NB Renaissance Partners III close to hitting €1bn target

NBRP was originally launched in 2015 as a spinout from the private equity operation of Italian lender Intesa Sanpaolo. The firm is managed by a team of 15 professionals based in Milan, led by senior partners Fabio Canè and Stefano Bontempelli.

NB Renaissance Partners III was launched in October 2018 and is domiciled in Luxembourg.

Investors
The fund's LP base is mainly composed of pension funds, insurance companies, asset managers and family offices. There is a small minority of Italian LPs but they mostly come from the rest of Europe and the US.

Investments
The fund has a generalist approach and targets a wide range of sectors, excluding real estate, energy and infrastructure. It invests primarily in niche segments across fragmented markets where it can pursue a buy-and-build strategy and create consolidation platforms. NBRP has backed a total of 30 add-ons in the last three years to strengthen the market position of its portfolio companies.

The vehicle invests in businesses based in Italy but can also deploy up to 20% of its capital in the rest of Europe. It targets majority stakes in companies that generate EBITDA of at least €17-20m and revenues in the €100-500m range. The fund deploys average equity tickets of €80-100m but can ink larger deals in co-investment with other Neuberger Berman funds.

NB Renaissance Partners III has already made three investments: the purchase of an 80% stake in hydraulic hoses manufacturer Hydro Holding from Mandarin Capital Partners in December 2018; the acquisition of leather producer Rino Mastrotto in a €300m deal signed in September 2019; and the recent investment in IT specialist Engineering alongside Bain Capital, in a deal that gave the company an EV just north of €1.6bn.

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• NB Renaissance Partners