Investindustrial's Artsana acquires additional 50% of Prénatal

According to a source familiar with the situation, Artsana acquired the targeted company with cash from the balance sheet and a €50m credit facility arranged by Italian lender Intesa Sanpaolo.

Italian press reports valued the transaction at €105m, including the repayment of the €8m injected by Giochi Preziosi as part of a €16m capital increase for Prénatal in February 2016.

Artsana acquired an initial 50% stake in the business in 2015 as part of a joint venture agreement with Giochi Preziosi.

Previous funding
Investindustrial acquired a 60% stake in Artsana in April 2016, while the Catelli family retained the remaining 40% stake. The GP acquired its stake via its sixth vehicle, Investindustrial VI, for a reported €750m.

Company
Established in 2015 as joint-venture between Artsana and Giochi Preziosi, Prénatal group include Toys Center, King Jouet, Prénatal and Bimbostore, focusing on clothing, toys and baby-care products.

The company is based in Monza and manages 668 stores across Italy. It also has a presence in France, Switzerland, Spain, Portugal and Greece. According to its website, the group generated €1bn in revenues in 2016 and employs 4,150 people.

People
Investindustrial – Andrea Bonomi (chair).

Advisers
Buyer – Intesa Sanpaolo (M&A); Studio Lombardi Segni Associati (legal).
Vendor – Unicredit (M&A); Gattai Minoli Agostinelli & Partners (legal).

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• Topics
• Portfolio management
• Consumer
• Southern Europe
• Italy
• Build-up
• Investindustrial