Bain Capital Credit won the auction for a 450 million euros portfolio of Unlikely-to-Pay (Utp) loans, named Project Valery, sold by Crédit Agricole Cariparma, Crédit Agricole Friuladria and Crédit Agricole Carispezia (see here the press release). The auction started last Spring (see here a previous post by BeBeez).
The deal has been structured by the Italian servicer Aquileia Capital Services which is owned by Bain Capital Credit itself. The fund was also supported by Etna Advisors, K2Real, Avalon Consulting, Eagle & Wise, Axia Real Estate, Linklaters, DLA Piper, PwC and Kirkland & Ellis. As for Crédit Agricole, it was supported by financial advisor Kpmg,
This is the first large-scale, pure UTP transaction in Italy and Bain Capital Credit’s seventh portfolio acquisition in Italy. Bain Capital now manages approximately 2.6 billion euros of assets across non-performing loans, leases and real estate assets in the country.
In February 2017 Bain Capital Credit bought Heta Asset Resolution Italia srl (Harit), the bad bank of Hypo Alpe-Adria Bank (then renamed in Aquileia Capital Services), its 90 employees and dipendenti e a loan portfolio of 570 million euros (see here a previous post by BeBeez).
Last June Bain Capital Credit bought a 100 mln euros leasing Npl portfolio from Alba Leasing, while last January the fund bought the Hemera portfolio made of da 150 million euros of NPLs sold by Intesa Sanpaolo. In June 2017 Bain Capital Credit bought 400 million euros of NPEs from Banca Mediocredito del Friuli Venezia Giulia ,