There is not only the Stock Exchange. At a time like this, marked by the pressure from central banks on the price lists, the road to listing risks being too bumpy and marked by large discounts to entice subscribers. Hence the fortune of private equity able to act as a bridge between start-ups, looking for capital to grow, and the needs of increasingly impatient financial operators, among other things, the constraints and costs associated with listings.
It fits into this line the Eataly operation: faced with timid stock markets, reluctant to recognize a fair value to freshmen (see also the postponement of the listing of Plenitude by Eni) the decision of the historical partners to cede control of the spearhead of Made in Italy at the table to Investindustrial by Carlo Bonomi discarding the solution of an IPO, which has been mooted for years.
Eataly: Tip di Tamburi increases its stake in the company
The new course has been blessed by the Tip of Gianni Tamburi, Eataly's historic partner, now present in 15 countries with 44 points of sale. The merchant bank took the opportunity of the entry of Investindustrial to increase, through the subsidiary Clubitaly, its stake in the company founded by the Farinetti family, "significantly" lowering the average book value. In addition, Tip will be entitled to representation on the board. An agreement between protagonists of the financial market who can boast a long track record in the success of companies on international markets.
Even Eataly, financially strengthened by a capital increase of 200 million euros, part of the total disbursement (350 million) of the deal could soon resume the path of growth, interrupted in the year of the pandemic (2020 turnover of 465 million euros against 525 in 2019). The first stop will be buying from Bastianich family of the minority stake in the American subsidiary, starting with the flagship store in Manhattan, facing the Flatiron, one of the most important historic buildings in the Big Apple. But it is clear that the strategy of the "new" Eataly, in any case chaired by Nicola Farinetti, will be far more aggressive, thanks to the elimination of debts.
Oops: now the accounts are positive
The operation between Investindustrial, the Italian private company best rooted in the international financial reality (just think of the Aston Martin operation), one of the international leaders in the sector, and Tip's parlour, a concentration of manufacturing companies and of services that express the best potential of Made in Italy. Yesterday, on Eataly day, Tamburi was able to celebrate the final turnaround of Ovs, a company supported financially at the time of the crisis, aggravated by Covid. Even in the darkest moments Tip has given its contribution to the management line, favoring investments and acquisitions. Now the accounts are back: in the half year net sales amounted to 705,8 million +17,8% on an annual basis. Adjusted Ebitda amounted to €82,3 million, with a margin of 11,7% compared to 10% in the first half of 2021 and 9,6% in the same period of 2019. Net profit amounted to €31,9 million . And the prospects for the end of the year are brilliant, as is the response from Piazza Affari: +22%.
On the stock exchange or with a private shareholder, in short, the strategy doesn't change: focus on companies with strong growth potential while guaranteeing the right financial ammunition.
