US alternative asset management firm Seer Capital Management reached a stake above 99% in Mediocredito Europeo‘s shareholders capital, MF Milano Finanza writes today, adding that the financial institution issuing consumer loans will be soon delisted from French Marché Libre di Parigi where it had arrived in 2012. Less than 1% of the company is still owned by adivosry company Methorios.
Mediocredito Europeo’s ceo, Massimo Minnucci, who was controlling the company with a 50% stake two years ago, has then sold all his interests in the company to Seer Capital, who in turn has been a shareholder since November 2014 through Sco ILoans Llc. Seer Capital has raised its stake more and more times in the last few years, subscribing capital increases in the company (see here a previous post by BeBeez).
Alessandro Maione has been appointed as Mediocredito europeo’s new ceo. Mr. Maione is also ceo of Locam spa, a special servicer of non performing loan, which in turn has been controlled by Seer Capital since 2013.
Mediocredito Europeo, which is registred with the Bank of Italy as a financial institution, counts about 200k customers. The company was bors in 2012 when it bought the client portfolio from Ktesios, another consumer finance company, which was originally owned by Oakwood fund and then sold together with other portfolio companies to Merrill Lynch and Carlo De Benedetti’s investment holding Cir. Ktesios was liquidated in 2012 as it was unable to get new funding after the financial crisis exploded.
In Mediocredito Europeo issued about 40 million euros in new consumer loans, the majority of which representing indirect financing. On the contrary in 2015 the comany issued about 60 million euros, the majority of which (30,8 million euros) coming from direct lending, also thanks to a first securitization deal through spv Visor srl (see here the press release).