Springwater Capital is Fintyre’s new controlling shareholder and replaced Bain Capital after Brescia Court accepted the company’s receivership plan (see here a previous post by BeBeez). GSO Capital Partners (part of Blackstone Group) acquired a minority of the business after having converted its credits in equity. The new owners subscribed a capital increase of 43 million euros while illimity Bank provided a bullet loan and Generalfinance factoring facilities for supporting the company’s working capital. Mattia Franchi is the new ceo of Fintyre. Bain Capital acquired the company in March 2017 from BlueGem Capital. The fund financed the acquisition through the issuance of a PIK (payment-in-kind) bond of 130 million euros that GSO Capital Partners subscribed in private placement in April 2017.
Schneider, an Italian merchant of high-end fabrics, reshaped its financial debt with the support of illimity Credit & Corporate Turnaround Fund, a vehicle that illimity sgr manages (see here a previous post by BeBeez). In 2021, the fund acquired from Cooperatieve Rabobank gross UTPs worth 57.25 million euros versus Schneider. The company has sales of 134.3 million euros (219 million in 2019), an ebitda of minus 4.1 million (11.1 million) and a net financial debt of 96.5 million (111.9 million). Schneider received from illiimity bank factoring credit lines in support of the working capital. Laura Ros is the company’s new ceo.
Koelliker, an Italian dealer of smart mobility vehicles and of high-end cars, received a 6-years loan of 11 million euros from illimity Bank for which SACE provided a warranty (See here a previous post by BeBeez). The company invested part of these proceeds in repaying the last instalment of the loan that CarVal Investors provided in 2019 with its operating partner Celtic Asset Management, an investment boutique that Giacomo Sonzini and Mario Vernazza created. CarVal acquired the company’s debt with 18 banks. In 2019, Canova, an investment boutique that Roberto Giacobone created, led a club deal of investor that acquired 93.5% of Koelliker through the subscription of a 10 million capital increase. Luigi Koelliker, the previous whole owner, kept a 5%, while ceo Luca Ronconi acquired 1.5% of the business. Alessandro Pedone and Alexis De Dietrich joined the club deal. Koelliker has sales of 170 million and repaid debts for 90 million after having fetched 40 million out of the sale of non-core real estate assets.
Foresight Group, an UK investor in infrastructures and private equity, subscribed a 5.1 million euros top-up for a green bond that IRR Caserta, an Italian renewable energy firm (see here a previous post by BeBeez). After such a transaction, Foresight allocated all its 75 million euros resources of the Italian Green Bond Fund programme for minibonds aimed at supporting investments in renewable energy and energy efficiency. In 2H22, Foresight Group aims to list on Milan Market.
Pianetel, an Italian ICT, issued a 5-years green minibond of 3.5 million euros that Unicredit subscribed (see here a previous post by BeBeez). The company will invest such proceeds in its organic development and increasing its sustainability rating. In November 2019, Planetel issued a 1.5 million minibond that Unicredit subscribed. Planetel has sales of 12.9 million and an ebitda of 2.9 million.
Sacal, an Italian producer of aluminium, issued an up to one million euros minibond with a 4.2% yield and maturing on 31 March 2028 (see here a previous post by BeBeez). The minibond received a warranty from SACE for 90% of the issuance. Marco Vittorio Perego is the ceo of Sacal who has sales of 101 million euros, an ebitda of minus 3.2 million and a net financial debt of 11.5 million. The company belongs to Cordifin, a firm of the Cordioli Family. Sacal will invest the raised proceeds in the implementation of ESG strategies.
In 2021, Italian credit servicer Officine CST, a company that Paolo Gesa heads and belongs to private equity Cerberus, managed a credit portfolio of 54 million (38 million in 2020) (see here a previous post by BeBeez). The company acquired credits for 120 millions. Officine’s focus is on semi-performing and distressed credits with Government institutions, on receivables from companies in insolvency proceedings and on unsecured trade and financial receivables. Officine generated net profits of more than 14 million (26 million in 2020).
Cassa dei Dottori Commercialisti, the pension fund of Italian accountants, allocated 1.1 billion euros in alternative investments (165 million more than 2020) (see here a previous post by BeBeez). Stefano Distilli, the chairman of Cassa, said to BeBeez that private equity is the main asset class for alternative investments other than real estate funds while, venture capital, infrastructure funds, private debt and funds of funds still play a residual role. Michele Pirotta, the vice-chairman of Cassa, said to BeBeez that the fund is keen on investments with an ESG approach and on infrastructures. At the end of 2021, Cassa allocated 154 million in private debt funds (127 million in 2020), Ares Capital received 64 million of these resources. Cassa allocated 182 million in infrastructure funds (96 million in 2020). Macquarie attracted 105 million.
In 1Q22, Generalfinance, an Italian provider of factoring facilities to companies in distress, generated a turnover of 432 million euros (+80% yoy) and issued facilities for 359 million (+83%) (See here a previous post by BeBeez). The company’s brokerage margin is of 7 million (+ 34%), the interest margin is of 1.8 million (+39%), net fees are of 5.2 million (+32%), and net profits are of 2.7 million (+21%). In 2021, the company generated a turnover of 1.4 billion (+84%) and issued facilities for 1.118 billion (+99%).
In 2021, Axactor Italy, the Italian subsidiary of Oslo-listed NPEs servicing firm Axactor, generated a turnover of 29.1 million euros (27.7 million in 2020 and 25 million in 2019) (see here a previous post by BeBeez). The Recoveries net of IFRS9 effect (net income) are of 15.1 million (+25% – 12 million), Collection on own NPL Portfolios is worth 26.8 million. The whole Axactor group generated a 2021 turnover of 344.5 million (+6% from 325.2 million) with an ebitda of 23.7 million (32 million).