires in Italy and abroad, steel wiredrawing,

steel nails and spikes, cold drawing of wire

• The Company also manufactures strands for reinforced

concrete, wire ropes, ties and lifting equipment

• The company is wholly owned by foreign European

companies

Asset Profile

• Production plants based in northern Italy, in liquidation

WHY INVEST


• POTENTIAL MARKETS: wide possibility to increase the

penetration into the European markets

• CHALLENGES: the first problems emerged in 2010-2011

due to financial crisis


• Company merger & acquisition


2011 2012 2013

Turnover ~ 56 ~ 37 ~ 1

EBITDA ~ 3 ~ -5 ~ -8

Employees 105


Euro Mln

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COMPANY 1 - CONSTRUCTION MATERIALS

COMPANY OVERVIEW PRODUCT RANGE

• The Company was founded 70 years ago by the aggregation of different companies active in the hydraulic binding business.

• One of the main Italian player for the cement market, the Company is organized into a major group active in two other business: concrete and transportation.

• The Company has production facilities in Italy in the following locations: Testi-Greve in Chianti (FI), Castelraimondo (MC), Cagnano Amiterno (AQ), Tavernola Bergamasca (BG) e Pescara (PE).

• The Company has a Turnover of €105,3 m.

FINANCIAL HIGHLIGHTS NOTE

• The Company received an offer from a major Italian

group, back in the first quarter of 2015, but was turned

down by the company’s creditor banks.

• Currently the Company may attract other offers.

Cement

M&A

OPPORTUNITIES

Key financial data (€/m) 2010 2011 2012 2013

Revenues 148,6 154,2 133,2 105,3

EBITDA 12,1 15,3 5,1 (6,1)

EBITDA margin 8,1% 9,9% 3,9% n.m.

Net Profit (21,5) (23,4) (63,4) (33,6)

Fixed Assets 396,5 361,8 327,7 350,7

NFP 296,3 305,1 305,9 325,3

Shareholder's funds 126,3 122,8 59,4 69,9

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• The Company was founded in 2001 in the Modena area from the idea of its founder, who stepped into the ceramic market with an innovative patent to manufacture ceramic slabs of large surface area and minimum thickness.

• The Company products are not only used for construction purpose such as architecture and coatings for interior and exterior, but as well as new sectors such as furniture and technologies of energy generation from renewable sources.

• The Company has a Turnover of around €40 m.


• In May 2015 the Company’s CEO announced that the

Company is looking to expand into new markets through

JV partnerships.

Large Minimum Thickness Ceramic Surface

M&A

OPPORTUNITIES


Revenues 25,0 24,1 29,8 39,4

EBITDA 3,6 3,5 6,2 8,2

EBITDA margin 14,5% 14,5% 20,9% 20,9%

Net Profit 2,2 0,5 2,5 3,6

Fixed Assets 9,6 8,5 7,6 6,5

NFP 0,0 0,0 0,0 0,0


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• The Company was established in the 1960’s and is a family run business.

• The Company specializes in wooden houses and also produces laminated wood structures.

• The business is divided into structures, living and panels, according to its product range.

• The Company consolidated turnover for 2014 is €30 m according to Company information.


• The Company is looking for an external investor (Aug.

2015), the advisor has been already appointed.

• According to the Company management an ideal would

be an international player active in the Company’s

industry interested in accelerating expansion.

Precast Wood Panels

M&A

OPPORTUNITIES

Laminated Beams

Wooden Houses


Revenues 10,3 9,8 14,6 12,6

EBITDA 0,7 0,8 (0,2) 1,8

EBITDA margin 6,3% 8,4% n.m. 14,1%

Net Profit 0,1 (0,3) (1,4) 0,0

Fixed Assets 11,7 12,0 12,7 12,3

NFP 9,9 10,8 13,9 12,7


Note: The financial data are unconsolidated. According to the Company the turnover amounted

to €30 m in 2014

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COMPANY 15 - CONSTRUCTION MATERIALS M&A

OPPORTUNITIES

COMPANY OVERVIEW

• The group is an Italian producer of paints for the construction

industry private Italian commercial refrigeration company.

• The company is looking for acquisition targets in the Middle

East.



• In 2014, the company posted a turnover of EUR 70m, with a

20% EBITDA margin. It forecasts a 10% revenue bump in

2015, due to a recent acquisition and new manufacturing

capacity, obtained pursuant to a EUR 3.5m investment to

enlarge its production premises in a village, near Venice.

• The company is also pursuing M&A deals in Europe, namely

in Germany and Turkey,.

• The company has been funding its M&A plans with internal

cash resources, and intends to continue doing so in the near

future. However, it could consider taking on an investor

through the sale of a minority stake, should midterm projects

require extra funds.

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COMPANY N - CONSTRUCTION MATERIALS M&A

OPPORTUNITIES

COMPANY OVERVIEW

The Company

• The company is engaged in the manufacture and sale of

cement, gypsum and plaster products

• The company ranks among the largest concrete

producers in Italy and is a global leader with plants in four

continents and fifteen countries, exporting to over sixty

countries

• HQ based in central Italy

• Wholly owned by the parent holding company

Asset Profile

Production plant based in southern Italy

WHY INVEST


• STRENGTHS: opportunity to create a partnership with a

global leader, highly specialized workforce, market

access. The plant has access to a commercial/industrial

port

• POTENTIAL MARKETS: Europe, North Africa, Middle

East, Asia, North America

• CHALLENGES: The plant has been struggling to cope

with high raw material costs, high C02 emission costs,

decrease in demand, and increase in import. The plant

needs to be reconverted to a new concrete-related

production.


• Asset acquisition


2011 2012 2013

Turnover ~ 132 ~ 130 ~ 110

EBITDA ~ -3 ~ -1 ~ -6

Employees 460


Euro Mln, Number

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COMPANY B - CONSTRUCTION MATERIALS M&A

OPPORTUNITIES

COMPANY OVERVIEW

• Established in 1960 the company works in the design,

production, trade and assembling of prefabricated

metallic constructions. Started as individual firm, since

1979 is a shared capital enterprise.

• Products range: Container, Modular Componable, Shelter

and Metallic Parking System

• Supplier of shelters mainly in electric, radar,

telecommunication, petrolchemical sectors, partner of

Enel spa, Gruppo Eni spa, Telecom Italia Mobile spa,

Alenia Marconi System spa, ABB spa, Ericsson

Telecomunicazioni spa, Telecom Italia spa and many

others international companies.

• The Company internal structure is composed of single

directions (technical, production, commercial and

administrative)

• Production plant on a surface of over 30.000 sqm is

located in Campania Region

• Among Italian first companies to obtain a UNI EN ISO

9001 Quality System certification in 1997

• Patented a Metallic Parking System, capable of doubling

car parking surfaces

• The Owners are considering selling the majority of the

stakes

• They are looking not only for a financial partner but for an

investor committed to expanding the business



• Annual Turnover 7.5 ml in the last 4 years.

• Annual Turnover in 2014: 8 ml

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COMPANY Z - CONSTRUCTION MATERIAL

COMPANY OVERVIEW

The Company

• The Company is engaged in the production of pre-

fabricated structural metal, precast concretes, metal

structures and photovoltaic panels.

• The Company was placed under temporary receivership

since February 2014.

WHY INVEST


• STRENGTHS: The Company also owns subsidiaries that produce pre-fabricated concrete buildings in Spain and photovoltaic panels in Italy.

• POTENTIAL MARKETS: it needs to expand into new markets beyond the stagnant building sector in Italy and Spain

• CHALLENGES: the company’s decision to increase production capacity and diversify its activities in a downward market was not successful. It resulted in high indebtedness and lack of capitalization. Lack of professional management (family-owned firm) has also been an issue in the past. Strong competition from producers in East Europe.

• Looking for industrial/financial investor.

• Company/branch acquisition through public bidding

managed by the Ministry of Economic Development and

the company’s caretaker (Commissario Straordinario).

• Non essential assets are to be liquidated.


2011 2012 2013

Turnover ~59 ~19 n.a.

EBITDA ~-13 ~-21 n.a.

Employees 230 n.a.

Net Financial Position ~53 ~50 n.a.

Euro Mln, Number

COMPANIES CONTROLLED BY A

GOVERNMENT-APPOINTED

ADMINISTRATOR

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COMPANY K - ELECTRONIC EQUIPMENT M&A

OPPORTUNITIES

COMPANY OVERVIEW

The Company

• Engaged in the manufacturing of electronic equipment for

telecommunication and biomedical. Specialized in

diagnostic equipment (MDI), rehabilitation, health and

wellness (RGMD), biomedical equipment (OMS Ratto,

Lorenz Lifetech), complex electromechanical products

(Esacontrol)

WHY INVEST


• STRENGTHS: the company has solid fundamentals (though

it faced a management/financial crisis); this asset could be a

strong entry point for a new investor in this sector; specialized

workforce;

• POTENTIAL MARKETS: current buyers include Alcatel

Lucent, Esaote, Centervue, Framos, Ami Italia, Elt, Selex ES,

Elman, Telco, Micro TLC, Bitron

• CHALLENGES: companies in this sector face high price

(labour costs) and non-price competition (technological

innovation). Demand for these products is sustained but BTP

Tecno lost an important customer (Alcatel Lucent). The

company needs to regain market shares through a new

management and new investments in technology innovation.


• Company acquisition

• PUBLIC INCENTIVES: national and local government

may provide support for a plant reconversion


2011 2012 2013

Turnover ~ 77 ~ 104 ~ 52

EBITDA ~ 3.4 ~5 ~ 4.2

Employees 102

Net Financial Position ~ 5 ~ 9.8 ~ 7.7

Euro Mln, Number

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COMPANY OVERVIEW

COMPANY 37 - FASHION INDUSTRY


• The company is part of a group of companies specialized

in Technical high-end sportswear jacket.

• The company brand was founded in 2002 inspired by

mountains with the mission to review a practical and

versatile timeless sportswear concept: a mix between

high quality and technique.

• Starting from the jacket, a total look wardrobe was

developed since foundation the company collection

includes men, women and child.

• Besides the usual Spring/Summer and Autumn/Winter

collections, the company also produces capsule

collections driven by design content.

• Sales channel are wholesale and retail.

• Recently the shareholders of the group controlling the

company have reshuffled the group’s governance and

nowadays the company is a new legal entity with a single

brand and a single business model.

M&A

OPPORTUNITIES


• Major interest are for Asian potential investors and for the

support to international expansion.

• The owner is available to a minority investment 2010 2011 2012

TURNOVER 99.4 108.0 83.4

EBITDA 20.4 22.8 11.5

Euro Mln

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COMPANY 46 - FASHION INDUSTRY M&A

OPPORTUNITIES

COMPANY OVERVIEW

• Founded in the seventies the company is specialized in

the frozen fish food sector, and operated in all phases

of the value chain, starting from the fishing to retail

distribution.

• 90% of the revenues comes from the core business- fish

food, the remaining part from meat and vegetables frozen

food.

• The storage capacity of the company is based in 13

logistics hubs (9 of which are owned by the company),

allowing the company to cover the the entire country.

The company sales channel is composed by:

• Direct operated stores (that represent the 35-40 % of total

revenues)

• Wholesalers (60-65%)

• Outlet channel (5%)

• The expected growth rate for the next years is estimated

around 5-10%

• The owners want to sell the existing share, around 40%.

• Amount of the investment: less than 100 mln. Euro.



2010 2011 2012

TURNOVER 83 98 105

EBITDA 7.3 9.5 11.5

Euro Mln

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• The Group was founded in 1958 in a small workshop in San Mauro Pascoli, where the founding family created the first collection of sandals designed for tourists holidaying on the Italian Riviera

• Its shoes are designed as must-have objects of desire, never as solely designer label accessories, but as true masterpieces of design.

• In the recent year, the business boasts a growth rate of + 20% per year, with 16 flagship stores, a new showroom in New York, the opening of corners and shop-in shops in Russia as well as expansion towards China and the Middle East.


• The company is open to selling a stake to outside

investors.

Shoes collection

M&A

OPPORTUNITIES


Revenues 25,9 33,6 35,7 36,1

EBITDA 1,7 2,7 4,7 3,6

EBITDA margin 6,4% 8,1% 13,1% 10,0%

Net Profit 0,4 0,9 2,5 1,5

Fixed Assets 9,3 9,8 10,3 10,6

NFP 5,2 4,8 3,8 4,8


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• Established in 1952 by an Italian entrepreneur the

company is now held by his children and the third

generation of its family.

• The company is a leader in the luggage and travel bags

industry, with products recognized for their image and

functionality, with a positive quality/price ratio. Is known

also for its wallets and accessories.

• The company sells its products also in the emerging

markets; the Management plans to open ten more stores

in Asia and in Usa.


• The company is receptive to offers for minority stake

sale, strategic investors preferred, says executive.

Travel & accessories

M&A

OPPORTUNITIES


Revenues 34,9 37,6 37,4 33,6

EBITDA 1,4 2,3 0,9 0,9

EBITDA margin 4,1% 6,2% 2,3% 2,8%

Net Profit (0,2) 0,2 (0,8) (0,0)

Fixed Assets 9,9 9,6 9,4 9,6

NFP 15,3 16,1 16,4 13,4


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• The Group was founded in the first half of the 1950s by an Italian entrepreneur who decided to open a small dressmaker’s shop for children in Marche region.

• Today, the Group is a leading company in the children fine clothing market. Their focused orientation towards new ideas and technology is the true driving force of their development.

• In 2010 the Group started its partnership with an international fashion company for the design, the production and distribution of its kids and baby collection.

• In the coming months, the company plans to open ten branded concessions and shop-in-shops. The Group aims to expand in the Asia market.


• The company is looking for a suitable bidder interested in

investing in the company - General Manager said.

Collections

M&A

OPPORTUNITIES

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Revenues 39,9 42,6 42,4 45,6

EBITDA 2,1 2,0 2,3 2,9

EBITDA margin 5,3% 4,7% 5,3% 6,3%

Net Profit 5,1 4,8 6,9 7,4

Fixed Assets 5,1 5,5 7,3 8,1

NFP 19,6 18,9 15,8 15,9


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• The Company is one of the main Italian players in women

apparel and accessories.

• The Company produces and distributes its products under

its brand, mainly through its proprietary (franchising) retail

distribution network.

• In September 2013, the company has a network of 158

shops in Italy (out of which 63 DOS) 199 shops in Europe

(out of which 103 DOS) and 48 shops in the rest of the

world (out of which 2 DOS).

• In October 2010 it has sold its 50% interest in a fashion

group.


• According to our intelligence, the company has

restructuring plans and the option to go to market.

Apparel

M&A

OPPORTUNITIES

Knitwear & Cachemere

Leather Goods Accessories


Revenues 193,6 186,6 168,5 155,9

EBITDA (21,4) (3,2) (8,7) 0,4

EBITDA margin n.m. n.m. n.m. 0,2%

Net Profit 14,6 (20,1) (23,8) (7,7)

Fixed Assets 90,7 76,7 63,9 55,0

NFP 37,5 68,0 76,5 74,0


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• Founded in 1977, the company is an Italian fashion

group, owned by the two founding families,

• The company owns several brands. China, South Est

Asia and the US are the main areas of interest to start

a series of partnership deals, in order to better penetrate

international markets.

• Today, its brands are sold in about 800 retail locations.

The most famous brand is present in 324 select multi

brand stores and 45 mono brand boutiques/ shop- in-

shops worldwide.


• The management would be interested in offers for a

minority stake - the founder said.

Collections

M&A

OPPORTUNITIES


Revenues 54,1 63,2 61,1 66,5

EBITDA 5,7 12,7 11,7 14,3

EBITDA margin 10,5% 20,0% 19,1% 21,5%

Net Profit 1,7 5,5 6,6 4,0

Fixed Assets 30,1 29,4 29,0 45,5

NFP (0,7) (7,6) (13,3) (2,6)


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• The Group founded in 1996, is an Italian women’s apparel

manufacturer.

• The Group is headquartered in a small city close to

Naples. The Group is specialized in producing girl’s

clothing. The company has 21 stores across Italy. It is

currently focused in strengthening its retail network within

Europe and the Middle East, particularly in the UAE.

• The Group is going to open its second flagship store in

Milan by the end of the year.


• The Group has already received two bids from parties

interested in investing in the company. The management

is keen on receiving offers for a 60% stake sale.

Collections

M&A

OPPORTUNITIES


Revenues 32,9 39,1 47,6 49,4

EBITDA 2,4 2,9 5,2 7,9

EBITDA margin 7,4% 7,5% 10,8% 16,0%

Net Profit 1,1 1,5 3,0 4,7

Fixed Assets 2,3 2,1 1,9 1,5

NFP (2,7) (3,1) (2,2) (4,4)


32



• The Company was founded in 1921 but expanded into the

sportswear business after 1970.

• Its brand gained an image of elegant apparel for sailing,

golfing and outdoor situations.

• Nowadays, it offers a total-look, luxury range of: apparel;

accessories, travelling goods and technical products for

sailing, golf and skiing.

• Current products include men, women, cadet and

accessories collections which are sold in more than 200

international single-brand stores in every continent.


• no recent news.

Menswear

M&A

OPPORTUNITIES

Womenswear Accessories


Revenues 145.9 152.1 170.7 n.a.

EBITDA 44.2 45.9 46.1 n.a.

EBITDA margin 30.3% 30.2% 27.0% n.a.

Net Profit 28.9 30.5 30.2 n.a.

Fixed Assets 28.9 36.9 41.9 n.a.

NFP (106.8) (110.6) (42.4) n.a.

Shareholder's funds 195.0 212.2 206.2 n.a.

33



• The Company founded in 1971 in Bologna, is a leading

producer of active sportswear.

• The Company operates in three business area:

teamwear, merchandising and leisurewear for football,

basket, rugby, volley, running, handball and baseball.

• It operates through three subsidiaries: two commercial

stores in Bologna and Monza and a company in China

and distributes its products through mono - brand stores

located in Central Europe, Turkey and Canada.

• In 2011, a PE fund has acquired a majority stake (50,1%)

in the company for € 23m.


• The Company is interested in acquisitions in Germany

and Eastern Europe in order to shorten the time to market

in those countries where it is not yet present.

• The Company may look to an investor to enter in these

markets.

M&A

OPPORTUNITIES

Teamwear Merchandising Leisurewear


Revenues 52,3 60,0 62,2 64,2

EBITDA 3,5 4,1 5,7 6,8

EBITDA margin 6,7% 6,8% 9,2% 10,6%

Net Profit 1,1 1,7 2,0 2,6

Fixed Assets 1,9 2,1 2,8 4,4

NFP 18,5 19,3 14,9 19,4


34



• The Company is an Italian producer and distributor of

clothes addressed to fashion teenagers.

• The Company offers a complete collections of fresh style

casual but sophisticated clothes, accessories, jeans and

bags through its own brand.

• The brand is distributed in Italy and Europe (Spain,

Netherland, Belgium Germany and Croatia) through direct

mono-brand shops and several corners.

• In 2010, the company sold a 30% stake to a PE fund.


• no recent news.

M&A

OPPORTUNITIES

Collections


Revenues 27,7 33,9 40,2 44,9

EBITDA 3,4 6,1 6,1 4,8

EBITDA margin 12,2% 18,0% 15,1% 10,7%

Net Profit 1,5 3,3 3,2 2,0

Fixed Assets 3,2 4,7 5,9 7,2

NFP (2,2) (3,1) (2,6) (0,7)


35



• The Company is an Italian producer and distributor of

fashion clothes. The company was founded in the 40’s as

a tailored clothes shop.

• The Company offers a complete collection of elegant

men’s and women’s knitwear including: suits, shirts and

pants, dresses and accessories.

• The brand is distributed worldwide in Europe, USA and

Japan; wholesale is the favorite retailing channel, as well

as for well-known multi-brand stores (like Barneys and

Berdgorf in NYC).

• In 2013, the Company was fully acquired by a PE Fund.


• no recent news.

M&A

OPPORTUNITIES


Revenues - - 23,2 24,0

EBITDA - - (2,8) 1,0

EBITDA margin - - n.m. 4,1%

Net Profit - - (3,1) (0,5)

Fixed Assets - - (3,1) (0,5)

NFP - - 21,3 14,0

Shareholder's funds - - 9,1 21,3

Menswear Womenswear Accessories

36



• The Company is an Italian fashion group established in

1982 in Bologna

• The creator of the Company was aimed at building a

sportswear brand designed to become a symbol of

extreme research on fibres and textiles, applied to an

innovative design.

• Under the Brand the Company manufactures and

distributes menswear and womenswear apparel,

accessories and kidswear.


• The Company sale process called off (January 2014)

• According to our intelligence, the Company is looking for

an investor.

M&A

OPPORTUNITIES

Collections

Key financial data (€/m) 2011 2012 2013 2014F

Revenues 53,7 62,0 69,8 79,5

EBITDA 3,9 5,8 9,6 11,8

EBITDA margin 7,3% 9,4% 13,8% 14,8%

Net Profit 1,5 1,9 5,3 n.a.

Fixed Assets 11,7 10,6 18,0 n.a.

NFP 7,6 7,9 13,4 n.a.

Shareholder's funds 29,9 31,0 33,9 n.a.

37



• The Company is family-held apparel company, 100% owned by the founder family who deals with product development,

• The Company designs and manufactures its own smart-casual clothes and owns four brands.

• Today the Company is one of the principle retailer and manufacturer of apparel through more than 80 shops in Italy and the intent to open flagship stores in new international cities as well as developing franchise shops in China, South Korea, Russia and Turkey.

• The Company has already flagship store in London, and Japan is one of the traditional main export markets for the company’s products.


• According to the rumors, the company is looking for a

financial partner in order to enter in new high potential

market such as the middle east.

M&A

OPPORTUNITIES

Collections


Revenues 63,9 73,1 65,3 49,0

EBITDA 8,2 7,9 6,0 6,5

EBITDA margin n.a. 10,8% 9,2% 13,3%

Net Profit 2,8 2,3 1,4 1,4

Fixed Assets 15,6 16,0 15,7 14,6

NFP 7,5 9,3 4,9 (1,6)


38



• The Company was established in 1939 in the province of Milan.

• The Company distributes its products under its well known brand and thanks to its know - how in shirt manufacturing it produces for several important brands and designer worldwide.

• Today the company produces womenswear, menswear and accessories that are distributed all over the world thanks to its flagship stores and the wholesale distribution channel.


• no recent news.

M&A

OPPORTUNITIES


Revenues 30,5 34,7 35,4 31,2

EBITDA 0,3 0,7 1,7 1,6

EBITDA margin n.a. n.a. 4,7% 5,0%

Net Profit (0,5) (0,2) 0,1 (0,1)

Fixed Assets 19,2 19,6 19,8 19,5

NFP 12,2 n.a. 5,5 7,3


Menswear Womenswear Accessories

39



• The company was founded in 1953 near Milan. • Originally a purely knitwear business, the Company quickly

gained exposure with a first collection launched in 1958 in Milan and its brand acquired acknowledgement thanks to its innovative colorful patterns and tones.

• The Company currently produces designer apparel, accessories and shoe wear; it also sells branded eyewear and fragrances.

• Other product lines include the more casual and more accessible line. The Company also diversifies its client base by providing fabrics for interior design products.

• As of today, its international footprint is widespread, generating more than 70% of its export revenues. With single-brand boutiques in every continent and in more than 1100 high-end stores.


• The company could be up for sale (January 2015)

M&A

OPPORTUNITIES

Collections


Revenues 69,8 70,4 64,3 64,9

EBITDA 15,9 13,8 9,9 7,3

EBITDA margin 22,8% 19,6% 15,4% 11,3%

Net Profit 5,1 0,5 1,6 0,7

Fixed Assets 16,1 16,7 17,9 17,3

NFP (1,6) 1,2 10,7 7,7


40



• The company was founded in 1954 near Florence as a

leather bag manufacturer.

• In the following decades the Company deepened its

mastery and competitive advantage in leather products,

also thanks to partnerships with international and

renowned brands.

• Since 2000 its equity story presents a few restructuring

events which contributed to the Company’s change and

development.

• After this restructuring events, the Company operates

with several brands.


• The company moves toward selling to Chinese or

Singapore investor; IPO aborted (July 2014)

M&A

OPPORTUNITIES


Revenues 81,4 77,0 68,3 57,6

EBITDA 4,4 2,7 4,0 (0,4)


Net Profit 0,4 (0,6) (0,5) (3,6)

Fixed Assets 12,9 12,6 9,8 19,2

NFP 19,3 14,5 12,5 24,5


Collections

41



• The company was founded in 1923 in Monza, began producing felt hats, later moving on to gaiters and workwear.

• The products range includes sky collection, as jackets, pants, topwear and accessories for men, women and kids and also a golf collection, that includes polo, gilet, jackets and pants.

• The company is going to introduce also beachwear collection.

• The company sells its products through 7 boutiques in Italian alps and two shops in Seoul, and also through sportswear and casualwear shops.

• The company is fully owned by the founder Family.


• The company could consider acquisitions of fashion

jacket producers (January 2015).

M&A

OPPORTUNITIES


Revenues 48,0 52,8 64,2 82,4

EBITDA 3,0 2,9 7,9 12,3

EBITDA margin 6,4% 5,5% 12,3% 14,9%

Net Profit 0,7 0,7 2,6 6,3

Fixed Assets 21,7 19,8 18,7 18,8

NFP (9,7) (13,1) (14,4) (8,2)


Collections

42



• The Group is a leading player in the international

wintersport and outdoor market.

• The Group was established in 2003 through the

acquisition of several brands; the other strategic

acquisitions were made aiming at building a leading group

for sports equipment and apparel.

• The Groups brands include winter and outdoor sports

goods: ski-boots, winter footwear and equipment, ski, ski-

boots and accessories, winter footwear and accessories,

shoes and equipment for alpinism, backpacking, outdoor

fitness, trekking, hunting ice skates ski and outdoor

shoes, winter equipment roller skate and accessories.


• The Company recently sold one of its brands.

M&A

OPPORTUNITIES

Collections


Revenues 394,7 404,4 335,2 325,7

EBITDA 36,2 35,1 16,3 17,4

EBITDA margin 9,2% 8,7% 4,9% 5,3%

Net Profit 2,8 0,9 (15,9) (21,2)

Fixed Assets 100,0 95,0 87,5 79,9

NFP 177,5 194,8 184,2 171,8


43



• Established in 1978, the Company is a private held Italian

menswear producer headquartered in a small city in the

middle of Italy.

• The Company produces 1500 items of clothing every day

thanks to 900 employees both internal and external. The

result is that the brand is now recognized as a brand of

“Made in Italy” excellence.

• In its collections, the experience of the Italian sartorial

tradition is combined with the innovation, research and

experimentation

• On April 2014, its new enlarged showroom was opened in

Milano, in the heart of the fashion quarter.


• Starting from 2016, the management could take into

consideration potential bidders, but it needs to see a real

long term interest in sharing the company’s development

plan, said the CEO ( January 2015)

M&A

OPPORTUNITIES

Collections


Revenues 53,3 53,0 54,2 71,1

EBITDA 3,2 3,5 5,4 9,2

EBITDA margin 6,0% 6,6% 10,0% 13,0%

Net Profit 1,0 1,1 2,4 5,2

Fixed Assets 8,5 11,5 10,7 12,5

NFP 18,0 14,2 13,1 14,5


44



• The Company is headquartered in Naples and has 130 employees, The brand is an international menswear brand, and it produces several collections including footwear, bags and leather accessories’ collections.

• Born in 2007 form the vision and talent of its founder, the Company stands immediately out for the ability to develop its own design language, conceived for a new generation of consumers.

• Nowadays the brand is distributed in 3200 multi- brand stores over 70 countries around the world and is sold in 70 mono-brand stores located in strategic areas of Europe, Asia and South America. Exports last year accounted for 65% of sales.

• The Company intends to open around 10-15 flagship stores this year (2015) in Germany, Belgium and Spain, the executive said.


• The company would take offers for up to a 49% stake, the

founder said, adding that he would prefer to maintain

some operational control over the business (January

2015)

M&A

OPPORTUNITIES

Collections


Revenues - - 74,8 76,1

EBITDA - - 9,1 7,0

EBITDA margin - - 12,2% 9,1%

Net Profit - - 3,7 3,0

Fixed Assets - - 7,9 11,1

NFP - - (5,3) (0,7)

Shareholder's funds - - 14,5 16,5

45



• The company is headquartered in Campi Bisenzio (FI), is a well-know player in the swimsuit industry.

• The brand was born in San Francisco producing a small line of nylon or cotton-nylon shorts especially designed for surfing

• In 1979 the Company holds the permanent license to produce in Europe and sale worldwide products branded in order to make its main product, the “boardshort”, successful also in Italy.

• The brand is basically addressed to young people that want to be ensured about wearing a quality product as well as a recognized brand. Thanks to several sponsorships and to communication strategies the company is leader in the Italian market. Moreover the brand is already globally spread, with its showroom in NYC, and the presence in multi-brand luxury stores in France, Spain, Greece and Italy.

• The company is fully owned by a Italian PE Fund


• No recent news

M&A

OPPORTUNITIES

Collections


Revenues 23,8 22,3 20,2 20,5

EBITDA 4,9 3,4 3,6 3,8

EBITDA margin 20,4% 15,2% 17,6% 18,6%

Net Profit 0,1 (1,5) (2,9) (1,3)

Fixed Assets 28,8 27,9 27,5 25,3

NFP 22,4 22,2 19,0 18,3


46

COMPANY P - FASHION INDUSTRY M&A

OPPORTUNITIES

COMPANY OVERVIEW

The Company

• The Company deals with licensed production and

distribution of clothing apparels.

• 11th largest producer in Italy.

Asset Profile

Production plants based in central Italy

WHY INVEST


• STRENGTHS: over 5 million of high-quality fashion items

are in storage and ready for immediate sale. High-quality

and producer well integrated in the global fashion supply

chain. The company supplies Versace, Polo Ralph

Lauren, Thierry Mugler, Tommy Hilfiger Collection etc.

• POTENTIAL MARKETS: current market share in Europe

is around 5%

• CHALLENGES: the company needs to improve its

responding capacity to market trends, and needs to

maximize operation efficiency by reducing inventories and

fixed costs


• Acquisition of the newco (under insolvency procedure)

• PUBLIC INCENTIVES: public support is available in the

form of economic incentives for investments in the so

called "Area di Crisi” (economic crisis area)


2011 2012 2013

Turnover ~ 125 ~ 120 ~ 60

EBITDA (€ ‘000) ~ 2.6 ~ 1 ~ -77

Employees 600

Net Financial Position ~ 0.1 ~ 17 ~ 11

Euro Mln, Number

47

COMPANY Q - FLAT GLASS M&A

OPPORTUNITIES

COMPANY OVERVIEW

The Company

• The Company manufactures over 1,300 tons/day of float

glass (35% of all float glass in Italy). Glass for thermic and

acoustic isolation, design, solar control

• The Company is among the largest producers of flat glass

in Italy.

WHY INVEST


• STRENGTHS: high quality production lines: more than

300 millions euro have been invested in different

production lines over the last 10 years; direct

management of design, construction, start up and

production set up. Italy is worldwide acknowledged

leading producer of high quality glass

• POTENTIAL MARKETS: Europe and the world

(especially for the construction sector and transformation

industries)

• CHALLENGES: the company is undercapitalized and is

seeking a buyer/new partner for future development.


• Company/asset acquisition


2011 2012 2013

Turnover ~ 88 ~ 80 ~ 74

EBITDA ~ 16 ~ 2.2 ~ -3.5

Employees 195


Euro Mln, Number

48

COMPANY 44 - FOOD AND BEVERAGE M&A

OPPORTUNITIES

COMPANY OVERVIEW

• The company is specialized in shoes production for

women. The same was founded in 1910 and operated

as a family company till 2001, when the majority of the

share capital was acquired. Over the years the company

has extended the product range from shoes

production, in particular for women, to handbags,

perfumes and eyewear. The price-quality positioning of

the product is in the mid-high range of luxury sectors. The

design, prototyping, quality control phases are operated in

house, instead the production is executed by Italian

suppliers.

The distribution channel is based on Horeca, GDO

sectors, shops channel, (150 directly operated) shop-in-

shop (106 directly operated) and wholesalers. The

suppliers are:

• 35%, joint-venture partners, from different countries:

Argentine, Chile, Morocco, Senegal, Thailand;

• 65% external companies.

• The 80% of the fish food supplied is prepared and freezed

by the suppliers, in the company plant, recently renewed.

• Major interest in selling the existing shares – 100%.

• Amount of the investment: around 100/150 mln. euro



2011 2012 2013

TURNOVER 220.0 203.8 179.9

EBITDA 10.3 8.6 10.5

Euro Mln

49


OPPORTUNITIES

COMPANY OVERVIEW

• The company creates and distributes Made in Italy

craftsmanship ice cream of high quality. The product will

be marketed by a multitude of economic operators and in

different locations (bars, restaurants, structures sports

and recreation, shopping centers, etc. ) .

• The company sells in the national market 100% of the

product.

• The ice cream sector does not suffer from the consumer

crisis and is the driving force in agribusiness field.

Household spending to buy Italian ice cream reached

2.026 billion euro in 2013 (1% a/a).

• The owner of the company wishes to ensure the business

continuity by selling quotes of the company.



2012 2013 2014

TURNOVER 2,4 3,8 6,7

EBIT 0,4 0,7 1,4

Euro Mln

50


OPPORTUNITIES

COMPANY OVERVIEW

• Founded in the seventies the company is specialized in

the frozen fish food sector, and operated in all phases

of the value chain, starting from the fishing to retail

distribution.

• 90% of the revenues comes from the core business- fish

food, the remaining part from meat and vegetables frozen

food.

• The storage capacity of the company is based in 13

logistics hubs (9 of which are owned by the company),

allowing the company to cover the the entire country.

The company sales channel is composed by:

• Direct operated stores (that represent the 35-40 % of total

revenues)

• Wholesalers (60-65%)

• Outlet channel (5%)

• The expected growth rate for the next years is estimated

around 5-10%

• The owners want to sell the existing share, around 40%.

• Amount of the investment: less than 100 mln. Euro.



2010 2011 2012

TURNOVER 83 98 105

EBITDA 7.3 9.5 11.5

Euro Mln

51

COMPANY 1 - FOOD AND BEVERAGE


• The Company, established in 1914 in northern Italy, it is one of the most prestigious companies in the diary and cheese industry, an all-round force from both a production as well as sales and marketing viewpoint.

• The Company produces taleggio, gorgonzola, quartirolo lombardo e crescenza as well as some of our “unique” cheeses. Part of the production is made with milk from organic agriculture.

• The brand is present in the overseas market, thanks to prestigious alliances with some of the largest importers in several countries around the world, becoming a fundamental partner also to leading names in large scale-retail.


• Recently the Chairman said that the company was

interested in approaches from external investors in order

to fuel its expansion plans.

Cheese products

M&A

OPPORTUNITIES


Revenues 21,4 28,0 26,8 29,2

EBITDA (0,3) 1,7 1,2 (0,0)

EBITDA margin n.m. 5,9% 4,4% n.m.

Net Profit (2,9) 0,8 (1,2) (2,3)

Fixed Assets 43,8 38,3 34,9 33,8

NFP 26,7 21,5 27,8 27,2


52



• The Company established in 1936 in northern Italy, it is one of the main player in the Italian bakery industry .

• The Company produces bread products and substitutes (breadsticks and rusks) and also tea biscuits and wholegrain biscuits. The production also includes wellbeing products (“Fibra Activa”).

• The Company sells its products under its well known brand in Europe and North America.

• In 2008, a PE fund acquired 90% stake in the Company for about €30m - €35m while the management team re-invested in the Company with a 10% stake.

• In 2012, another PE fund has acquired a majority stake in the company from the previous PE fund.


• The Company has recently acquired an Italian brand.

Wellbeing Line

M&A

OPPORTUNITIES

Breakfast Line

I am line Snack Line


Revenues 24,8 25,7 26,6 28,0

EBITDA 6,4 6,1 6,1 6,5

EBITDA margin 25,8% 23,8% 22,9% 23,3%

Net Profit 0,0 0,3 0,8 0,9

Fixed Assets 34,0 32,3 30,1 28,3

NFP 17,3 15,4 13,2 (0,0)


53



• The Company is a privately owned Italian producer of

vinegar, was founded in 1867 in northern Italy.

• The Company is a world leader in the production of

vinegar, pickles, vegetable preserves in oil, condiments

and ready-made sauces.

• The Company produces the balsamic vinegar of Modena

and is the result of a delighted blend between selected

grape musts and precious wine vinegar, followed by a

certified maturation period in different wooden core casks

• In 2008, the company acquired an organic producer

established in 1980 and located at the foot of the Alps

near Torino.


• The Company is receptive to approaches from interested

investors - Chairman said.

M&A

OPPORTUNITIES

• Balsamic vinegar of Modena

• Olives & Pickles


Revenues 111,2 113,9 113,7 115,8

EBITDA 13,5 14,1 12,0 14,1

EBITDA margin 12,1% 12,4% 10,6% 12,1%

Net Profit 5,6 5,8 4,1 5,8

Fixed Assets 44,3 44,3 44,2 44,7

NFP 24,6 26,9 28,8 10,2


54


COMPANY OVERVIEW Product range

• The Company founded in 1960s, was originally focused

on the processing of tomatoes.

• The Company today offers frozen vegetables, grilled

vegetables, herbs, natural vegetables, potatoes, ready

side dish, steam precooked vegetables and semi- finished

products.

• The Company also offers frozen food service products

such as pizza as well as pasta and ready meals.

• In 2011, the company attempted a sale process. At that

time, the management has mandated an advisor to

handle the sale process, a source said.

FINANCIAL HIGHLIGHTS Note

• The Company has recently attracted the interest from

private equity firms.

M&A

OPPORTUNITIES


Revenues 136,3 139,5 142,6 147,6

EBITDA 18,0 15,2 12,9 11,5

EBITDA margin 13,2% 10,9% 9,1% 7,8%

Net Profit 5,9 4,0 2,2 2,6

Fixed Assets 51,0 51,4 51,8 52,6

NFP (13,0) (11,6) (33,5) (16,8)


Pasta & ready meal frozen

Vegetable frozen

55



• The Company established in 1925 in southern Italy, and

is wholly held by the founding family and is now managed

by the fourth generation.

• The Company, is an Italian based producer of tomatoes

sauce. From the field to the point of sale, the tomato is

grown, processed and packed, continuously trying to

diversify the range of products, in order to meet the needs

of any consumer.

• Exports accounted for 65% of sales pointing to the UK,

Germany, France; Libya, Nigeria, Ghana, Senegal; South

Africa and Kenya as its key markets.


• The Group wants to take an investor on board ahead of a

potential IPO.

M&A

OPPORTUNITIES

• Mashed tomatoes

• Chopped tomatoes

• Peeled tomatoes

• The delicacies


Revenues 164,7 178,5 177,9 159,9

EBITDA 4,6 6,5 6,7 6,6

EBITDA margin 2,8% 3,6% 3,7% 4,1%

Net Profit (0,3) 0,5 0,3 0,1

Fixed Assets 28,6 29,7 32,2 31,1

NFP 47,5 49,9 48,4 36,6


56



• The Company is an Italian company specialized in the production of frozen pizza

• In 2008 the founding family took over the company after the bankruptcy of the previous owner who had acquired years before the pizza division from a Group owned by another Italian food company.

• The Company sells its products to the private label market in Italy as well as in other European markets including UK, Germany, Denmark, Spain, Portugal and Hungary.

• In 2008 an Italian PE firm acquired a minority stake in the Company (33%); the majority stake (53%) is currently owned by the holding company 100% owned by the founding family.


• Unsourced report says the Company could be interested

in expanding its share of the pizza segment in Germany,

showing interest in a private German frozen pizza

company up to sale.

Pizzeria

M&A

OPPORTUNITIES

Snacks


Revenues 47,6 49,4 56,1 78,4

EBITDA 0,3 3,3 2,9 4,5

EBITDA margin 0,6% 6,7% 5,2% 5,7%

Net Profit (1,3) 0,5 0,1 0,9

Fixed Assets 11,2 8,4 8,8 9,9

NFP 10,9 8,9 11,1 11,0


57



• The Company is an Italian company specialized in the

production of frozen and fresh potatoes.

• The Company could look beyond its national borders and

offer the quality of its Italian-made products to the world.

Gnocchi were introduced for the first time to Asia,

especially Japan.

• The Group recently invested EUR 40m through a mix of

its own resources and bank debt to start the construction

of a new plant in the province of Bologna.

• The company has struck a deal with McDonald’s to

supply its 500 Italian restaurants with 2.000 tons of

products a year, equivalent to 10% of its output.


• The company welcomes strategic partnership or PE

investments to accelerate the company’s expansion in

overseas market, CEO said.

Potatoes product

M&A

OPPORTUNITIES


Revenues 70,8 68,7 76,5 72,6

EBITDA 6,5 4,0 4,7 4,2

EBITDA margin 9,2% 5,8% 6,2% 5,8%

Net Profit 1,3 (0,1) 0,3 (0,0)

Fixed Assets 26,1 24,4 23,1 24,2

NFP 20,2 17,9 12,7 12,1


58



• The Company is and Italian producer of bakery products

with a particular focus on the production of bakery

products typical of the Italian Veneto region.

• The Company is specialized in the production of a wide

variety of bread; in 2009 the company also acquired a

majority stake in an Italian player active in the market of

dry bread substitutes.

• In 2000 the company was partially acquired by an

international group but in 2006 it went back to the family

through an FBO operation backed by a Private equity

house active in Italy, which currently own a 25% stake.


• In 2012 a private equity fund has acquired a 55% stake in

the Company.

Bakery products

M&A

OPPORTUNITIES


Revenues n.a. 49,0 49,7 53,8

EBITDA n.a. 9,6 9,9 8,5

EBITDA margin n.a. 19,6% 19,8% 15,8%

Net Profit n.a. 1,7 2,7 1,1

Fixed Assets n.a. 57,7 56,2 53,2

NFP n.a. 28,8 25,3 22,9

Shareholder's funds n.a. 25,0 27,6 28,7

59



• The Company was established in 1987 in northern Italy

as a fresh and filled pasta company.

• The Company produces and distributes under its own

brand its fresh pasta products made in its plant.

• The Company sells its products under several distribution

channels: its own label, private label, GDO and discount

shops.

• The founding family still has a stake in the company equal

to 20%, the remaining shareholders structure is

composed by a PE fund


• No recent news.

Smooth pasta

M&A

OPPORTUNITIES

Filled pasta


Revenues 16,0 19,5 23,4 26,0

EBITDA 0,4 0,8 1,0 (0,1)


Net Profit 0,1 0,0 0,0 (1,4)

Fixed Assets 4,0 5,0 6,4 8,7

NFP 3,8 6,3 8,9 6,6


60



• The Company established in 1990; it is Italy's premier

health food company providing an innovative product

ranges including: drinks, desserts, ice creams, soya

yoghurts, biscuits, veggie burgers and cutlets.

• The Company offers its products through four main

brands.

• The company is based in center of Italy, and distributes its

products across Europe including Austria, Germany,

Greece, Slovenia, Spain and Switzerland.

• In November 2011, the Company acquired an Italian jam

producer that today accounts for 32% of total revenues


• Recently, the Chairman said the company was interested

in buying niche companies in their respective markets.

M&A

OPPORTUNITIES

• Plant based drinks and yogurt

• Soya Ice cream and dessert

• Vegan and vegetarian meals

• Biscuits and snacks


Revenues 57,0 93,3 100,4 114,0

EBITDA 5,9 9,8 12,8 18,0

EBITDA margin 10,3% 10,5% 12,7% 15,8%

Net Profit 2,6 4,5 6,9 10,3

Fixed Assets 34,3 36,2 34,2 34,3

NFP 18,8 11,4 n.a n.a


Note: FY 2013, FY 2014 Consolidated Data; FY2011, FY2012 Unconsolidated Data

61



• The Company, founded in 1980, is based in northern

Italy.

• The Company is specialized in the production of

mozzarella cheese by lactic fermentation, and now it is a

fast-growing market leader and trusted partner for Private

Labels in large scale retail trade and dairy factories, both

in Italy and abroad.

• At the end of 2011, the company has been acquired by a

private equity firm.


• In 2013 a company controlled by it (80%) has acquired a

milk processing subsidiary of a Slovenian private wine

producer

Fresh Cheese

produced using selected lactic ferments

M&A

OPPORTUNITIES


Revenues n.a. 56,9 n.a. 52,4

EBITDA n.a. 2,2 (0,1) 0,9

EBITDA margin n.a. 3,9% n.a. 1,8%

Net Profit n.a. 0,7 (0,3) (1,8)

Fixed Assets n.a. 4,5 16,8 20,2

NFP n.a. 5,8 4,1 6,4

Shareholder's funds n.a. 3,8 11,7 9,8

62



• The Company was established in 1968 in the Province of Pordenone; it is a leading company in the private label market, specialized in the fresh cheese processing products.

• The products offered by the Company are stracchino, mozzarella, mascarpone and cream cheese.

• Its products are available on the whole national territory and abroad in United Kingdom, Austria, Sweden and Spain.

• Amongst the Company’s clients are some of the major mass-market chains in Italy and Europe, such as: Trentina, Coop Italia, Despar, Conad, PAM, Centrale del Latte di Firenze, Granarolo, Caplac, Latte Busche, Abit etc.


• On 2012, a listed Swiss dairy group, has increased its

shareholding in these Italian fresh cheese company to

26% from 10%.

Mozzarella and stracchino

M&A

OPPORTUNITIES

Cream cheese and mascarpone


Revenues 24,0 33,7 37,8 47,6

EBITDA 0,9 2,0 1,6 1,2

EBITDA margin 3,9% 6,0% 4,3% 2,6%

Net Profit 0,1 1,1 0,1 (0,5)

Fixed Assets 14,7 16,5 17,1 18,0

NFP 8,3 11,6 10,2 12,4


63



• The Company is part of an Italian Group, one of the

Italian leading winery group, with a production of nearly

13 million bottles.

• The Company distributes wine under several brands/

labels.

• The Company operates through seven companies in the

south of Italy and several commercial outlets spread in 74

countries all over the world.

• In 2012, 45% of the Company’s revenues arises from the

production of DOC wine, while the IGT wine represents

43% of revenues.


• In 2013, an Italy based private equity fund, has acquired a

majority stake in the company

• Today the PE fund owns and controls the whole group.

Wine

M&A

OPPORTUNITIES


Revenues 26,4 30,0 34,9 38,4

EBITDA 4,5 4,7 3,9 4,4

EBITDA margin 17,0% 15,6% 11,2% 11,5%

Net Profit 2,5 2,7 1,7 0,0

Fixed Assets 5,4 5,0 4,8 6,8

NFP 4,0 5,4 5,6 8,9


64



• The Company is a leading Italian producer of tomato

sauces and surrogates.

• The Company offers a wide variety of tomato-based

products that distributes worldwide thanks to local

distribution chains in North and South America, Europe,

Africa, Asia and Oceania.

• In 2011 the Company sold a minority stake (about 5%) to

a private equity fund specialized in the agricultural sector.

The majority stake is currently owned by the founding

family.


• The company may consider selling significant stake to

outside partner (June 2015)

M&A

OPPORTUNITIES

• Tomato puree

• Pizza sauce

• Tomato vinegar

• Ketchup and other products


Revenues 38,1 38,9 37,4 34,9

EBITDA 4,4 4,1 4,4 4,1

EBITDA margin 11,5% 10,6% 11,8% 11,7%

Net Profit (1,1) 0,8 (0,6) 0,6

Fixed Assets 21,5 21,5 21,8 18,2

NFP 23,8 23,6 20,7 18,1


65



• The Company was founded in the far-off 1800s in

Piemonte region, in the north of Italy, from the founder

that in 1878 opened its first own chocolate shop.

• Over the years, the artisan workshop turned into an

increasingly structured business and today, it produces

over 350 specialty chocolates, exporting them worldwide,

and since 2006, it has also included ice creams in its

range.

• The Company sells its products through several own

shops in main Italian cities, but also in Europe, Asia and

Latin America.


• no recent news

Chocolate and Candies

M&A

OPPORTUNITIES


Revenues 31,4 36,6 39,2 39,7

EBITDA 7,2 8,8 9,1 9,8

EBITDA margin 23,1% 24,1% 23,1% 24,7%

Net Profit (0,3) 0,9 3,3 3,9

Fixed Assets 17,2 13,4 16,2 17,2

NFP 13,2 10,0 8,7 5,2


66


OPPORTUNITIES

COMPANY OVERVIEW

• The company was established in 1988 and is the world's

third largest manufacturer of Modena balsamic Vinegar.

The company is based the center of Italy.

• The company is a market leader in Germany, Benelux

and the Scandinavian region. A company owns 60% while

the remainder is shared by the founding family each

holding a 13.3% stake.

• The company has mandated UBS to consider strategic

options, including the sale of Italian vinegar manufacturer.

• Non-binding offers have yet to be submitted but are

expected between the last week of February and the first

week of March.

• Two Spanish and one Turkish corporate, alongside

several private equity firms are among the interested

parties.



• Turnover 2013 €26.4m with EBITDA of EUR 3m

67


OPPORTUNITIES

COMPANY OVERVIEW

• The company is a

producer of licorice

candies. The company is

headquartered in a small

city of the northern part

of Calabria, southern

Italy.

• The company's management would like to talk with investors that can provide financial

resources and direct expertise in setting up retail chains. An ideal interlocutor would be a

private equity firm interested in sharing an industrial project. Specifically, the company will

consider approaches offering new business development projects adding that her family is

thinking of setting up its own retail or coffee chain. The management is interested in forging

alliances with distributors in the US and Australia, where consumers are very interested in

organic products. The United Arab Emirates were also mentioned as another region of

interest. The company has already distributed its products there, the chairman said,

pointing to the potential for growth on these markets. Ideal counterparts would be importers

specializing in the distribution of high-end Italian food.



• Revenues 2014 €5m,

with exports accounting

for 25% of overall sales,

pointing to Denmark,

Norway, Sweden and

Germany as key

markets.

• Recently, the company has started producing typical Neapolitan cookies, taralli, flavored

with licorice, in order to start product diversification ahead of the retail project. In the city,

where the company is based, the company has already opened its first coffee bar,

launching coffee and chocolate flavored with licorice. The management is considering

replicating this format in some Italian cities and also abroad. The company is a historical

Italian company; it was established in 1871 and is wholly owned by the founding family. It

produces four tons of licorice every three to four days. The whole family works for the

company, with the thirteenth generation now running the business.

68


OPPORTUNITIES

COMPANY OVERVIEW

• The company was established in 2007 as a spinoff of the

former company and produces pasta. The pasta segment

is generally considered the company’s flagship.

• The owning family is willing to sell a company stake to a

financial sponsor with an understanding of its sector

alongside a well-established international trade network.

• The family could consider either a majority or a minority

stake sale, depending on the offer, adding that the

company accounts for 15% of the overall business. Deep

knowledge of the firm’s pasta product and awareness of

its cultural and historical value are paramount

requirements for a potential investor.



• Revenues 2014 €8,5Mil.

• The company is totally owned by the founding family

69

COMPANY C - FOOD AND BEVERAGE M&A

OPPORTUNITIES

COMPANY OVERVIEW

• The Company bottles water from water gushing at a depth greater than 500 meters.

• The bottling factory of mineral water is located on an area of 28,000 sqm in Apulia.

• In June 2015 the Company asked for permission to build an extension to be used as storage and loading area for a total of about 2,500 sqm.

• The Company has a mining permit on 990,000 sqm of surface, and in April 2011 a second well was drilled, getting permission to search water samples which were subjected to chemical analysis, and flow test reporting highly satisfactory results. The second well was created to add two more to the existing labels on the market, to meet the demands of Private Label.

• Acquisition

• The company is offering shares to a foreign investor.



• The mineral water bottled by the Company is a good

diuretic water, characterized by low saltiness but present,

of modest recovery of minerals and a good osmotic

balance.

• In 2014 the Company sold a total of 95,000,000 litres for

7 types of products: natural mineral water, slightly

sparkling and sparkling in different sizes.

• Distribution, mainly regional, represents a market share of

15% of the local market.

• For its particular concern about the environment the

company has gained UNI EN ISO 14001 since 2001

• Sales in 2014 is 5.8 million euro with a positive result

before tax of 61% compared to the prior year. That

turnover is developed for 54.30% in the D.O. (retail) and

the remaining in the N.T. (wholesalers)

70

COMPANY D - FOOD AND BEVERAGE

COMPANY OVERVIEW

• The company operates in the production and marketing of

a Mineral Water.

• Started in 2011, opened its first plant in 2013.

• The water gushing is located in Veneto.

• The Company uses new high tecnology machinery, with a

production capacity of 6.000 bottle/hour, paying particular

attention to the nature, exploiting renewable energy.

• The Company looks for a partner to grow its business in

the mineral water in glass bottle.

• Various possibilities, the Company is also getting the

authorization to open a Thermal center, lacking in the

area which lies in proximity of an historical center very

popular with tourists.



n.a.

• The main feature of the water is the perfect balance of

Minerals, with a PH 7.2, a low sodium content and a

residue equal to 386 mg / l, making it a very light Water

ranking the first among Oligomineral Waters.

• The Company is dedicated to produce exclusively in glass

bottles, in various sizes, all characterized by a particularly

elegant form.

• The Company is penetrating medium/high market of glass

bottled water in Italy and searching to develop their

presence abroad.

• The company is completing procedures to gain

Certifications ISO 22000 and FSSC 22000.

M&A

OPPORTUNITIES

71

COMPANY OVERVIEW

• The Company bottles natural mineral water with low

mineral content. The bottling factory of mineral water is

located on an area of 28,000 sqm in Southern Italy. The

Company has a mining permit on 990,000 sqm of surface

and developed a project of ecosustainability through

production of clean energy, reducing PET consumption

(Lightweighting), use of natural or remanufactured

plastics (Bio Bottle – RPET).

• The automated bottling line has an effective capacity of

13,500 bottles/hour (0.500 cl. size), 12,000 bottles/hour

(0.750 cl. size) and 9,000 bottles/hour (2 lt. size).

• The Company is looking for a partner for bottling water in

both PET and glass for the food service Industry.

• Participation

• Joint venture



• Sales in 2014 is 5.8 million euro with a positive result

before tax of 61% compared to the prior year. That

turnover is developed for 54.30% in the large scale retail

trade and the remaining in the wholesale.

• Asset value ~ € 4 Mio

• Investment amount ~ 1,5 Mio

• Total asking price ~ € 5,5 Mio

• The Company is positioned as eco-sustainable large-

scale distribution and vending with PET packaging

“Premium” screw-cap glass bottle (0.75/0.33 cl size) for

“Fine dining”.

• Company strenghts:

• better purchasing and supply of raw materials;

• reduction of PET weight and new bottle design after

research and innovation activity.

M&A

OPPORTUNITIES COMPANY E - FOOD AND BEVERAGE

72

COMPANY H - FOOD AND BEVERAGE M&A

OPPORTUNITIES

COMPANY OVERVIEW

The Company

• The Company manufactures and sales flour and other

grain mill products, including pasta and pasta-related

products

• The Company has some well-known Italian brands in its

portfolio

Asset Profile

Production plants are based in southern Italy

WHY INVEST


• STRENGTHS: sector where Italy has world-leading

recognition. High-quality products with well established

brand in the Italian market

• POTENTIAL MARKETS: the company supplies

wholesale distributors in Europe (for pasta products) and

in Italy (for flour products) and could expand market

penetration, especially in Europe

• CHALLENGES: the company has recently lost a number

of large clients and is facing a liquidity crisis. It needs to

expand its international market penetration and create

synergies with international wholesale distributors


• Company merger & acquisition

2011 2012 2013

Turnover ~ 80 ~ 45 ~ 13

EBITDA ~ -3 ~ -1 ~ -1

Employees 43


Euro Mln, Number

73

COMPANY R - FOOD AND BEVERAGE M&A

OPPORTUNITIES

COMPANY OVERVIEW

The Company

• The Company is engaged in the production and

distribution of fresh eggs and flour products.

• The Company owns a high-quality egg brand. And a well-

known bread brand

• Main clients are wholesales distribution channels (Coop,

Conad, Pam, Auchan, Carrefour, etc.)

• Production plants are located in Central Italy.

WHY INVEST


• STRENGTHS: strong expertise in the food sector with

high-quality egg and pasta products, and consolidated

logistical experience (24 hour delivery). Italy is world-

leading in this sector.

• POTENTIAL MARKETS: the company supplies mainly

the Italian market and has the potential to expand in the

non-fresh product European market (e.g. long-

conservation, bread and pasta products).

• CHALLENGES: the company needs to transform its

business from fresh products to long-conservation

products to meet new market demands, to cut-off non-

core business, and to increase market penetration.

• The Company is looking for an Industrial investor with

experience in the food industry.

• Company acquisition or business partnership.


2011 2012 2013

Turnover ~ 118 ~ 90 ~ 63

EBITDA ~ -2.5 ~ -5 ~ -6

Employees 250


Euro Mln, Number

74

COMPANY U - FOOD AND BEVERAGE M&A

OPPORTUNITIES

COMPANY OVERVIEW

The Company

• The Company is engaged in the production and

processing of eggs and other poultry products

• Supplier of famous meat brand

• Production plant located in Central Italy

• Liquidation procedure

WHY INVEST


n.a.

• STRENGTHS: the company is located at the center of

Italy’s poultry rearing district. Poultry rearing in the

Region increased almost tenfold over the past 7 years

• POTENTIAL MARKETS: domestic demand for poultry

products has increased over the past few years thanks to

competitive prices vis-à-vis red meat products.

• CHALLENGES: the company was organized as a

cooperative and it has high fixed costs due to operational,

management, and logistical inefficiencies. The small-

scale business model is no longer sustainable and the

company needs to upgrade/expand its breading farms

and infrastructures.



• PUBLIC SUPPORT: support from the local government

(Region) is available

75

COMPANY 57 - FURNITURE & CRAFTS M&A

OPPORTUNITIES

COMPANY OVERVIEW

• The company, established in 2006 in Northern Italy,

designs, engineers and distributes products for

Home decor.

• Main products are articles and accessories for interior

window, multi-purpose furniture and kitchens with

particular attention to the contemporary trends of living

and furnishings

• The reference market is the large scale retailing market

all over Italy with a 80% of the total turnover.

Particular attention is also for the traditional channel

which represents 10% of the turnover

• The owner of the company wishes to ensure the business

continuity by selling quotes of the company. Size of the

deal 2,5 mln euro.




2012 2013 2014

TURNOVER 14,3 13,6 12,9

EBITDA (0,1) (0,5) (0,5)

76

COMPANY S - ICT M&A

OPPORTUNITIES

COMPANY OVERVIEW

The Company

• One of the largest producers of electrical equipment in

Italy

• ICT production and consultancy: design, development,

and installation of new-generation integrated multi-service

networks (voice/data/video), enabling voice traffic

management

WHY INVEST


• STRENGTHS: Leader in the production and installation of new-generation telecommunication networks (IP protocol). Strong know-how and partnerships with over 40 major operators and service providers; its also supplies the Italian government. The Company has a long-term track-record of production and high-standing relations with local stakeholders, and it has been contributing to regional and national economic development for years.

• POTENTIAL MARKETS: Strong international penetration: export markets include Europe, UAE, Saudi Arabia, Argentina, Brazil, Colombia, Peru

• CHALLENGES: The company's profit margins have decreased since 2009. Output has reduced and the company is highly in debt (debt restructuring is under negotiation).

• The Company is looking for an ICT partner.

• Long-term industrial partnership.

• PUBLIC INCENTIVES: The company is currently

seeking a commercial partner to re-launch the

business: bridge financing from the Italian government

may be available to facilitate the transition


2011 2012 2013

Turnover ~ 322 ~ 258 ~ 257

EBITDA ~ 3.4 ~ 20 ~ -7

Employees 1500

Net Financial Position ~305 ~277 ~185

Euro Mln, Number

77

COMPANY 58 - INDUSTRIAL MACHINERIES M&A

OPPORTUNITIES

COMPANY OVERVIEW

• The company, located in Northern Italy, operates since

the fifties in the design and production of engines and

electric generators both asynchronous and synchronous

with permanent magnet . Its products can be used in

various industrial environments ( marine, oil and gas,

small wind turbines, etc.

• The company's philosophy is based on the objective of

solving specific problems with products which guarantee

the best performance since developed in a context of

constant technological innovation

• The shareholders are looking for a partner to develop the

company growing strategy in the next years.

• Amount of the investment: 0,5/1 mln euro



2013 2014 2015


EBITDA 0,52 0,53 0,51

EBITDA % 5,3 5,1 5,4

Euro Mln

• The technical progress has allowed the company to be

among the first companies in Europe in design and

construction of a new generation of engines . The

company ability to propose to the market new applications

and implement them successfully constitutes an important

reference for potential new customers.

78

COMPANY 1 - INDUSTRIAL MACHINERIES


• The Company was founded in 1971 and is based in

Treviso.

• Counting 380 employees, the Company produces light

and heavy machineries for the processing of tobacco

leaves.

• The operations are divided into 4 main categories: project

management, installation test & training, spare parts and

customer services.

• The Company has 3 production plants in Italy, Brazil and

India.

• The Company has a Turnover of a little over €69 m.


• As of May 2015 markets rumors reported that the

Company is about to come to the market, as the

management is about to appoint an advisor in the

following months


Revenues 85,0 115,0 89,7 69,2

EBITDA 16,3 18,3 16,3 16,3

EBITDA margin 19,2% 15,9% 18,2% 23,6%

Net Profit 10,3 11,9 9,3 6,9

Fixed Assets 36,3 31,2 36,3 36,3

NFP (21,0) (35,3) (31,0) (20,7)


Toasting

Silos Slicers

Filters

M&A

OPPORTUNITIES

79



• The Company was founded in 1964 and, currently, it is

shaped as a group of six companies.

• The businesses of the group range from plastic materials

and recycling to packaging machineries, but the Company

itself is focused particularly on water treatment

machineries.

• The Company has several production plants around the

world, some of them in Italy, Germany, Brasil, China and

United States of America.

• The Company has a Turnover of more than €82 m.


• The Company expressed its intention to accelerate its

abroad operations through a new partner and appointed

an advisor back in February.

M&A

OPPORTUNITIES


Revenues 64,9 74,0 72,9 82,2

EBITDA 3,7 6,4 4,4 10,0

EBITDA margin 5,7% 8,7% 6,0% 12,1%

Net Profit 1,4 2,8 1,9 5,4

Fixed Assets 6,7 6,9 23,6 27,6

NFP 21,4 21,4 25,7 20,1


Water Treatment

80



• The Company was founded in 1850 in Milan.

• It is present in Italy, Netherlands, Poland, United States of

America and China.

• The range of products goes from packaging machineries

to plastic accessories and flexible packaging.

• The range of the Company’s packaging solutions for food

involves various production segments: coffee, tuna fish,

tomato sauce, catering, hot filled bags up to 10 liters,

aseptic food packages up to 1500 liters, rice, sterilized

and frozen foodstuffs, ready-made meals, bakery

products.

• The Company has a turnover of more than €317 m


• The Company will appoint the advisor, already selected,

in autumn to start the sell process of a minority stake to

finance its abroad expansion plans.

M&A

OPPORTUNITIES

Packaging Machineries Packaging

Valves


Revenues 330,2 355,9 332,3 317,4

EBITDA 38,2 34,2 28,7 30,8

EBITDA margin 11,6% 9,6% 8,6% 9,7%

Net Profit 8,0 6,6 1,8 (3,5)

Fixed Assets 152,9 160,7 160,3 150,3

NFP 108,9 112,1 115,1 89,9


81

COMPANY 12 - INDUSTRIAL MACHINERIES M&A

OPPORTUNITIES

COMPANY OVERVIEW

• Established in 1968, the company is specialized in the

design and construction of machines to complete plants

for the preparation of textile fibers to spinning, the

company has gained significant experience in all areas

where they are worked loose fibers (combing, spinning,

production of non-woven fabrics, felts , wadding and lines

of regeneration waste) and is also active in the field of

suction and technologies for dedusting of premises,

equipment and the fibers themselves, with automatic

filtering systems and packaging of powders. • The company would evaluate a range of different M&A

options, from a stake sale or a merger, to a JV and further acquisitions.

• The company is willing to sell a minority stake, namely 10% to 20%, to an industry partner that can provide expertise to integrate its core business. Given the firm produces machinery for preliminary wool carding, a potential bidder or a merger candidate could be a spinning wheel manufacturer.

• Desirable investors could be either peer local firms or bigger groups. The owner family aims to maintain its grip over the company. It could also consider striking a JV with a major group that is looking to take on board its niche expertise. The purpose of the deal would be to develop new products.




• Turnover 2014 €3M.

• The company cures both the part design that the

construction of all components relating to the installations.

Production is characterized by extreme flexibility and

adaptability to the space available and the needs of

customers for whom it always executes a customized

project. The company is run by its second family

generation.

82

COMPANY X - INDUSTRIAL MACHINERIES

COMPANY OVERVIEW

The Company • The Company is engaged in manufacturing of metal

forming machineries, equipment and accessories • Product-related services such as installation,

maintenance, and repair. • The company is among the largest Italian manufacturer. • Established in 2010 by a firm specialized in industrial

turnarounds with the objective of creating greater economies of scale between three companies, objective achieved: the company has a positive EBTDA.

• The property was placed under temporary receivership in March 2015.

• The plants are located in Northern Italy.

WHY INVEST


• STRENGTHS: Internationally competitive metallurgic

company. It operates three plants based in Italy’s leading

industrial district for mechanic products. IMT is the result

of the merging of three companies with a long track

record in the manufacturing of metal forming machineries.

• POTENTIAL MARKETS: high international export

potential. Current markets are the EU (44% of all orders),

the BRICS (40%), Asian and North America (16%)

• CHALLENGES: Though the EBITDA is positive, the

Company has recently become highly indebted due to its

inability to finance the high level of R&D investments

required to remain globally competitive.

• Looking for financial/industrial investor



the company’s caretaker (Commissario Straordinario)

• PUBLIC INCENTIVES: national and local government may provide support for a plant conversion.


2011 2012 2013

Turnover ~ 67 ~99 ~64

EBITDA ~ 6 ~7 ~1

Employees 340

Net Financial Position ~ 7 ~23 ~31

Euro Mln, Number



ADMINISTRATOR

83

COMPANY M - METALLURGIC SECTOR M&A

OPPORTUNITIES

COMPANY OVERVIEW

The Company

• Steel foundry established in the mid 1900 and specialized

in railway and tramway casting, valves, pump and turbine

casings for oil, gas, petrochemical industries and power

generation

• The National Railway Company is among its main clients

• Wholly owned by a foreign company producing railway

and tramway turnout constructions

Asset Profile

• Production plants based in southern Italy

WHY INVEST


• STRENGTHS: among the largest foundries in Italy with

high product specificity in the rail sector, with ISO quality

certification and access to a commercial port

• POTENTIAL MARKETS: low level of internationalization

and focus mainly on the Italian market, with high potential

on foreign market

• CHALLENGES: declining investments in recent years

resulted in a loss of competitiveness and low product

innovation, especially on new technology-intensive

products (the railway sector has experienced important

changes in technology, research, innovation and

diversification)


• Acquisition under favorable conditions

• Public support is available from central and local

authorities (regions, provinces or municipalities)

contributing financially (subsidized loans or grants) and

speeding up the bureaucratic process for future

settlements.


2011 2012 2013

Turnover ~ 9 ~ 18 ~ 18

EBITDA N.A. ~-0,4 ~ -0,2

Employees 100

Net Financial Position ~ 0,6 ~ 0,4 ~ 0,5

Euro Mln, Number

84

COMPANY V - METALLURGIC SECTOR

COMPANY OVERVIEW

The Company

• The Company is engaged in alumina and aluminum

production (lost-foam casting), processing, and

intermediate products.

• The property was placed under temporary receivership in

September 2012.

• The plant is located within a metallurgic district in Central

Italy.

WHY INVEST


• STRENGTHS: The company is well positioned in the European supply chain. An Austrian engine producer has already expressed an interest in creating a partnership with the Company.

• POTENTIAL MARKETS: The company works mainly for automotive and electronic engineering clients (e.g. FIAT and Bosch). The European market is stagnant and the company needs to expand to the USA which is expected to grow by 4.4% per year up to 2022.

• CHALLENGES: decreasing margins and sales. Orders from automotive producers have declined over the past five years and aluminum casting production has faced a global slowdown since 2008. The company has also faced management problems and needs internal restructuring.




• PUBLIC INCENTIVES: national and local government may provide support for a plant reconversion.


2011 2012 2013

Turnover ~ 26 ~ 4.5 n.a.

EBITDA ~ 260 ~-18 n.a.

Employees 266 n.a.

Net Financial Position ~ 8 ~ 5.5 n.a.

Euro Mln, Number



ADMINISTRATOR

85

COMPANY 39 - PETROCHEMICAL INDUSTRY M&A

OPPORTUNITIES

COMPANY OVERVIEW

• The company is a group of 5 firms, that work primary in

the chemical and petrochemical sectors and cover

different activities: engineering plant, production and

maintenance of single machines.

• With more than 40 years of experience and after the

corporate restructuring, happened in 2011, today the

company can claim order that engages the entire

production capability until autumn 2015.

• The headquarter is situated in Italy and it employed

around 95 people.

• Products: facilities, equipment, piping, control system,

power supply and power panels.

• The company major clients are big refineries and world

wide contractors (eg. Saipem, Eni)

• The installed plants are currently in operation all over

the world: Russia, Australia, United Arab Emirates

and EU countries

• Major interest to find adequate financial resources to

support the working capital needs consequent to the

consolidated operating growth.

• Amount of the investment: 2,5 mln euro




2013 2014 F2015

TURNOVER 5,5 7,5 12,1

EBITDA 0,6 1,5 2,4

EBITDA % 10% 15% 20%

86

COMPANY L - PHARMACEUTICAL EQUIPMENT M&A

OPPORTUNITIES

COMPANY OVERVIEW

The Company

• The Company is engaged in the design and manufacture

of medical and dental instruments and supplies

specializing in equipment for renal fluids circulation

• The Company is wholly owned by a European Research

and Innovation Center, dedicated to funding medical

research

WHY INVEST


• STRENGTHS: high-quality production of biomedical

products, leader in peritoneal dialysis instruments.

Growing global demand for medical products.

• POTENTIAL MARKETS: in the context of an ageing

population in Italy and Europe the company has great

potential to expand its business through agreements

with welfare institutions and directly through private

clients


• Company/asset acquisition


2011 2012 2013

Turnover ~ 17 ~ 15 ~ 17

EBITDA ~ -2 ~ -0.2 ~ 2

Employees 120

Net Financial Position

(€ ‘000)

~ -1 ~ -3 ~-10

Euro Mln, Number

87

COMPANY 56 - PHARMACEUTICAL INDUSTRY M&A

OPPORTUNITIES

COMPANY OVERVIEW

• The Company, a full service CRO (Contract Research Organization) based in Northern Italy, is a provider of R&D, Clinical/Observational Trials and Post-Marketing services for leading edge corporations and distinctive players of the pharmaceutical industry.

• The Company is fully controlled by a family-owned Group Holding and it performs high quality clinical studies (especially Phase I and II) keeping the overhead costs reasonable and exploiting its excellent capability to recruit, motivate and retain talents.

• The company has a recognized cutting-edge expertise for studies in oncology, gastroenterology, dermatology and ophthalmology

• Sale of 100% of the Company’s share




2012 2013 2014


EBITDA 0,3 0,5 0,5

4%

39%

42%

15%

North America

Domestic

Europe

Japan

88

COMPANY 13 - PHARMACEUTICAL INDUSTRY M&A

OPPORTUNITIES

COMPANY OVERVIEW

• Established in December 2011, the company is an Italian

distributor of OTC drugs and consultant to pharmacies. It

has clinched distribution deals with pharmaceutical

companies such as Bayer Healthcare, Bruno

Farmaceutici, Garofalo, Johnson & Johnson, Servier

Group and Thea Farma. It has launched proprietary

brands. The company also secured exclusive worldwide

rights to use a patent for a new series of functional health

foods. These foods are made from an active ingredient

derived from an Icelandic shellfish that has the ability to

reduce the absorption of lipids (triglycerides, fatty acids,

cholesterol) and to reduce body weight. The patent is held

by an Italian research center, which invested EUR 8m

over nine years to develop the active ingredient. Last

month, the company launched its first product, (pasta)

and it expects to launch breadsticks, rice, bread and

snacks very soon.

• The company is wholly held by the founding family.

• A private Italian distributor of OTC drugs and consultant to

pharmacies, is seeking to raise up to EUR 5m from

industry investors for growth capital. Proceeds will be

reinvested in financing expansion of the company’s

marketing operations and distribution network.

• Suitable investors include both industry players and

financial sponsors.

• Industry investors are likely to be French or Southern

European distributors – in particular from Spain, Portugal,

Turkey – that are seeking to enter the Italian market.

However, it might also attract interest from Chinese

players that have a portfolio of complementary products

and are seeking to establish a foothold in Europe.




• Turnover 2014 €7M .

89

COMPANY O - PHARMACEUTICAL INDUSTRY M&A

OPPORTUNITIES

COMPANY OVERVIEW

The Company

• Trade, manufacturing, processing and packaging of

chemicals and pharmaceuticals products

• Global leader in the pharmaceutical sector, with branches

in over 100 countries. Leading producer in Italy with over

2,600 employees

Asset Profile

• Production plant owned by the multinational parent

company

WHY INVEST


• STRENGTHS: opportunity to create a partnership and

signing purchasing contracts with the company;

specialized workforce; market access

• CHALLENGES: the plant is specialized in the production

of chemical products and needs to be restructured by

reducing fixed costs and upgrade the current facilities

• PUBLIC INCENTIVES: public support is available for

energy efficiency investment from the local Regional

Government

• The Company is looking for an Industrial investor/partner

• Asset acquisition/ business partnership for a chemical

plant in northern Italy


2011 2012 2013

Turnover ~ 1,400 ~ 1,400 ~ 1,500

EBITDA ~ 340 ~332 ~ 323

Employees 2,322

Net Financial Position ~ 3,6 ~ 2,5 ~1,4

Euro Mln, Number

90

COMPANY W - RAILWAY

COMPANY OVERVIEW

The Company

• The Company is engaged in design, construction,

renovation, conversion, overhaul and maintenance of

railway vehicles and in the manufacturing of railway

locomotives and rolling stock.

• The company is among the largest Italian railway

manufacturer.


April 2014.

• The plant is located in Northern Italy.

WHY INVEST


• STRENGTHS: opportunity to “lease” (and eventually to

sell) the plant to a potential industrial partner with

experience in the railway vehicle sector

• POTENTIAL MARKETS: Supplier of some of the major

national and international railway vehicle producers and

operators (e.g. Ansaldo Breda, Trenitalia, and Trenord).

• CHALLENGES: high fixed and personnel costs, due to

low investments, over the past few years have produced

in negative margins. The Company needs to transform its

labour-intensive business model and for this it needs

substantial investments.




• PUBLIC INCENTIVES: national and local government may provide support for a plant reconversion.


2011 2012 2013

Turnover ~ 44 n.a. n.a.

EBITDA ~ 5 n.a. n.a.

Employees 186 n.a. n.a.

Net Financial Position ~ 20 n.a. n.a.

Euro Mln, Number



ADMINISTRATOR

91

COMPANY AA - RETAIL

COMPANY OVERVIEW

The Company

• The Company is engaged in the retail sale, distribution

and logistics of furniture, accessories and home decor

items.

• Holding of the brand Services and Logistics companies.


April 2015.

• The plants are located in Northern Italy.

WHY INVEST


Acquisition through public bidding managed by the

Ministry of Economic Development and the company’s

caretaker (Commissario Straordinario)

CHALLENGE: Main competitors include Ikea Italy,

Grancasa, and B&B Italy.


2011 2012 2013

Turnover ~ 50 ~46 ~47

EBITDA ~ 13 ~5 ~5

Employees 175


Euro Mln, Number



ADMINISTRATOR

92

COMPANY OVERVIEW

• The company was founded in 2000, at beginning the same developed and produced software system engineering program for automotive sectors, with a focus on Telemetria, Carplay and Elaboration data. Thanks to its experiences, the company, today, is able to transfer the technical and technological expertise from the automotive sector to other application areas as railway and aerospace.

• The company headquarter is located in center Italy: 13,000 sm. of offices and R&D center, 90 employees (60% highly specialized engineering)

• New technologies are developed and evaluated by the R&D department.

NOTE

• The shareholders are looking for a partner to develop the

company growing strategy in the next years.

• Amount of the investment: 2,5/3,5 mln euro

COMPANY 38 - SOFTWARE ENGINEERING M&A

OPPORTUNITIES

• The company is focused mainly on the Italian market and can claim remarkable clients for all sectors: - Automotive: Ferrari, Magneti Marelli, Harman - Aerospace: Selex Es, Temis - Railway: Genaral Motors, Intecs



2011 2012 2013 2014 F2015

TURNOVER 6 6,9 7,7 8,7 11.1

EBITDA 0,7 0,8 1,6 1,1 2,2

EBITDA % 11% 11% 20% 13% 20%


93

2014 2015

TURNOVER 5,3 5,1

EBITDA 24,6 22,1

COMPANY 59 - TEXTILE INDUSTRY M&A

OPPORTUNITIES

COMPANY OVERVIEW

• The company has been working in the field of textile

ennobling dyeing and finishing of threads on bobbins in

particular and in the commercialization of a wide range of

raw and dyed yarns for weaving (clothing, furniture,

accessories), knitwear (circular or straight) and hosiery.

• The production capacity is 15,000 Kg / day over three

shifts. All dyeing machines are equipped with advanced

Sedomat control units that offer high-efficiency

performances for the automation of complex dyeing

equipments.

• Major interest to find adequate financial resources to

support the working capital needs consequent to the

consolidated operating growth.



Euro Mln

• To offer customers innovative products and processes,

according to the changing needs of the market, the

company have established a special relationship with the

reference entities of the entire textile chain, from spinners

to designers, from university research centers to

laboratories accredited with the aim to research and

develop new materials and new effects.

94


OPPORTUNITIES

COMPANY OVERVIEW

• The company is an Italian manufacturer of printed silk

textiles. The group exports 90% of its production, but

does not target foreign markets for strategic growth at

present..

• The company produces silk fabric for men and women

apparel and accessories. Its woman division accounts for

60% of its revenues.

• The company is focusing on its organic growth. Last year,

it invested over EUR 2m in a new digital printing

department, that allows the company to speed up

production and be more flexible with clients’ requests.

Due to the new printing process, it could produce the

same fabric meters in 1H15 than the entire 2014 season.

This year, the company invested some EUR 500,000 in

new machineries, and the same figure is spent yearly in

maintenance works.

• Founded in 1902, the company is a family-owned

business and it is run by the fourth generation.

• The company could consider striking joint venture

partnerships to develop new products made of different

fabrics.



• Turnover 2014 €75mil with 6% EBITDA margin.

95

COMPANY 2 - TEXTILE INDUSTRY

COMPANY OVERVIEW

• The company is a privately held Italian

shirt maker. In 1925 it was decided to

set up her first workshop in the

historical center of Naples, where shirts

for a select number of customers were

sewed, using the Neapolitan high

fashion rules which regarding elegance

laid down the law all over the world.

• The company is seeking private equity investment in an effort to accelerate its expansion plans. Management is open to approaches directly from interested parties, as well as from advisors with potential investors.

• In order to increase its sales abroad, the family's owners would be interested in approaches from private equity firms. Suitable candidates would have extensive expertise in the retail industry, an investor with a retail background could help speed up the company’s internationalization.

• The owners will consider offers for a minority stake, with 49% the maximum and the family would like to remain involved in the business. The company did not spell out its valuation and how much they intend to raise from this transaction; however, the management would like to share and implement its business plan together with the investor.

• Proceeds from the stake sale would be used to expand into Latin America, China and the Middle East.



• Turnover 2014 €6m, exports account

for the 90% of the company's sales last

year. Japan, Korea, all of Europe and

New Zealand are the company's key

markets.

• Established in Naples in 1925, the company is owned by the founding

family and is managed by the fourth generation.

M&A

OPPORTUNITIES


96


OPPORTUNITIES

COMPANY OVERVIEW

• The company is located in Tuscany, an

industrial district known for its

tanneries. The core business is the

design, production and trade of chrome

tanned leathers and vegetable, beef

and sheep-caprine for footwear and

leather goods.

• The company is seeking an investor to accelerate its growth plans. The

company is receptive to offers from private equity firms and is looking to

raise fresh funds for domestic acquisitions.

• The ideal bidders would be financial backers interested in sharing a growth

project. An approach from a PE already involved in a fashion company

would be of particular interest. The investor might consider a stake in the

company for vertical integration, combining different business. It is not

looking for approaches from trade players or strategic investors. The aim of

exploring the investor option is to help the company to optimize its size.


• Turnover 2014 €25Mil

• It is characterized as a small / medium enterprise aimed at a high-end

market with fashion’s accessories. It owns three tanneries in India - Cristina

India, Prime and Scintan - close to Chennai, in Tamil Nadu.

• The company is wholly owned by two brothers


97


OPPORTUNITIES

COMPANY OVERVIEW

• The company is part of an Italian

apparel group. The group is active in

the production of clothing and

accessories for women and child with

their own brands and as well as an

important brand licensed.




• The production is distributed mainly through the wholesale channel, with a growing weight of retail, both franchise both through direct outlets. The founding family owns 70% of the company. The remainder is owned by an investment house, which invested EUR 9m in 2013. The company is also in the process of exploring new foreign markets, particularly China and the Middle East.

• In China, the company aims to clinch joint venture (JV) and commercial agreements with local players. Here, the company entered talks with a Hong Kong-based group, to sign a 50/50 JV deal in which the Chinese company will bear the expenses for single-brand shop openings, while the company will provide its product range. The investment in each shop is in the EUR 0.1m range.

• Similar strategic plans are being carried out in the Middle East, where the company already owns shops in Qatar and Saudi Arabia. The company is holding talks with local players to evaluate opening a further 15 retail points through JVs or acquiring minority stakes in local firms

• The company is willing to evaluate investor approaches. • The group expects to see interest from financial investors with international

networks and knowledge of the fashion industry and welcomes advisory pitches. It could sell a minority or even majority stake depending on the suitor's offer.

• The company is financing its organic growth through internal cash resources and credit lines, but could use the support of a new financial partner.

98


OPPORTUNITIES

COMPANY OVERVIEW

• The company is a privately held Italian fashion company.

Since its foundation, the company has designed and

manufactured ties in gauze and dressing gowns in silk.

The company is headquartered in Como, a small city

close to Milan.

• The company aims to take on board an external investor

to speed up the execution of a retail project in Asia. The

management welcomes approaches from advisors that

can introduce interested bidders. Preferred takeover

candidates would be either, private equity firms with

extensive expertise in the retail and fashion industries or

international fashion houses with an established presence

abroad.




• The company is one of the top names in high-end

gentlemen’s accessories in Italy and has a century-old

menswear brand. There is a sole owner of the business

99

COMPANY J - TOURISM M&A

OPPORTUNITIES

COMPANY OVERVIEW

The Company

• Spa and Golf complex providing thermal, sanitary and

leisure services

• The average revenue of the first 10 Italian companies in

this sector is € 5.8 million

Asset Profile

Located in the center of Italy, the area is known for its

natural springs and thermal waters

WHY INVEST


• STRENGTHS: access to some of the most famous thermal springs

in Italy

• POTENTIAL MARKETS: well-recognized center for well being at

close distance from important tourist destinations

• CHALLENGES: the company has traditionally provided services to

the National Health Service. It needs to upgrade its business model

to a modern SPA and become a high-end well-being center.

• PUBLIC INCENTIVES: public support is available from central and

local authorities (regions, provinces or municipalities) contributing

financially (subsidized loans or grants) and speeding up the

bureaucratic process for future settlements.

• The Company is looking for an investor with experience in

tourism industry



2011 2012 2013

Turnover ~ 2 ~ 1 ~ 1

EBITDA ~ -0.8 ~ -1 ~ -0.5

Employees 25


Euro Mln

100

COMPANY Y - TRANSPORTATION

COMPANY OVERVIEW

The Company

• Low-cost passenger airline company established in 1998

operating scheduled and charter flights from Italy to

various international destinations.

• Third largest Italian operator.

• The fleet currently counts:

- 3 Boeing 767

- 6 Boeing 737

- 2 Piaggio 180

• The Company was placed under temporary receivership

since May 2014.

• Public bidding to be opened

WHY INVEST


• STRENGTHS: available slots in the major Italian airports

and immediately available for sale. Current lower fuel

cost contributes to reduce production costs.

• POTENTIAL MARKETS: Current markets include Italy,

Spain, Turkey, Greece, Albany, Russia, Cuba, Egypt,

Jamaica, Mexico

• CHALLENGES: company needs to increase profit

margins in the core business (low-cost passenger

transport) and maximize operation efficiency.

• Looking for investor with experience in passenger airlines





2011 2012 2013

Turnover ~ 297 ~263 ~192

EBITDA ~ 3 ~-14 ~-13

Employees 489


Euro Mln, Number



ADMINISTRATOR

101

COMPANY 14 - WHITE GOODS INDUSTRY M&A

OPPORTUNITIES

COMPANY OVERVIEW

• The group is a private Italian commercial refrigeration

producer. It was established in 2006 as the result of a merger

between two brands which have more than sixty years old

experience in the commercial refrigeration.

• The groups also holds a company which produces air

conditioned cellars to preserve and display wines. The

group’s headquarter is in the northern Italy, and its worldwide

activity is granted by commercial sites present all over the

world. The Group produces about 110.000 pieces per year of

different models for Beverage, Ice-Pastry, Retail-Market,

Wine, Kitchen-Catering including Delivery vans. The company

cooperates with the most important multinational food

producers and international academic institution to offer the

most advanced energy saving solutions for a low

environmental impact together with the best quality made in

Italy and long-term constant reliability.

• The only owner is 68 years old and has no family

members who are willing or able to take over the

business.

• The company is looking for buyers to relaunch its business

and ensure its continuity.

• The management has outlined a strategy, which includes

cost-saving measures, to deal with the transition period. The

company, which restarted production last December, would

lease the business unit to the suitor, giving the company

enough breathing space to renegotiate its debt with creditors.

• The suitor would create a new company (newco) which will

effectively run the business without the debt burden. The

newco would eventually take over the business at a later

stage once a massive company restructuring is finalised.

• The company has 18 international patents, brands and state-

of-the-art energy-saving technologies, which are attractive

assets for a potential buyer. However, investment is needed

to launch new products, reduce the debt level and solve

succession issues.




Revenues 2013 €37.6m with EBITDA margin of 5.5% and a

loss of EUR 587,284.

102

CONTENT OF THE DOCUMENT

• M&A OPPORTUNITIES

• OTHER PROJECTS

103

104

LOCATION

PIEDMOUNT, TURIN - TORINO UNIVERSITY CITY DESCRIPTION KEY OPPORTUNITIES AREA KEY FACTORS

Widespread infrastructural

connections to railway,

airport and urban

transportation. The City

has launched a major

urban transformation that

will see in the next few

years the redevelopment

of Barriera di Milano and

Regio Parco, involving the

construction of the new

Metro Line 2.

The City of Torino has

already identified 10

areas where to build new

residences. A total of

about 5,000 new beds

for students with related

services could be

created (about 10,000

beds in three years).

Area 390,297 sqm

of which (in sqm):

Manif. Tabacchi: 89,400

Area Combi: 12,900

Ponte Mosca: 17,300

Area TNE: 142,300

Area Gasometri: 44,000

Fiocchetto: 2,100

Corso Farini: 1,400

Area Nebiolo: 28,000

Area Ghia: 5,597

Via Lombroso: 1,300

Torino is now a major

cultural and R&D center,

a top level university city.

The project “Torino Città

Universitaria” presents an

outstanding opportunity

to realize a new idea of

university life; in fact the

municipality is launching

a student housing project

with the aim to build new

top quality facilities and

services. A call has been

issued to real estate

developers in order to

start negotiations for the

development of new

student housing projects.

TYPE OF INTERVENTION

• New Construction

• Restoration

• Urban development

OTHER

PROJECTS

105

LOCATION

PIEDMOUNT, TURIN - V200 / LINE 2 OF THE METRO

DESCRIPTION KEY OPPORTUNITIES AREA KEY FACTORS

V200 is an ambitious

project for two strategic

locations in the northern

sector of Torino central

metropolitan area. V200

is a mixed, transit-

oriented brownfield re-

development including

housing, social housing,

hotel, retail, offices,

workshops, public

services, parks, public

space; integrating 1 new

line of underground metro

public transport and 1

underground railway

station. V200 is a flexible

plan, open to initiatives of

all types, of various

scales and timelines.

V200 is a mixed development

project, transit-oriented, on

industrial sites. The project

includes the new Line 2 of

Underground Metro and a

new underground railway

station.

Area 775,938 sqm

of which:

Residential: 433,638

sqm

Retail: 189,391 sqm

Tourism: 152,899

sqm

The new northern gate to the city core, Vertice nord, will host a mix of retail, leisure, services and residential that will be Torino’s metropolitan “downtown” with exceptional public & private transport accessibility. The Regio Parco district will be Torino’s best location for housing with a new park directly connected to the river system within walking distance from the historic center. The two sites are connected by Alberata, a linear park of 1.5 Km over the metro tunnel.




OTHER

PROJECTS

106

LOCATION

PIEDMOUNT, TURIN - CAVALLERIZZA REALE COMPOUND


The compound is

located between the

railway stations Porta

Nuova and Porta

Susa, Metro Line 1

(closest metro stop

Porta Nuova), buses

and trams (inner-city

buses n.13, etc.). It is

already foreseen the

realization of Metro

Line 2 with metro

stop in Piazza

Castello.

• Ring road: 7 km

• Porta Susa Station

(High speed

railway): 2.5 km

• Torino Caselle

Airport: 18 km.

Policies and measures have

been taken to reaffirm the

importance of the historical

area, both as a cultural hub

(theatres, museums, libraries)

and as Knowledge Center

(Università di Torino).

Area 14,500 sqm

Museum functions,

exhibitions, cultural,

academic, residential

accommodation, and

tertiary facilities of

common interest.

Cavallerizza Reale is a

project of urban

renovation, in the heart of

the city, of a historical

compound with

noteworthy architectural

relevance. The City

Urban Plan designates

the compound as “Area

to be transformed” in the

historical city centre,

and it is regulated with a

specific law in order to

rule the detailed

transformations.

The aim is to renovate

the entire compound and

to imagine a different use

for the space.


• Restoration


OTHER

PROJECTS

107

LOCATION

PIEDMOUNT, TURIN - REUSE OF BROWNFIELD

PROPERTIES IN PIEDMONT


Re-development of the

old industrial plant

through the realization of:

a new technological hub;

realization of commercial

spaces; new industrial

areas for the economic

and production activities;

new polyfunctional

settlement.

High-risk/high-return

strategy that may also

involve investments in

development, raw land,

mortgage notes, and

niche property sectors.

Investments are tactical.

TNE SpA: Land area

298,200 sqm - Gross

floor area 80,600 sqm

SIT Srl: Land area 60,190

sqm - Covered area

42,133 sqm

SNOS SpA: Gross floor

area 14,000 sqm

MONTEPO SpA, SAIA

SpA in c.p.,

NORDIND SpA over

500,000 sqm

Regione Piemonte,

through its Holding

Finpiemonte

Partecipazioni and its

subsidiary companies,

develops interventions

concerning the reuse of

industrial areas and

already existing buildings,

the construction and the

management of new

areas and buildings, for

the settlement of

economic activities and

related services, with

particular reference to

environmental

sustainability.


• Restoration


OTHER

PROJECTS

108

LOCATION

MARCHE, CAMERANO - CONERO VILLAGE DESCRIPTION KEY OPPORTUNITIES AREA KEY FACTORS

Purchase or Shared Investment Implementation plan approved Detailed plan (Working Plan) of the SPA structure already drawn The sulphurous mineral water has been authorized for SPA use. Project immediately implementable.

The area is served by the “A14” motorway and is close to the Airport, the train station and the port of Ancona. Close to the Conero Regional Natural Park, the area is easily accessible by car/other means of transport The project combines health, entertainment and leisure

Total area 28,895 sqm: Health & Beauty: Gross Usable Surface (SUL) sqm 4,936 Residential: SUL sqm 13,596 Sport & Leisure: SUL sqm 10,363 (sqm 1,800 for Trading).

The total surface is over 24 hectares (59 Acres). The area is divided in 3 lots with a common purpose: • Health and Beauty SPA

encompassing swimming pools, wellness and rehabilitation centres, lodging and halls.

• Residential for the building of any housing - Sport/Leisure and Trading

• The project envisages the use of the “salsobromoiodic sulphurous” mineral water named “Conero”



OTHER

PROJECTS

109

LOCATION

MARCHE, JESI - AGRI-FOOD LOGISTCS HUB DESCRIPTION KEY OPPORTUNITIES AREA KEY FACTORS

Fully licensed area for the

building of warehouses.

The hub is equipped with

20,000 sqm parking lots

and cargo handling area.

Geographic location Multi-modal shift Bonded warehouses In-house customs services Estimated Return on Investment (ROI) 7% Interporto Marche dry port is directly rail-linked to the main East- West domestic railway line and to the A14 pay toll motorway (Ancona Nord exit).

Area of 49,000 sqm:

Office: 19,000 sqm

Industrial: 30,000 sqm

(sqm 20,000 room-

temperature warehouse

and sqm 10,000

refrigerated warehouses)

The aim is to build an agri-food logistics hub within the Interporto Marche dryport property. Interporto Marche dryport is a core Rail-Road Terminal (RRT) of the Scandinavian Mediterranean Corridor. Ancona Airport (Aeroporto delle Marche) is a “comprehensive” hub of TEN-T Trans-European Network Transport of the same Corridor. A free-trade zone (FTZ) area is also available to support import/export trade.


• Intermodal transport

and logistics investment

OTHER

PROJECTS

110

LOCATION

MARCHE, PORTO SANT’ELPIDIO - EX-FIM SPA DESCRIPTION KEY OPPORTUNITIES AREA KEY FACTORS

Purchase or Shared

Investment

Permits issued by the

Province after

remediation activities

on the area.

One of the last areas in Italy in

front of the sea

Opportunity for tourism: the city

needs a new 4/5 star hotel

Buildings in class A/A+

Interesting commercial space:

lots of brands have shown

interest

The area is served by the “A14”

motorway and is close to the

Airport, the Train Station and the

Port of Ancona.

Total plot land is

sqm 73,000

Residential: sqm

25,000

Retail: sqm 5,000

Tourism: sqm 5,000


• New Construction • Restoration • Urban Development

OTHER

PROJECTS

Restoration of an old industrial area facing the sea: construction of a hotel within the old industrial building (5,000 sqm); a new residential area (25,000 sqm); a new commercial area (5,000 sqm). The land plot is characterized by a large park with pine forest (south). Hotel is located on a large square in front of the sea. Residences buildings (North) are composed by four green courtyards characterized by villas at 2/3 floors, in the sides perpendicular to the sea, and a 5-storey buildings in the short side, parallel to the sea

111

LOCATION

MARCHE, FALCONARA MARITTIMA - AIR CARGO

CENTER DESCRIPTION KEY OPPORTUNITIES

Integral part of the Adriatic Logistic Platform that will become an integrated network infrastructure attracting passengers and cargo flows. The only airport in the Marche Region with a wide catchment area (from Abruzzo to south Romagna) Easily accessible from highway, railway station, Ancona Harbour and Jesi Interporto Freight Village A modern infrastructure able to handle 1 mln passengers

AREA KEY FACTORS

Type of

investment:

Equity

Participation

The project has

been approved

and is ready to be

started

Total area is sqm

11,100

Retail: sqm 5,500

(offices, retail shops,

restaurant and boarding

gates).

Office: sqm 1,600

Industrial: sqm 4,000

(“room temperature”

warehouses)

The Air cargo centre aims

at becoming the main

infrastructure of the

Adriatic Logistic Platform

made up of three hubs.

ALP strength is

represented by specific

customs services,

customs warehouses,

temporary housing and

fiscal warehouses which

will allow companies to

reduce the supply chain

costs. The Air cargo

center (5,600 sqm) will be

built in a dedicated

airport; the restructuration

of the old terminal aims at

creating an 5,500 sqm

exclusive outlet



• Renovation

OTHER

PROJECTS

112

TUSCANY, LIVORNO - DARSENA EUROPE DESCRIPTION KEY OPPORTUNITIES AREA KEY FACTORS

Concessions agreement

over 30 yrs min time

frame, ensuring the

access to a growing

market.

5 years for the

completion of container

terminal

The forecasted traffic

growth in 2040 is

expected be around 3

mln TEUs.

Strategic position along

the major trade roads,

near to Italian core

industrial regions. A key

gateway Port to central

eastern Europe with

updated port facilities & a

modern rail terminal,

which will enhance the

direct forwarding of block

trains from the shore to

the hinterland.

Total surface: 72 ha

Storage and handling

yard: 34,5 ha

Rail terminal: 36 ha

Quays depth: -16 mt

Quays length: 1450 mt

This new port

infrastructure project in

the Port of Livorno will be

equipped with rail

connections and berths,

which will enhance

smooth port inland

interconnections and will

accommodate the newest

container vessels

entering into service. The

Darsena Europe will

consist of 3 different

terminals: a container

terminal, a terminal

dedicated to Ro-Ro traffic

and one liquid bulk (oil)

terminal.


• Demolition and

reconstruction


LOCATION

OTHER

PROJECTS

113

LOCATION

TUSCANY - EX OFFICINE GRANDI RIPARAZIONI DESCRIPTION KEY OPPORTUNITIES AREA KEY FACTORS

Type of investment:

purchase or shared

investment

Investment timing: 2019

20% of the residential

portion to be allocated to

social housing

Construction of a new

stretch of the main road

and related connections

Approval of the City

Council not required

One of the most

important areas of

redevelopment of the city,

in a rapidly evolving

context

Excellent accessibility

Proximity to centers of

cultural and fair attraction

Opportunity to build a

portion of the city with

integrated functions

The transformation plan

affects the residual area

of the railway

compendium of Porta

Prato & the goods yard.

To date a large part of the

railway complex still

needs to be redeveloped,

driven by an increasing

demand of the city to

transform the former area

into a new settlement

with a mainly residential

use, along with a mix of

commercial, tourist

accommodation and

office functions.


• Restoration

• Demolition and

reconstruction


Total surface area:

52,000 sqm

Residential: 31,200sqm

Retail: 4,680 sqm

Tourism: 5,720 sqm

Office: 10,400 sqm

Few minutes walk from

the railway station of St.

Maria Novella and the

historic centre served

by the tramway station

OTHER

PROJECTS

114

LOCATION

PROVINCIA AUTONOMA TRENTO, MORI - EX

ALUMETAL AREA DESCRIPTION KEY OPPORTUNITIES AREA KEY FACTORS

Type of investment: lease or

sale of the property to a

potential industrial investor

The Power Plant shall be

preserved with conservative

restoration interventions,

while the “oven room A” shall

be preserved by property

renovation.

Restoration/construction

works will take 48 months

approximately

The “oven room A”, with its

400 mt-facade facing the

Adige River, represents an

important landmark both

historically and culturally for

the inhabitants of

Vallagarina.

The area lies in proximity of

the exit junction of A22

Rovereto Sud Highway,

connecting to provincial road

SP 90 “Destra Adige”.

Total area is sqm

109,000

The “ex Alumetal” is an

abandoned industrial site

near Rovereto, well

limited by geographic

elements and

infrastructures: the Adige

River to the east, the

channel “Biffis” to the

north and the SP 90 road

along the west side. The

built up area occupies

about 2/3 of the

“Alumetal” site bordering

the river Adige.

The architectural work

needed regards the great

“oven room A” and the

former “Power Plant”

under the protection of

architectural heritage.



• Restoration

OTHER

PROJECTS

115

LOCATION

BASILICATA, MARATEA - WTC BASILICATA BUILDING DESCRIPTION KEY OPPORTUNITIES AREA KEY FACTORS

The area has achieved all the necessary permits and it is ready for the refurbishment since the existing buildings have to be dismantled. The land is owned by a third party player, which is eager to sell it for a value which can be negotiated, especially if the counterpart has a credible and sound business vision.

The structure will be

easily reached by public

transport and roads,

being perceived as a

distinctive structure

within the Basilicata and

nearby areas with a

marvelous view over the

sea. The complex will

operate on two floors

over the terrain (ground

and first floor), an attic

floor and a basement.

The multifunctional

complex will has an area

of approximately 1

hectare and will host:

•Trade and event area

•Office area

•High luxury resort with

park and swimming pool

(all year operational)

•Restaurant

•Cinema - theater

WTC Basilicata Holding

aims at realizing the WTC

Basilicata Building as a

focal point of the

economic and cultural

activities for regional,

national and international

stakeholders. All the

services that international

trade professional needs,

and additional services

related to education,

trade shows, cultural and

leisure events could be

held. Finally the luxury

hotel, the restaurant and

the park with the

swimming pool will

complete the offer.


• Demolition and

Reconstruction

• Renovation

OTHER

PROJECTS

116

LOCATION

CAMPANIA, GAETA - PORT KEY FACTORS

The city is located

on a gulf at a short

distance from the

isles o Ischia and

Ponza and close to

the National Park

of the Circeo.

…

DESCRIPTION KEY OPPORTUNITIES AREA

Gaeta has a seafaring and

boating tradition with deep

roots in the past and,

despite the presence of

four ports and marinas, in

addition to a number of

structures for smaller boats,

the supply of berths is still

insufficient.

Total area: 50,000 sqm of

which 23,000 for the outer

breakwater pier

Commercial area: 2,300

sqm

Berths: 399 (317 for 8-12

meter long boats; 82 for 12-

25 meter long boats) 90%

of which is for sale.

The Port of Gaeta will be

built in the city of Gaeta,

140 Km south of Rome, by

the Tyrrhenian coast.

The project intended for

399 berths, with a 50 year

concession of use from

2015, is already equipped

with all the permissions for

the beginning of work.

The planned duration of

works is of 4 years.

OTHER

PROJECTS


Participation:

• Total value: 39 Mio €

• Asking investment: 17,5

Mio €

• Revenues from selling of

359 berths: over 59 Mio €

• Revenues from rental of

40 berths for transient

mooring: 650K € per year

117

LOCATION

LAZIO, ROMA - PROGETTO FLAMINIO

(EX CASERMA GUIDO RENI)


Type of investment:

Purchase

Not subject to restrictions

by the Ministry of Cultural

Heritage.

Following an International

Design Competition, the

selected “Studio 015

Viganò” is currently

drafting the recovery plan

(based on the

masterplan).

www.progettoflaminio.it

The former barrack is

located in the a high-end

residential area of

Flaminio district (north

part of the town)

1 Km from the historical

centre

Next to important

architectural units: Foro

Italico and Olympic

Village; Auditorium by

Renzo Piano; MAXXI

Museum by Zaha Hadid

The complex covers an

area of more than

50,000 sqm

Apartments: 29,000 sqm

Social housing: 6,000

sqm

Retail: 5,000 sqm

Hotel: 5,000 sqm

City of Science: 27,000

sqm

Complex composed of 23

buildings enclosed by a

perimeter wall, formerly

used as factories,

warehouses and

workshops. The

conversion to residential,

retail and hospitality

purposes requires a

change of urban Zoning

Plan (currently

undergoing by the

Municipality of Rome).

The Masterplan will

include “The City of

Science”, a public

building to be developed

by the Municipality


• Demolition and

reconstruction

OTHER

PROJECTS

118

LOCATION

TUSCANY, FIRENZE - EX MANIFATTURA TABACCHI DESCRIPTION KEY OPPORTUNITIES AREA KEY FACTORS

Type of investment:

Purchase

In the immediate

proximity of the historical

city center, the airport

and the University of

Florence, near the Arno

river and the town’s

historical Park Le

Cascine, on the right

bank of the Arno river.

Redevelopment of a

historic industrial

architecture complex

Large size project with

mixed uses (residential,

commercial, office space,

tourist accommodations)

The property will be

connected to the center

and the main bus/train

station by a tramline.

Total area: 88,687 sqm

Residential: 41,638 sqm

Social Housing: 4,350

sqm

Tourism: 11,647 sqm

Retail: 10,843 sqm

Office: 20,209 sqm

Area to be recovered:

57,686 sqm (65%)

New building: 31,000

sqm (35%).

Former industrial factory

(built between 1930 and

1940) consisting in

several separate

buildings many of which

designed by Pier Luigi

Nervi. Two buildings

represent the facade of

the industrial plant: the

first one comprises a

central block on the

ground floor and two side

wings; the second one

(now the Puccini Theatre)

is a two-storey structure.


• Renovation (of historic

portions)

• Demolition (of recent

portions) and

reconstruction (of a new

urban/architectural

structure).

OTHER

PROJECTS

119

LOCATION

VENETO, VENICE - EX OSPEDALE AL MARE


Type of investment:

Purchase

The regeneration plan is

achievable through a

Zoning Plan Change

approved by the

Municipality of Venice in

2011.

The building complex

renovation is due under

the supervision of the

Ministry of Cultural

Heritage.

Redevelopment of a

monumental/iconic asset

Large size project with

flexible/mixed uses

located in Venice: high-

ranking destination in

Italy for tourism and art.

In front of the Lido of

Venice, close to the

Nicelli private airport and

to the tourist area

Total Area is 48,150

sqm out of which:

Residential: 44,050 sqm

Tourism: 1,200 sqm

Commercial: 1,050 sqm

Collective activities:

1,850 sqm

The area is bordered to

the south-east by the

beach and north-west by

large green areas

The building complex

“Former Ospedale al

Mare” is composed of

more than 30 buildings,

mostly fronting the beach.

The Hospital was

dismissed in 2009.

In August 2015 a

development and

management agreement

was signed with Hines

Group, manager of “Real

Venice I”, a closed Real

Estate investment fund

owner of Hotel Excelsior

and Hotel Des Bains,

both located at Lido.


• Demolition and

Reconstruction

OTHER

PROJECTS

120

LOCATION

SARDINIA - RESORT DESCRIPTION KEY OPPORTUNITIES AREA KEY FACTORS

The Hotel has a

diversified offer due to

the presence of different

type of hotels addressed

to different customer

segments

The Hotel is located in

Sardinia, one of the best

touristic destination in

Italy

The Hotel facilities

include 10 restaurants, 4

meeting rooms (of which

a 700 seats meeting

room), wellness center

and is close to a 9 holes

golf court.

3 hotels / 900 rooms

Area of about 40.000

sqm

Property: Italian resort

Type: Hospitality

The resort complex

comprises three 4 stars

hotels located in a 60

hectares park near the

sea in Sardinia


• Disposal of the Resort

including both the

property and the

management company

by a Private Italian

Group

OTHER

PROJECTS

121

LOCATION

LOMBARDY, MILAN - BUSINESS HOTEL DESCRIPTION KEY OPPORTUNITIES AREA KEY FACTORS

The Hotel was built in

2006 and renovated in

2012

Somma Lombardo is at 7 km

away from Milan Malpensa

Airport, the most important in

northern Italy, and it is just 45

km from the Center of Milan

Maggiore Lake, Como Lake,

Lugano Lake are at most 50 km

away by car.

The Hotel has 207 bedrooms,

all provided with the latest

technology facilities and

comfort.

It also provide a full range of

services, such as 400 square

meters conference room, an

Italian food restaurant and

fitness facilities

207 rooms

400 square meters of

conference room

Property: Italian Business

Hotel

Type: Hospitality

4 stars business hotel

located close to the

Malpensa Airport and

Expo Exhibition Center.

The hotel is operated

under a top international

brand

The Hotel is located in

Somma Lombardo, in

Lombardy.


• Seller of the Hotel:

Italian bank

OTHER

PROJECTS

122

LOCATION

VENETO, VENICE - HOTEL COMPLEX DESCRIPTION KEY FACTORS

The brick, neo-Gothic, 9 story high, 13-building complex was constructed at the

turn of the 20th Century when a Swiss/Italian industrialist sought the perfect

situation for his mill that could easily ship the milled flour by sea and receive the

grains from Italy’s interior via the inland Veneto canal systems. The hotel has 379

comfortable rooms, including 88 executive and 44 suites.

The auction to find a

buyer for the hotel

complex in

administration in the

Italian city of Venice,

has failed. The offers

from the three bidders

were deemed too low.

The bids came in at

EUR 150m-EUR 200m

range.

Unicredit is handling the

sale for liquidators of an

industrial group of Italian

entrepreneur. Unicredit

thinks it is likely that the

suitors will return with

improved bids, and that

other financial and

industrial bidders could

join the race, the report

concluded.

OTHER

PROJECTS

123

LOCATION

TUSCANY, SIENA - HOTEL COMPLEX DESCRIPTION AREA KEY FACTORS

In the heart of the beautiful Tuscan countryside,

among rolling hills and rows of cypress trees, stands

the ancient home of the monks Olivetani of 1300,

beautifully restored and transformed into a romantic

hotel. The hotel, a medieval estate has been

renovated in recent years with four suites, four

double rooms and an outbuilding.

The 32-hectare agricultural land, which is also part of

the sale and includes woods, olive groves and barley

fields, is held by the company.

The estate is located in

Tuscany near Siena,

between Montalcino and

Montepulciano.

A private Italian company

which owns a three-star

hotel and agricultural

land, has mandated an

advisory boutique to

explore a sale in the

region of EUR 9m.

OTHER

PROJECTS

124

Elio Milantoni Partner | Head of Corporate Finance

Advisory

Deloitte Financial Advisory S.r.l.

Via Tortona 25, Milano, 20144, Italy

Tel/Direct: +39 02 83325066

Fax: +39 02 83347582

Mobile: +39 3488856686

[email protected]

www.deloitte.it

Volkan Kükrer Managing Partner

Business Integration Partners

Astoria Kempinski A-1804 Esentepe

Mh., Büyükdere Cd No: 127, 34394

Şişli, İstanbul, Türkiye

Tel/Direct: +90 212 3222666

Mobile: +90 541 585 73 78

[email protected]

www.businessintegrationpartners.com

Stefano Nigro

Responsabile Invest in Lombardy

Promos

Via Meravigli, 7 - 20123 Milan

Tel/Direct: 02 8515 5220

Fax: +39 02.8515.5227

Mobile: +39 335 1956296

[email protected]

www.investinlombardy.com

Pietro Buccarelli Partner

Gianni, Origoni, Grippo, Cappelli &

Partners

Via Massimo d’Azeglio, 25 - 40123

Bologna

Tel/Direct: +39 051 6443611

Fax: +39 051271669

Mobile: +39 348 0702231

[email protected]

www.gop.it

125

1ST FDI ATTRACTION ROADSHOW

THE ITALIAN GOVERNMENT

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