Finint Investments’ Efesto Credit Fund, a vehicle for investing in Italian banks’ UTPs, acquired a portfolio with a face value of 300 million euros from three vendors (see here a previous post by BeBeez). Mediocredito Centrale provided a warranty for the majority of such exposures. Mauro Sbroggiò is the ceo of Finint Investments.
Landi Renzo, a Milan-listed company active in the sectors of sustainable mobility and infrastructure for natural gas, biomethane and hydrogen that the Landi Family controls and also belongs to Itaca Equity Holding (Tamburi Investment Partners), rescheduled its debt and launched a double capital increase for a total of 45 million euros with the assistance of Mediobanca (see here a previous post by BeBeez). The company signed an agreement with Banco BPM, Intesa SanPaolo and UniCredit to reshape medium- and long-term financing arrangements, as part of a capital strengthening operation that also includes the investment of Fondo Salvaguardia Imprese, a vehicle thatthe Ministry of Business and Made in Italy (Mimit) promoted and that Invitalia manages. Fondo Salvaguardia will underwrite a 20 million reserved capital increase that Landi Renzo promoted together with a further capital increase under option for a total of 25 million, which Green By definition owner of 59.2% of the company which in turn belongs to the Landi family (51%) and Itaca Equity (49%), will guarantee for up to 20 million. Banco BPM, Intesa Sanpaolo and UniCredit and the underwriters of the loan agreements have extended the maturities of the credit lines, confirmed the existing economic conditions and agreed on new covenant levels.
Phoenix Asset Management, an investor in NPLs and UTPs, in which SPF Investment Mangement and PIMCO have 40% each, announced the acquisition of the former La Rocca Incatenata hotel in Moneglia, Genoa, through its real estate securitization platform Manzoni SPV (see here a previous post by BeBeez). The conversion of this 1,000-square-meter hotel complex into residential marks the start of Manzoni SPV’s next round of investments. Phoenix acquired the asset with equity capital and will act as real estate asset manager. Sources said to BeBeez that Ornella Giraudo (72.5%), Vittorio Nicolino (15%), and Roberto Nicolino (12.5%) sold the property, which was up for auction at the Genoa Court for an asking price in the region of 0.595 million. Steve Lennon is the founder and ceo of Phoenix Asset Management.
Sources said to BeBeez that Gruppo GWC, an industrial company in receivership that owns GWC Italia and GWC USA, now belongs to Pietro Fiorentini (70%), an Italian competitor, and B4 Investimenti (30%), which have subscribed entirely in cash for a 12 million euros reserved capital increase (see here a previous post by BeBeez). Deloitte Legal advised B4 Investimenti. Baker Tilly assisted Pietro Fiorentini. Gianni&Origoni, Alvarez & Marsal and Sofiae – Solidoro Finulli & Partners supported GWC Italia.
La Perla Manufacturing, an iconic Italian luxury lingerie manufacturer in receivership since May 2024, secured a 0.5 million euros financing facility from Tyche Bank, a bank specializing in NPEs and Special Situations (see here a previous post by BeBeez). The company will invest these resources in short-term liquidity to restart its operations at the Bologna plant and meet the ongoing needs of the receivers in the proceedings of the receivership commissioners Francesco Paolo Bello, Francesca Pace, and Gianluca Giorgi.
