Bertolotti, a company specialising in the design and production of complex material handling and rolling stock maintenance systems for the iron and railway industry, filed for launching an IPO on Milan market after having closed its receivership and restructuring plan grace to the resources that raised through a 3 million euros Vienna-listed bond maturing at the end of March 2024 (see here a previous post by BeBeez). Borsa Italiana should authorize the listing by 26 March, Tuesday, while the trading of Bertolotti shares may start on 28, Thursday. The company received assistance from illimity Bank, Gianni & Origoni, BDO Italia, Rewind, First Tax & Legal, and Twister Communications Group. Bertolotti belongs to main shareholders Luca Barneschi (ceo) and Chiara Barneschi. The firm has sales of 21.1 million, an ebitda of 1.7million and a net financial debt of 2 million. The ceo said that the company may raise further resources for financing its industrial growth.
Manuela Franchi, the ceo of Milan-listed NPLs servicer doValue (Japan’s Softbank main shareholder), said that the company is in advanced talks for a merger with Gardant, a firm that belongs to Elliott, Tages and manager (see here a previous post by BeBeez). Sources said to BeBeez that the firms are discussing such a merger on the ground of an enterprise value of 350 million euros for Gardant and doValue’s market capitalization of 154 million. Elliott, Tages and the managers will sell Gardant to doValue that will finance the deal with a loan facility and a capital increase for which SoftBank and Bain Capital already committed. Elliott will subscribe to Gardant’s capital increase in exchange of a 20% stake of the merged entity (same as Softbank).
Italian olive oil maker Verdeoro received the approval for its receivership plan from Latina Court (see here a previous post by BeBeez). Studio Porcaro Commercialisti e Avvocati assisted the company. Sources said to BeBeez that Verdeoro has debts in the region of 11 million euros and will fetch 3 million out of a sale of the business. Unsecured creditors will get 20.99% of their dues. The company belongs to Linda Di Palma (50%) and Maurizio Mantuano (50%).
Milan-based M&A boutique Vitale acquired the majority of VVA Debt&Grant from Claudio Calvani (see here a previous post by BeBeez). The target will rebrand as Vitale Debt & Grant while Calvani will keep a minority stake and his ceo role. VVA Debt&Grant provides BeBeez readers with regular update on subsidised finance. Orlando Barucci and Alberto Gennarini are cofounders and managing partner of Vitale.
Solution Bank, the Italian subsidiary of SC Lowy, a Hong Kong private credit and special situation investor, aims to raise its asset from 1.4 billion euros to 3 billion ahead of the eventual launch of an IPO, ceo Michel Lowy said to BeBeez (see here a previous post by BeBeez). Lowy and Soo Cheon Lee founded SC Lowy in 2009. The firm also launched a private debt fund for investing in Europe, especially in Italy.
