Tamburi & Associati Via Pontaccio 10 - 20121 Milano - tel. 02 88 58 801 email: [email protected] - www.tipspa.it
Ranking by number of mergers and acquisitions
2009 League table
Company N. of deals
1Banca Imi 33 2 Mediobanca 20 = Deloitte & Touche 20 4 Rothschild 19 =KPMG 19 6Unicredit Group 17 7Lazard 14 8JP Morgan 13 =BNP Paribas 13 10 Tamburi & Associati 12 11 Vitale & Associati 10 12 Banca Leonardo 9 =Morgan Stanley 9 14 Bank of Amrica Merryl Linch 8
Source: Lombard
2000-2009 League table
Company N. of deals
1 Rothschild 340 2 Lazard 273 4 Mediobanca 246 3KPMG 231 5 Tamburi & Associati 194 6 Deloitte 191 7 Banca IMI (Intesa-San Paolo) 161 8JPMorgan 157 9Ernst & Young 153 10 Nomura / Lehman Brothers 139 11 Morgan Stanley 121 12 Citi 119 13 Interbanca 111 14 Goldman Sachs 108
Source: Lombard
2
About us
Tamburi & Associati – a division of Tamburi Investment Partners S.p.A. - is one of the leading Italian financial advisory operator with particular emphasis on the world and needs of mid-size companies. Tamburi & Associati (“T&A”) has held a leading position for many years on the Italian mergers and acquisitions market in terms of number of successfully completed transactions.
Thanks to the number and quality of deals that it has successfully completed, T&A has the experience and know-how to help entrepreneurs and companies in:
quickly understand any business problem;
identify detailed solutions with respect to negotiations, assessments, finance, taxes and corporate needs for each company and situation;
quickly and effectively complete the deals it takes on, including the creation of all related contacts.
T&A – many of whose team members have more than twenty years experience in the areas of corporate finance and mergers and acquisitions – over the years has also turned to the public sector, in particular by offering assistance in divestments and privatizations, sales of companies with particular industrial asset problem, transformation and enhancement of local and specialized public utility companies– or companies with public sector involvement – both on a local and national level.
T&A also assists primary international groups and multinationals in their M&A activity on the Italian market (acquisitions, disposals of non-strategic assets, etc.).
3 RESTRUCTURING AGREEMENT AS PER ART. 182 BIS OF ITALIAN INSOLVENCY LAW
HAS ACQUIRED A FURTHER STAKE OF
IN THE TRANSACTION THE BUYERS IN THIS TRANSACTION THE COMPANY HAS BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
HAS MADE A CAPITAL INCREASE FINALIZED TO THE HAS ACQUIRED THE ENTIRE CAPITAL OF THE COMPANY ACQUISITION OF THE ENTIRE CAPITAL OF THE COMPANY
THE TRANSACTION HAS BEEN CREATED, ADVISED IN THE TRANSACTION THE SELLERS AND FINALISED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
HAS ACQUIRED A MINORITY STAKE IN THE CAPITAL OF HAS ACQUIRED A 100% STAKE IN THE COMPANY
IN THE TRANSACTION THE SELLERS IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
4
Business Activities
Tamburi & Associati offers assistance in:
1. Acquisition of companies, shareholdings, stakes, corporate affiliates and brands.
2. Assignments of companies, shareholdings, stakes, corporate affiliates and brands.
3. Planning and execution of public offerings.
4. Definition of the opportunity, structure, characteristics and timeframes for a stock market listing.
5. Definition of the optimal financial and corporate structures for private and public companies.
6. Privatization and enhancement of public companies.
7. Assessments, appraisals, fairness opinions, corporate evaluations, including shareholdings, corporate affiliates and brands.
8. Opinions and feasibility studies relating to corporate rationalization, restructuring, integration and investment development projects (including support in the definition of business/financial planning and financial debt restructuring).
9. Solutions to shareholding situations where there are differences among the shareholders and/or succession issues.
5 FINCITT S.r.l.
HAS ACQUIRED A STAKE IN THE CAPITAL OF THE GROUP HAS ACQUIRED A MAJORITY STAKE OF
COLAVITA U.S.A. LLC
IN THE TRANSACTION THE BUYERS IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
HAS ACQUIRED 100% STAKE IN THE COMPANY HAS ACQUIRED A RELEVANT STAKE OBTAINING THE ABSOLUTE MAJORITY OF
IN THE TRANSACTION THE SELLERS IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
IN THE CONTEXT OF A JOINT-VENTURE AGREEMENT IN WHICH A RELEVANT PART OF HOTELS HAVE BEEN TRANSFERRED
HAS SOLD A MAJORITY STAKE OF THE JOINT VENTURE TO HAS ACQUIRED 100% STAKE IN THE COMPANY THE GROUP
IN THE TRANSACTION THE SELLERS IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
6
Deal StructStructuringuring
1. Acquisition of companies, shareholdings, stakes, corporate affiliates and brands.
Tamburi & Associati’s work typically involves the following steps:
analysis of the specific sector, the asset structure and those aspects
that are most critical for success;
screening of acquisition possibilities within and outside the defined
business sector;
analysis of selected target companies from a manufacturing, commercial,
economic and financial viewpoint;
preparation of a summary of the main features and characteristics of the
target companies selected through the initial screening;
performing and coordinating the necessary – or useful - due diligence in
order to obtain complete information of the businesses concerned;
preparation of general or specific estimate reports regarding the value of
the economic capital of the companies/affiliates/brands selected;
initiation of contacts with the owners of the chosen companies and – in
the event of a positive response – starting negotiations;
negotiation of the essential terms of the transaction using legal and tax
specialists; finalizing the specific contractual terms of the agreements
taking account of the findings of the corporate analysis, assessments, due
diligence and the expectations of the other party;
coordination of all the stages after an agreement has been reached
(closing, accounting checks, fulfillment of obligations, etc.).
7 THE GROUP
OWNER OF THE BRANDS
HAS ACQUIRED THE ENTIRE CAPITAL OF HAS FINALIZED A MERGER OF THE REAL ESTATE AND FINANCIAL NETWORKS WITH THE GROUP
IN THE TRANSACTION THE BUYERS IN THE TRANSACTION UBH GROUP HAVE BEEN ASSISTED BY HAS BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
HAS ACQUIRED 100% STAKE IN THE EUROPEAN POWDER HAS ACQUIRED THE ENTIRE CAPITAL OF COATINGS BUSINESSES OF THE GROUP
A COMPANY CONTROLLED BY
IN THE TRANSACTION THE BUYERS IN THE TRANSACTION OPERA HAS BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
HAS SOLD TO A COMPANY BELONGING TO BIRDS EYE IGLO GROUP LIMITED (CONTROLLE D BY PERMIRA) HAS ACQUIRED A MAJORITY STAKE IN THE THE ITALIAN BUSINESS ACTIVITIES FRENCH COMPANIES
IN THE TRANSACTION THE BUYERS IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
8
Deal Structuring
2. Assignments of companies, shareholdings, stakes, company branches and brands
Tamburi & Associati’s work typically involves the following steps:
analysis of the competitive situation and defining the essential elements taking into account the market, technology, external events which influence the business and the actions of the main competitors;
analysis of the main reasons for the assignment and the related implications in terms of the proposed transaction;
analysis of the potentially interested counterparts and verification of the best opportunities likely to be offered by other businesses in the same sector, in related or complementary sectors, and/or by institutional investors, private equity operators, investment funds, and merchant banks;
preparation of a summary of the main features and characteristics of the business to be sold;
initiation of contacts with selected counterparts in accordance with the client;
if necessary, preparation of a data room and coordination of the stages of due diligence with respect to documents, systems and all matters concerning the businesses involved in the transaction;
initiation of negotiations, if the counterparts have shown interest, and assistance in the preparation of the sales contract and all the documentation needed to do all further analyses necessary;
coordination of all the stages after an agreement has been reached (closing, accounting checks, fulfillment of obligations, etc.).
9
10
Deal Structuring
3. Planning and execution of takeover bids
Tamburi & Associati’s work involves the following steps:
assistance to the offering company with the preliminary set up of the transaction, necessary timeframes, the related advantages and with the selecting the intermediary and the other professional figures needed to complete the offering;
negotiation of the commissions and fees related to the transaction;
definition of the offering share price in cooperation with the offering company;
preparation of the offering documentation in cooperation with the other consultants involved;
coordination of the various stages of the transaction and assistance to the offering company in the various stages of discussions/verifications, including those with the governing authorities.
11
12
Deal Structuring
4. Establishing the opportunity, means, characteristics and timeframes for a stock market listing
Tamburi & Associati’s work involves the following steps:
assistance to the company shareholders in analyzing the feasibility and convenience, necessary timeframes, related advantages and in selecting the sponsoring bank, the global coordinator, the specialists and the other figures needed to complete the transaction;
assistance in the negotiation of the essential terms of the appointment in order to create the best conditions with respect to cost, quality, completeness of the service and completion times;
coordination of the work of legal and tax consultants, independent auditors, sponsoring bank, global coordinator and other persons involved in preparing the prospectus;
support to the company and all the other various consultants involved to prepare all the additional information documents needed for the purpose of the filing to the Italian Stock Market and CONSOB (the stock market governing authority);
assistance to the company in assessing the economic and timing proposals made by the global coordinator, as well as establishing with the global coordinator the underwriting structure, the division of responsibilities and shares among the members of the company, their economic incentives, the final scale of the offer, the related timeframes, offers to employees, final allocation of the shares and any activation of the green shoe;
• support to the shareholders in negotiating the final offering price with the global coordinator/sponsor.
13 HAS ACQUIRED A MINORITY STAKE OF HAS ACQUIRED
a a a A MAJORITY MINORITY A MAJORITY STAKE STAKE STAKE in in in
FLEXOPACK
AND ACEGAS HAS SIMULTANEOUSLY ACQUIRED A MINORITY STAKE IN AMG GORIZIA
IN THE TRANSACTION AMG GORIZIA HAS BEEN ASSISTED BY IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
T AMBURI & A SSOCIATI
HAS ADVISED WITH A JOINED MANDATE WITH NOMISMA
HAS PERFORMED A GROUP RESTRUCTURING AND REORGANIZATION
IN THE TRANSACTION THE GROUP IN THE CONSTRUCTION OF THE INDUSTRIAL AND STRATEGIC PLAN HAS BEEN ASSISTED BY AND IN THE EVALUATION OF THE COMPANY TAMBURI & A SSOCIATI
HAS ACQUIRED THE ENTIRE CAPITAL OF
GAVE THE MANDATE TO EVALUATE GROWTH AND OPTIMIZATION OPPORTUNITIES TO A COMPANY CONTROLLED BY
TAMBURI &ASSOCIATI
IN THE TRANSACTION AMG S.P.A. AS A RESULT OF THE PRIVATIZATION PROCESS ALL THE ACTIVITIES HAS BEEN ADVISED BY OF THE GROUP WERE SOLD TO THE GROUP T AMBURI & A SSOCIATI
14
Deal Structuring
5. Defining optimal financial and corporate structures for private and public companies
creation of business and financial plans for obtaining financing, finalizing recapitalization plans and admitting new partners;
preparation of debt consolidation / refinancing plans;
preparation of employee shareholder and stock option plans;
identification of minority partners with both industrial and financial standing.
6. Privatization and enhancement of public companies
Tamburi & Associati establishes and puts into place privatization plans for industrial and commercial companies, as well as companies operating in public services.
Tamburi & Associati also offers assistance in the preparation of feasibility studies relating to corporate transformations, disposals, alliances/JV and integrations.
A detailed database of companies operating in the public utilities sector has been set up and it is constantly and carefully monitored.
15
INVESTITORI PRIVATI
HAS ACQUIRED A MAJORITY STAKE IN THE CAPITAL OF HAVE ACQUIRED A MINORITY STAKE IN THE CAPITAL OF
FINANCIERE SYZ & CO
HOLDING COMPANY OF
THE TRANSACTION HAS BEEN CREATED, ADVISED IN THE TRANSACTION THE BUYERS AND FINALISED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
HAS ACQUIRED A MAJORITY STAKE OF HAS ACQUIRED A MAJORITY STAKE IN
FROM THE GROUP FROM THE GROUP
IN THE TRANSACTION THE SELLERS IN THE TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
A COMPANY OF THE GROUP ASPEA S.p.A.
HAS ACQUIRED THE ENTIRE CAPITAL OF HAS ACQUIRED THE BUSINESS DIVISION ACTIVE IN THE DISTRIBUTION OF ELECTRICAL ENERGY FROM
NECCHI MACCHINE PER CUCIRE S.R.L.
IN THE TRANSACTION THE BUYERS IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
16
The team
All transactions – including those with foreign clients and/or counterparts – are carried out by Tamburi & Associati’s full-time staff that is permanently based in the Milan office.
T&A has a permanent team of about 20 people that offers clients the ability to tackle ordinary and unusual financial issues, in a manner that is unmatched by most Italian financial advisors and foreign companies operating in Italy. In addition to our high level of professionalism and total indipendence from primary institutions, banks, etc., Tamburi & Associati offers the flexibility and efficiency that only a company that is innovative and not weighed down by bureaucracy can provide.
Management Giovanni Tamburi Chairman and Managing Director
Alessandra Gritti Vice Chairman and Managing Director
Claudio Berretti General Manager
Alessandro Martinoni Advisory Director
Independent auditor KPMG S.p.A.
17 CLUBTRE AMPLIIFON NH HOTELES (PRYSMIAN)
GRUPPO IPGH -china -vietnam DATALOGIC ZIGNAGO VETRO - mergers & acquisitions -thailand (INTERPUMP) -india -ipo’s -korea -taiwan -financial advisory - hong kong DATA HOLDING MONRIF NOEMALIFE (B.E.E. TEAM)
BORLETTI GROUP BOLZONI SERVIZI ITALIA (PRINTEMPS) - canada - portugal -U.S.A. -U.K. VALSOIA M & C - germany - spain - holland - switzerland - france - india - sweden
-turkey
MAIN MAIN OTHER STRATEGIC INTERNATIONAL LISTED COMPANIES NON LISTED COMPANIES ACTIVITIES PRESENCE
Relations with other group companies
Tamburi Investment Partners S.p.A. (“TIP”)
TIP is an independent investment/merchant bank which has placed “excellent” companies in the center of its focus of activity and interest.
TIP is not a private equity fund, consequently:
Invests with a real medium term (or if possible long term) horizon;
Invests in minority stakes leaving to the enterpreneurs the responsibility and the guidance of the partecipated companies;
Capitalizes on a relevant and unique ‘asset’ represented by several families of enterpreneurs who are stable shareholders of TIP, most of them since the establishment.
TIP has been listed on the Stock Exchange since November 2005, with a current market capitalization of almost 200 mln Euro. In addition to already available financial resources and those guaranteed by the shareholders, ‘callable’ in every moment, TIP has access to additional and substantially unlimited availability of cash for co-investments by its shareholders.
TIP shareholders include some of the most important Italian business families, who can offer their industrial know-how and participate - as co-investors - especially in large transactions (“club deals”).
19
Board of Directors
Giovanni Tamburi(*) Chairman and Managing Director Alessandra Gritti Vice Chairman and managing Director Claudio berretti Executive Director and General Manager Cesare d’Amico Vice Chairman Giuseppe Ferrero Indipendent director Claudio Gragnani(*) Indipendent Director Mario Davide Manuli Indipendent Director Sandro Alberto Manuli Indipendent Director Marco Merati Foscarini(*) Indipendent Director Giancarlo Mocchi Indipendent Director Bruno Sollazzo Indipendent Director
(*) Member of the Compensation Committee.
20
SeconTip S.p.A.
SeconTip S.p.A.. – a company 100% controlled by Tamburi Investment Partners S.p.A helped to create – is the first independent Italian investment company that operates in the secondary private equity market, i.e. downstream from the normal private equity business. SeconTip in fact aims to acquire shareholding portfolios, management companies, shares in funds and add-on acquisitions made by private equity players’ invested companies.
The top management of TIP has coordinated a pool of institutional investors including the Assicurazioni Generali group and 11 private investors and family businesses.
SeconTip owns a 3.5 % stake in Management & Capitali (“M&C”) - an investment company specialised in turnaround and underperforming assets.
Portfolio of private Private equity fund Shares in corporate equity shares shares vehicles that control private equity structures
Shares in management Shares held in Subscription of companies (SGR/Lim. private equity increased capital for Partn.) structures “add-ons”
21
The international presence
Tamburi & Associati entered into a series of global partnership with some independent investment banks, leaders in corporate finance advisory and focused on medium sized companies, with the aim to support and cover the needs of its clients, entrepreneurs and companies, that have become progressively “multinationals”.
Thanks to the successful partnerships created in Asia (Palazzari & Turries), North America and Europe (CFI), Turkey (Projex) and Poland, T&A can manage its clients cross-borders needs and domestic operations, taking advantage of its partners skills and extensive network of contacts.
The Palazzari & Turries partnership
TIP owns a 30% stake of Palazzari & Turries Ltd, a small but well-established investment bank based in Hong Kong and Pechino, whose promoters boast more than ten years experience on the Asian, and in particular Chinese, market. This relationship allows Tamburi & Associati to offer its own clients a series of additional services, including:
support for Italian and foreign companies that are interested in entering the emerging markets of the Far East (China, India and other emerging countries in Southeast Asia);
screening and selection of operating partners and creation of solid relationships with the local authorities;
development and management of commercial and industrial activities through a completely outsource-based model;
corporate, banking and tax support.
22
CCorporateorporate Finance International (CFI) partnership
T&A is a member of Corporate Finance International (CFI), international partnership among merchant banks operating in M&A advisory, focused on middle size companies, based in the following countries: U.S.A., Canada, Germany, Holland, Portugal, United Kingdom, France, Spain, Switzerland, Sweden and India.
Members of CFI are a variety of independent advisory firms, with a remarkable experience in M&A cross border and locally on medium size companies, based in the main industrial areas of North America and Europe, such as: Amsterdam, Barcelona, Breme, Cardiff, Chicago, Lisbon, Cleveland, Detroit, Dusseldolf, Paris, Rotterdam, Stockholm, Toronto, Zurich and Mumbai.
The North American, European and Asian partners of CFI have been chosen for the following distinctive characteristics in common with T&A:
focus on medium size companies
high expertise in industrial key sectors
outstanding positioning in the territory
flexibility and independence
network of contacts in the territory, also with important family offices
23
Projex partnership
From the end of 2007 T&A is partner of Projex, an Ankara based independent strategy & business consulting firm, whose promoters boast a long experience and know-how on the Turkish market and on the neighbouring countries, such as Jordan, Syrıa, Azerbaıjan, Russıa, Ukraıne, Israel, Egypt, Saudı Arabıa.
With its valuable expertise in the main industrial sectors (e.g. energy, defence & aerospace industries, environment, infrastructure, land and real estate development) and its network of contacts, also with the most outstanding public and private foundations, financial institutions and family offices, Projex is the ideal business partner for TIP to provide its investee companies' and customers additional services in the territory, such as:
support and development of M&A deals and joint ventures with local operators
screening and choosing the operating partners
building sound relationships with local authorities
project origination, development, implementation and financing
sito web: www.proje-x.com
24 COMECAM S.r.l. USTICA LINES S.p.A. AND THE TOP MANAGEMENT OF RODRIQUEZ
THROUGH THE CONTROLLED COMPANY SO.FI.BA.R S.p.A.
HAS ACQUIRED – THROUGH A PUBLIC PURCHASE AND HAVE ACQUIRED EXCHANGE OFFER – THE MAJORITY STAKE OF
IN THE TRANSACTION BANCA COOPERATIVA IN THE TRANSACTION THE BUYERS DI IMOLA HAS BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
THE ENGLISH GROUP
HAS ACQUIRED FROM MIDLAND MONTAGU VENTURES THE HAS ACQUIRED A STAKE IN THE ENGLISH COMPANY ENTIRE CAPITAL OF
CELTECH
IN THE TRANSACTION THE SELLERS IN THE TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
HAS ACQUIRED THE CONTROLLING STAKE OF
HAS ACQUIRED A RELEVANT STAKE OF THE COMPANY
IN THE TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY TAMBURI & A SSOCIATI T AMBURI & A SSOCIATI
25 THE PRIVATE EQUITY FUND
HAS ACQUIRED THE ENTIRE CAPITAL OF HAS ACQUIRED THE ENTIRE CAPITAL OF
IN THE TRANSACTION THE BUYERS IN THE TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
A COMPANY OF THE GROUP
OMNIAINVEST
HAS ACQUIRED THE CONTROLLING STAKE OF HAS ACQUIRED A STAKE IN
IN THE TRANSACTION THE BUYERS IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
HAS ACQUIRED A STAKE OF HAS ACQUIRED THE BUSINESS DIVISION ACTIVE IN THE LOCAL ENERGY DISTRIBUTION FROM
IN THE TRANSACTION THE SELLERS IN THE TRANSACTION THE BIDDERS HAVE BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
26 RESTRUCTURING AGREEMENT BETWEEN THE COMPANY AND THE FINANCIAL CREDITORS AS PER ART. 182 BIS OF ITALIAN INSOLVE NCY LAW OF THE GROUP
HAS ACQUIRED THE CONTROLLING STAKE OF THE GROUP
IN THIS TRA NSACTION THE COMPANY HAS BEEN ASSISTED BY IN THE TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY TAMBURI & A SSOCIATI T AMBURI & A SSOCIATI
HAS ACQUIRED THE BUSINESS DIVISION OF HAS ACQUIRED A STAKE IN THE HOLDING COMPANY OF THE GROUP
IN THE TRANSACTION THE BUYERS IN THE TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
HAS ACQUIRED A MAJORITY STAKE OF HAS SOLD THE MAJORITY STAKE OF
TO THE GROUP
IN THE TRANSACTION THE BUYERS IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
27 HAS ACQUIRED A QUALIFIED MINORITY STAKE IN THE HAS ACQUIRED A CONTROLLING STAKE OF CAPITAL OF
FILATURA LUCITESE S.p.A.
IN THE TRANSACTION THE SELLERS IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
A COMPANY OF THE GROUP
HAS ACQUIRED A RELEVANT STAKE IN HAS ACQUIRED THE ENTIRE CAPITAL OF NUOVA FIORENTINI S.p.A.
A COMPANY OF THE GROUP
IN THE TRANSACTION THE SELLERS IN THE TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
HAS ACQUIRED THE ENTIRE CAPITAL OF THE COMPANY HAS ACQUIRED THE ENTIRE CAPITAL OF THE COMPANY
IN THE TRANSACTION THE BUYERS IN THE TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
28 HAS ACQUIRED THE 49% OF THE CAPITAL OF THE COMPANY HAS SOLD
TO ONE OF THE COMPANY OF THE GROUP
IN THE TRANSACTION THE BUYERS IN THE TRANSACTION UBS CAPITAL HAVE BEEN ASSISTED BY HAS BEEN ADVISED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
HAS ACQUIRED THE 100% CAPITAL OF HAS OBTAINED A MEDIUM / LONG TERM CREDIT FACILITY FROM
A COMPANY OF THE GROUP
IN THE TRANSACTION THE SELLERS IN THE TRANSACTION LEVANTE HAVE BEEN ASSISTED BY HAS BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
A POOL OF INVESTORS INCLUDING
HAVE UNDERWRITTEN THE CAPITAL INCREASE OF GARMA HAS ACQUIRED THE BUSINESS DIVISION PECORINO ROMANO GOURMET S.p.A. FINALIZED TO THE ACQUISITION OF THE BRANDED AS BUSINESS DIVISIONS
FROM
FROM QUAKER CHIARI E FORTI
THE TRANSACTION HAS BEEN CREATED, ADVISED IN THE TRANSACTION THE SELLERS AND FINALISED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
29 A COMPANY OF THE GROUP EURICOM S.p.A. HAS ACQUIRED FROM
THE BUSINESS DIVISION HAS ACQUIRED THE “SASIP” DIVISION FROM
IN THE TRANSACTION NESTLE’ GROUP IN THE TRANSACTION THE SELLERS HAS BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
HAS ACQUIRED - VIA A RESERVED CAPITAL INCREASE - A 50% STAKE IN
HAS ACQUIRED THE CONTROL OF CRIPPA AND BERGER FONTI LEVISSIMA, ESTABLISHING THE MOST IMPORTANT ESTABLISHING A JOINT VENTURE AGREEMENT WITH GROUP IN ITALY IN THE MINERAL WATER SECTOR
IN THE TRANSACTION THE BUYERS THE TRANSACTION HAS BEEN FINALISED HAVE BEEN ASSISTED BY WITH THE ASSISTANCE OF T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
HAS ACQUIRED FROM HAS ACQUIRED A QUALIFIED MINORITY STAKE IN THE COMPANY
THE FOLLOWING BUSINESSES
LISTED ON THE NASDAQ STOCK EXCHANGE
IN THE TRANSACTION NESTLE’ GROUP IN THE TRANSACTION THE BUYERS HAS BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
30 OPERA
HAS ACQUIRED A MAJORITY STAKE IN THE COMPANY
HAS FINALISED A CAPITAL INCREASE AND HAS OBTAINED A MEDIUM/LONG TERM CREDIT FACILITY
IN THIS TRANSACTION THE COMPANY HAS BEEN ASSISTED BY IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
I FONDI DI PRIVATE EQUITY
PROCESS OF RESTRUCTURING OF ITALIAN LIFESTYLE PARTNER I e II
HANNO ACQUISITO LA TOTALITA’ DEL CAPITALE DEL BUSINESS GROUP AUTO DI
IN THIS TRA NSACTION THE COMPANY HAS BEEN ASSISTED BY NELL’OPERAZIONE I VENDITORI T AMBURI & A SSOCIATI SONO STATI ASSISTITI DA TAMBURI & A SSOCIATI
HAS ACQUIRED 100% STAKE IN THE COMPANY HAS ACQUIRED THE CONTROL OF THE JOINT VENTURE REALISED THROUGH THE CONTRIBUTION OF THE DIVISIONS OWNED BY
THE TRANSACTION HAS BEEN CREATED, ADVISED IN THE TRANSACTION TMR AND FINALISED BY HAS BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
31 A GROUP OF SHAREHOLDERS HAVE SOLD A RELEVANT MINORITY STAKE OF THE COMPANY BIGLI 1 S.r.l.
HAS ACQUIRED A QUALIFIED STAKE THROUGH AN ACCELERATED BOOKBUILDING PROCESS IN THE SHARE CAPITAL OF PROVIDED BY
IN THE TRANSACTION THE SELLERS IN THE TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
HAS ACQUIRED THE ENTIRE CAPITAL OF HAS SOLD A MAJORITY STAKE IN SOME OF ITS NURSING HOMES TO
IN THE TRANSACTION THE BUYERS IN THE TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
A COMPANY OF THE GROUP
HAS ACQUIRED 100% STAKE IN THE COMPANY HAS ACQUIRED A STAKE OF
IN THE TRANSACTION THE SELLERS IN THE TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
32 A GROUP OF PRIVATE INVESTORS AND TAMBURI INVESTMENT PARTNERS HAVE ACQIURED A RELEVANT MINORITY STAKE IN THE CAPITAL OF
HAS ACQUIRED THE BUSINESS DIVISION
THE TRANSACTION HAS BEEN CREATED, ADVISED THE TRANSACTION HAS BEEN CREATED, ADVISED AND FINALISED BY AND FINALISED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
IN THE CONTEXT OF THE PUBLIC TENDER OFFER LAUNCHED ON THE SHARE CAPITAL OF SAVE – AEROPORTO DI VENEZIA S.p.A.
T&A HAS PREPARED A FAIRNESS OPINION ANALYSIS ON THE HAS ACQUIRED A 49% STAKE IN THE COMPANY TENDER OFFER PRICE FOR THE BOARD OF DIRECTORS OF
IN THE TRANSACTION THE SELLERS IN THE TRANSACTION SAVE S.p.A. HAS BEEN ADVISED BY HAVE BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI &ASSOCIATI
RESTRUCTURING AGREEMENT AS PER ART. 67 OF ITALIAN INSOLVENCY LAW BETWEEN THE GROUP AND THE FINANCIAL CREDITORS
HAS REALIZED A VALUATION MODEL FOR THE ENEL’S BUSINESS DIVISIONS OPERATING IN THE DISTRIBUTION OF ELECTRICAL ENERGY
IN THE CONSTRUCTION OF THE MODEL FEDERELETTRICA IN THIS TRANSACTION THE GROUP HAS BEEN ASSISTED BY HAS BEEN ASSISTED BY T AMBURI & A SSOCIATI TAMBURI & A SSOCIATI
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