NB Aurora buys stake in FII's portfolio
NB Aurora has acquired 44.55% of the Fondo Italiano d'Investimento (FII) portfolio owned by the investment firm's parent company, Neuberger Berman, for €75.4m.
The entire FII portfolio was bought by Neuberger Berman in December 2017, in a deal that marked the second major direct secondary investment made by the firm in Italy, following the 2015 spin-out of Intesa Sanpaolo's private equity division.
The stake acquired by NB Aurora is made up of minority holdings in 17 Italian SMEs, including Forgital, Mesgo, Rigoni d'Asiago, Sanlorenzo, Megadyne and Ligabue.
To acquire FII's portfolio, the fund deployed €43.9m, while Intesa Sanpaolo provided the remaining €31.5m.
NB Aurora was listed on the MIV segment of the Italian stock exchange in April and raised €150m in a private placement opened only to institutional and professional investors.
The remaining proceeds from the placement will be deployed to acquire minority stakes in non-listed Italian companies to support their growth and internationalisation.
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