Tikehau Capital provided CVC with a loan for the acquisition of the Italian consultancy firm Business Integration Partners (BIP) (see here a previous post by BeBeez). BIP has a turnover of 315 million euros. CVC acquired the majority of the company from Apax Partners in June 2020 on the ground of an enterprise value of 720 million. The vendors purchased the asset in March 2018 for an enterprise value of 200 million and committed to invest a further 100 million in acquisitions.
Clessidra Capital Credit, the vehicle of Clessidra for investing in distressed credits, could team up with PSC and TIM for the acquisition of Italtel, the troubled Italian TMT (See here a previous post by BeBeez). Clessidra is actually said to be in talks with italtel’s lending banks Banco BPM, Banca Ifis and UBI Banca (now part of Intesa Sanpaolo) in order to buy 60 million euros GBV of UTPs versus Italtel and swap them into equity. In 2020, Pillarstone Italy also had acquired the facilities that Unicredit provided with Italtel. The company reportedly set a meeting with its creditors on 29 September, Wednesday, for discussing a restructuring and receivership plan.
Caseificio Palazzo, an Italian dairy company, issued a 6 million euros minibond due to mature in 7 years (see here a previous post by BeBeez). Unicredit subscribed the issuance. Caseificio Palazzo has sales of 53 million and will invest the raised proceeds in 4.0 industrial machinery and organization, increasing its foreign market share and hiring 60 persons in Italy. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Consorzio Stabile Medil, an Italian construction company, attracted a direct lending facility of 2.5 million euros from Azimut Direct, a fintech lender that is part of Milan-listed Azimut (See here a previous post by BeBeez). The loan has a five-years tenure and the warranty of Fondo di Garanzia. Consorzio Stabile Medil has a turnover of above 45 million, with an orders book of 1.3 billion. The company will invest the raised proceeds in its operative cash flow and working capital. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Nord Fluid, an Italian producer of industrial components, issued a 2 million euros minibond that received the InnovFin of the European Investment Fund (See here a previous post by BeBeez). Mediocredito Trentino Alto Adige subscribed the issuance. Nord Fluid has sales of above 40 million and in March 2019 acquired Italian competitor CI.Erre Tech. Between 2010 and 2017, it purchased the Fluid Conveyance unit of Certex, OMV and Tecnoil and. Nord Fluid will invest the raised proceeds in its organic development, and R&D.
Werther International, an Italian producer of machinery for car repair shops that has belonged to Stargate Capital since 2018, issued a 500k euros minibond (see here a previous post by BeBeez). The issuance is part of Masterfor serial issuers and Finance 4 Automotive, two Frigiolini & Partners Merchant programmes, which will also represent the bondholders as Sace required for providing a 90% warranty. The minibond is due to mature on 30 June 2022 and has a gross annual yield of 4%. In addition, the company signed a call option for the earlier repayment of the bond. Werther has sales of 73.7 million and an ebitda of 8.45 million. The company will invest the raised proceeds in its working capital.
At the end of 1H 2021, Amco, an investor in distressed credits that belongs to the Italian Ministry of Economy and Finance (MEF), had assets under management worth 33.1 billion euros (+43% than 1H20) (see here a previous post by BeBeez). The NPLs make 58% of Amco’s portfolio, while UTPs amount to 42%. As a result, Amco recovered 579 million (+116%) and posted net profits of 36.5 million (+423%).
BCC Cassapadana, BCC Centropadana and Unipol ReC sold three NPL portfolios with a face value of 7 million euros and residential real estate assets as collateral to Balbec Capital (see here a previous post by BeBeez). Balbec Capital’s headquarter is in New York. Unipol ReC is the credit recovery unit of Milan-listed Unipol,