Mediocredito Europeo, an Italian financial company specialized in issuing special personal loans (so called “cessione del quinto dello stipendio” or loans that require monthly payments of as much as one fifth of the debtor’s wage), is preparing to move from Paris Marché Libre to Paris Alternext, a market for SMEs where also retail investors can operate.
After Seer Capital Management subscribed a one million euro capital increase in the last few weeks, the company will hold an extraordinary shareholders’ meeting next July 7th in order to decide about a new capital increase, MF-Milano Finanza wrote. Moreover Mediocredito Europeo also approved a bond issuefor a maximum of 2 million euros.
Led by ceo Massimo Minnucci, who owns a 50% stake in the company through Consortia Italia srl (29.41%) and Ponos srl (20.78%), Mediocredito Europeo is partecipated by Seer Capital with a 43.99% stake (the fund invested at the end of 2014 through Sco ILoans Llc) and by Methorios Capital spa (4.22%).
The company was born in 2012, having bought clients’ portfolio from Ktesios, another financial company speciialized in personal loans, which had been controlled by Oakwood Group at first and then sold together with other partecipations to Cir spa and Merrill Lynch (download here the press release). Ktesios was finally liquidated in 2012 after some difficult years when it wasn’t able to fine funding to support its activity.
Thanks to Seer Capital’s presence as a shareholder, funding should not be a problem anymore as it aims at securitizing new loans by Mediocredito Europeo on a revolving basis. Actually Seer Capital is a private equity firm with a strong experience in acquiring personal loans both performing and non performing (Seer Capital bought two NPLs consumer credit portfolios from Findomestic in 2013 and 2014 for 400 and 450 million euros, respectively).
“Year 2014 has reached 40 million euros of loans issued and this year we aim at multiplying by three this figure to 120-150 million euros”, ceo Minnucci told MF-Milano Finanza,
