Private equity and venture capital in Italy

Written on 2 Feb 2018

In 2017, the Italian private equity and venture capital market continued the trends of 2016 and 2015, although final figures are not yet available. Interestingly, to a certain extent, we have seen the return to the Italian market of private equity funds with a pan-European focus, most likely driven by the increase in profits posted by Italian SMEs.

Key deals in 2017

Osborne Clarke Italy worked on a number of notable deals in 2017.

Private equity deals included advising:

  • The Valerio S.r.l. shareholders on their €70 million investment from IPE (Investmenti in Private Equity)
  • Ristrutturazioni & Sviluppo (a turnaround specialist) on a €10 million investment needed to complete a turnaround transaction in the pharma sector
  • The US Norican Group, which is owned by Altor Equity Partners, in the split of the LCMS group, by completing a leverage buy out for €86 million to purchase Italpresse S.p.A. and Gauss S.p.
  • Hollyport on the purchase of the Quadrivio SGR portfolio of companies and interests

Venture capital deals included advising:

  • PA Group and its founders on the €8 million investment and €7.5 million financing by River Rock European Capital Partners LLP and FVS Capital
  • Xnext S.r.l. and its founders on the €8 million investment by Principia III Health
  • Red Lyons on the €2 million acquisition of a majority stake in Akern Srl, active in tech-pharma
  • PA Group, River Rock European Capital Partners LLP and FVS Capital on their purchase of InAsset S.r.l., by means of a leverage buy out, for €14 million