Last week the Italian private debt market sparkled and attracted the interest of top-tier international investors, while a well known domestic firm announced it will launch a new fund focused on NPLs securitisations soon.
Quaestio Capital sgr’s chief executive officer Paolo Petrignani said that he aims to launch this year Italian Recovery Fund 2 (see here a previous post by BeBeez). “There are still more than 100 million of euros left that belong to Italian Recovery Fund 1 (former Atlante fund 2, ndr), that we could invest in one or two relevant transactions involving distressed Italian credits”. The investment period of the first fund expires next October, but it could extend its activity. The fund is handling four securitisations worth 31 billion of euros for an equity investment in the region of 2.5 billions. Since there are no longer systemic risks, the new fund may have a smaller size than the first one, said Petrignani.
Ikoi a manufacturer of industrial machinery for the production of precious metals bullion issued a minibond of 1.9 million of euros that an undisclosed family office of an important entrepreneur in the North East of Italy subscribed (see here a previous post by BeBeez). The investor also acquired a minority of Ikoi, which in last December sold a stake also to foreign industry peer through a capital increase of 1 million of euros. Founder Giovanni Faoro and his family hold 65% of the business, while the chief executive officer Alessandro Stocco owns a significative minority. Ikoi was born in 2010 and exports 80% of its 11 million sales. The company expects to generate an ebitda margin of above 20% and will invest the proceeds of this issuance for the marketing and sales of ALS, a proprietary technology of Ikoi.
Qui! Group, the Italian provider of ticket restaurants and corporate welfare cards that belongs to Gregorio Fogliani received 50 million of euros from Kkr Credit, the credit branch of the US alternative asset management giant, which subscribed a bond through a private placement (see here a previous post by BeBeez). The proceeds of this issuance will support Qui! Group’s business development and will not refinance the company’s existing debt. Fogliani will award Kkr with a call option for Qui! Group’s equity. The financial firm will have a seat on the company board, even though it currently hasn’t any stake in the business. Kkr partner Matteo Bozzo carried on the transaction. The fund aims to strengthen Qui! Group’s core business which is corporate welfare and fintech as well as supporting the company’s international development. Qui! Group is already present in Brazil, has 20 milion of users and handles transactions worth on average 105 million of euros every year. Last year the group posted sales of 560 million of euros and an ebitda of 19.3 million (+15% compared to 2016) and sold a 6% stake to Nyse-listed Fleetcore Technologies, a global supplier of loyalty and fuel cards for corporates.
Acerbis spa, a Bergamo based producer of plastic components for motorbikes and industrial applications, issued a minibond of 3 million of euros listed on Milan ExtraMot Pro (see here a previous post by BeBeez). Acerbis is also a designer and distributor of sportwear. The bond will mature on the 28th of February 2023 has an amortizing structure with a 3.75% coupon. Subscribers to the issuance are Confidi Systema! (60%) and Finlombarda (40%). Acerbis belongs to the eponymous family and has production plants and commercial branches in Italy, Czech Republic, UK, and the USA. The company’s clients list includes Bmw, Ducati, KTM, Gruppo Piaggio, Dorna, DHL, Mediaset, U.D. Las Palmas (Spagna), Heracles Almelo (Paesi Bassi), F.C. Lugano (Svizzera), Brescia Calcio, Virtus Entella. Last year Acerbis posted sales of 59.9 million, an ebitda of 4.5 million, net financial debts of 13.9 million, and aims to achieve revenues of 70 million by 2023. The proceeds of such issuance will finance the company’s organic growth.
Werther, an Italian aftermarket company for automotive maintenance, issued minibonds worth 3 million of euros of which a 1 million tranche is listed on ExtraMot Pro (see here a previous post by BeBeez). Both the bonds will mature in September 2023 and pay a fixed coupon of 5.375%. Last year in April the company issued a minibond of 8 million due to mature in April 2023, the financial firm Duemme sgr subscribed it. The company can increase by 31 December 2019 the nominal value of this bond loan by up to 5 million without asking for the bondholders’ consent. Werther will invest the proceeds of such issuance to finance R&D and develop the business in foreign markets such as the UK, Russia, Turkey and Iran. In 3Q17 the company generated sales of 55 million of euros, an ebitda of 6 million and net financial debts of 32 million. In 2016 revenues were of 69 million, ebitda of 6.1 millioni, and a cash generation of 33.8 million. Werther belongs to Elena Minella Maria Massari (41,06%), Enrico Zanini (25,89%), Werter Iori (25,63%), and Emanuela Zanini (7,41%).