Leonardo Graffi

Private Equity

Morgan Stanley's €1.62 billion investment in Salcef Group, 2024
Leonardo advised funds managed by Morgan Stanley Infrastructure Partners in connection with a binding sale and purchase agreement with the shareholders of Finhold S.r.l., Salcef Group S.p.A.'s majority shareholder, aimed at an investment in Salcef Group. Salcef Group is an Italian company listed on the Euronext STAR Milan market. It operates in the transportation industry, with a particular focus on the maintenance of railway infrastructure and urban mobility.

PAI Partners's acquisition of Beautynova, 2024
Leonardo advised PAI Partners in connection with the acquisition of a majority stake of Beautynova, a global leader in the professional haircare products sector, from Bluegem. PAI Partners is a pre-eminent private-equity firm investing in market-leading companies across the globe.

InfraCapital and InfraVia's sale of Terminal Darsena Toscana S.r.l. to the Grimaldi Group, 2024
Leonardo advised Infracapital, the infrastructure equity investment arm of M&G plc, and funds managed by independent French investment company InfraVia Capital Partners, co-shareholders of Gruppo Investimenti Portuali, in connection with the sale of 100 percent of the share capital in Terminal Darsena Toscana S.r.l. to the Grimaldi Group.

BDT & MSD Partners' investment in I.M.A., 2023
Leonardo advised I.M.A. Industria Macchine Automatiche S.p.A. and its controlling shareholders in connection with an investment from BDT & MSD Partners. BDT & MSD Partners acquired its stake from international private equity fund BC Partners. The Vacchi family remains the majority owner of the IMA holding company.

BC Partners and Bain Capital's €3.06 billion acquisition of Fedrigoni, 2022
Leonardo advised BC Partners in connection with the €3.06 billion acquisition, together with Bain Capital, of Fedrigoni S.p.A., an Italy-based world leader in the production of value-added papers for luxury packaging and other creative solutions.

InfraCapital and InfraVia's €130 million sale of Terminal Darsena Toscana to MSC Italia Gate, 2022
Leonardo advised Gruppo Investimenti Portuali S.p.A., a holding company of certain port operators in Italy, whose share capital is held by InfraCapital, through Genny UK 2 Limited, InfraVia III Invest S.A., and I.L. Investimenti S.r.l., in connection with its €130 million sale of 100 percent of the equity interests in Terminal Darsena Toscana S.r.l. to MSC Italia Gate S.p.A., a company wholly owned by Terminal Investment Limited S.à.r.l.

White Bridge's acquisition of Delta Med, 2021
Leonardo advised White Bridge Investments II S.p.A. in connection with its acquisition, through an acquisition vehicle indirectly controlled by White Bridge, of the entire share capital of Delta Med S.p.A., a leading company in the vascular accessories sector.

Antin's acquisition of a majority stake in Hippocrates, 2020
Leonardo advised Antin Infrastructure Partners in connection with its acquisition of a majority stake in Hippocrates Holding, an Italian pharmacy group, from its co-founders and other shareholders.

BC Partners’s €2.1 billion acquisition of SOFIMA, 2020
Leonardo advised BC Partners in connection its almost €2.1 billion acquisition of an up to approximately 45 percent stake in SOFIMA, the holding company that controls IMA S.p.A.

CVC's US$3.5 billion acquisition of the Recordati, 2018
Leonardo advised an investment consortium led by CVC Capital Partners in connection with the acquisition from the Recordati family of the holding company that owns a 51.8 percent stake in the Italian pharmaceutical group Recordati and subsequent mandatory tender offer for approximately €3 billion (USD3.5 billion).

Goldman Sachs and Blackstone's investment in Prima Assicurazioni, 2018
Leonardo advised Goldman Sachs and Blackstone Tactical Opportunities in connection with their investment in Prima Assicurazioni, an online insurance firm specialized in the distribution of automobile insurance policies.

Muzinich's acquisition of Springrowth SGR, 2018
Leonardo advised Muzinich & Co Limited in connection with the purchase of 100 percent of the share capital of Springrowth SGR S.p.A. from its current shareholders.

Summit Partners' on the acquisition of DentalPro by BC Partners, 2017
Leonardo advised private equity fund Summit Partners and its portfolio company DentalPro in connection with the agreement for the acquisition of DentalPro by private equity fund BC Partners.

Infracapital and InfraVia's acquisition of Gruppo Investimenti Portuali, 2017
Leonardo advised Infracapital and InfraVia Capital Partners in connection with the acquisition of Gruppo Investimenti Portuali S.p.A., a leading container port operator in northern Italy holding majority and minority stakes in several container terminal concessions in major Italian ports.

M&A

La Marzocco and Eversys' US$1,4 billion business combination, 2023
Leonardo advised De' Longhi S.p.A., an Italian company listed on the Milan Stock Exchange, in connection with the business combination between La Marzocco International, a Seattle-based espresso and high-end coffee machine maker, and Eversys, a Swiss company active in the production and distribution of coffee machines. The transaction involves the creation of a new US-based corporate holding structure controlled by De' Longhi, resulting from the contribution by De' Longhi of Eversys and the acquisition by De' Longhi of a majority stake in La Marzocco International, from its affiliate De' Longhi Industrial and certain minority shareholders. The aggregate enterprise value of the transaction is equal to approximately US$1,4 billion.

Eni's US$4.9 billion acquisition of Neptune, 2023
Leonardo advised Eni S.p.A. in connection with its acquisition of Neptune Energy Group Limited, a leading independent exploration and production company with a portfolio of gas-oriented assets and operations in Western Europe, North Africa, Indonesia and Australia, for a total value of US$4.9 billion.

Mediobanca's acquisition of Arma Partners, 2023
Leonardo advised Mediobanca – Banca di Credito Finanziario S.p.A. in connection with the acquisition of Arma Partners. Under the terms of the agreement, Mediobanca acquired Arma Partners to create a leading Digital Economy franchise within the CIB Division.

Biomet's €46.6 million sale to PATRIZIA European Infrastructure Fund II, 2022
Leonardo advised Ankorgaz, an industrial holding company specializing in infrastructure investments in the bioenergy and biofuels sector, and Walter Lagorio, an entrepreneur active in the Italian gas sector, in connection with the €46.6 million sale of Biomet S.p.A. to PATRIZIA European Infrastructure Fund II and the subsequent reinvestment by Ankorgaz.

Libero's acquisition of an interest in Italiaonline, 2022
Leonardo advised Libero Acquisition S.à.rl., a company of the Orascom Group, in connection with the acquisition from Avenue Capital Group and GoldenTree Asset Management Lux of 27.5 percent of Italiaonline S.p.A., of which Libero Acquisition S.à.rl. already held 72.5 percent.

I.M.A.'s increase in its stake in IMA Dairy & Food, 2022
Leonardo advised I.M.A. Industria Macchine Automatiche S.p.A., one of the leading companies in the automated solutions for packaging industry, in connection with increasing its stake in IMA Dairy & Food Holding GmbH, a diversified packaging company based in Ranstadt, Germany.

GVS's €230 million acquisition of Haemotronic, 2022
Leonardo advised GVS S.p.A., a leading provider of advanced filtration solutions, in connection with the €230 million acquisition from M.E.R.A. Holding S.r.l. of Haemotronic S.p.A., which specialises in the production of components and products for the medical sector, with plants in Italy and Mexico.

De'Longhi Industrial's acquisition of an additional stake in La Marzocco, 2021
Leonardo advised De'Longhi Industrial S.A., the Luxembourg-based home appliances company, in connection with the acquisition of an additional 33.34 percent stake in La Marzocco International, a Seattle-based espresso and coffee machine maker, increasing its stake to over 50 percent.

Angelini Pharma's US$960 million acquisition of Arvelle Therapeutics, 2021
Leonardo advised Angelini Pharma in connection with the acquisition of Arvelle Therapeutics, a biopharmaceutical group headquartered in Switzerland focused on developing innovative treatments for patients with central nervous system disorders, for up to US$960 million.

Verlinvest US$100 million investment in Everli, 2021
Leonardo advised Verlinvest S.A., a privately-owned investment group headquartered in Brussels, in connection with its US$100 million investment in Everli, Europe's leading marketplace for online grocery shopping.

International Game Technology's sale of Lottomatica to Gamenet, 2020
Leonardo advised International Game Technology PLC in connection with the agreement by its wholly-owned subsidiary Lottomatica Holding S.r.l. to sell 100 percent of the share capital of Lottomatica Videolot Rete S.p.A. and Lottomatica Scommesse S.r.l., to Gamenet Group S.p.A., a subsidiary of funds managed by an affiliate of Apollo Global Management Inc.

Takeda's divestments, 2019-20
Leonardo advised Takeda Pharmaceutical Company Limited in connection with the divestments of select OTC and prescription pharmaceutical products in multiple transactions, including the US$322 million divestment to Hasten Biopharmaceutic Co. Ltd. In China;

• the US$562 million divestment to Cheplapharm in Europe and Canada;

• the US$278 million divestment to Celltrion in Asia Pacific;

• the US$670 million divestment to Orifarm in Europe;

• the US$825 million divestment to Hypera Pharma in Brazil, Mexico and certain other Latin American countries;

• the US$660 million divestment to STADA in Russia, Georgia, and a number of countries from within the CIS; and

• the US$200 million divestment to Acino in a number of EMEA countries.

Gruppo Investimenti Portuali's merger with PSA Italy, 2020
Leonardo advised Gruppo Investimenti Portuali S.p.A., a portfolio company of the private equity funds Infracapital and InfraVia, in connection with its merger with PSA Italy, the Italian subsidiary of the Port Authority of Singapore, which has created the largest terminal container operation managed by foreign investors in the Italian market.