Record subscriptions, with a total value of 600 million, for the journey to Ithaca. What will have to lead to “home”, that is towards a stable structure, the valid companies but in need of capital “vitamins” after a path that perhaps led them to make investments or other extraordinary operations but weighed them down from a financial point of view. Itaca, the project conceived by the banker of the company Giovanni Tamburi, by Sergio Iasi, and Angelo Catapano, flanked by Massimo Lucchini, has therefore exceeded the target set in September by many points. In fact, the bar had to stop at around 400 million. But investor demand has been strong.
Entrepreneurs who invest
Among the many, Claudio Luti answered the call, the entrepreneur who made his Kartell one of the symbols of Made in Italy design, bringing it to all global markets. And there is also Pierluigi Loro Piana, former owner of the wool and cashmere fabric company that has been investing in small and medium-sized businesses for many years to support their growth. The two entrepreneurs are part of that group made up of about a hundred families that from the beginning invest alongside the system designed around Tamburi investment partners.
The invitation to families
The invitation letters to Ithaca had been sent by Tip to potential investors in mid-September. That is to say to families such as the Manuli, the Branca, the Lunellis, the Ferrero metallurgical group, the Giubergia, Giovanni Domenichini of the Inver group (paints). Then to the owners of D’Amico and Giuseppe Lavazza, Sergio Dompé and Gaetano Marzotto, just to name a few. Not everyone would join. New investors have also landed for Ithaca.
In the first round, the invitations were addressed only to the most “loyal”, that is to the families who have participated in the investments in clubs, directly or through the “club of clubs” Asset Italia and Tipo. But a second round was aimed at another thirty families who had knocked on the door. The selection of travel companions with destination Ithaca eventually drew a shortlist that would have between 30 and 40 subscribers as perimeter. Given the abundance of requests, it is possible that the direct participation of Tip itself, listed on the Star segment, is in the upper range of the equity intervention range, set from the beginning between 50 and one hundred million.
The platform for investing
The development platform for industry excellence – from Moncler, Amplifon and Eataly to Interpump, Sesa and Prysmian – which has grown to become protagonists in Piazza Affari, therefore remains the cornerstone of the new initiative. And all the promoters who have decided to pool their respective experiences and the network will participate in the risk with personal capital to create a single interlocutor – Itaca equity – well capitalized, capable of mobilizing significant financial resources and able to intervene with speed in complex situations. That is to say that Iasi, Catapano and the rest of the team will also be co-investors at the forefront.
Mechanics, food and luxury
With a dowry of 600 million, Itaca will then look to manufacturing, mechanical engineering, clothing, luxury and retail, food, innovative and sustainable industry. Companies in the hands of entrepreneurs or private equity, which today have too many debts. Or realities that emerge from bank restructuring. However, every company will have to show the light after the reorganization phase that has immobilized it. Because in the end excellence is always sought, even in fieri. Ithaca will not look at NPLs, UTPs or private debt transactions. It will invest in qualified or controlling minority stakes and the boost may also come with the inclusion of management. It will be a way of trying to unblock generational passages, given that the emergency seems to change many people’s attitudes.
From a technical point of view, Itaca is inspired by the profile of Asset Italia, another platform of the Tip stable that gives investors the right to choose whether to participate in the individual operations proposed. And it works in a way that should allow the team’s skills to be combined with the expectations and resources of the family offices. Itaca equity, 60% controlled by the three partners and with 40% held by Tip, has in fact coined Itaca equity holding to which the family offices concerned have joined directly, in addition to Tip itself.
The team is led by industry experts. Iasi is Maccaferri’s chief restructuring officer and was in Trevi, Catapano has many management skills and Lucchini was head of restructuring at Unicredit. “We would like it to be a good recipe for restarting businesses,” explained Giovanni Tamburi during the launch phase of the project -. The idea is to channel the capital of families who have proven to be good with their industries. Ithaca urged these realities to intervene to support those that need a decisive push to be successful tomorrow ».
Entrepreneurs who invested in Tip had an average return of over 15% per year. Plus, for some, the strong capital gains on club deals. Now according to the promoters it is time to invest even in problematic situations.
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