Neo Bc, an investment veichle controlled by Bain Capital, issued a 130 million euro bond in a private placement to finance a previously announced secondary buyout of Fintyre, the largest distributor of aftermarket tyres in Italy, which was controlled by BlueGem Capital Partners. At the same time Fintyre subscribed a30 million euros super senior revolving credit line to support the ordinary activity of the company.
The bond issue has a PIK structure (Payment-In-Kind or capitalization of coupons at maturity). Gattai Minoli Agostinelli and Kirkland & Ellis law firms supported Bain Capital and Neo Bc. The new debt adds to a unitranche debt instrument subscribed by GSO Capital Partners (Blackstone Group) at the same time of Bain capital’s buyout to support Fintyre’s business development. GSO was already one of Fintyre’s lenders.
Managed by ceo Mauro Pessi, Fintyre operates both on the whplesale and retail markets through 11 depositx all over Italy and 36 shops. After a series of acquisitions, in 2016 Fintyre reached about 400 million euros in revenues with more 15k clients. The group closed FY 2015 with 258.8 million euros in revenues (from 253.6 millions in 2014), a 14.2 million euros ebitda (+21%from 11.7 millions) and a 15.2 million euros positve net financial position