Nb Renaissance, one of the largest private equity funds operating in Italy, makes a new acquisition with Arbo and looks to new opportunities with the cash of around half a billion still available. Meanwhile, it is preparing to launch its fourth fund next year, after the three already launched in previous years. “The assets under management with the 3 funds – explains Fabio Canè, senior partner of NB Renaissance – reach 2.3 billion. Our underwriters are mostly high quality domestic and international institutional investors such as banks, insurance companies, pension funds, family offices and sovereign wealth funds. An important slice is that of investments made in Italy. In 6 years we have invested a total of around 2 billion euros, offering co-investments for around 400 million. Now we still have around 500 million available, but at the same time we are preparing for the launch of fund IV probably in 2023 ».
Nb Renaissance has launched three funds in Italy to date. The first fund, closed in December 2015 with assets of 620 million raised from institutional investors, invested 300 million for the purchase of the majority stake in a newco to which 17 Intesa Sanpaolo private equity stakes had been contributed. Another 320 million had been raised to allow Nb Renaissance to complete new investments. In August 2017, Nb Renaissance announced the closing of its second fund for € 310 million. The third fund saw commitments of more than a billion, of which 60% raised in Italy.
«The first two funds are already fully invested – continues Canè – while the third fund, which has a net IRR higher than 30%, is invested for about 60%. Our investments are focused on resilient sectors, in particular it and the sustainable and circular economy. This focus has allowed our subsidiaries to easily overcome the unfavorable economic phase. In the two months of January to February, despite the effects of the outbreak of the war in Ukraine, the subsidiaries in our portfolio, namely Sicit, Engineering, Rino Mastrotto and Hydro Holding, increased their total turnover from 255 to 290 million ” . In total, the companies in the Nb Renaissance funds portfolio include Biolchim, Sicit, Comelz, Engineering, Hydro Holding, Novamont, Rina, Rino Mastrotto and Uteco and now also Arbo. “The subsidiaries have aggregate revenues of over 3.4 billion euros with over 20 thousand employees worldwide, of which 16 thousand in Italy. Nb Renaissance can be considered a multinational with local roots with a turnover outside of Italy between 60% and 70% »concludes Canè.