M&A transactions
Our Firm offers its assistance in M&A Sell Side and Buy Side transactions.
Sell Side
There are many factors that today lead people to consider an M&A operation more frequently: the huge liquidity and dynamism of the market, the absence or impossibility of a generational change in the company, the desire to renew their challenges.
In particular, in transactions involving SMEs (i.e. mid-market transactions), the entrepreneur on the seller’s side often does not know how the transaction will develop, remaining confused and uncertain. Therefore, the first step is to become aware of the consequences of such an important and definitive choice, also understanding the various stages of development of the negotiation.
In this context, it could also happen that the valorisation (as well as the expectation) does not take into account all the elements that need to be considered, or that latent risks are not considered in advance, or that the practical implications of certain agreements are not considered.
We therefore assist the entrepreneur in the overall process, starting from focusing on the economic desiderata, but not only (as mentioned, first and fundamental step, often underestimated), compared to an event that is generally unique in life.
Buy Side
Our Firm supports investors during the target evaluation activities, in particular we deepen the analysis and quantification of a possible tax risk as a significant element.
In M&A transactions area, our Firm conducts tax due diligence.
Concluded transactions of public relevance
Partners of
Finrel S.p.A. (the holding company of the Casappa Group), carried out a major corporate and family reorganisation.
Year: April 2023
Role: Family trusted advisor and sell-side financial advisor
Sector: Industrial
The shareholders of Finrel S.p.A. have completed an important corporate reorganization process.
The shareholders of Finrel S.p.A., the Casappa family holding company that controls a group active in the design, production, and marketing of hydraulic components, have completed an important corporate reorganization process. The goal is to ensure the continuity of the significant development, investment, and international growth project.
The Casappa family has undertaken a corporate journey that, on one hand, preserves the continuity of the current management team and, on the other, consolidates governance under Renato, Luciano, and Filippo Casappa, with Stefania and Elena Casappa exiting the corporate structure. The agreement was finalized through the full cooperation of all parties involved.
The entire Casappa family was assisted by Dr. Carlo Bertoncello and lawyer Massimo De Vincenzo in a process aimed at finding a better redefinition of the family organizational structures of the Finrel Group.
Subsequently, Elena and Stefania Casappa were assisted by Dr. Carlo Bertoncello, as financial advisor, and lawyer Massimo De Vincenzo for all legal and corporate aspects.
STPG Scouting Capital Advisors assisted Luciano, Renato, Filippo Casappa, and Finrel S.p.A. with the financial aspects of the operation, also coordinating the debt advisory activity aimed at raising funds for the operation, which involved a pool of banks composed of Credit Agricole (agent bank), Banco BPM, BPER, and BNL. The STPG Scouting Capital Advisors team was coordinated by managing partner Filippo Bratta and included Associate Director Elisa Rivi and Analyst Eleonora Preto.
PwC TLS Avvocati e Commercialisti assisted the shareholders Luciano, Renato, and Filippo Casappa throughout the entire corporate reorganization process.
In particular, PwC TLS handled all legal, corporate, and fiscal aspects (structuring, negotiation/contractual assistance), with a team of lawyers coordinated by partner Filippo Zucchinelli and consisting of director Michele Fava, senior manager Giulio Della Casa, manager Laura Spazioso, and senior associate Valeria Chiocca, and with a team of accountants coordinated by partner Simone Marchiò, senior managers Marco Messina and Paolo Bettinardi, and senior associate Francesca Mariani.
Regarding the negotiation of bank financing contracts, the team of PwC TLS lawyers was coordinated by partner Tommaso Tomaiuolo and consisted of director Gianluca De Donno and senior manager Luca Salvatori.
The banks involved in the operation were assisted by lawyer Davide D’Affronto (Simmons & Simmons).
Partners of
they transferred the entire share capital to employees of the same company, completing a management buyout.
Year: August 2023
Role: Sole financial advisor for all parties involved
Industry: Chemical
The shareholders of Elettromunari S.r.l. have conducted a generational transfer, ensuring the continuity of the team built over the years.
The shareholders of Elettromunari S.r.l. have conducted a generational transfer of the company by selling it to one of their employees.
The operation ensures the continuity of business relationships, also thanks to the continued support from the outgoing entrepreneurs, in an atmosphere of utmost trust, thus enhancing the relationships built over years of work.
Dr. Carlo Bertoncello assisted both parties in defining a shared company valuation, structuring the financial aspects of the operation, and carrying it out up to the notarial deeds.
The operation was financed by Banca del Veneto Centrale.
Partners of
they sold the majority of the capital to
Year: June 2022
Role: Sell-side financial advisor
Industry: Luxury Furnishing
Italian Design Brands (IDB) acquires a majority stake in Gamma Arredamenti International S.p.A.
Partners of
they sold a share of the capital to
Year: December 2022
Role: Sell-side financial advisor
Industry: Food & Wine
Vinicola CIDE S.r.l. joins the Piccini Group, consolidating a relationship of over a decade
According to the agreement, the Dall’Armellina family, founders of Vinicola CIDE S.r.l., will remain shareholders and an integral part of the governance. The operation allows the two entities to merge complementary visions and create a nationally and internationally significant entity known for its iconic products widely recognized and appreciated worldwide.
Tenute Piccini S.p.A., headquartered in Castellina in Chianti, since 1882 has offered the most original and diverse expressions of Italian wine culture and tradition, with a history spanning four generations dedicated to the passion and culture of wine. Producing 30 million bottles annually, Piccini wines grace tables in over 80 countries worldwide.
Vinicola CIDE S.r.l., located in the heart of the Prosecco region, boasts over 40 years of experience in purchasing, processing, and bottling still, sparkling, and sparkling wines, specializing particularly in Prosecco, a wine whose consumption and appreciation worldwide are steadily increasing. With a specific focus on large-scale retail, Vinicola CIDE S.r.l. is one of the leading bottlers in the region, producing over 13 million bottles annually with an export share exceeding 70%, facilitated in part by Vinicola CIDE GmbH in Germany, also now part of the Piccini Group.
Dr. Carlo Bertoncello of Bertoncello Business & Private Advisor, as financial advisor, and Studio Belloni, with partner Avv. Piero Belloni Peresutti, handling legal aspects, assisted the selling shareholders of Vinicola CIDE S.r.l.
Dr. Marco Camerini of Studio Camerini Rodriguez, as financial advisor, and Laroma Jezzi & Partners – Studio Legale, with Avv. Philip Laroma Jezzi and Leonardo Amadori as legal advisors, assisted Tenute Piccini S.p.A.