Milan-listed IT company Sesa acquired 51% of Centrotrenta Servicing (aka 130 Servicing), an Italian credit servicer (see here a previous post by BeBeez). In addition, the target’s managing partner Raffaele Faragò and co-founder Fabrizio Angelelli signed an equity commitment. The closing of the transaction requires Banca d’Italia’s authorization.
In 2022, Cherry Bank generated net profits of 10.9 million euros (0.756 million loss in 2021) (see here a previous post by BeBeez). The bank has a 14.34% CET1 ratio (13.10%) and assets of 1.1 billion.
Italian dairy company Latteria Soresina, a producer of Grana Padano cheese, attracted a 15 million euros credit line from BPER Banca (see here a previous post by BeBeez). The financing is based on a non-possessory revolving pledge and supported by blockchain technology. BPER Banca will provide Latteria Soresina with a loan by receiving Grana Padano cheese as collateral. The producer will keep these items in its warehouse (non-possessory pledge) and will be able to replace them over time with other forms of equal value (revolving pledge). Lenders and borrowers will have the possibility of monitoring the collaterals through a shared digital database.
Gibus, a Milan-listed Italian producer of curtains, issued a 5 million euros minibond maturing in 2030 with the warranty of the European Investment Fund (EIF) (see here a previous post by BeBeez). Mediocredito Trentino Alto-Adige subscribed to the bond. In 2018, Gianfranco Bellin, Lucia Danieli and Lorenzo Danieli acquired 25.67% of Gibus from Alkemia and reached 80% of the company. Gibus has sales of 72.7 million euros, an ebitda of 18.4 million and net cash of 17.3 million.
The board of directors of troubled Italian football team Sampdoria decided on 20 March, Tuesday, that strategic decisions will require a majority vote (see here a previous post by BeBeez). The club may find easier to issue a 30-40 million euros convertible bond that Banca Sistema and Macquaire are reportedly studying. WRM Group, Massimo Zanetti, Edoardo Garrone, and other investors could subscribe to the bond. Previous press rumours said that Sampdoria could spin off its sport activities and attract again the interest of Merlyn and of Khalid Faleh Al Thani.
The current turmoil of the banking sector is raising issues for the recapitalization of Eurovita, the insurer that belongs to Cinven (see here a previous post by BeBeez). Riccardo Barbieri Hermitte, the coo of the Italian Treasury Ministry, and the commissioner Alessandro Santoliquido are working to find a systemic solution in view of the end-of-month deadline on the policy freeze that has been affecting the company’s 400,000 customers for about two months now. IVASS, the Italian authority for the insurance sector, reportedly said that Eurovita should launch a 250-300 million euros capital increase.
