On 22 April, Friday, expired the deadline for Italian sweets producer Paluani for tabling a receivership plan (see here a previous post by BeBeez). Italian candies maker Sperlari, an asset of German Katjes Group since 2017, may carry on a white knight deal. In April 2021, Sperlari acquired 75% of Dulcioliva, an Italian chocolate producer. Luca Longaretti, the ceo of Paluani, reportedly said that the company attracted a manifestation of interest from a potential investor for a majority stake. In 2021, Generalfinance, a factoring facilities provider to companies in special situation that belongs to Massimo Gianolli, granted Paluani resources for up to 3 million. The company could have cashed up to 80% of the face value of future invoices. Such facilities could increase to 10 million. Paluani borrowed short term resources worth 32 million from Factor Coop (5 million), Banco BPM (4.250 million), MPS (4 million), Unicredit (2.6 million), Intesa SanPaolo (2.5 million), Banca Valsabbina, BPER, Caribolzano, Carige, Cerea Banca, Credit Agricole, and Credito Valtellinese. Paluani has total debts with banks amounting to 35 million and to 7.2 million with suppliers. The company has a negative equity of 3.5 million and net losses of 17 million.
Milan bankruptcy court accepted the receivership proposal of troubled Italian shipping company Moby-CIN (see here a previous post by BeBeez). At the end of March, Tirrenia’s court-appointed commissioners expressed a positive opinion about such plan, which envisages an agreement on the restructuring of the debt of CIN (a shipping company of Moby) with Tirrenia, a shipping company in extraordinary administration. MSC, a competitor that belongs to Gianluigi Aponte, will act as a white knight and acquired a minority of Moby through the subscription of a capital increase. Moby invested these resources in repaying Tirrenia.
Optima, an Italian b2b producer of ingredients for the sweets industry that belongs to Charterhouse, refinanced its debt through the issuance of a floating rate bond of 220 million euros maturing in 2029 and a long term super senior revolving credit line (see here a previous post by BeBeez). Sources said to BeBeez that Optima’s bond pays a coupon of 6M Euribor + 5.5%. Goldman Sachs subscribed the issuance in private placement. Optima provided as collaterals for both the liabilities real warranties and a pledge on 100% of the shares of the parent company and some subsidiaries. HSBC Continental Europe provided the credit line. Sources said to BeBeez that the 20 million facility has a tenure of 4 years. Optima raised fresh resources of 240 million in total. In 2020, the company’s debt amounted to 257 million (256 million mid and long term liabiliites) while the net financial debt is of 228 million. Optima has sales of 142 million and an ebitda of 11.7 million.
Merito sgr, an asset manager that equally belongs to founders Gabriele Casati and Alberto Arrotta, reached the first 74 million euros fundraising closing for its debut Merito Private Debt fund which attracted the resources of cornerstone investors Fondo Italiano di Investimento and European Investment Fund (See here a previous post by BeBeez). Merito set a final fundraising target of 130 million to invest in SMEs loans and bonds with an ESG approach. The accrual of part of Merito’s carried interest is linked to the achievement of ESG targets by the portfolio companies. Merito also hired Ludovica Marzocchi (Investment Manager) and Niccolò Tanini (Senior Associate) who both previously worked for Antares AZ I.
Izzi Group, a retailer of DIY products, issued a 0.6 million euros 30-months minibond that is available for placement on CrowdBond, a platform of Opstart, until 19 May, Thursday (See here a previous post by BeBeez). The issuance has an amortizing structure, pays a 4% fixed rate coupon, and may apply for an up to 80% warranty of Fondo centrale di garanzia pmi. In 1995, siblings Claudio, Maria and Carlo Izzi founded the company based in the Southern Italian region of Molise. Izzi has sales of 4.5 million, an ebitda of 0.305 million and will invest the raised proceeds in its working capital.
In 2021, Fire Group, an independent servicer for NPEs that belongs to chairman Sergio Bommarito, generated revenues of 55 million euros (49 million in 2020) business while the Non-Performing Loans and Consumer Credit units consolidated their market positions (See here a previous post by BeBeez). The company’s ebitda is 8 million (14.7% of turnover, +37% yoy). Fire Group’s net debt amounts to 2.4 million (4.5 million) while net profit is 3.7 million (1.8 million). The credit management subsidiaries Fire and FireCred
