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Innovative-RFK
Innovative-RFK SpA via Dante 14 20121 Milan (MI), Italy
www.innovative-rfk.it [email protected]
VAT.N 10095350962 € 6.698.300,00 share capital
Company Profile
Milan, April 2020
Innovative-RFK S.p.A.
Via Dante 14, 20121 Milan (Mi), Italy
www.innovative-rfk.it [email protected]
VAT.n. 10095350962 € 8.791.520,00 share capital
Disclaimer
This document is strictly confidential and does not represent any
investment solicitation.
It is written exclusively for the presentation of the project for information
purposes for a very limited group of subjects.
Disclosure is not authorized in any way.
Innovative-RFK operates as an industrial holding company with the aim of
implementing business strategies to contribute to increasing their value
over the long term, through the exercise of control, significant influence
or rights deriving from shareholdings as envisaged by the Article 32-
quater of the TUF.
Overview
3
Target Companies
Innovative Start-
ups and SMEs
Capital &
experience
Who we are
Eligible
for IPOs
Innovative-RFK (i-RFK) is an industrial holding
founded in 2017 managed by a board of
directors including Paolo Pescetto as CEO and
Massimo Laccisaglia as President.
i-RFK holds minority investments in five
companies with a total assets of € 10,5 million
DESCRIPTION
i-RFK, in compliance with the EU and Italian
legal framework, invests in Start-ups and
Innovative SMEs with a solid background
profile in terms of margins (EBITDA), cash
generation and revenue growth
STRATEGY
That have already showed a positive
track record both in terms of turnover
and profit generation
Minority
shares
With an average investment ticket of €
0,5 - 2 million, which tends to increase
over time
Companies that may be listed on
European SME Growth Market within
36 months from i-RFK investment
Companies able to leverage our
"capital & experience" for the growth
both organic and through acquisitions
The Decree of the “Ministero dello Sviluppo
Economico” 7.5.2019 applies the EU
Regulation n. 1407/2013 which defines the
rules of industrial holdings investing in
innovative start-ups and SMEs, including
fiscal advantages for shareholders
LEGAL
FRAMEWORK
Market Positioning in Italy
4
SEED EARLY STAGE GROWTH MATURITY TURNAROUND
Strong competitive advantage in terms of know-how and market positioning
NAV
Equity Crowdfunding
Performance
5
€24MTotal Revenues
€
€
€3,5MTotal EBITDA
>230N° of Employees
Value of the assets (€/M)
Aggregate data of the minority shareholdings (as of end 2018) Breakdown of the Invested Capital (€/M)
i-RFK assets has been valued as approximately € 8,3mln against
invested capital of € 6,5mln.
Potential IRR = 30%
Implied Multiple on Invested Capital = 1,3x
In July 2019 i-RFK successfully closed the equity crowdfunding
fundraising through the platform CrowdFundMe, raising € 2,5M at a pre-
money valuation of € 8M
Broad and distributed share structure
About 120 shareholders, both private and corporate
diversified share from € 10k to € 500k
management is among the investors
i-RFK P&L is profitable: costs are entirely covered by holding consulting
fees and dividends by minority shareholdings
2,7
8,3 8,0
2,5
10,5
2017 2018 Q3 - 2019
1,4
6,5
1,10,4
1,3
2,3
Asset Portfolio
6
Innovative start-up active in the
microcredit business26,0% N.D.4 N.D.4
Innovative SME owner of EasyCall, a
CRM application in cloud for call centers
and contact centers24,6% 27% 40%
Innovative SME that has developed an
enterprise-scale IT platform named KRC
that allows companies to face and
overcome the challenge of managing
regulatory compliance and business risk
management
29,6% 42% 44%
Italian company characterized by high
technology that develops and produces
state-of-the-art medical instruments
dedicated to audiological diagnostics and
video-endoscopy, marketed under the
Invisia brand
29,8% 10% 12%
Digital company and SME Innovative
active in digitalization projects of Italian
companies14,5% 12% N.M.5
Name Business Share Revenue 2018 Revenue 2019FEBITDA 2018 EBITDA 2019F
12,5Kn.a. YoY
1,3M+20% YoY
1,1M+69% YoY
8,1M+23% YoY
13,2M+77% YoY
0,4Mn.m. YoY
1,6M+26% YoY
1,6M+45% YoY
11,3M+40% YoY
N.M.5
4 Net profit5 Data sensitive
Case study: growth by acquisitions and IPO
7
Websolute: example of growth by external lines
Websolute is an Italian digital company and Innovative SME
based in Pesaro active in digitalization projects of Italian
companies. The company today is the leader of a group that
includes 7 other companies active in the sector: Moca
Interactive, DNA Family Network, XPlace, Ws Commerce, Ws
Techlab, Shinteck and Ws More
Thanks to the support of Innovative-RFK, Websolute has
demonstrated a transversal growth on all the markets in which it
operates. In particular, the last financial year saw a very positive
performance due to the completion of 7 acquisitions, thanks to
the consolidated expertise of i-RFK management in the M&A
field
The Websolute group has grown significantly in the digital
solutions segment thanks to strategic acquisitions and important
investments in R&D. The industrial plan envisages a continuous
process of growth and internationalization with the aim of
consolidating the existing competitive advantage
Thanks to the performance registered during the year and the
Innovative-RFK network, Websolute has been listed on the AIM
on the 30th of September, generating already on the first of
listing +53% on the IPO price
+77% REVENUESYoY Growth
+42% EBITDAYoY Growth
7 ACQUISITIONS
Case study: organic growth
8
Easy4cloud: example of international expansion
Easy4Cloud is an Italian Innovative SME owner of EasyCall, a
CRM application in cloud for call centers and contact centers
In the second half of 2017, Innovative-RFK entered the
Easy4Cloud share capital. Thanks to the contribution of a proven
managerial expertise of i-RFK, Easy4Cloud has consolidated its
competitive advantage and started a path of sustainable growth,
not only consolidating its positioning on the Italian market but
also undertaking a process of internationalization
In September 2017 Easy4Cloud opened its first office in London
to follow its international customers, which today account for
about 10% of turnover
In September 2019, a new commercial branch has been opened
in Malaga with the aim of penetrating the Spanish market and,
through synergies, starting a phase of entry into the South
American market
+20%REVENUESYoY Growth
+32% EBITDAYoY Growth
NAPLES
LONDON
MALAGA
MILAN
Fiscal opportunity
9
Innovative-RFK exploits the fiscal opportunity created by the changes
introduced with the 2017 stability law, and in particular, operates as another
capital company which invests mainly in innovative start-ups pursuant to art. 1,
second paragraph, lett. f of the Interministerial Decree of 25.2.2016,
subsequently extended by law to investments in Innovative SMEs, then
implemented with the Decree of the “Ministero dello Sviluppo Economico”
7.5.2019
Main characteristics of the investments in Innovative SMEs:
The regulatory context
-30%Tax Deduction
for private investorsDEDUCTION OF
TAX
TAXABLE
DEDUCTION
HOLDING
PERIOD
APPLICABLE
DEDUCTION
For private taxable persons IRPEF equal to 30% of the
investment made, with a maximum limit of € 1 million.
For instance:
If you invest € 200.000 you deduct from the total tax
payable in the fiscal year € 60.000; if the taxes to be
paid are lower, no taxes are paid in the year and the
remaining credit is used in subsequent years
30% for legal persons up to € 1,8 million of investment
Minimum investment holding period: 3 years (if you
disinvest before, the tax benefit is lost and if already
deducted you must return it to the tax authorities)
Also to investments in funds or industrial holdings that
invest at least 70% of the assets in innovative SMEs
(such as Innovative-RFK)
Deal Flow
10
Investment Process
The i-RFK management
team brings value to the
investees through:
Expertise
Network
Capital
(human and
financial)
i-RFK Management Team
Industry Expert
The Board of
Directors and
Committee
evaluates the
initiative from a
strategic point of
view
Due Diligence
Negotiation
Closing and
subscription of the
Capital Increase by
the CEO
Preliminary analysis
of the congruence
of the initiative with
the i-RKF model
and legal
framework
Economic/financial
analysis(Quantitative Analysis)
Business model
analysis(Qualitative Analysis)
Continuous process
collecting initiatives
through its own
channels
Conference call,
meetings and site
visits with target
management
Arkios Italy
(Partner)
i-RFK supports the
enhancement of the
subsidiaries from a
medium-long term
perspective,
through:
Holding Consulting
Services
Financial, Legal
and Administrative
Advisory
especially focused
on M&A and IPOs
Qualified team dedicated
to the monitoring
activity of the investees
Semiannual
reporting
Value
CreationMonitoring
i-RFK Management Teami-RFK Staff
Board of Directors
Committee
Legal
Committee
Industry Expert
i-RFK Management Team
Industry Expert
Network
GrowthInvestmentAnalysisScouting
The investment process offered by i-RFK can be described in six macro-steps, as follows:
Governance
11
• Massimo Laccisaglia(President)
• Paolo Pescetto(CEO)
• Hasmonai Hazan
• Ernesto Paolillo
• Gianluigi Testa
BoD
• BoD
• Antonello Carlucci
• Massimo Tartaro
COMMITTEE STAFF
• Andrea Priora
• Massimo di Ruggero
LEGAL
• Joanna Gualano
Organisational structure
• Carlo Brega(President)
• Arrigo Bonati
• Davide Guerra
COMPLIANCE BOARD
FINANCIAL
• Andrea Rossotti
TAX & FISCAL
• Giorgio Cardamellis
• BDO
CHARTERED ACCOUNTANT
PartnerAntonello Carlucci
Management Team
12
Joanna GualanoLegal Director
Giorgio CardamellisFiscal & Tax
i-RFK Management Team
Paolo PescettoFounder & CEO President
Massimo Laccisaglia Hasmonai HazanAdviser
Andrea RossottiFounder & Portfolio
Manager
Andrea PrioraSenior Analyst
Massimo di RuggeroAnalyst
Massimo TartaroDirector
Piero D’AgriIndustry Expert
Paolo PescettoFounder & CEO
Massimo LaccisagliaPresident
Andrea RossottiFounder & Portfolio Manager
Massimo TartaroDirector
Antonello CarlucciPartner
Contacts