Italian PE Deals: Newcleo Nasdaq Bid, Webuild's Trevi Offer

The Italian private capital scene is buzzing with significant activity, highlighted by a potential Nasdaq debut for nuclear energy innovator newcleo and a substantial public offer from infrastructure leader Webuild for Trevi Finanziaria Industriale. This dual development underscores the dynamic nature of Italian investment, spanning cutting-edge technology and essential infrastructure.

Newcleo, a company founded in 2021 by Luciano Cinotti, Elisabeth Rizzotti, and Stefano Buono, is on the cusp of a business combination with special purpose acquisition company NewHold Investment Corp. Shareholders of NewHold have reportedly approved the merger, paving the way for newcleo to list on the Nasdaq. The transaction, potentially closing around September 21st, values newcleo at approximately $2.4 billion pre-money equity. This move signals strong investor confidence in the future of advanced nuclear energy solutions. Guggenheim Securities, Goldman Sachs, BTIG, and Davis Polk & Wardwell advised newcleo, while Loeb & Loeb represented NewHold. Since its inception, newcleo has secured substantial backing from a diverse group of investors including Exor Ventures, Azimut, Kairos Partners, Indaco Ventures, Walter Tosto, NextChem (part of Maire), Orion Valves, Cementir Holding, the CERN pension fund, and Danieli.

In a separate major transaction, Webuild is set to launch a public tender offer for Trevi Finanziaria Industriale, a prominent player in the foundation engineering sector. The offer, approved by Italy's market regulator Consob, values the company at approximately €295 million. Webuild is proposing a cash price of €4.50 per share for a significant stake, aiming for up to 95.002% ownership. The tender period is scheduled to conclude on November 20th. Trevi's current shareholder base includes CDP (21.3%), Praude Asset Management (14.1%), and Polaris Capital Management (6.6%). This acquisition by Webuild, a global leader in large infrastructure projects, aims to consolidate its position and enhance its capabilities in specialized construction services.

Beyond these headline deals, the Italian private equity market continues to see strategic acquisitions. Ambienta-backed Spaggiari Parma has expanded its reach by acquiring Portuguese educational technology firm E-Schooling Dream Shaper (ESDS). This move aligns with the growing trend of consolidation within the EdTech sector, driven by increasing demand for digital learning solutions. Ambienta Partner Giancarlo Beraudo oversees this strategic integration.

Furthermore, KYIP Capital has been active through its portfolio company Hekai Education. Hekai has completed two significant acquisitions: Amicucci Formazione (Skilla) from founders Marco Amicucci and Federico Amicucci, and BMA (My Beauty Academy) from Julka Bedeschi, Ljuba Bedeschi, and Sheila Oddino. These acquisitions bolster Hekai's presence in the vocational training and beauty education segments, with original vendors reinvesting in the combined entity. Gianluca Losi leads KYIP Capital.

Another notable transaction involved Fondo Italiano d’Investimento and The Equity Club (TEC) acquiring Isoclima from Stirling Square Capital Partners. Barings Global Private Finance Group provided financing for this deal. Isoclima, a specialist in high-performance glass, was previously supported by Stirling Square through a management buyout in 2017. Additionally, The Equity Club has reinvested in Korus, an Italian motorsport entity centered around Tatuus Racing, facilitating returns for initial investors while attracting new capital from clients of Mediobanca Private Banking and Theorikon Industrial Fund. Roberto Ferraresi and Filippo Penatti lead TEC.