Italian security group Axitea spa is on track to start growing again thanks to 32 million euros of new cash that its unique shareholder, a fund by Stirlling Square Capital, is ready to invest, MF-Milano Finanza writes today.
Axitea is the leading provider of armed security services and electronic surveillance systems in the Italian market. The company operates in armed guarding, patrolling, alarm monitoring, cash handling, satellite tele-security and integrated security systems with approximately 2,100 armed guards, 800 vehicles and 4 monitoring centres.
The group however has been struggling with repayment of its debt for the last few years. After having renegotiated the debt in March 2013 due to the fact that the company was going to breach its financial covenants, Axitea filed for backrupcty proceeding last October and last Febraury presented a debt restructuring plan to the banks while the private equity firm led by Stefano Bonfiglio and Gregorio Napoleone committed to a new capital injection.
Axitea reached 93 million euros in revenues in 2014 with an ebitda margin of 5.6% and a net financial debt of 82 millions. The new industrial plan sees ebitda to grow to 10.5% by 2018 with an average growth of 20% per year.