Italian private equity at record high

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Things are looking good for Italy. Recently, the AIFI released figures revealing 2007 as a record year for private equity with more than EUR4bn in transactions, 12.5% more than 2006 (page 14).

Additionally, deal flow remains steady despite credit concerns. Italy reported six LBOs including Aspesi by Investitori Associati, Gruppo Datel by MPS Ventures, Panini by J Hirsch & Co and Rosa Sistemi by Aksia. The remaining two were secondary buyouts: Giochi Presiozi was sold by 3i to Clessidra (generating an IRR of 40%+) and Sicurglobal was sold by BS Private Equity to Stirling Square Capital Partners. There was also an MBO acquisition of Schmid by Sigefi.

Meanwhile, Italy's expansion market saw the investment in D'Orsogna Dolciaria by Arca Impresa, while in the early-stage segment a particularly interesting deal was the $5.7m series-B financing in Mobango by Innogest. Concerning Italian exits there was one trade sale reported: Metalcastello by Alto Partners.

In terms of fundraising Ambienta I reached a first closing at around EUR124m, while Unipol Banca moved into the private equity market with the announcement of its fund Preludio with a target of EUR250m. Finally, the venture capital market saw Dpixel launch Dseed, a EUR5m evergreen fund.