Funds advised by Apax Partners and Permira announce the closing of the Sisal acquisition
17 October 2006
Milan, 17 October 2006 Giochi Holding
S.p.A., a company controlled by private equity funds advised by
Permira and Apax Partners, today announced the successful
completion of the acquisition of Area Giochi Holding S.p.A., a
company that controls 97% of the share capital of Sisal S.p.A.,
valued by the buyers at approximately 900 million Euros. Sisal
S.p.A. operates in the gaming and betting sector.
The Clessidra fund remains in the new capital structure with a
Apax Partners and Permira's M&A advisers were Lehman
Brothers and Morgan Stanley, supported by ABN Amro and Banca
Intesa. Bonelli, Erede and Pappalardo e Chiomenti acted as legal
advisers. Studio Maisto & Associati and Studio Di Tanno
operated as tax consultants for the transaction and Global Leisure
Partners acted as strategic advisor.
Acquisition financing was provided by ABN Amro, Banca Intesa,
Bayerische Hypo-und Vereinsbank, Calyon, Lehman Brothers,
Mizuho and Royal Bank of Scotland.
Clessidra was advised on M&A by Merrill Lynch and Mediobanca
and by Studio Pavia e Ansaldo for the legal aspects.
Giancarlo Aliberti and Amedeo Carassai, respectively Managing
Partner and Partner of Apax Partners in Italy stated: "We are
convinced that the entry of the new funds in Sisal share capital
will permit the acceleration of the company's growth in the sports
betting, video games and lotteries markets in Italy and abroad. We
will continue to invest in Sisal's network of agencies and betting
shops, supported by an excellent team of managers".
Nicola Volpi, managing director of Permira and Roberto Biondi
said: "We have found an excellent platform in Sisal, which will
support the planned growth programme over the next few years.
Sisal's historic presence capillary distribution and
excellent management team will position the company to play an
important role in the future development of the Italian gaming
sector. The support of the Permira and Apax Funds will help to
facilitate growth, both organically and through acquisitions
Notes to Editors
Sisal S.p.A. is a private Italian company that has over
fifty years of history in the service of the public and Italian
State in gaming, betting and lottery sector. Sisal business covers
the complete cycle of the necessary operations: organisation,
commercial activities, technological, administrative and financial
support. Recently Sisal has widened its betting and gaming product
offering to innovative services related to the telecommunications
world and payment services. Sisal employs about 675 persons,
divided between the Milan head office, where the General Management
is located, and the Rome office. For further information: www.sisal.it.
Apax Partners is one of the world's leading private equity
investment groups. It operates across the United States,
Europe, Israel and Asia and has more than 30 years of investing
experience. Funds under the advice of Apax Partners total $20
billion around the world. These Funds provide long-term equity
financing to build and strengthen world-class companies. Apax
Partners Funds invest in companies across its global sectors of
Tech & Telecom, Retail & Consumer, Media, Healthcare and
Financial & Business Services.
Amongst the more significant investments made by the funds advised
by Apax Partners are: Azimut, TIM Hellas, TDC, GHG, Inmarsat,
Intelsat, Tommy Hilfigher, PVH / Calvin Klein, Kabel Deutschland
and Yell. For further information: www.apax.com.
Permira is one of the principal private equity operators
internationally. Its team of 100 professionals based in Milan,
London, Frankfurt, Paris, Madrid, Stockholm, New York and Tokyo,
Permira advises the Permira Funds, with a total committed capital
of 21 billion euros. Permira IV, the most recent fund closed in
September 2006, at over 11 billion euros. From 1985 to date the
Permira Funds have been involved in over 280 investments; in the
last year 7 transactions were completed, with a total transaction
value of over 18 billion euros.
In Italy Permira is known for having completed numerous successful
transactions, amongst which the better known are: Seat (yellow
pages) - Ferretti (motor yachts) - Marazzi Group (ceramics) -
Grandi Navi Veloci (cruise ferries) - EEMS (test and assemblies for
semi-conductor memories). For further information: www.permira.com.
T: +39 02 22.214.171.124
Barabino & Partners
T. +39 02 72.02.35.35