Agenda
Registration and coffee
play_arrow
Opening keynote: An overview of global and national trends and their impact on the M&A market
2024 began with numerous challenges on both international and national fronts. Despite macroeconomic uncertainties and instability, Italian market operators maintain an optimistic view of the next 12 months, with a positive outlook on the M&A and private equity markets. The first two quarters of the year have shown a prudent approach to deal-making, though the number of deals since January 2024 has remained consistent with 2023 levels. The main drivers of Italy's economy for 2024 are likely to be increased internationalisation, energy and technology transitions, and the strengthening of national infrastructure. In this respect, the Italian 'National Recovery and Resilience Plan', operating within the framework of the 'Next Generation EU' programme, is expected to play an increasingly crucial role and provide a significant boost to relevant industries. This keynote will examine current macroeconomic trends and their impact on the PE and M&A markets in Italy.
play_arrow
Panel: Italian M&A and Private Equity trends and drivers for 2025
In recent years, the Italian M&A market has shown resilience, defying economic headwinds with moderate recovery and strong transaction volumes despite high financing costs. Deal values have trended upward since a 3-year low in Q1, with luxury consumer brands—a sector where Italy excels—contributing significantly to this momentum. Large financial sponsor-backed deals continue to succeed, albeit irregularly. The global appeal of Italian craftsmanship and high-end products continues to drive strategic M&A activities and attract international investors, underscoring the enduring strength of the 'Made in Italy' brand. This panel will analyse key market and sector trends shaping the next 12 months, exploring how Italy's dynamic market may continue to withstand adverse macroeconomic conditions.
- How are firms driving growth and creating value through advanced tools and diligence methods, technology innovation and cybersecurity advancements, and new talent integration strategies?
- What opportunities and challenges does the Italian mid-size market present? What is its acquisition potential? How are succession issues impacting M&A activity?
- How are Italian funds internationalising? Which geographies are they targeting? What strategies and models are proving most effective for delivering returns?
- Which alternative asset classes are most effective in delivering returns for investors?
- Which sectors should we watch in 2025? How are retail and consumer sectors evolving? What developments are occurring in advanced manufacturing and mobility? How is the digital sector transforming? What opportunities does the emerging 'silver economy' present
play_arrow
Panel: Entering a new phase of dealmaking – Portfolio management strategies to support deal activity and build resilience
The current macroeconomic landscape continues to evolve with high levels of uncertainty. However, investors in Italy are showing encouraging flexibility and adaptability as they seek to understand and manage external risks while prioritising what they can control. A degree of stabilisation and optimism has emerged, reflected in robust capital raising and sustained deployment activity. In 2023, private equity accounted for no less than 60% of all deal value, with the largest deals orchestrated by overseas funds. Consequently, the value creation playbook for investors has rapidly shifted from financial leverage and multiple expansion to operational initiatives focused on growing revenues and earnings margins. This panel will discuss the implications for private equity deal-making, exploring business transformation challenges, including digitalisation and energy transition, and how these factors will stimulate private equity funds' role as enablers and accelerators of change.
- What are the best value creation strategies amid higher cost leverage and limited financing access? How are risk management practices evolving? What approaches are effective for business transformation? How are innovation, digitalisation, and generative AI being leveraged?
- How are regulatory and legislative updates impacting dealmaking? What are the effects on origination? How is due diligence changing? What new considerations are arising in deal execution?
- How are mid-size companies performing? What trends are emerging in the Italian start-up market? How is growth capital evolving? What opportunities do scale-ups present?
- How can investors benefit from vintage portfolios, pent-up buyer demand, and a backlog of failed sale processes?
- What lies behind a successful portfolio in terms of matching GP strategies and LP expectations?
play_arrow
Coffee and networking
Panel: Private credit outlook – Innovation in M&A financing and growing opportunities for the Italian market
The resilience of M&A in Italy, coupled with increased involvement of international financial investors, underscores the attractiveness and flexibility of Italian mid-cap private companies in challenging times. However, the end of cheap money and shifting bank credit availability has created a more challenging environment for both strategic buyers and sponsors. This session will examine how corporates have adapted to financing M&A deals with leveraged loans, private credit, and high-yield bonds. We'll explore the changing dynamics of sponsor M&A activities and the impact of macroeconomic factors on private credit, anticipating continued growth and evolution in this market segment.
- What factors are driving tighter lending conditions? How can companies seeking leveraged finance adapt their strategies? What funding options exist for growth or acquisitions?
- What advantages do alternative lenders offer? How can businesses leverage private credit funds?
- How are hybrid capital solutions evolving? What's the ideal balance between debt and equity? How is the role of banks changing? Is pricing affecting valuation, and if so, how?
- What opportunities exist for sponsor-less lending in the mid-cap segment?
- How does international interest in Italian assets impact the landscape? What are the implications for competition? How might lending practices in the region change?
play_arrow
play_arrow
In-conversation: Impact investment deep dive – Is ESG at a crossroad?
The sustainable investing environment is rapidly evolving, with ESG funds experiencing significant growth and companies' ESG performance under intense scrutiny. However, the Italian market shows signs of contraction, with certain sectors being avoided by investors completely and mounting regulatory pressure. This conversation will explore whether ESG investing is at a crossroads and what it might look like in the coming years as regulators in the EU, US, and other regions finalise new rules. Our expert speakers will share best practices on leveraging ESG as an opportunity for value creation.
- How is the lack of measurable data and empirical track records within PE impacting transactions?
- What legal and social challenges is ESG facing in Italy? How are rating inconsistencies and lack of standardisation affecting ESG implementation? What labour law complexities are impacting ESG practices? How is regulatory uncertainty influencing ESG strategies and reporting? What social controversies are emerging around ESG initiatives in Italy?
- How is ESG becoming a dominant factor in due diligence and a core belief, including a more discerning approach to asset selection, increased control over deals, and a stronger focus on operational excellence?
- How are consistency and comparability issues being addressed through in-house ESG indicators, metrics, and ratings? What is the role of boards considering their competencies and efficiency?
- How are companies managing the cost vs. opportunity balance? How will companies reach targets for environmental, climate, social, and governance compliance? What are the implications of Article 8 and Article 9 on ESG investing?
play_arrow
Panel: Italian Private Equity deployment and exit opportunities
This panel will delve into the intricacies of the Italian PE fundraising landscape, current drivers, best practices to enhance efforts, and the increasing emphasis on transparency and trust in LP-GP relationships. We'll explore how secondary activity, including continuation vehicles and preferred equity, is being utilised by GPs to optimise fund management and provide more dynamic exit options.
- What is the current valuation landscape in Italy? What are the successful exit opportunities for funds? How is the stabilisation of interest rates impacting PE transactions? How might this influence investment strategies, deal structures, and returns?
- Which factors have contributed to deal value and volume fluctuations in 2024? How can investors navigate this landscape to maximise investment value? How can they leverage the narrowing valuation gap?
- What's the status of IPOs and carve-out activity in Italy? Is there more talk than action?
- How are the secondary market, continuation funds, and capability investing shaping exit strategies? How can sponsors secure their capital structures in the current scenario?
play_arrow
play_arrow
Networking lunch
Conference close
Confirm cancellation
An error occurred trying to play the stream. Please reload the page and try again.
CloseSign-up to join the ION Analytics Community to:
- Register for events
- Access market insights
- Download reports
Giuseppe Baldelli ha iniziato la sua carriera professionale nel 1996 presso Credit Suisse (all’epoca BZW), dove ha lavorato nel corso degli anni sia nei team EMEA M&A che EMEA Media & Telecoms, diventando Managing Director nel 2008.
Nel 2010 è entrato in Deutsche Bank come responsabile M&A per l’Italia e nel 2012 è diventato responsabile delle attività di Investment Banking in Italia. Durante il suo periodo a Deutsche Bank, è stato anche nominato Vice Presidente di EMEA M&A e ha guidato le attività di M&A e copertura strategica per l’Europa meridionale. Nel 2021 è stato nominato Presidente di EMEA Investment Banking Coverage & Advisory.
Nel giugno 2022, si è unito a Mediobanca come Co-Responsabile di Corporate & Investment Banking.
Con circa 30 anni di esperienza, Giuseppe Baldelli ha lavorato su alcune delle più importanti operazioni di M&A, equity e debito in Italia e nell’area EMEA
In 1994, Filippo graduated in Law, With Honours from University of Bologna.
Since 2002, Filippo assisted clients in more than 70 transactions for a value exceeding 137 billion Euro.
Filippo works on private and public M&A transactions, both inbound and outbound the Italian market, side-by-side with leading Italian and international industrial groups, financial institutions and private equity funds, as well as key Italian institutions.
He advises Italian and international players involved in extraordinary transactions, group reorganisations and governance issues and with a focus on assistances involving regulated entities and sectors, foreign screening investments regulations and activist players.
C.E.O. and co-founder of Quadrivio Group. Over 18 years of experience in private equity and alternative investments, managing over 1.6 billion Euro.
Quadrivio Group is a private equity firm with offices in Luxembourg, Milan and London, focused on the mid market.
Prior to Quadrivio Group he was Manager at The Boston Consulting Group and Brand Manager of Procter & Gamble.
He graduated magna cum laude in Business Administration at the University of Torino, Italy.
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.
Giovanni has more than 25 years M&A experience primarily performed for large international corporates and private equity houses. He is graduated in Business Administration from Università Cattolica del Sacro Cuore in Milan and he isfluent in Italian (mother tongue), English and French.
His main areas of expertise include financial and vendor due diligence, pre-dealanalyses and post-deal integration, carve-outs, value creation analyses. His mainindustry focus is on Healthcare & Pharma, Business Services, Industrial Products and Retail and Consumer
Marianna combines a deep knowledge of corporate intelligence and business investigations with an unconditional love for technology. She has a long history working with tech from her early career in technology transfer at the University of Cambridge. When she joined the industry, she first led efforts to open the Italian market to forensic techniques and then to cyber intelligence & data breach response, becoming an authority in these domains. Marianna rose to become Kroll’s Head of Southern Europe and a member of the company’s risk committee. As a manager she was responsible for both operations and network expansion. Marianna went to found the European intelligence and investigations firm, 36Brains which was merged into RSM.
Marianna has often served as a member of corporate supervisory bodies (Organismi di Vigilanza): anticorruption councils required for large companies in Italy.
Marianna’s expertise is also recognised at an academic level. She regularly holds courses at universities and institutes of higher learning in Italy, the UK and the US.
As a partner and head of Rivean’s Milan office, Giuseppe is actively involved in all Rivean investments in Italy.
Previously, he spent four years at Hg in London focusing on technology deals across Europe. Prior to this, Giuseppe worked for Apax Partners and Merrill Lynch in Milan and London.
Giuseppe has a master’s degree in industrial engineering from Parma University (Italy) and an MBA from Harvard Business School (USA).
Andrea joined IGI in 2018 after 5 years as a Partner of Labs Investments, an M&A boutique, responsible for origination and execution of mainly sell-side primary mid-cap deals.
Previously, he carried out major financial and turnaround operations for an advisory, specializing management control and financial performance analysis.
Andrea graduated in Economics and Law at the Bocconi Un
Gianandrea, was appointed Chief Executive Officer and General Manager of DeA Capital Alternative Funds in June 2017. Since July 2021 he is member of the Executive Board of AIFI (Italian Association of Private Equity, Venture Capital and Private Debt).
His professional experience began in 1997 in Mediobanca, in the equity capital market team, and in 2000, he moved to Lehman Brothers Investment Banking team. In 2001, he started his experience in UniCredit where he has developed his career for 10 years in the Corporate and Investment Banking division, heading the Italian Corporate Finance Advisory team and the Multinational Financing team. In 2011 he joined FondiariaSai as Deputy General Manager with the responsibility of the Real Estate business, of the diversified businesses and of the M&A team. From 2013 to July 2015 he was Partner at PwC Italy heading the M&A team.
From August 2015 to June 2017 he was Director of Strategy and Management of existing shareholdings at DeA Capital S.p.A. supporting the top management in strategic investments, divestments and management of the portfolio.
He graduated with full marks with honors in Business Administration at Università Commerciale Luigi Bocconi in Milan.
Francesco is a Senior Advisor to Pemberton and focuses on Italy and Spain. He is also a member of the Credit Review Committee of Pemberton Capital Advisors LLP.
Francesco has over 25 years’ experience in corporate and credit markets. He founded an independent advisory firm in 2011 and has advised on a broad range of corporate finance transactions in the Italian and cross border markets over the last few years. Previously he worked at RBS from 2002 and 2010, where he was Managing Director, Head of Corporate and Institutional Banking and member of the Italian Executive Committee.
He started his career at JPMorgan Chase where he worked for 5 years across various coverage and product roles within Investment Banking.
Francesco graduated from Sapienza University of Rome with a Master of Science in Economics and Business Administration.
Laura is a Principal in the Ares Credit Group, where she focuses on direct lending in Italy and France.
Prior to joining Ares, Laura worked in the Direct Lending team at Permira Credit, and in Leveraged Finance at Citi.
Francesco is Director and Head of Italy in mid-market private equity at Andera MidCap, part of Andera Partners. Francesco has 12 years of experience in M&A (Goldman Sachs in London) and Private Equity (GIC Integrated Strategies in London).
Francesco has a degree form Bocconi University with a Master in Finance
Massimiliano Manniello joined EQT Partners in January 2019 in the London office and relocated to Milan in 2020.
Massimiliano is part of the Italian Team as well as of the Global Healthcare Team.
Prior to joining EQT Partners, Massimiliano was at BC Partners where he focused on pan-European investment opportunities. Prior to his experience in Private Equity Massimiliano also spent 2 years at McKinsey & Company.
Massimiliano holds an MBA with distinction from London Business School as well as a M.Sc. in International Management with distinction from Bocconi University and Fudan University.
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.
Marco joined BC Partners in 2006. He is a Partner in the Private Equity team based in London and covers the European Consumer sector, with regional responsibility for the Italian market.
Marco has an MBA from the University of Chicago Booth School of Business and a Degree in Business Administration from Bocconi University.
Previously, Marco worked as a Management Consultant at Bain & Company, where he focused on strategy and M&A projects.