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Exor (company)

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"EXOR" redirects here. For other uses, see Exor (disambiguation).

Exor N.V.
FormerlyIstituto Finanziario Industriale
Company typePublic (N.V.)
Euronext: ΕΝ
ISINNL0012059018
IndustryHolding company
Founded27 July 1927; 97 years ago (1927-07-27)
FounderGiovanni Agnelli
Headquarters
Amsterdam
,
Netherlands
Key people
Ajay Banga
(Chairman)
John Elkann
(CEO)
ProductsDiversified investments, Reinsurance, Media, Automotive, Heavy equipment, Sports, Internet
RevenueIncrease €41.884 billion (2022)[1]
Increase €6.203 billion (2022)[1]
Total assetsDecrease €83.699 billion (2022)[1]
Total equityIncrease €20.627 billion (2022)[1]
OwnerGiovanni Agnelli B.V. (52.01%)
Number of employees
80,932 (approx) (2022)[1]
Websiteexor.com

Exor N.V. is a Dutch holding company incorporated in Netherlands and controlled by the Agnelli family through privately held company Giovanni Agnelli B.V. In 2021 it recorded revenues of more than $136 billion,[1] with a Net Asset Value (NAV) of around $31 billion, becoming the 37th largest group in the world by revenue, according to the 2021 Fortune Global 500 List.[2] It has a history of investments running over a century, which currently include auto and truck manufacturers Stellantis, Ferrari and Iveco, agricultural and construction firm CNH Industrial, the association football club Juventus F.C., the international newspaper The Economist, and the Italian media company GEDI.

History

Giovanni Agnelli, founder

The company was founded on 27 July 1927 under the name of Istituto Finanziario Industriale by the Senator Giovanni Agnelli, with the aim of reuniting under a single company all the shareholdings he had acquired, mainly in industrial sectors.

In 1957, IFI acquired control of Istituto Commerciale Laniero Italiano, which conducted activities in the financial field, particularly in the textile and wool sector. In 1963 it extended its operations to the banking system and changed its name to Istituto Bancario Italiano Laniero. Three years later, having spun off the banking business to Banca Subalpina, the company became Istituto Finanziario Italiano Laniero (IFIL), playing a parallel role to that of IFI and conducting similar investment management activities.

IFI gained holdings in numerous firms over the decades, including Unicem, Rockfeller Center, Cinzano, Club Med and 3M, which have been divested over time. IFI listed preference shares on the Borsa Italiana in 1968.

A reorganisation of the Agnelli family's holdings in 2008 led to the merger of IFI and IFIL to create "Exor", the new name being taken from the French company (then the majority owner of Perrier water and the Château Margaux estate) which it acquired in 1991.[3] Exor started trading with the ticker BIT: EXO on March 2, 2009.

Board of directors

John Elkann, current CEO

Board of Directors in charge as of May 24, 2022:[4]

  • Ajay Banga - Chairman
  • John Elkann - Chief executive officer
  • Alessandro Nasi - Non-executive director
  • Andrea Agnelli - Non-executive director
  • Axel Dumas - Non-executive director
  • Melissa Bethell - Non-executive director
  • Marc Bolland - Non-executive director
  • Laurence Debroux - Non-executive director
  • Ginevra Elkann - Non-executive director

Holding

Exor's portfolio is principally composed by different Companies in which Exor is the largest shareholder. In addition, the holding manages other investments, of four different kind: Private, for unlisted companies - Public, for publicly-listed companies - Seeds, for early and late stage companies and Alliance, currently with one: NUO spa.

Companies

Declared shareholdings as of 17 April 2023:[5]

Company Sector / Industry % of Share Capital Voting Rights
Juventus F.C. Football team 63.8% 77.9%
GEDI Gruppo Editoriale Media 89.6%[6] 89.6%
The Economist Group Media 34.7% 20.0%
Stellantis Automotive industry 14.0% 14.3%
CNH Industrial Agricultural and heavy machinery 26.9% 42.9%
Ferrari Automotive industry/luxury 22.9% 36.3%
Shang Xia Fashion 82.3% 82.3%
Welltec Technology/Energy industry 46.5% 47.6%
Christian Louboutin Luxury/fashion 24% 24%
Via Transportation Technology/mobility 17.6% 17.6%
Iveco Group Automotive industry 27.1% 42.5%
Lifenet Healthcare Healthcare 44.7% 44.7%
Casavo Real estate 18.7% 17.9%
NUO Investment company 50% 50%
Institut Merieux Healthcare 3.6% 1.8%

Besides these major holdings, the company holds shares in the following listed and unlisted companies:[7][8]

Financial investments

Ventures

Exor's interest in new 21st century companies led to the launch of Exor Seeds, later to become Exor Ventures, an early and late stage startup investment business, under the leadership of Noam Ohana since 2017. Exor Seeds has invested 700 million dollars in 53 companies around the world with a focus on mobility, fintech and healthcare sectors.[10][11]

In September 2021 Exor appointed Diego Piacentini, former Amazon and Apple Executive Manager, as Advisor of Exor and Chairman of Exor Seeds.[12]

On March 29, 2022, Exor Seeds announced the launch of the Italy Seeds Program, an initiative aimed to support the most promising Italian startups.[13]

  • Alan
  • Apparis
  • Avant Arte
  • Because
  • Brex
  • Cariuma
  • CARS24
  • Casavo
  • Corvent
  • Cover
  • Cowboy
  • Crusoe
  • Dignifi
  • DRL
  • Earlens
  • EMPG
  • EQrx
  • Firefly
  • FIIT
  • Finhabits
  • Galena
  • Kheiron
  • Norbert Health
  • Lithic
  • Reby
  • Reflexion
  • Inspirna
  • Saildrone
  • Smallhold
  • Tekion
  • True Link
  • Via Transportation
  • Viaduct
  • Wayve
  • Caresend
  • Dice
  • Dustphotonic
  • Karat
  • Newcleo
  • Qashier
  • Quantum machines
  • Radian Aerospace
  • Saltpay
  • Solidus labs
  • Tissium
  • Xsight
  • Zenbill
  • Qonto
  • Emerge
  • VIAVIA
  • Munbi
  • Upways
  • Banias
  • Chain Reaction
  • Backed
  • Milkshake
  • Resilience
  • Bizaway
  • Nebuly
  • Humans

Shareholders

Financial data

Financial data in € Million[1]
Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*
Net Revenue 52,520 58,985 84.359 110,671 113,740 122,246 136,360 140,068 138,226 143,294 143,755 119,519 33,617
Net Income -0,997 0,571 2,229 2,377 4,427 1,276 0,343 2,314 4,646 5,416 8,915 1 3,454
Assets 71,804 78,707 123,030 125,762 132,680 150,509 156,895 176,528 163,775 166,275 172,610 172,945 91,111
Equity 4,715 4,870 4,572 4,904 8,257 9,675 9,099 10,982 10,805 12,210 15,025 13,090 16,759
Group's Employees 190,651 196,723 195,404 287,343 305,963 318,562 303,247 302,562 265,017 272,170 268,979 263,284 74,353
  • Adjusted following the classification of FCA Group and PartnerRe Group as a discontinued operation.

Investor Days

On 5 October 2017 EXOR held its first Investor Day event, which was led by Exor & PartnerRe's leadership teams which provided financial updates and the latest developments from their respective companies.[15]

On 21 November 2019 a second one was hosted on the occasion of Exor's 10th anniversary. During the meeting John Elkann, together with the management team, illustrated the company's performances, growth and key achievements over the past 10 years.[16]

On 30 November 2021 Exor held its third Investor Day where the primary focus of its future investments was shared, centered on three main sectors: Healthcare, Luxury and Technology.[17]

All events took place at the Agnelli Foundation in Turin (Italy).

Partners Council

On May 24, 2018, Exor established the Partners Council, chaired by former UK Chancellor of the Exchequer George Osborne. The Council brings together a group of business leaders that provide additional external experience and counsel into Exor.[18]

On September 27, 2021, Jony Ive, former Apple Chief Design Officer of Apple, joined Exor's Partners Council along with the announcement of a multi-year collaboration with his creative collective LoveFrom.[19]

The Council consists of: George Osborne (Chairman) - Partner, Robey Warshaw; Daniel Ek - CEO and Founder, Spotify; John Elkann - chairman and CEO, Exor; Jony Ive - Co-founder, LoveFrom; Michael Larson - Chief Investment Officer, BMGI; Jorge Paulo Lemann - Co-founder, 3G Capital; Ruth Porat - Senior Vice President and Chief Financial Officer, Alphabet and Google; Nassef Sawiris - CEO, OCI ; Neil Shen - Founding and Managing Partner, Sequoia Capital China; Rob Speyer - President and CEO, Tishman Speyer; Joseph Tsai - Executive Vice Chairman, Alibaba Group; Mike Volpi - Co-founder, Index Ventures; Ruth Wertheimer - Founder, Owner and chairwoman, 7-Main.[20]

Latest transactions

Exor actively supported the consolidiation of the car industry, first with the creation of Fiat Chrysler Automobiles in 2014 and later with Stellantis, which merged FCA and PSA.

Since inception in march 2009, Exor’s total shareholders return was +1,460% or 24% on a compound annual rate. The family firm Giovanni Agnelli B.V. owns 52.01% of the share capital.[21]

The Economist

On 12 August 2015 the editor announced that Exor would purchase three-fifths of The Economist Group shares then owned by Pearson PLC.[22] Exor held shares in the Economist Group prior to this purchase.[22] This was considered to be the "most important change to The Economist's shareholding structure in almost 90 years."[22] Pearson PLC which also owned the Financial Times had had a non-controlling 50% stake in the Economist Group since 1928. The Economist Group will buy back the remaining 40% of Pearson shares.[23][22]

Cushman & Wakefield

On 2 September 2015 Exor closed the sale of Cushman & Wakefield to Chicago-based DTZ for $1,28 billion in net, generating a capital gain of $722 million.[24]

PartnerRe

In 2016, Exor bought PartnerRe with a bid of $140 per share (total $6.9 billion).[25] Originally it had offered $130 per share and in response Axis Re offered $120.31 per share in paper plus $11.50 in a pre-closing dividend.[26]

In March 2020, Exor announced an agreement to sell PartnerRe to French mutual insurer Covea for $9 billion plus a $50 million cash dividend upon closing.[27][28] The sale was not finalised, as Covéa withdrew the offer on 12 May 2020.[29] In August 2020, Exor stated that Covea would invest €1.5 billion, partly in entities managed by PartnerRe.[30] In July 2022 Exor completed the sale of PartnerRe to Covéa for a total cash consideration of $9.3 billion (about 8.6 billion euros).[31]

GEDI Gruppo Editoriale

In December 2019, Exor agreed to buy a 43.7 per cent stake in GEDI Gruppo Editoriale, Italy's leading media group, for €102.4m from CIR, the holding company of the De Benedetti dynasty.[32][33] The acquisition was closed in April 2020.[34]

Stellantis

In December 2019, Fiat Chrysler Automobiles and the PSA Group announced a merger, to be completed in 12/14 months.[35][36][37] In July 2020, FCA's Chairman John Elkann and the CEO Mike Manley announced that the combined company will be called Stellantis, upon completion of the trans-Atlantic merger.[38][39] The merger completed on 16 January 2021, with its common shares subsequently trading under the ticker symbol "STLA" on the Italian Bourse, Euronext Paris and the New York Stock Exchange. At the completion date of merger, the combined company became the world's fifth-largest car maker by unit sales.[40]

On 14 April 2021, Exor and Peugeot 1810, both significant shareholders in Stellantis, signed a five-year agreement.[41]

Via Transportation Inc.

In April 2020, Exor acquired 8.87% of Via Transportation.[42][43] The participation was later increased to 16.9%.

Shang Xia Group

In December 2020, Exor announced an investment of circa €80 million in the Chinese group Shang Xia, thanks to which the holding became the first Shang Xia shareholder with Hermés International.[44]

Christian Louboutin

In March 2021, Exor enters the French fashion house Christian Louboutin as a minority shareholder with 24% of the capital and with an investment of 541 million euros.[45]

Nuo

On June 16, 2021, Exor signed an agreement with World-Wide Investments Company Limited of Hong Kong, setting up the newco Nuo spa, 50% owned by Exor and 50% owned by WWICL, to encourage and enhance the development of Italian medium-sized enterprises that produce high-end consumer goods like Ludovico Martelli and Montura.[46]

Institut Mérieux

On July 2022 Exor acquired, by way of a reserved capital increase, a 10% shareholding in Institut Mérieux, representing an investment of €833 million to support the company and provide innovative solutions in the public health field.[47]

References

  1. ^ a b c d e f g Exor Annual Report 2022 https://exor.com/sites/default/files/2023/document-documents/EXOR_Annual%20Report%202022.pdf= Exor Annual Report 2022. Retrieved 21 April 2023. {{cite web}}: Check |url= value (help); Missing or empty |title= (help)
  2. ^ "EXOR Group : Global 500". fortune.com. 2 August 2021. Archived from the original on 24 June 2019. Retrieved 6 August 2021.
  3. ^ Greenhouse, Stephen (29 November 1991). "Fiat Owners Seek Diversity In Bid for French Company". New York Times. Archived from the original on 4 August 2016. Retrieved 29 September 2021.
  4. ^ "EXOR APPOINTS AJAY BANGA AS CHAIRMAN". exor.com. EXOR. 24 May 2022. Archived from the original on 4 August 2021. Retrieved 6 October 2022.
  5. ^ "Exor Companies & Investments". www.exor.com. Retrieved 21 April 2023.{{cite web}}: CS1 maint: url-status (link)
  6. ^ "Italy's Exor raises GEDI stake above 60% ahead of mandatory offer". Reuters. 23 April 2020. Archived from the original on 12 May 2020. Retrieved 17 May 2020.
  7. ^ "Financial Investments". Archived from the original on 25 May 2020. Retrieved 17 May 2020.
  8. ^ "Ventures". Retrieved 3 December 2022.
  9. ^ "Faurecia's Capital Structure". Faurecia. 31 March 2021. Archived from the original on 3 June 2021. Retrieved 3 June 2021.
  10. ^ "Letter to Shareholders". EXOR. Archived from the original on 27 October 2021. Retrieved 28 December 2021.
  11. ^ "VENTURES". exor.com. 12 December 2022.
  12. ^ "Diego Piacentini joins Exor as Advisor and will become Exor Seeds Chairman". EXOR. 10 September 2021. Archived from the original on 10 September 2021. Retrieved 28 December 2021.
  13. ^ "Exor launches Italy Seeds Program to back the most promising entrepreneurs in the country".
  14. ^ "Ownership Structure". Exor. Archived from the original on 29 October 2020. Retrieved 6 November 2020.
  15. ^ "EXOR INVESTOR DAY OCTOBER 5, 2017" (PDF). Exor.com. Archived (PDF) from the original on 31 July 2020. Retrieved 22 April 2020.
  16. ^ "BUILDING GREAT COMPANIES NOVEMBER 21, 2019" (PDF). Exor.com. Archived (PDF) from the original on 31 July 2020. Retrieved 22 April 2020.
  17. ^ "2021 Exor Investor Day".
  18. ^ "Exor establishes Partners Council, chaired by George Osborne". EXOR. 24 May 2018. Archived from the original on 27 October 2021. Retrieved 28 December 2021.
  19. ^ "Exor, Ferrari and LoveFrom announce creative partnership". EXOR. 27 September 2021. Archived from the original on 25 October 2021. Retrieved 28 December 2021.
  20. ^ "EXOR PARTNERS COUNCIL". EXOR. 22 July 2022.{{cite web}}: CS1 maint: url-status (link)
  21. ^ "OWNERSHIP STRUCTURE". EXOR. 31 December 2021.{{cite web}}: CS1 maint: url-status (link)
  22. ^ a b c d "A new chapter For only the second time in our history the ownership of The Economist changes". The Economist. 15 August 2015. Archived from the original on 24 September 2015. Retrieved 15 August 2015.
  23. ^ "Investments". Theguardian.com. 12 August 2015. Archived from the original on 15 August 2015. Retrieved 15 August 2015.
  24. ^ "Exor closes $2 bln sale of Cushman & Wakefield to DTZ". Reuters.com. 2 September 2015. Archived from the original on 31 July 2018. Retrieved 14 November 2017.
  25. ^ Agnieszka, Flak (3 August 2015). "Italy's Exor wins battle to buy PartnerRe for $6.9 billion". Reuters. Archived from the original on 9 December 2018. Retrieved 7 December 2018.
  26. ^ "Exor offers to buy PartnerRe". Bloomberg. 12 May 2015. Archived from the original on 14 August 2015. Retrieved 15 August 2015.
  27. ^ "EXOR Sells PartnerRe to French Insurer Covea for $9 Billion". Insurance Journal. 4 March 2020. Archived from the original on 7 March 2020. Retrieved 5 March 2020.
  28. ^ "EXOR announces memorandum of understanding for sale of partnerre to covéa for $9 billion". Exor.com. Archived from the original on 31 July 2020. Retrieved 12 March 2020.
  29. ^ "Exor to retain ownership of partnerre, reaffirming its commitment to support the company's development". exor.com. Archived from the original on 28 December 2021. Retrieved 26 May 2020.
  30. ^ Reuters Staff (3 August 2020). "Exor and Covea agree investments to settle relationship after failed PartnerRE deal". Reuters. Archived from the original on 14 January 2021. Retrieved 12 January 2021. {{cite news}}: |author= has generic name (help)
  31. ^ "EXOR COMPLETES THE SALE OF PARTNERRE TO COVÉA FOR A TOTAL CASH CONSIDERATION OF $9.3 BILLION (€8.6 BILLION)". Exor.com. 12 July 2022.
  32. ^ "Agreement Signed For The Sale to EXOR of Cir's 43.78% Shareholding in GEDI". exor.com/. 2 December 2019. Archived from the original on 18 December 2019. Retrieved 18 December 2019.
  33. ^ "Italy's Exor raises GEDI stake above 60% ahead of mandatory offer". reuters.com/. 23 April 2020. Archived from the original on 12 May 2020. Retrieved 17 May 2020.
  34. ^ "Acquizione de GEDI Gruppo Editoriale S.p.A." [Acquisition of GEDI Gruppo Editoriale S.p.A.] (PDF). Exor (in Italian). 23 April 2020. Archived (PDF) from the original on 4 August 2021. Retrieved 4 August 2021.
  35. ^ "PSA And FCA Merger Plan Officially Announced". Motor. 31 October 2019. Archived from the original on 31 October 2019. Retrieved 31 October 2019.
  36. ^ "Groupe PSA and FCA agree to merge" (PDF). fcagroup.com. Archived (PDF) from the original on 26 February 2020. Retrieved 26 February 2020.
  37. ^ "Fiat Chrysler And Group PSA Unveil Massive Merger Deal". Forbes.com. Archived from the original on 27 February 2020. Retrieved 26 February 2020.
  38. ^ Naughton, By Nora (15 July 2020). "Fiat Chrysler to Be Renamed Stellantis After Merger With PSA". Wall Street Journal. Archived from the original on 31 January 2021. Retrieved 17 July 2020.
  39. ^ "Stellantis: the name of the new group resulting from the merger of FCA and Groupe PSA" (PDF). Archived (PDF) from the original on 17 March 2021. Retrieved 17 July 2020.
  40. ^ "Stellantis: the facts & brands behind the world's newest car giant". Autocar. Archived from the original on 27 January 2021. Retrieved 27 January 2021.
  41. ^ "Exor and Peugeot 1810 strengthen relations to support Stellantis and discuss areas of common interest". EXOR. 14 April 2021. Archived from the original on 2 June 2021. Retrieved 28 December 2021.
  42. ^ "Exor invests $200 million in via". Exor.com. Archived from the original on 31 July 2020. Retrieved 9 April 2020.
  43. ^ Lombardo, Cara (30 March 2020). "Exor Makes $200 Million Investment in Ride-Share Company Via". Wall Street Journal. Archived from the original on 16 June 2020. Retrieved 16 June 2020.
  44. ^ "EXOR INVESTS IN SHANG XIA PARTNERING WITH HERMÈS TO TAKE THE CHINESE LUXURY COMPANY TO THE NEXT STAGE OF ITS DEVELOPMENT". Archived from the original on 1 February 2021. Retrieved 28 January 2021.
  45. ^ "Exor And Christian Louboutin Partner To Accelerate The Development Of One Of The World'S Preeminent Luxury Brands". EXOR. 8 March 2021. Archived from the original on 15 July 2021. Retrieved 28 December 2021.
  46. ^ "Exor and The World-Wide Investment Company Limited join forces to invest in and support Italian consumer goods excellence". EXOR. 16 June 2021. Archived from the original on 17 August 2021. Retrieved 28 December 2021.
  47. ^ "INSTITUT MÉRIEUX AND EXOR ANNOUNCE A LONG-TERM PARTNERSHIP IN GLOBAL HEALTHCARE". exor.com. 1 July 2022.
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