Blackstone‘s credit investment arm GSO Capital Partners backed Fintyre, the largest wholesale distributor of aftermarket tyres in Italy, with an over 40 million euros loan, issued together with Intesa Sanpaolo bank.
This is the first deal signed in the framework of an agreement announced last March by GSO capital and the Italian bank aming at providing private debt capital to sub-investment grade companies for a variety of purposes ranging from growth capital, acquisition financing, to opportunistic refinancings.
The financement is part of Fintyre’s growth plan started with the shareholders reorganization happened last Spring, when BlueGem Capital Partners reached a 90% stake in Fintyre’s capital after having acquired Synergo sgr‘s 38.6% and another 20% stake from the minorities.
Financial advisor to Fintyre for the deal was Marlborough Partners while White & Case was the legal advisor. Linklaters supported GSO as for the legal issues.
Founded in Empoli (Tuscan Region) in the Seventies with the name of Penuservice, Fintyre counts today more then 4 million tyres distributed in 2014 and nine warehouses and serves all different segments of the market (cars, tracks, industrial and agricultural veichles).
Fintyre reached 255 million euro in revenues in 2014 (from 239 millions in 2013) and targets 260 million in 2015. It reached an ebitda in 2014 in line with the year before, when ebitda was 12 million euros and had a net financial debt of 15 million euros.
