In 2021, the amount of bankruptcy procedures that Italian Courts are handling increased by 8%, while the backlog went down 6% yoy, said Cherry Sea, the observatory of Cherry, an AI-based provider of services for lenders (see here a previous post by BeBeez).
Italy’s Interbanking fund for deposits protection (FITD) gave its approval for the sale of 80% of formerly distressed Banca Carige to BPER for one euro. FITD also committed to carry on a previous recapitalisation of Carige for 530 million euros (see here a previous post by BeBeez). BPER previously asked FITD for a 1 billion worth recapitalization and tabled a bid for 88.3% of Carige (80% of Fitd and 8.3% of Cassa Centrale Banca). FITD can support banks with up to 600-700 million for each deal. Carige also attracted the interest of Crédit Agricole (who asked Fitd to carry on a recapitalization of 700 million), BNP Paribas, private equity Cerberus. In June 2019, Fitd declined an offer from Apollo Global Management. Carige previously attracted the interest of Blackrock, Warburg Pincus and Varde.
On 4 February, Friday, Brixia Court accepted the receivership application of Fintyre, a tyres distributor that belongs to Bain Capital (see here a previous post by BeBeez). As part of Fintyre’s receivership plan, Springwater Capital will pour 43 million euros (30 million equity and the rest in loans) in the company for acquiring a controlling stake and relaunching the business. GSO Capital Partners (part of Blackstone) has credits of 130 million with Fintyre (out of a total debt of 270 million) and will get shares without voting rights. The company has debts of 30 million with Hsbc, Banco BPM, BNP Paribas, IKB, ING, and UBI Banca – Intesa Sanpaolo. These creditors will instead receive a repayment in full up to the amount covered by the assets that the company provided as collateral, while the remainder will be repaid only to the extent of 6.56 million. The company will repay its tyre suppliers for 65% of their claims and the service suppliers for 50% of their due. The suppliers have credits for 137 million.
Kryalos and EY launched Keystone, a vehicle for investing in UTPs that received 127 million euros in credits from Banco Desio, BPER Banca, Banca del Fucino, and Cassa di Risparmio di Volterra (see here a previous post by BeBeez). The banks provided UTPs in exchange of stakes in Keystone.
In 2021, Milan-listed Banca Ifis posted net profits of 50.2 million euros (+180.3% yoy, 17.9 million in 2020) for the NPL activity (see here a previous post by BeBeez). The brokerage margin for the sector amounted to 257.6 million (+58.1%, 162.9 million).
In 2021, the assets of the distressed credit unit of Milan-listed illimity amounted to 1.25 billion euros (-4% yoy) (see here a previous post by BeBeez). Corrado Passera is the bank’s ceo and founder. The challenger corporate bank B-ilty is part of illimity’s distressed credit unit. The subsidiary targets SMEs with sales of 2 – 15 million euros and aims to issue credit facilities for 3 billion by 2025.
Matteo Bazzani and Chiara Mariani are the new equity partners of LCA, a Milan-based law firm that Salvatore Sanzo heads (see here a previous post by BeBeez). Mariani and Bazzani will be part of the leading team of the litigation and restructuring department.
MeglioQuesto, a Milan-listed provider of multichannel customer experience, received from illimity three credit facilities for a total of 15.5 million euros due to mature on 31 December 2027 and with the warranty of SACE for 10.5 million (see here a previous post by BeBeez). The company will invest 5 million of the proceeds in acquisitions and 8 million in repaying earlier a direct lending item that RiverRock provided in 2020. In 1Q21, MeglioQuesto posted sales of 27.4 million (+68% than 16.3 million in 1H20), an ebtida of 4.6 million (+102%, 2.3 million) and a net financial debt of 1.4 million. In 2020, MeglioQuesto acquired AQR, while in 2021 it purchased 51% of Omicron Servizi.
Masterplant Italia Agricola, part of Masterplant, acquired the activities of Parma Vivai for mixed cultivation of agricultural plants, flowers and nursery products, as well as retail trade in plants, flowers and gardening equipment (see here a previous post by BeBeez). The company financed the transaction with the issuance of a bond that RiverRock Minibond Fund and other investors subscribed without providing any further detail. Sources said to BeBeez that the bond will mature in 2027 while paying an annual coupon of 6.5%.
Keelt Group, an e-commerce firm that owns KechiQ, an online retailer of high-end watches, is placing a 60 months minibond on CrowdFundMe and already raised 275k euros ahead of a 1.5 million target (see here a previous post by BeBeez). The least investment ticket is of 5,000 euros while Modefinance assigned a B1+ to the issuance who pays a 5% coupon and has an amortizing reimboursement plan. At the end of the placement, the company will list the bond on Milan market. Keelt Group was born in 2018 and has sales of 4.4 million (CAGR 2019-2021 of +39%), an ebitda of 0.311 million (ebitda margin of 7%). The company will invest the raised proceeds in opening stores and developing further its channel for online sales.
CEF Publishing issued a six-years Sustainability-Linked minibond of 2.5 million euros that Unicredit subscribed with the warranty of Fondo Centrale di Granzia pmi (See here a previous post by BeBeez). CEF Publishing is a Benefit and B-Corp company and will pay a lower interest upon the achivement of ESG targets and the adjustment of the margin on the ground of social KPIs training for disadvantaged and young people (B-Corp School) and the B Corp score. CEF belongs to Ebano, a holding that operates in the sectors of publishing, digital marketing, e-commerce, and distance learning. Carlo Robiglio is the owner of the holding who has sales of 21.4 million and acquired 75% of CEF from Gruppo De Agostini, while the ceo Guido Galimberti later sold his 25%. CEF Publishing has sales of 12.8 million and a 20.2% ebitda margin. The company will invest the raised proceeds in strenghtening its sale network and increasing its products supply.
Fondo Italiano d’Investimento (FII) will invest further in private equity funds Itago and PM&Partners and private debt vehicle Equita Private Debt Fund, part of Equita Capital (see here a previous post by BeBeez). These funds have a focus on ESG and sustainability investments. FII invested a total of 326 million euros in 11 private equity funds and 139 million in 4 private debt funds.
Berenberg Green Energy Junior Debt Funds provided Austrian CCE (Clean Capital Energy) Holding with a junior debt facility (see here a previous post by BeBeez). CCE will invest the raised proceeds in acquiring and building photovoltaic plants in Italy and Chile.
Ghella, an Italian construction company, received a sustainability-linked loan of 30 million euros from Unicredit (see here a previous post by BeBeez). The company will invest the raised proceeds in the achievement of ESG targets such as the reduction of CO2 emissions by 2025. Ghella has sales of 525.4 million euros with an ebitda of 43.4 million.
Lucente Mario, an Italian builder of infrastructures for the distribution of electric energy, issued a minibond of 750k euros that RiverRock Minibond Fund subscribed (see here a previous post by BeBeez). The bond pays a fixed rate of 6.5%, is due to mature on 30 April 2023. The company will invest the proceeds in the financial support of orders of its portfolio. In June 2020, Lucente Mario issued another bond that RiverRock Minibond Fund subscribed. The company has sales of 6.9 million and an ebitda of 0.347 million.
Finint Investments sgr, a subsidiary of Banca Finint, and a very know manager of private debt and private equity funds, appointed Andrea Panfili as head of sales (see here a previous post by BeBeez). Banca Finint has assets under management for 3.5 billion euros. Panfili previously worked for Ninety One, Nintety One/Investec Asset Management, Capital Strategies Partners, Morgan Stanley, and Anthilia Capital Partners. Finint Investments manages investment vehicles for the sectors of real estate, alternative energy, private debt, private equity, Npl, and Utp.
