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Home DISTRESSED ASSETS

Italy’s distressed assets and NPEs weekly round-up. News from CMC Ravenna, Fortress, Credito Lombardo Veneto, Reno de Medici, and more

Salvatore Brunoby Salvatore Bruno
October 21, 2026
Reading Time: 7 mins read
in DISTRESSED ASSETS, ITALY, PRIVATE EQUITY, REAL ESTATE
Italy’s distressed assets and NPEs weekly round-up. News from CMC Ravenna, Fortress, Credito Lombardo Veneto, Reno de Medici, and more
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BeBeez editorial team nominated the managers competing for the award on the ground of BeBeez Private Data analysis of the following indicators:
– M&A deals of the portfolio companies carried out in the last 24 months;
– secondary buyouts or share transfers based on rising enterprise value
– transformational M&A

– significant financing or refinancing transactions

– substantial business growth over the past year

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Big deal/big round/big bond

Giovanni Fassi, group ceo Fassi Group
Andrea Giustini, presidente Eco-Eridania
Sergio Iorio
, group ceo Italmatch
Lilviana Sforza, ceo Isoclima

Add-on (Italian and Foreign targets)

Gianluca Cencia, ceo RinovHa
Marco Codognola, ceo Itelyum
Vito Giurazza, ceo Tikedo
Federico Scalaberni
, ceo ATTA Group

 

Transformational M&A

Maria Cecilia La Manna, ceo Italtractor
Andrea Lanuzza, ceo Aquanexa
Marco Rampichini, ceo Glacialis
Andrea Stolfa, ceo Omnia Technologies

Growth

Giuliano Fontanesi, ceo Sostelia
Marco Giovannini, chairman Mech-I-Tronic
Antonio Musacchio, ceo Gruppo Servizi Associati
Maurizio Odoardi
, ceo Advanced Control Solutions

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Troubled Italian general contractor C.M.C. Ravenna and its subsidiary Empedocle 2 Scpa carried on a pro-soluto sale of 1.8 billion euros worth portfolio of receivables from technical tender reserves arising from disputes and financial claims relating to 38 public contracts (see here a previous post by BeBeez). On 16 September, Wednesday, Ledro SPV acquired such credits. Arx Asset Management and doNext (gruppo doValue) handled the sale. Sources said to BeBeez that Fortress invested in this securitisation of a 1.8 billion euros face value portfolio of technical tender reserves (see here a previous post by BeBeez). The transaction has the structure of a litigation finance model, under which investors advance both the estimated realisable value of the claims relating to reserves accrued on contract works and the costs associated with the disputes, without having to wait for the disputes’ resolutions. The sources added that Fortress paid 22% – 25% of the face value or 400 – 450 million.

Credito Lombardo Veneto carried out a securitization of a NPL portfolio with a face value of 600 million euros through Sapa SPV which purchased the asset from Saphira SPV (see here a previous post by BeBeez). The spv will issue two tranches of partly paid asset-backed notes. Credito Lombardo Veneto purchased the senior tranche senior and AR Holding of Antonino Restino acquired the junior items. Eversheds Sutherland acted as counsel advisor and Centotrenta Servicing as Master Servicer. Carmine Evangelista is the ceo of A-Zeta.

Reno de Medici (RdM), a portfolio company of Apollo Global Management, sold its Spanish real estate assets (see here a previous post by BeBeez). M&G Investment Management and Arini Capital Management, a London-based firm that Credit Suisse alumnus Hamza Lemssouguer founded in 2021, are reportedly acquiring a controlling stake in Reno de Medici through a 300 million euros bond debt conversion in equity, the issuance of 100 million worth new super priority senior secured notes and the refinancing of further liabilities. RdM agreed the extension to 2031 of the super senior revolving facility for which reviewed the covenants introduced new cash flow safeguards. Such a recapitalisation will involve the transfer of Reno de Medici’s shares to a new holding company, 80% of whose ordinary share capital will belong to the subscribers to the new capital raising and the remaining 20% to bondholders who convert part of their debt into equity. Apollo will instead receive a participatory instrument granting a 5% of the total economic rights, with the possibility of benefiting from additional returns upon the achievement of certain valuation thresholds. BeBeez Private Data, the private capital database of BeBeez and FSI, monitors Reno de’ Medici, Apollo Global Management, Arini Capital Management, and M&G Investment Management. Find out here how to subscribe for one month or one year or Click here for booking a demo videocall with BeBeez database manager

Gateways to Italy

Gateways to Italy – Offer your services to funds and investors willing to explore opportunities in Italy. Become a partner!

Gateways to Italy – Offer your services to funds and investors willing to explore opportunities in Italy. Become a partner!

by Partner
June 6, 2023

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