- 31 minuti fa
Categoria
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00:00Grazie a tutti per essere qui questa mattina.
00:18Come vediamo, siamo qui per parlare un nuovo trend per l'Italia,
00:26che è uno di investimento per perpetua compagni.
00:35In realtà, vi mostrerò alcuni figure.
00:40Abbiamo già avuto alcune delle acquisizioni,
00:44ma sono crescita in numero.
00:47Quindi vogliamo fare una speciale focus.
00:51E, moreover, siamo qui con alcune nuove stagioni del mercato,
00:58con il fondatore di Newport & Co,
01:03Amtel River.
01:04Abbiamo Matt...
01:06Just one secco.
01:07I need glasses.
01:09Mattia Moris, che è il fondatore dell'Engine Paleo,
01:12Amtel River Partners,
01:13e il suo partner Gustav Hackenson,
01:16che è il principale.
01:19E poi, I told you, Tom van der Hagen,
01:23e poi Jimmy Clarini.
01:25E siamo in la casa di Andrea Lazzaretti,
01:29il partner di RAS Studio Legale Rinaldi e Associati.
01:32Quindi, vi ringrazio molto per essere qui questa mattina.
01:38Quindi, prima di tutto,
01:39vi lascio qualche minuto,
01:42perché la firma ha una speciale focus
01:45sulla privata equità.
01:46Quindi, vi ringrazio delle idee
01:49di come l'Italia markete sta succedendo.
01:51Grazie.
01:52Non so se questo è la macchina,
01:54perché c'è un problema con i micropoli.
01:58che si senti?
02:00Sì.
02:01Ok, perfetto.
02:02È bene.
02:03Ok, grazie per essere qui.
02:05Sono Andrea Lazzaretti,
02:08da Rinaldi e Associati Law Firm.
02:10Siamo un boutique,
02:11questo anno,
02:12che stiamo festeggiando 30 anni di nostra storia.
02:15Siamo un boutique specializzato in M&A.
02:18Siamo parte del gruppo legale,
02:22che è un gruppo auditorico
02:24che ora specializzano in servizi legali.
02:27quando Stefania suggerisce
02:31a noi organizzare questa meeting
02:33con Newport,
02:35troviamo che è stata una grande opportunità,
02:38perché abbiamo visto un aumento
02:41di numero di queste transazioni.
02:43In questo momento,
02:44stiamo portando almeno
02:46un paio di transazioni
02:48simili a quelle di Newport,
02:51in quanto riguardiamo questo.
02:53che ha già completato
02:55almeno una delle transazioni.
02:57Quindi,
02:59per noi,
03:00è stata anche un'opportunità
03:01di capire
03:02perché
03:03c'è questo numero aumentato,
03:04perché
03:05in un mercato legale
03:07c'è una sorta di trend
03:09che per un periodo di tempo
03:11che per un periodo di tempo
03:13inizia ad aumentare.
03:15in la nostra opinione,
03:17ma magari questa è una
03:19reale legale,
03:21questo è stato fatto
03:22nel mercato italiano,
03:23almeno in quanto riguardiamo
03:25qualche cambiamento
03:27in Italia,
03:29in la legislazione.
03:30In la legislazione
03:31in l'insolvenza
03:32che ha cambiato
03:33il approccio,
03:34incentivando
03:36una sorta di
03:37caravanca
03:38del buon negozio
03:39e del buon negozio
03:40e del buon negozio
03:41in order
03:42per salvare
03:43valutanti
03:44assets.
03:45come tutti
03:46sei capito
03:47che
03:48la direzione
03:49dell'EU
03:50di mobilità
03:51ha stabilizzato
03:52una sorta di
03:53uniforme
03:54regole
03:55sulle operazioni
03:56di caravanca
03:57in particolare
03:59operazioni
04:00in particolare
04:01delle operazioni
04:03in Italia
04:04dopo implementare
04:05le regole europee
04:07abbiamo
04:08ancora
04:09ampliato
04:10la legislazione
04:11introducendo
04:12alcuni
04:13più
04:14migliori
04:16per
04:17operazioni
04:18che
04:19magari
04:20sei capito
04:21che
04:22in 2025
04:23sei
04:24mesi
04:25fa
04:26un nuovo
04:27legio
04:28era
04:29implementato
04:30per
04:31ampliare
04:32la
04:33operazione
04:34di
04:35ESG
04:36e
04:37in particolare
04:38le
04:39reportazioni
04:40che
04:41forse
04:42la
04:43di
04:45investire
04:46alcune
04:47delle
04:48attività
04:49che
04:50non
04:51potrebbero
04:52essere
04:53inglese
04:54economiche
04:55nel
04:56reporte
04:57di
04:58sostenibilità
04:59di
05:01operazioni
05:02di
05:03legale
05:04che
05:06voglio
05:07ascoltare
05:08la
05:09esperienza
05:10di
05:12riportare
05:13la
05:14esperienza
05:15il
05:16problema
05:17è
05:18distanzare
05:19il
05:20negozio
05:21che
05:22sia
05:23di
05:25operazione
05:26di
05:27operazioni
05:29e
05:30cercare
05:31di
05:32costruire
05:33un
05:34negozio
05:35che
05:36costruire
05:37un negozi
05:39di
05:41negozi
05:42che
05:43invece
05:44di
05:45dare
05:46a
05:47un
05:48monster
05:49che
05:50ha
05:51bisogno
05:52di
05:53un
05:54periodo
05:55per
05:56un
05:57accord
05:58di
05:59servizio
06:00che
06:01si
06:02non
06:03si
06:04non
06:05è
06:07parte
06:08della
06:09esperienza
06:10di
06:11capire
06:12se
06:13questo
06:14costo
06:15può
06:16essere
06:17trasferito
06:18alla
06:19patiente
06:20non
06:21voglio
06:22perdere
06:23più
06:24tempo
06:25di
06:26rischio
06:27grazie
06:28Andrea
06:29è
06:31un
06:33nuovo
06:34trend
06:36abbiamo
06:37molti
06:38transazioni
06:40e
06:41l'ultimo
06:42è
06:43qui
06:44Marco Monti
06:45è
06:46director
06:47di
06:48Prodotti
06:49Bauman
06:50ha
06:51stato
06:52il primo
06:53di
06:55Newport
06:56che
06:57scritto
06:58al
06:59giorno
07:00questo
07:01è
07:02un
07:03senso
07:04ma
07:05un
07:06secco
07:07per
07:08dirvi
07:09alcuni
07:11sembrani
07:12made a little search
07:15which were
07:18the deals made
07:20by this kind of
07:22investors in the last years
07:24in Italy and actually we
07:26counted 50, it's around 50,
07:2851 because of Bauman
07:29and starting from 2012
07:32and
07:33actually they were more than expected
07:36and they
07:38are increasing in number in the last few
07:40years. We have
07:42investors from
07:44the Nordic countries obviously
07:46so
07:47but it's not just from them
07:50also from Germany
07:52and also from France
07:54so
07:55the approach
07:58is always
08:00the same so it's a permanent
08:02capital
08:04they want to buy
08:06and keep
08:07these targets and have
08:10them grow
08:12giving the managers
08:14their own
08:15sort of independence
08:16so we will speak about
08:18this
08:19this approach
08:21and anyway we are
08:23recording on the video and we will write
08:24in
08:25an article
08:26with all the
08:28details and we will also
08:30include the tables
08:32of all these deals if you are curious
08:34so I will start
08:37our discussion from
08:38from the back
08:39on our screen
08:40because
08:41we have
08:43Hampton River
08:44Hampton River
08:45is a
08:46sort of private
08:48equity
08:49investor
08:51but has a special
08:52focus
08:52from
08:53they are based
08:54in Texas
08:54in Austin
08:55and they have a special
08:56focus
08:57on
08:58perpetual
08:59compounders
09:00and they also help
09:02teams
09:03new teams
09:04to start
09:05as they did
09:06for
09:06with Newport
09:07so it is very interesting
09:09to hear from
09:10from Matt
09:10which
09:11is exactly
09:13the investment
09:14approach
09:15how
09:15they
09:16where they focus
09:17how
09:18how do you
09:20Matt
09:21decide to
09:23where to invest
09:25and if you want
09:26to tell us
09:27something about
09:28your actual
09:28portfolios
09:29please
09:30sure
09:31well first
09:32thank you so much
09:33for having me
09:34virtually
09:34and for welcoming
09:35us
09:36into the room
09:38Gustav is on the
09:39line as well
09:40from Stockholm
09:41I can tell you a little
09:43bit about
09:43Hampton River
09:45as a firm
09:46so our
09:47our focus
09:48is very simple
09:49we back
09:50exceptional
09:51operators
09:52and
09:52entrepreneurs
09:53to build
09:55acquisitive
09:57holding
09:57companies
09:58over a
09:58long
09:59period
09:59of time
10:00we focus
10:01on a few
10:02choice
10:04sectors
10:04so thus far
10:06we've invested
10:06in industrials
10:08so niche
10:08industrials
10:09manufacturing
10:10B2B
10:11services
10:12and
10:13software
10:13we find
10:15that these
10:16markets
10:16have
10:17very strong
10:17repeat
10:18demand
10:19very
10:20high
10:20customer
10:21captivity
10:22and
10:23we focus
10:24on backing
10:25exceptional
10:26leaders
10:26to go out
10:27and acquire
10:28businesses
10:28in these
10:29specific
10:29sectors
10:30and
10:31we spend
10:31our time
10:32all of our
10:33time
10:33trying to
10:33find
10:33leaders
10:34who have
10:35an edge
10:36in acquiring
10:37and operating
10:37companies
10:38in these
10:38markets
10:39and what
10:40we look
10:41to do
10:41is give
10:41them
10:42capital
10:42governance
10:43structure
10:44and a
10:44mandate
10:45to build
10:45something
10:46that compounds
10:47for decades
10:48rather than
10:49and giving
10:49them capital
10:51investing
10:52in something
10:52and hoping
10:54that they
10:54sell it
10:55three to
10:55five years
10:56down the
10:56road
10:57we're entirely
10:58different
10:58we're really
10:59focused on
10:59very very
11:00long term
11:01investing
11:02thus far
11:05we have
11:06out of our
11:06fund
11:07invested
11:07in the
11:08United States
11:09but in
11:09Europe
11:10we've invested
11:11in Italy
11:13and Germany
11:13and we've
11:15also invested
11:16in the
11:16UK
11:17and Sweden
11:18and
11:19you know
11:20when we
11:21think about
11:21geography
11:22geography
11:22and the
11:23country
11:23are never
11:24really
11:24the starting
11:25point
11:25it always
11:27begins
11:28with
11:28backing
11:29a really
11:30exceptional
11:31leader
11:33or team
11:34and then
11:35we meet
11:36somebody
11:36with a
11:36clear
11:37philosophy
11:37the right
11:38temperament
11:39and a
11:39disciplined
11:40approach
11:40to M&A
11:41we then
11:42look at
11:43the market
11:43around them
11:44and ask
11:44whether that
11:45place can
11:46support what
11:47they want
11:47to build
11:48and if we
11:48can be a
11:49helpful partner
11:49to them
11:50so
11:51you know
11:53we met
11:53Tom and
11:55his team
11:56this summer
11:57and it
11:58became
11:58pretty clear
11:59that they
12:00had a
12:00really strong
12:01edge
12:02in their
12:02market
12:03we then
12:04studied
12:06the Italian
12:07market
12:07and after
12:08spending time
12:08with Newport
12:09it became
12:09clear that
12:10Italy
12:12was a
12:13really
12:13exciting
12:13place
12:14to invest
12:14it's
12:14obviously
12:15one of
12:15the largest
12:16manufacturing
12:16countries
12:17it has
12:19lots of
12:19small
12:19mid-sized
12:20private
12:20companies
12:21even more
12:22than Germany
12:22France
12:23and Spain
12:23and
12:24Tom
12:25specifically
12:26had a
12:27lot of
12:27experience
12:28buying
12:29businesses
12:29both
12:30in Italy
12:31and across
12:32Europe
12:33so
12:34when it
12:35became
12:35time
12:36to
12:36potentially
12:37make an
12:38investment
12:38with
12:39Newport
12:39it became
12:40pretty
12:40clear
12:40that
12:41not only
12:41did we
12:41have a
12:42great
12:42leader
12:44and team
12:44to back
12:45but also
12:45really great
12:46market
12:47backdrop
12:48to build
12:48a strong
12:49business
12:50for the
12:51long term
12:52so
12:52we're really
12:54excited about
12:54making the
12:55investment
12:55in Tom
12:57and Newport
12:58and believe
12:58the company
12:59will be
13:00very successful
13:01for many
13:03many years
13:03to come
13:04okay
13:05thanks
13:06wonderful
13:06Gustav
13:08what
13:09is the
13:10case
13:11of
13:12making
13:13a curve
13:13out
13:13in
13:14US
13:15versus
13:15Europe
13:16which are
13:16the
13:17differences
13:17are there
13:18differences
13:18you said
13:21you invested
13:21in Germany
13:22as Matt
13:23mentioned
13:24I have to
13:26caveat my
13:26answer
13:27with first
13:28saying that
13:28I do live
13:29in Sweden
13:30but
13:32the US
13:33is of course
13:34also made
13:35up of
13:36different
13:36states
13:37and if you
13:37would have
13:38asked Matt
13:38I'm sure
13:39you would
13:39have said
13:39that there
13:40are huge
13:41differences
13:41between them
13:42but Europe's
13:44regulatory
13:45framework
13:45is much
13:47more diverse
13:48and while
13:50their regulatory
13:51burden is
13:52unfortunate
13:53for Europe
13:53on the
13:54macro
13:55level
13:55it does
13:56present
13:57interesting
13:58opportunities
13:58for people
13:59with expertise
14:00and the
14:01right
14:01networks
14:02within
14:03carve outs
14:04so
14:05uncertainty
14:06higher
14:07costs
14:07longer
14:08process
14:09timelines
14:09makes it
14:11harder
14:11for
14:12non
14:12specialized
14:13players
14:13and
14:14I
14:15shouldn't
14:15really
14:16speak
14:16for the
14:16US
14:17and I'm
14:17sure
14:17it doesn't
14:18hurt
14:18to be
14:18specialized
14:19also
14:20over there
14:21but it's
14:22likely so
14:23to an
14:23even
14:23further
14:24extent
14:25in
14:26Europe
14:26and
14:27lastly
14:27in the
14:28US
14:28you can
14:28bump up
14:29against
14:29highly
14:30entrepreneurial
14:31individuals
14:32that do
14:33carve outs
14:34and we're
14:34not really
14:35seeing those
14:36players
14:36in Europe
14:38to the
14:38same
14:39degree
14:40so the
14:41market
14:41might be
14:42a bit
14:42more
14:43beneficial
14:43for a
14:45player like
14:45Newport
14:45in Europe
14:46thank you
14:48so let's
14:49come to
14:50Newport
14:51so Tom
14:52tell us
14:54how did
14:55you decide
14:56not to
14:57to
14:57found
14:58this
14:58kind
14:58of
14:59investor
15:00and
15:01tell us
15:02exactly
15:02about
15:03the
15:04approach
15:04we have
15:05said
15:06that
15:06it's
15:06you call
15:07yourself
15:08not the
15:08house
15:08for cave
15:09outs
15:09so
15:09why did
15:11you decide
15:11that
15:11could be
15:12a good
15:12opportunity
15:13in Italy
15:13and
15:14something
15:15that can
15:16be
15:16clearer
15:19for people
15:20to understand
15:21we are
15:22used to
15:24speak about
15:24private equity
15:25traditional
15:26trade equity
15:26or
15:27whatever
15:28different
15:29kind of
15:29vehicles
15:29but with
15:30the same
15:31approach
15:32just buy
15:33and sell
15:33at the end
15:34so I was
15:35working for
15:36a traditional
15:36private equity
15:37fund
15:38private equity
15:40funds are
15:41driven by
15:43investment cycles
15:44so when they
15:45look at
15:45one investment
15:46they
15:47always think
15:48okay how much
15:49money can I
15:50make out of
15:50this investment
15:52in five years
15:53and
15:54carve outs
15:56are
15:57notoriously
15:58difficult to
15:59sell
15:59and
16:01it's a very
16:02speculative
16:03market
16:04with many
16:04speculative
16:05players
16:05without
16:06many
16:08players
16:09like
16:09having
16:11a permanent
16:13capital
16:14model
16:14so
16:16our
16:16approach
16:17basically
16:17things
16:18in decades
16:19so
16:20our
16:20objective
16:21is to
16:22basically
16:23build a
16:24flywheel
16:24and
16:26have
16:26net
16:27contributors
16:27to
16:28our
16:29cash flow
16:29to do
16:30more
16:30deals
16:31so when
16:32we look at
16:32an investment
16:33we always
16:33think
16:34can this
16:35business
16:36work
16:36because we
16:38are not
16:38going to
16:38sell it
16:39so the
16:41upside for
16:42sellers
16:44is having
16:45the same
16:46logic that a
16:47strategic buyer
16:48would have
16:48so continuity
16:49accountability
16:51because you're
16:51not selling
16:52so this
16:52thing has
16:53to work
16:53and it's
16:54going to
16:55be accounted
16:56in your
16:56consolidated
16:57accounts
16:57so you
16:58need to
16:58be
16:59accountable
16:59but you
17:01have the
17:02same speed
17:02as a
17:03private equity
17:03firm
17:03so strategic
17:04buyers
17:04are not
17:04low
17:05but we
17:07are as
17:08fast as
17:09a PE
17:09fund
17:10so that's
17:11basically the
17:12logic behind
17:13our model
17:14Jimmy
17:15said something
17:17before about
17:18the fact that
17:20managers of the
17:21target that you
17:22buy you're going
17:23to buy are going
17:24to stay and to
17:25have a sort of
17:25independence
17:26so can you tell us
17:28something more
17:29about the
17:29governance
17:30model that you
17:32are going to
17:33use and why
17:35do you think
17:36this is a
17:37plus
17:37a very big
17:38plus for this
17:39kind of
17:39investment
17:40so the
17:44model of
17:45Newport is
17:46based on
17:46acquiring
17:48companies that
17:49need to be
17:51decentralized
17:51what does it
17:52mean decentralized
17:53means that
17:54the management
17:55team is
17:56sorry
17:58for the
17:59Maldigola
18:00is independent
18:02autonomous
18:03in managing
18:04the company
18:06this is really
18:07important
18:08and I will
18:08tell you
18:09why
18:09but
18:10firstly
18:11maybe you
18:14have read
18:14that we
18:15made with
18:15this first
18:16acquisition
18:17we
18:19bought
18:19Prodotti
18:20Bauman
18:21SRL
18:22from
18:22Bauman
18:23Group
18:24and
18:25basically
18:26there is
18:27a first
18:27natural
18:28independent
18:29phenomenon
18:31that is
18:32the fact
18:32that this
18:33subsidiary
18:34is not
18:35even more
18:35linked
18:36to the
18:38to that
18:38quarter
18:39is independent
18:40by itself
18:41so this
18:42is create
18:42already
18:43a kind
18:43of sense
18:45of autonomy
18:46that the
18:48management
18:49has
18:49and this
18:50is important
18:51because we
18:51want that
18:52all portfolio
18:53companies
18:53become
18:55champions
18:56independent
18:57champions
18:57instead of
18:58being
18:59subsidiaries
19:00from
19:02strictly
19:02taking
19:04into
19:04account
19:04the
19:04governance
19:05and from
19:05strictly
19:06point of
19:06view
19:06of this
19:07point of
19:07view
19:08governance
19:09is made
19:09by
19:10three of us
19:11for this
19:11moment
19:12so Tom
19:12is president
19:13I'm CEO
19:14Marco
19:15is on the
19:16board
19:16he's general
19:17manager
19:17and so
19:19there is
19:19not
19:20the
19:23decisions
19:23the
19:24thinking
19:25the decision
19:25the action
19:26it happens
19:27in the
19:27company
19:27not on the
19:29holding
19:29not on the
19:30company
19:30so this
19:31approach
19:32why this
19:32approach
19:33first
19:34in the
19:35in Newport
19:36the team
19:36is very
19:37slim
19:37we
19:38focus
19:39on
19:39two
19:39activities
19:40one
19:40is
19:40acquisition
19:41and
19:42two
19:42is
19:42to
19:43set
19:44the
19:45root
19:45of the
19:45company
19:46that has
19:47been
19:47bought
19:48for the
19:49next
19:51months
19:51and
19:52so
19:53we
19:55don't
19:55have
19:55objective
19:57we
19:58don't
19:58be
19:59we're not
19:59intended
20:00to be
20:00a corporation
20:01that
20:02manage
20:02finance
20:03HR
20:04IT
20:04in the
20:05portfolio
20:05companies
20:06so that's
20:07why the
20:07decentralization
20:08is important
20:09another point
20:10is we want
20:11the management
20:12team to be
20:13to take
20:15the ownership
20:15and to be
20:17to feel
20:17to be
20:17responsible
20:18to be
20:19to take
20:21all the
20:22on their
20:24shoulder
20:25the
20:25the results
20:26of
20:27the company
20:28so this
20:30is the
20:30the reason
20:32why
20:32we
20:33we
20:34we approach
20:34a model
20:35of decentralization
20:36another point
20:37is related
20:38to the fact
20:38that we
20:39are not
20:40we're not
20:41focusing on
20:42a specific
20:42sector
20:43so
20:44Bauman
20:46is the
20:47first target
20:48in
20:48in the
20:51springs
20:51in Molle
20:52but we are
20:54looking in
20:54other sectors
20:55and
20:56all this
20:58in the future
20:59with
20:59two free
21:00companies
21:01per year
21:01maybe
21:02even more
21:03we want
21:05that all
21:06of them
21:06being dependent
21:07also to
21:09sustain
21:10potential
21:11risk in
21:12some sectors
21:13so
21:13the fact
21:15that they are
21:15independent
21:16they perform
21:17independently
21:18it helps
21:19also to
21:19mitigate
21:19the risk
21:20of a portfolio
21:21that can be
21:22if it's
21:24focus on
21:25one sector
21:26can be
21:26too risky
21:27so
21:28this is
21:29the
21:29thank you
21:31Jamie
21:31Matt I
21:32come back
21:33to you
21:33and
21:34I was
21:35wondering
21:36how do
21:37you
21:38understand
21:39that
21:39a new
21:40team
21:41like
21:42Newport
21:42is
21:43well suited
21:45for being
21:46a good
21:47serial
21:48acquirer
21:49and
21:50speaking about
21:51Newport
21:52which are
21:54the differences
21:54from
21:56other
21:57other players
21:59big players
22:00in Italy
22:01like
22:02in Italy
22:02or in Europe
22:03like
22:04Indutrae
22:05and
22:05Lifco
22:06and
22:06Motares
22:07and whatever
22:07all these
22:08big players
22:11that are
22:11already there
22:12so
22:12why
22:13do you
22:14think
22:14that
22:14Motares
22:15is
22:15sorry
22:16maybe
22:18you are
22:19going
22:19to be
22:19big
22:20like
22:20Motares
22:20so
22:21why
22:23do you
22:23think
22:23Newport
22:24is a
22:26good
22:26shot
22:27I can
22:29answer
22:29that
22:29when we
22:31back
22:31a team
22:32or an
22:33entrepreneur
22:33there are
22:35a few
22:35things that
22:36we look
22:36for
22:36that
22:37I think
22:37are
22:38extremely
22:39rare
22:39we speak
22:40to
22:41on average
22:42every year
22:43probably
22:43100 or
22:44200 people
22:45looking to
22:45start
22:46businesses
22:47and
22:48it
22:48becomes
22:49pretty
22:49clear
22:49when you
22:49find
22:50a
22:50unique
22:50team
22:51or
22:51opportunity
22:52that
22:53stands out
22:53from the
22:54rest
22:54that you
22:54should
22:55push
22:56pretty
22:56hard
22:56to
22:57find
22:57a way
22:57to
22:57work
22:58together
22:58the
22:59things
23:00that
23:00we
23:00look
23:00for
23:01are
23:01pretty
23:02simple
23:02to
23:02describe
23:03but
23:03are
23:03pretty
23:04rare
23:04first
23:05we
23:05look
23:05for
23:06real
23:07capital
23:07allocation
23:08judgment
23:09the
23:10best
23:10serial
23:12acquirers
23:13tend
23:13to
23:14reinvest
23:14free
23:14cash
23:15flow
23:15every
23:15year
23:16for
23:16decades
23:16at
23:18very
23:18disciplined
23:20prices
23:20and
23:21operate
23:21the
23:21companies
23:22really
23:22well
23:23so
23:23that
23:24requires
23:24not only
23:25an
23:25investor's
23:26mindset
23:26but a
23:27really
23:28patient
23:29investor's
23:31mindset
23:31and one
23:32that
23:33layers
23:33in
23:33investing
23:35and
23:35operations
23:36as
23:36a
23:37very
23:37joined
23:39force
23:40so to
23:40speak
23:40the
23:41second
23:42is
23:42really
23:43important
23:44to
23:44back
23:44people
23:45and
23:45teams
23:46that
23:46have
23:46the
23:46right
23:47temperament
23:47to
23:47do
23:48this
23:48as
23:50I
23:50just
23:51mentioned
23:51these
23:52businesses
23:52are
23:52very
23:53hard
23:53to
23:53build
23:54and
23:54they
23:54take
23:55a
23:55long
23:55time
23:56to
23:56build
23:56so
23:57the
23:57strongest
23:58operators
23:58in
23:59the
23:59space
23:59generally
23:59speaking
24:00are
24:00steady
24:02patient
24:04very
24:04frugal
24:05they're
24:06unemotional
24:06and they
24:08really
24:08trust
24:09their
24:09teams
24:10so
24:10that's
24:11another
24:11key
24:12sort
24:13of
24:13personality
24:13trait
24:14that we
24:14look for
24:15in a
24:15team
24:16third
24:17they
24:18really
24:19know
24:19how to
24:19build
24:19trust
24:20with
24:20sellers
24:21in many
24:23cases
24:23sellers
24:24are not
24:24optimizing
24:26for price
24:26they really
24:27care about
24:28the people
24:29involved
24:29continuity
24:31they care
24:33about
24:33you know
24:34that employees
24:34will get
24:35taken care
24:35of after
24:36they sell
24:36the business
24:37so
24:38in many
24:39cases
24:39like
24:40emotional
24:40intelligence
24:41from
24:42a serial
24:43acquirer
24:44team
24:44matters
24:45a lot
24:46in many
24:47cases
24:48more than
24:48than
24:49just being
24:50willing to
24:50pay the
24:50highest
24:51price
24:51lastly
24:53what we
24:54look for
24:54is
24:55we look
24:56for teams
24:56that have
24:57successfully
24:58done this
24:59before
24:59you know
25:01some people
25:02like to
25:02back more
25:03unproven
25:03teams
25:05that haven't
25:05really
25:06haven't
25:06really
25:07made
25:07acquisitions
25:08and
25:08successfully
25:09built
25:10businesses
25:10but
25:11training
25:13inside
25:14a best
25:15in class
25:15serial
25:15acquirer
25:16or
25:16in
25:17Newport's
25:18case
25:18having
25:19done
25:19corporate
25:19carve outs
25:20it really
25:21matters
25:21so
25:22generally
25:22speaking
25:23we don't
25:23want to
25:24I'd say
25:25pay for
25:25somebody
25:26else's
25:26education
25:27we want
25:27people who
25:28have already
25:29learned
25:29the hard
25:30way
25:30they've
25:31learned
25:31the muscle
25:31memory
25:32of
25:32sourcing
25:33closing
25:35and
25:35operating
25:36small
25:36companies
25:36over
25:37many
25:37many
25:37years
25:38and
25:38in
25:38many
25:39cases
25:39have
25:39invested
25:40through
25:40different
25:40business
25:41cycles
25:41so
25:43experience
25:43in doing
25:44this
25:44saves
25:45I'd say
25:47us
25:47from
25:47taking
25:47unnecessary
25:49risk
25:49and gives
25:50everybody
25:51a better
25:51chance
25:52of succeeding
25:52together
25:53so
25:54in terms
25:54of how
25:55Newport
25:56differentiates
25:57from
25:59I'd say
25:59the more
26:00traditional
26:00serial
26:01acquirers
26:01like
26:02Lifco
26:02Indutrade
26:03others
26:04that we
26:04look at
26:04are
26:04consolation
26:05software
26:06logger
26:06grants
26:07I'd say
26:08Newport
26:08is a little
26:09bit different
26:09in that
26:10their
26:10focus
26:11is
26:11entirely
26:12on
26:13corporate
26:13carve
26:13outs
26:14I think
26:14some of
26:15those other
26:16firms
26:16have
26:17episodically
26:19done
26:19carve
26:20outs
26:20but it
26:20really
26:21isn't
26:21a core
26:22focus
26:22area
26:23of theirs
26:23in many
26:24cases
26:25those firms
26:26are looking
26:26to buy
26:27I'd say
26:30very well
26:30run
26:31very efficiently
26:32run
26:32companies
26:33at the
26:34onset
26:34whereas
26:35Newport
26:36I think
26:37will be
26:38you know
26:39essentially
26:40buying
26:40focusing on
26:41corporate
26:42carve outs
26:42which
26:42require
26:43I'd say
26:45a little bit
26:45more help
26:46at the
26:46beginning
26:47from an
26:47operational
26:48standpoint
26:48in terms
26:49of getting
26:49everything
26:49running
26:50more smoothly
26:52but
26:52at the end
26:53of the day
26:54what we
26:54want to
26:54do
26:55is build
26:56each
26:57subsidiary
26:57into
26:58a well
27:00functioning
27:00and very
27:02autonomous
27:02empowered
27:03subsidiary
27:04for the
27:05long term
27:06so
27:06we're going
27:07to take
27:08I think
27:08some lessons
27:09from
27:10the serial
27:11acquirers
27:12who have
27:12done this
27:12really well
27:13over the
27:14past
27:15many many
27:16years
27:16but Newport
27:17is definitely
27:18going to
27:18go about
27:19doing it
27:20in its own
27:20way
27:21Thank you
27:23thank you
27:23Matt
27:23Gustav
27:25one more
27:26word
27:27about
27:27how
27:28Hampton
27:29River
27:30supports
27:31the
27:31serial
27:32acquirers
27:33team
27:33where
27:34you invest
27:36I mean
27:36you
27:37put the
27:37money
27:38after you
27:38have
27:38decided
27:39that
27:39the
27:40team
27:40is
27:41very
27:41good
27:41but
27:41then
27:42how
27:42do
27:42you
27:42stay
27:43with
27:43them
27:43maybe
27:44how
27:45do
27:45you
27:45work
27:46and
27:46maybe
27:47you
27:47work
27:48also
27:48together
27:48with
27:49the
27:49also
27:50the
27:50CEO
27:50of
27:51your
27:52targets
27:53but
27:53also
27:53with
27:55the
27:55CDOs
27:55of
27:56the
27:56targets
27:56of
27:56the
27:56target
27:56I don't
27:57know
27:57tell us
27:59something
27:59more
27:59please
28:00so
28:01I
28:02didn't
28:02catch
28:03all
28:03of
28:03that
28:03but
28:04I
28:04believe
28:04you
28:04asked
28:05how
28:05we
28:05support
28:06the
28:07clients
28:07we
28:08invest
28:08in
28:08and
28:08specifically
28:09Newport
28:10in this
28:11case
28:11is that
28:12correct
28:12yes
28:13it is
28:13yeah
28:16so
28:16first
28:18of all
28:18we
28:18try to
28:19do
28:19no
28:20harm
28:20which
28:21is
28:22easier
28:22said
28:23than
28:23done
28:23we
28:24all
28:24have
28:24egos
28:25it
28:25feels
28:26good
28:26to
28:27meddle
28:27oftentimes
28:29too
28:29much
28:30but
28:30we
28:31try
28:31to
28:31lean
28:31more
28:32to
28:32the
28:32Socratic
28:33method
28:34and
28:34we
28:35really
28:36want
28:36our
28:36CEOs
28:37and
28:37founders
28:38and
28:38their
28:38teams
28:38to
28:39feel
28:39fully
28:39responsible
28:40for
28:41the
28:42decisions
28:42such
28:43that
28:43they
28:43can't
28:44go
28:44back
28:44to
28:45us
28:45and
28:45say
28:46hey
28:46it's
28:46your
28:47fault
28:47that
28:48this
28:48or
28:48that
28:48happened
28:50and
28:51of course
28:51we
28:53try to
28:53steer them
28:54to
28:54what we
28:55feel
28:55is
28:56a
28:56sound
28:56move
28:57but
28:58it's
28:58very much
28:59on that
29:00philosophy
29:00of
29:00autonomous
29:02leadership
29:04and
29:05decentralization
29:06where they
29:06get a
29:07lot of
29:08responsibility
29:09and
29:11second
29:12we
29:14do
29:14help
29:14with
29:14sharing
29:15ideas
29:15to
29:15that
29:16effect
29:16among
29:17the
29:17founders
29:17that
29:17we
29:17backed
29:18they
29:19can
29:20chat
29:20with
29:20each
29:21other
29:21meet
29:21up
29:22in
29:22person
29:23like
29:25sharing
29:25sourcing
29:25strategies
29:26tools
29:27with
29:29help
29:29with
29:29recruiting
29:30and
29:31like
29:32the
29:32sharing
29:33of
29:33relevant
29:34data
29:34points
29:35so
29:36essentially
29:37we're
29:37a
29:37sounding
29:37board
29:38for
29:38acquisition
29:39and
29:40operations
29:41and
29:42we're
29:43trying
29:43to
29:44consistently
29:45look
29:47beyond
29:47the
29:47surface
29:48level
29:49EBTA
29:50multiples
29:51and
29:51really
29:52dig
29:52deep
29:53and
29:53understand
29:54the
29:54actual
29:55value
29:55inherent
29:56in
29:57potential
29:58assets
29:59that we
29:59want to
29:59acquire
30:00and
30:01the
30:01potential
30:01for
30:02further
30:02growth
30:03for
30:05example
30:05it
30:06can
30:06often
30:06times
30:06be
30:07easier
30:08within
30:09the
30:09wider
30:10umbrella
30:11of
30:11a
30:11hold
30:12co
30:12and
30:12like
30:15below
30:15the
30:15newport
30:16entity
30:17in this
30:18example
30:18to have
30:19the muscles
30:20and
30:20willingness
30:21to
30:22jump on
30:23opportunities
30:24for growth
30:26that have
30:26previously been
30:28viewed as
30:28risks
30:30when only
30:31the
30:33operator
30:34know that
30:34they only
30:35have
30:35this
30:35one
30:36small
30:36company
30:37that
30:37is
30:37making
30:38a
30:38certain
30:39investment
30:39or
30:40otherwise
30:40trying to
30:41target
30:41new
30:42customer
30:42segments
30:43or
30:44markets
30:45and
30:45Italy
30:46has
30:46such
30:47impressive
30:48precision
30:48manufacturing
30:49craftsmanship
30:50and other
30:52areas that
30:53they are
30:53world class
30:54in but
30:54sometimes
30:55there is
30:56room for
30:57perhaps taking
30:59a more
30:59growth
31:00oriented
31:00view
31:01as well
31:02so
31:03thank you
31:03Augusta
31:04now
31:05let's
31:06speak
31:06with
31:06Marco
31:08Marco
31:08Monti
31:09so
31:09we have
31:10said
31:11something
31:11about
31:11product
31:12development
31:12and
31:13this is
31:14as I told you
31:14before
31:15this is
31:16the first
31:16target
31:17the first
31:17care
31:17route
31:18of
31:18newport
31:19so
31:19please
31:21tell us
31:21something
31:22at the beginning
31:23about
31:24the company
31:25which used to
31:26be a business
31:27unit
31:27now it's a
31:27company
31:28and
31:29how
31:30the deal
31:31was born
31:32why
31:33at the end
31:34Bauman
31:35decided to
31:36sell
31:36to
31:37Newport
31:38not to
31:38a product
31:39equity
31:39not to
31:40a trade
31:40buyer
31:41so
31:41how
31:42all the deal
31:44was born
31:45thank you
31:45good morning
31:46good afternoon
31:47good night
31:47to everybody
31:49so
31:49I would say
31:51everything
31:52started one year
31:53ago
31:53more or less
31:54in December
31:55they
31:56informed me
31:58Bauman
31:59CEO informed me
32:00about the
32:01possibility
32:01that
32:02Bauman
32:03was
32:03no more
32:04interested
32:05in
32:05continuing
32:07with
32:08Bauman
32:08Italy
32:09Bauman
32:10Italy
32:10is one
32:11of their
32:11facilities
32:12they have
32:1210 facilities
32:13around the world
32:14was one
32:16of them
32:16and
32:17to be honest
32:18was also
32:19the longest
32:20company
32:22that
32:22they had
32:23for
32:23a long
32:25time
32:25because it
32:26was founded
32:2680
32:28years ago
32:29and it
32:29was their
32:30first
32:30investment
32:31out of
32:32Switzerland
32:32because they
32:33are based
32:34in Switzerland
32:35and so
32:36for them
32:36was also
32:37a sort of
32:38pain
32:39because
32:39at the end
32:40it's something
32:41that you never
32:42want to do
32:43and
32:45why they
32:47decided
32:47first of
32:48all
32:48we are
32:50in the
32:51automotive
32:52business
32:53and
32:53especially
32:55one
32:55years ago
32:56there
32:57was
32:57lots
32:58of
32:58rumors
32:58in the
32:59market
32:59about
33:00these
33:01investments
33:02in
33:02Germany
33:03Bosch
33:06Volkswagen
33:07the market
33:08was
33:08really
33:09underpinned
33:10underpinned
33:11and
33:11at the end
33:13of the story
33:14Baumann
33:15has
33:15capacity
33:16excess
33:17of capacity
33:17and so
33:18they
33:19thought
33:20that
33:21one of
33:21the
33:22options
33:22was
33:23to
33:23reduce
33:24their
33:25capacity
33:26and
33:27at the
33:29beginning
33:30I would say
33:31there was
33:31the option
33:31also to
33:32close
33:32the
33:32company
33:33to be
33:34to be
33:34very
33:34honest
33:34and
33:35me
33:37myself
33:38and
33:39the
33:39management
33:39team
33:40that
33:40was
33:40informed
33:41about
33:41this
33:42scenario
33:43and
33:43option
33:44were
33:45so
33:46convinced
33:46that
33:47the
33:47fundamental
33:48of the
33:49company
33:49were
33:49still
33:50good
33:51and
33:51there
33:52was
33:52a lot
33:52of
33:52options
33:53to
33:53develop
33:54the
33:54business
33:54in
33:54the
33:54future
33:55and
33:55one
33:55of
33:56the
33:56reasons
33:56why
33:56the
33:57business
33:57was
33:58not
33:58grown
33:58in
33:59the
33:59last
34:005-10
34:01years
34:01I'm
34:02there
34:02in the
34:02company
34:03for
34:03three
34:04years
34:04so
34:04not so
34:05long
34:05it was
34:06that
34:07the
34:07focus
34:08of
34:08the
34:08mother
34:09company
34:09was
34:10not
34:10so
34:11as we
34:12say
34:12dedicated
34:14and
34:14the
34:15intention
34:17of
34:18the
34:20group
34:20was
34:20to
34:21dedicate
34:21their
34:22efforts
34:22their
34:23investments
34:23in a
34:24different
34:24area
34:25in the
34:25medical
34:26for instance
34:27or
34:27in the
34:29contact
34:29elements
34:30and
34:31less
34:31in the
34:32pure
34:32automotive
34:33business
34:33so
34:34we
34:37combine
34:38these
34:39two
34:39things
34:40why
34:41don't
34:41we
34:41look
34:42in
34:42the
34:42market
34:42if
34:42there
34:43is
34:43someone
34:43that
34:43wants
34:44to
34:44buy
34:45the
34:45company
34:45and
34:46because
34:47we
34:47strongly
34:48believe
34:48in
34:49what
34:50we
34:50are
34:50doing
34:51and
34:51the
34:52possibility
34:52of the
34:52company
34:53to
34:53grow
34:53with
34:54a
34:54different
34:55owner
34:58to
34:59take
35:01care
35:02to invest
35:03to take
35:03care
35:04to invest
35:04also
35:04time
35:05and
35:05efforts
35:06and
35:06so
35:07I
35:09would
35:09say
35:09at the
35:09beginning
35:10they
35:10were
35:10not
35:10so
35:11convinced
35:11that
35:12this
35:13will
35:13go
35:14to
35:14a
35:15good
35:15end
35:15but
35:16we
35:16were
35:16and
35:17so
35:17we
35:18looked
35:19in
35:19the
35:19market
35:20there
35:20were
35:20different
35:21options
35:21and
35:22yes
35:24and
35:24at the
35:26end
35:26everything
35:27ended
35:30in a
35:31good
35:32way
35:32because
35:33here
35:33we
35:34are
35:34to
35:35say
35:36that
35:36everything
35:38went
35:39well
35:39and
35:40one
35:42important
35:42thing
35:43is
35:43that
35:43the
35:43management
35:45team
35:47was
35:47still
35:50on
35:52board
35:53also
35:54after
35:55the
35:55communication
35:56that
35:57there
35:57was
35:57something
35:58that
35:58may be
35:59dangerous
35:59in the
36:00future
36:00of the
36:00company
36:01but
36:01they
36:01were
36:01really
36:02very
36:02convinced
36:03and
36:04they
36:04believe
36:04in
36:04what
36:06they
36:06were
36:06doing
36:06and
36:07in
36:08the
36:08future
36:08of
36:08the
36:08company
36:09and
36:09so
36:09all
36:09the
36:10team
36:10remains
36:11compact
36:12and
36:12strong
36:15to
36:15restart
36:15or
36:17to
36:18start
36:18a
36:19new
36:19adventure
36:22just
36:23one
36:23more
36:23question
36:24how
36:26your
36:27interest
36:28as a
36:29manager
36:29are
36:30aligned
36:30with
36:30the
36:31companies
36:31and with
36:32the
36:32new
36:32post
36:32ones
36:33yeah
36:33of
36:35course
36:35there
36:35were
36:36different
36:36options
36:37in
36:37the
36:38selection
36:38of
36:38the
36:39ones
36:40who
36:40sell
36:41the
36:41company
36:41and
36:42I
36:42would
36:43say
36:43that
36:43with
36:43Newport
36:44first
36:45of
36:45all
36:45we
36:47appreciate
36:48a lot
36:48the
36:48energy
36:50and
36:51the
36:51wish
36:55to be
36:56part
36:56of
36:57the
36:57team
36:57of
36:58the
36:58group
36:58and
36:58this
36:59is
36:59very
36:59important
36:59because
37:00when
37:00you
37:00feel
37:00it
37:01at
37:02the
37:02end
37:02of
37:03the
37:03story
37:03it's
37:03not
37:03only
37:04a
37:04selling
37:04operation
37:05but
37:05it's
37:05something
37:05that
37:06needs
37:07to be
37:07let's
37:08me
37:08say
37:08all the
37:11people
37:11need
37:11to be
37:11engaged
37:12personally
37:14and emotionally
37:15and this
37:16was
37:16important
37:17from
37:17the
37:18beginning
37:18secondly
37:19one
37:20of
37:20the
37:21fear
37:21is
37:21okay
37:21comes
37:22in
37:23private
37:23equity
37:24investor
37:24and
37:25he
37:25stays
37:26for
37:26two
37:26three
37:26years
37:27and
37:27then
37:27he
37:27sell
37:28but
37:28this
37:29was
37:29clear
37:29from
37:29the
37:29beginning
37:30that
37:30the
37:30intention
37:30of
37:31Newport
37:31was
37:31not
37:32to
37:32sell
37:32in
37:33two
37:33or
37:33three
37:33years
37:33but
37:33to
37:34build
37:34together
37:34with
37:34a
37:35company
37:35a
37:35future
37:36an
37:36important
37:36future
37:37and
37:37this
37:37is
37:37absolutely
37:39important
37:40to
37:40give
37:41the
37:41confidence
37:43to
37:43the
37:43people
37:43that
37:44this
37:44will
37:44really
37:45be
37:47true
37:47and
37:48we
37:49will
37:50work
37:50together
37:51another
37:52thing
37:52that
37:53is
37:53also
37:53important
37:53is
37:54that
37:54they
37:54thought
37:55that
37:55the
37:56team
37:56was
37:56strong
37:57and
37:57they
37:57believe
37:58and
37:58they
37:58trust
37:59the
37:59team
37:59they
38:00trust
38:00our
38:01plan
38:01because
38:02we
38:02already
38:02have
38:03a
38:04business
38:04plan
38:04for
38:05the
38:05future
38:05and
38:05they
38:06trust
38:06it
38:06they
38:07challenge
38:07a
38:07little
38:07bit
38:08but
38:08it
38:10is
38:12normal
38:13but
38:13they
38:14trust
38:14it
38:14and
38:15so
38:16was
38:16done
38:17by
38:17us
38:17not
38:18was
38:18done
38:18by
38:18them
38:19this
38:19is
38:19also
38:20very
38:20important
38:20that
38:21so
38:22all
38:22of
38:22this
38:23has
38:23created
38:24the
38:24good
38:26let's
38:26say
38:26feeling
38:28between
38:29the
38:29people
38:29and
38:29also
38:30the
38:30plan
38:31thank
38:31you
38:31Mario
38:32so
38:32this
38:33is
38:33his
38:34point
38:34of
38:34view
38:34from
38:34the
38:35story
38:35now
38:35tell us
38:36your
38:37point
38:37of
38:37view
38:37so
38:38how
38:38it
38:38came
38:39that
38:39you
38:39met
38:40Bauman
38:40and
38:41you
38:41decided
38:41that
38:41this
38:42was
38:43the
38:43good
38:43first
38:44deal
38:44for
38:45Newport
38:45well
38:46how
38:46we
38:47met
38:47Bauman
38:48is
38:48because
38:48of
38:48these
38:49two
38:49guys
38:49there
38:50well
38:52when
38:54we
38:54look
38:55at
38:55carve-outs
38:56there
38:57are
38:58certain
38:58things
39:00that are
39:00pretty
39:00common
39:01in
39:01carve-outs
39:02which
39:02they
39:03normally
39:03have
39:04very
39:04strong
39:05management
39:05educated
39:07with
39:09good
39:10system
39:10and
39:11processes
39:11and
39:11they
39:12speak
39:12languages
39:12and
39:14they're
39:14fairly
39:15well
39:15structured
39:15and this
39:17was the
39:17case
39:18and
39:19Bauman
39:19had
39:19also
39:20a
39:21very
39:21clear
39:21USP
39:22so
39:23they
39:23have
39:24two
39:24product
39:24lines
39:25in
39:26two
39:26niches
39:26with
39:27very
39:28few
39:28competitors
39:28like
39:29five
39:29competitors
39:29in
39:30one
39:30and
39:31only
39:31two
39:31competitors
39:32in
39:32the
39:32other
39:32product
39:32line
39:33so
39:34those
39:35were
39:35like
39:35the
39:36pillars
39:37on
39:38which
39:39we
39:39built
39:39our
39:40case
39:41and
39:41why
39:41we
39:42liked
39:42it
39:42it
39:43was
39:43a
39:44company
39:44it
39:44is
39:44a
39:45company
39:45that
39:46is
39:47performing
39:47decently
39:49but
39:50with
39:51very
39:51clear
39:52upsides
39:53and
39:55you
39:56know
39:56strong
39:56USP
39:57and
39:57strong
39:58management
39:58were
39:58backed
39:59by
39:59growing
40:01or
40:02the
40:02backlog
40:03which
40:03actually
40:04projects
40:05the
40:05company
40:06with
40:06growing
40:06revenues
40:07in
40:07the
40:07next
40:07three
40:07years
40:08in
40:09a
40:09difficult
40:09market
40:10which
40:10is
40:10automotive
40:11so
40:11these
40:13are
40:13like
40:14clear
40:14indicators
40:15that
40:15this
40:15is
40:15a
40:16very
40:16resilient
40:16business
40:17with
40:18group
40:18management
40:19and
40:19we
40:19think
40:20that
40:20this
40:20will
40:20be
40:21a
40:21very
40:22good
40:22contributor
40:23to
40:24the
40:24new
40:24cause
40:25which
40:25is
40:25buying
40:26more
40:26companies
40:27and
40:27you
40:28know
40:28build
40:29permanent
40:31home
40:31for
40:31these
40:32small
40:32medium
40:33sized
40:34non-core
40:34businesses
40:35and
40:35finally
40:36Jimmy
40:36so
40:37what's
40:37your
40:37plan
40:38for
40:38the
40:38next
40:38100
40:39days
40:40well
40:41the
40:41plan
40:42firstly
40:43we
40:44start
40:45working
40:45on
40:45a
40:45business
40:46plan
40:46before
40:46the
40:47closing
40:47also
40:48we
40:48had
40:48a lot
40:48of
40:49meeting
40:49we've
40:50as
40:51Marcos
40:52said
40:52we
40:53already
40:53have
40:53the
40:53budget
40:54and
40:54the
40:54business
40:54plan
40:55is
40:55also
40:56because
40:56they
40:56already
40:56work
40:57before
40:57us
40:58and
40:58with
40:58us
40:59for
41:00this
41:00so
41:01there
41:02is a
41:04clear
41:04business
41:05plan
41:05clear
41:05objectives
41:06I
41:07don't
41:08tell
41:08you
41:08a
41:08secret
41:08if
41:09we
41:09measure
41:10EBDA
41:10and
41:11cash
41:11flow
41:11so
41:12this
41:12is
41:12obviously
41:14the
41:16common
41:18side
41:20of
41:20this
41:20type
41:21of
41:21operations
41:22of
41:23this
41:23type
41:23of
41:24deal
41:24is
41:25that
41:25usually
41:26the
41:26management
41:26of
41:27international
41:28corporation
41:29works
41:30only with
41:31the
41:31profit
41:31and
41:31loss
41:31we
41:32add
41:33another
41:34dimension
41:34which
41:36capital
41:37which
41:37is
41:37cash
41:37flow
41:38which
41:39is
41:39a
41:39dimension
41:40on
41:40which
41:40by
41:41the
41:41way
41:41the
41:42management
41:42has
41:43a
41:43long
41:43term
41:44incentive
41:44plan
41:45so
41:45on
41:47this
41:48I
41:49think
41:49they
41:49are
41:49quite
41:50motivated
41:51not
41:52only
41:52for
41:52an
41:52MBO
41:53traditional
41:53but
41:54also
41:54on
41:54five
41:55years
41:56plan
41:56the
41:58first
41:58100
41:59days
42:00are
42:01based
42:01on
42:01some
42:02chapters
42:03firstly
42:04obviously
42:05it's
42:06about
42:06controlling
42:08monitoring
42:09all
42:10objectives
42:11and
42:11KPIs
42:12we
42:13have
42:14a
42:15chapter
42:17related
42:18to
42:18HR
42:18so
42:19we
42:20are
42:20everybody
42:22confirmed
42:23so
42:23we
42:23are
42:24not
42:24going
42:24to
42:25restructure
42:25we
42:26are
42:26only
42:27going
42:27to
42:27give
42:27more
42:28responsibilities
42:28so
42:29people
42:29will
42:30have
42:30a
42:30new
42:31title
42:31which
42:32is
42:32in
42:33the
42:33Italian
42:34organigram
42:35we
42:36have
42:36a
42:36chapter
42:37related
42:37to
42:37sales
42:38the
42:41subsidiary
42:42until now
42:43was
42:43received
42:44orders
42:45by
42:46global
42:46accounts
42:47now
42:48we
42:48have
42:49100%
42:51dedicated
42:51service
42:52person
42:52so
42:52this
42:53will
42:54give
42:54us
42:55upside
42:56on
42:57sales
42:57we
42:58have
42:58chapters
42:58on
42:59operation
42:59of
43:00course
43:00we
43:01have
43:01a
43:01chapter
43:01on
43:04IT
43:05we
43:05have
43:06a
43:06TSA
43:06but
43:07we
43:09need
43:09to
43:10detach
43:11all
43:13the
43:14softwares
43:15from
43:15the
43:15headquarter
43:16this
43:17is
43:17the
43:17only
43:17piece
43:18that
43:18is
43:20a
43:20little
43:21bit
43:21tricky
43:21I
43:21would
43:22say
43:22because
43:22the
43:22rest
43:22of
43:23the
43:23company
43:23is
43:24independent
43:24in
43:25its
43:25functions
43:25then
43:27we
43:27have
43:27a
43:27chapter
43:28is
43:28related
43:28to
43:29vision
43:29mission
43:30and
43:31values
43:32so
43:33today
43:34on
43:34the
43:34walls
43:34we
43:35have
43:35the
43:35values
43:36of
43:36the
43:36headquarter
43:37of
43:38Switzerland
43:38headquarter
43:39so
43:39we
43:39have
43:39to
43:40take
43:40out
43:40this
43:41declaration
43:43and
43:45to
43:45put
43:46in
43:47a
43:47way
43:48some
43:48values
43:49of
43:50Newport
43:50which
43:50is
43:51independent
43:51entrepreneurship
43:52and
43:54we
43:54need
43:54also
43:55to
43:55take
43:55out
43:56the
43:56values
43:56of
43:57a
43:57company
43:58that
43:58has
43:5880
43:59years
43:59of
44:00life
44:01and
44:02this
44:04is
44:04something
44:05that
44:05we
44:06will
44:06do
44:06in
44:06the
44:06next
44:07weeks
44:08in
44:08the
44:08next
44:09months
44:09to
44:10work
44:10together
44:10we
44:11will
44:11change
44:12the
44:12name
44:13we
44:16already
44:17find
44:18and
44:18they
44:18decide
44:19the
44:20name
44:20we
44:21already
44:21have
44:21a
44:21name
44:22can
44:22you
44:22tell
44:23us
44:23no
44:23no
44:23no
44:23no
44:24we
44:24cannot
44:24so
44:26we
44:26will
44:26change
44:27also
44:29this
44:29will
44:31change
44:31in
44:31a
44:32certain
44:32way
44:32the
44:32identity
44:33of
44:34the
44:34company
44:35it
44:35will
44:35help
44:35to
44:36create
44:36again
44:36a
44:37kind
44:37of
44:37declaration
44:38of
44:39dependency
44:39from
44:41the
44:41past
44:42so
44:42the
44:43first
44:43100
44:43days
44:44this
44:45is
44:45my
44:45role
44:45is
44:45to
44:46set
44:48together
44:48with
44:48the
44:48management
44:49these
44:49priorities
44:50and
44:50in order
44:52to
44:52have
44:52even
44:55stronger
44:56independent
44:56company
44:58and
44:58management
44:59thank you
45:00thank you
45:00so
45:01andrea
45:01what's
45:02your
45:02idea
45:03about
45:04this
45:04kind
45:05of
45:05investors
45:06coming to
45:07italy
45:08when there
45:09are
45:09this
45:09thank you
45:10for sharing
45:11this adventure
45:12as you
45:12called
45:13because
45:13it's really
45:14exciting
45:14usually
45:16when
45:17I hear
45:18this
45:18kind
45:19of
45:19presentation
45:20try to
45:20catch
45:21some
45:21crucial
45:22words
45:22that you
45:23have
45:23been
45:23said
45:24and
45:25the
45:25things
45:26that you
45:27have
45:27repeated
45:27more
45:28is
45:28leaders
45:29team
45:30trust
45:30long
45:31term
45:31investment
45:33that are
45:34unusual
45:34in equity
45:35funds
45:35you
45:36mentioned
45:37twice
45:38once
45:40to
45:40criticize
45:40as
45:41the
45:42sole
45:42way
45:42of
45:43estimating
45:43and the
45:43other
45:44to
45:44say
45:44that
45:45will
45:45be
45:46one
45:46of
45:46the
45:46concerns
45:49that you
45:50target
45:51but
45:51is
45:51not
45:51the
45:52main
45:52concern
45:52it's
45:53a way
45:54of
45:54evaluating
45:55not
45:55the
45:56way
45:56of
45:56defining
45:59the
45:59business
46:00that is
46:00a
46:01completely
46:01different
46:01approach
46:02so
46:02I'm
46:05excited
46:05of your
46:06experience
46:06so
46:06good luck
46:07for your
46:07experience
46:08I think
46:09that is
46:09very
46:09interesting
46:10sounds
46:12a little
46:12like
46:12I was
46:13sharing
46:13with
46:13him
46:13my
46:14perception
46:15as
46:15an
46:16operation
46:16more
46:17of
46:17management
46:18buyout
46:19supported
46:20by
46:21a
46:22qualified
46:22operator
46:23more
46:23than
46:23a
46:24proper
46:25carveout
46:26but
46:26this is
46:27a legal
46:27impression
46:28not
46:28we like
46:29we can
46:30give
46:31to
46:31things
46:32whatever
46:32names
46:33so
46:34it seems
46:35more
46:36that is
46:36as you
46:37said
46:37to build
46:38together
46:39this adventure
46:40that is
46:41the best
46:42way
46:42to
46:42define
46:43this
46:44deal
46:45so
46:45good luck
46:46and
46:46we'll be
46:47here to
46:48support you
46:48when needed
46:49thank you
46:51thank you to
46:52everybody
46:52for having me
46:54here
46:55thank you
46:56to our
46:56to Matt
46:58and Gustav
46:58connected from
47:00abroad
47:00so
47:01we will
47:02you will
47:02see
47:03any article
47:04on BBC
47:04in the next
47:05few days
47:06and also
47:06you can
47:07see again
47:08the video
47:08and so
47:09thank you
47:10again for
47:10having me
47:11here
47:11ciao
47:12tutti
47:12grazie
47:13ciao
47:30ciao