Neuberger Berman acquires FII's portfolio

The fund's LPs include Italian banks Cassa Depositi e Prestiti, Intesa SanPaolo, Unicredit, Monte dei Paschi di Siena, Nexi, Banco BPM, Banca Popolare dell'Romagna, Banca Popolare di Cividale, Credito Valtellinese and UBI Banca. According to reports, the deal value is in the region of €300m.

The GPs entered into exclusive negotiations on the sale in June 2017 when a source told unquote" that the offer was close to €305m.

Management of the portfolio will continue to be overseen by the existing team of nine, including FII partner Stefano Tatarella, who will move to Neuberger Berman. Tatarella joined FII seven years ago, having previously been an investment manager at Mid Industry Capital.

Neuberger Berman saw off competition from Tikehau Capital and Italmobilare, which submitted a binding offer one week before it was granted exclusivity.

FII announced the launch of two new vehicles in September, one private-equity-dedicated fund and one venture capital vehicle, focused on later-stage investments, the source added. FII's main investor, Cassa Depositi e Prestiti – which currently owns a 43% stake in the fund management firm – will act as anchor investor for the new funds.

The deal is the second major direct secondary investment by Neuberger Berman in Italy, following the 2015 spinout of Intesa SanPaolo's private equity division.

Companies
The portfolio is made up of minority stakes in 21 companies with a combined turnover of €2.3bn and EBITDA of €282m.

People
Neuberger Berman – Christian Neira (general counsel); Jagdip Gujral (associate general counsel).

Advisers
Acquirer – Gatti Pavesi Bianchi, Gianni Martoglia, Giorgio Groppi, Alessandra Ghezzi (legal).

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