Mergermarket M&A Forum Italy 2023
This event will be held in Italian.
Hotel Principe di Savoia, Milan
Registration and coffee
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Opening keynote – A macro-economic analysis with a focus on the Italian M&A market
2023 has been a challenging year for deal making, with buyers and sellers needing to navigate difficult macro-economic conditions, geopolitical instability, increased regulation, accelerating ESG pressure and the post-COVID reset. The volatility has resulted in the softening of the Italian (and global) M&A market, with increased caution from those buyers who are already in the market. However, with the IMF forecasting that Italy’s GDP will expand this year and thanks to the surge in energy prices being reversed - there are plenty of reasons for a cautious optimism across sectors and industries.
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Panel discussion – Value creation strategies to support deal activity in Italy
Geopolitics have become more than just background, actively influencing the M&A markets, bringing cross-border activity under closer scrutiny and giving investors cause for caution. During the first half of the year both the number and value of M&A transactions showed a decline compared to 2022. In addition, deal value is likely to remain under pressure as debt financing for large cap leveraged buyouts is scarce. However, even though the signs of change are subtle, the M&A market in Italy is persevering, demonstrating remarkable resilience and optimism. So, how do we create value in more challenging times? How can we reduce the distance between buyer and seller in a slow market?
- Portfolio enhancement and monitoring strategies: reviewing capital structures, financing models and improving cash and liquidity management for new and existing funds
- Are multiple arbitrage opportunities, including buy-and-build and profile enhancement to drive an attractive exit rating a safe bet for capturing growth in the current climate?
- How have the parameters of ESG changed in 2023? Impact of the Supply Chain Directive and the potential of sustainable investments with EU Article 9 Funds
- Best value creation strategies amid higher cost leverage and more limited access to financing: due diligence, risk management, innovation
- The secondary market, capability investing (especially in AI) and exit strategies
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Coffee and networking
Panel discussion – M&A financing: growing opportunities in the Debt market
The resilience of M&A in Italy in 2022, accompanied by the increased role played by international financial investors, is a tribute to the attractiveness and flexible approach of Italian mid cap private companies in difficult times. However, 2022 saw the end of the era of cheap money and a shift in the ready availability of bank credit. This more challenging environment has continued into 2023, impacting both strategic buyers and sponsors. This session will review how corporates have had to be more creative, financing M&A deals with leveraged loans, private debt and high yield bonds.
- Impact of interest rates and inflation on existing portfolios
- Growth of hybrid capital solutions: debt vs. equity and the role of banks during the forecasted growing wave of NPLs vis-à-vis private debt operators. How is pricing affecting valuations?
- Have investors pushed leverage too far? Leverage buyout and new European forms of financing
- What opportunities are available for sponsor-less lending for mid-cap companies?
- Alternative finance and industrial goals: corporate venture capital between open innovation and Fintech
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Case study: Elettra 1938 Group - The FZSoNick choice
Electrification is considered the fundamental pillar to reach decarbonisation goals, which are instrumental to the long term environmental sustainability of our planet. Elettra 1938 Group, and in particular FZSoNick, is the front runner in developing and industrialising an alternative energy storage technology powered by a green, safe, circular and widely available source, ie: Salt.
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Panel discussion – M&A and Private Equity sector watch: Italian market trends and drivers for 2024
As seen, the Italian M&A sector in 2023 appears to be a mix of contrasting elements of optimism and realism. So far, the Italian M&A market has shown remarkable resilience and a good ability to react and respond to difficulties. Given the quality of companies available to acquirers in Italy, and with international trends supporting the cautious positive attitude towards M&A activity, the volume of deals, if not the value, should remain pretty stable for the rest of the year. But which will be the sectors to watch? And how will corporates and funds identify possible M&A targets and what tools will they use?
- How is the growing trend towards near and (re) shoring of Italian manufacturing impacting target markets, aggregation strategies and the reorganisation of supply chains?
- Sectorial analysis: how are energy transition and sustainability driving investment activity in Italy, and which sectors are particularly affected? A quick overview of the retail and consumer sectors, oil and gas, advanced manufacturing, mobility and digital
- The move towards internationalisation of Italian funds: geographies, strategies and best models to follow
- Permanent capital vehicles: new opportunities for long term investments
- Are Italian take privates growing in number and value?
- What LPs are looking for in 2024 and beyond
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Lunch
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Head of M&A Department of the Firm, Massimiliano represents clients in matters of private and public M&A with a focus on private equity, strategic investments and joint ventures. His experience M&A experience spans various industries, including the real estate and hospitality, insurance, mechanical and food & beverage sectors. He is also often involved as advisor with respect to complex multi-jurisdiction litigation cases. He joined the Firm in 1998 and became a Partner in 2010. He was a Foreign Associate with Skadden, Arps, Slate, Meagher & Flom, LLP in New York and previously a visiting foreign lawyer with Gide Loyrette Nouel, Association d'Avocats in Paris.
Edoardo focuses on complex Italian and cross-border M&A transactions, advising clients on private equity and venture capital deals, leveraged buyouts, divestitures and joint ventures involving a broad range of sectors, including fintech, media, technology, fashion and construction sectors. He also works closely with boards and senior management on their most complex and strategically significant transactions.
Edoardo received his LL.M in business law from UC Berkeley School of Law in 2011 and his J.D. from Bocconi University (Italy) in 2007. Edoardo is the author of numerous articles on mergers and acquisitions and corporate law matters.
Edoardo Canetta joined the Firm in 2011; he became Managing Counsel in 2020 and Partner in 2021. Previously, he worked as associate for leading Italian and international law firms, in particular in 2017 he was an International Associate at Debevoise & Plimpton LLP, in New York.
He is a member of the Milan Bar and graduated from Bocconi University in Milan in 2007. He received his LL.M. from the University of California, Berkeley, in 2011. He speaks Italian and English.
Giovanni sits on the executive committee of ION Analytics and is responsible for engaging with Influencers in the capital market globally and across asset classes. He organizes fireside chats and exclusive closed-door events to facilitate connectivity and knowledge among the influencers. Giovanni joined the company in 2001 where it held various roles in Italy, Germany, London including managing a global team of journalists and data analysts.
Marianna, a Cambridge trained economist, is a co-founder and CEO of the corporate intelligence firm, 36Brains.
After several years conducting research and working in tech transfer, Marianna joined the US corporate investigations firm Kroll, where she rose to become Head of Southern Europe.
She left in 2020 to found 36Brains. Grasping the transformative value that big data will have on the corporate intelligence sector, Marianna has set up a budding European champion in the industry, with offices in Milan and Berlin.
A recognized expert in her field, Marianna regularly teaches courses at various universities and holds seminars in Italy and abroad, mainly England and the United States.
Marianna is a member of the Advisory Board of Transparency International Italy, a member of the Executive Committee of the Adam Smith Society and, a director of the ACFE Italy Chapter.
Massimo Benedetti, PwC Italy, Deals Leader
Massimo Benedetti is Managing Director of PwC Italy Advisory line of service with a background in Deals.
PwC Italy Advisory provides end-to-end streamlined solutions from Strategic designing of the Business Planning to the Execution phase of the specific identified actions. The Advisory Deals Group supports investors, management and owners of industrial and financial groups in order to maximise the company value through deals and one off reorganization. The Advisory Transformation Group contributes to the creation of value focusing on the financial and operational aspects of the day-by-day management of activities.
Over the years, Massimo has worked in Deals with different roles, acting as Financial Advisor in the analysis of investment opportunities, in the negotiation phases and in defining SPAs clausis both in bonis and restructuring procedures.
He has been involved in numerous Italian and cross border transactions leveraging on a multiannual expertise gained in the United Stated and through the coordination of the China, Japan, Korea, Germany, US and LATAM Desks that he helped in developing.
Among his clients, to name but a few, there are some of the main Italian companies such as Conad, Pirelli, Versace, Prysmian, Telecom Italia, Luxottica, RCS Group, De Agostini, Barilla, Coesia, Crif, Mirato. He has supported several foreign investors in the Italian market such as Swisscom, Areva, Elior, Assa Abloy, Alcatel Alenia, TDF, Reed Elsevier, Wolters Kluwer, Bureau Veritas, ZTE, KEDA Clean Energy, Kerry Logistics, Haier, Suning, Tongrentang and CHP Management.
Among his recent projects is the recent disposal of the Public Sector PwC Business Unit to Gyrus Capital, the acquisition of Auchan Italy operations by Conad, the restructuring of the combined group in connection with the acquisition of Pirelli by ChemChina, the acquisition of Candy by Haier, the support to Swisscom in the acquisition of Fastweb, the disposal of Kamps GmbH and Lieken AG by Barilla, the disposal of EON’s Italian assets.
Matteo Zenari is Head of Financial Sponsor Group within the Intesa Sanpaolo IMI Corporate & Investment Banking Division. In his leading role he is in charge globally of the coverage activity of the Investment Banking products and services, such as Structure Finance, Mergers & Acquisitions, Debt & Equity Capital Market and Fund Financing, with Italian and International Private Equity firms. He joined Intesa Sanpaolo Group in the Financial Sponsor Group in 2017, after having headed the Mergers & Acquisitions and Co-Headed the Corporate Finance desks at Société Générale CIB in Italy. Matteo graduated at Luigi Bocconi University with an economic and finance degree.
Beatrice Tamburi is a Partner of Private Wealth and Engagement at Three Hills Capital Partners. She also leads the group's the Business Development in Italy.
Prior to that, she worked for the Italian Asset Manager Kairos Partners as Senior Relationship Manager for 6 years, covering Private Wealth and Institutional Investors.
Earlier in her career, Beatrice worked in the Private Banking division of Banque Pictet SA and in the European Investment Banking divisions of Lehman Brothers and subsequently Nomura, in both the London and Rome offices.
Beatrice graduated cum laude in Business Administration from Bocconi University and speaks Italian, English, French and Spanish.
Elena Lodola joined BNPP Leveraged Finance in 2000 as Associate in the Structured Finance team. After beeing Director and Managing Director in Leveraged Finance and significantly contributing to the origination and execution of major LBO financings, in 2012 she was appointed head of the Italian Leveraged Finance team. She is now responsible for the origination and execution of transactions across bond and loan products, portfolio management and debt hedging of major European and Italian Private Equity funds, as well as Italian corporates. In 2020 she was also appointed Coordinator of the Capital Markets franchise in Italy.
Riccardo regularly assists banks, corporates and financial sponsors in any kind of financing transactions (including leveraged and acquisition finance, real estate finance, corporate finance and refinancing transactions).
Riccardo Rossi joined the Firm in 2019; he became Managing Counsel in 2020 and Partner in 2022.
He graduate from the University of Genoa in 2007 and received his postgraduate Certificate in English Law from BPP Law School, London, in 2008.
Riccardo speaks Italian, English and French.
Elena provides legal assistance to industrial operators and private equity funds in M&A and other complex extraordinary transactions, with a focus on regulated sectors (energy&infrastructure). In particular, Elena is recognized by the international legal directories as M&A expert in these sectors, having worked on the most relevant extraordinary transactions in the gas, airport, telecom towers and transport sectors in Italy. Elena has, also, a remarkable experience in the energy field, having assisted funds and industrial operators in their investments in energy assets, both from renewables and traditional sources.
Elena Busson joined the Firm as Partner in 2023. She is a member of the Florence Bar since 2002 and graduated Magna cum Laude from the University of Florence in 1999. She has a Ph.D. in General Criminal Law from the University of Florence and is a visiting researcher at All Souls College (Oxford).
She is also the author of several publications on corporate criminal law.
Giovanni is Managing Director of goetzpartners’ Italian office, based in Milan.
As a strategy advisor with more than 26 years of experience in management consulting, Giovanni addresses issues such as corporate strategy development, business due diligence, post-acquisition support, digital transformation, market entry strategy, commercial excellence, customer value management, pricing, product innovation.
In the M&A sector he partners with the most prominent private equity houses and financial investors helping them to make the right investment decisions and enhance value creation.
Prior to goetzpartners, he worked in EY as Head of Commercial Advisory Services and in L.E.K. Consulting as Partner and Managing Director of the Italian office.