Sources said to BeBeez that Troubled Italian retail chain Coin is waiting for the debt restructuring plan approval from Venice Court and attracted a 21.2 million euros capital injection from UTP Restructuring Corporate Sagitta (part of Arrow Global), Marco Marchi, and current shareholders Stefano Beraldo (20% of the company), Jonathan Kafri (20%) and Enzo De Gasperi (20%) (see here a previous post by BeBeez). The company has a turnover of 280 million and may generate profits again in 2026. Coin said it may also sell stakes to further investors. In 2018, BCPartners sold the business to current owners. Alessandro Solidoro is handling the receivership process. Coin has debts in the region of 220 million. Sagitta acquired 70% of 80 million worth banking liabiliites ahead of converting them in equity.
Troubled Italian fashion retailer Conbipel, a portfolio company of Singapore’s Grow Capital Global Holdings, attracted the binding offer of Italian competitors Ovs and Unigross that received the support of Invitalia (see here a previous post by BeBeez). Conbipel is reportedly in receivership.
Polis, part of LBO France (60%), Banca Popolare di Sondrio (19.6%)and other banks, launched Fondo Kleos for investing in secured and unsecured NPLs and UTPs and attracted credits with a face value of 60 million euros from Banco di Desio e della Brianza, Banca Agricola Popolare di Sicilia, Banca Popolare di Sondrio, and Banca Popolare Pugliese (see here a previous post by BeBeez). The vehicle aims to handle credits for 300 million. Kleos acquired these assets through a securitization of which it subscribed all the asset backed notes that NILO spv issued. Gardant acted as master servicer, Yard CAM as special servicer and PwC held the role of industrial advisor. Polis aims to become a boutique multi-alternative asset manager. Roberto Ruozi is the firm’s chairman while Michele Stella acts as ceo. Stéphanie Casciola is the ceo of LBO France. Polis also belongs to Intesa Sanpaolo (6.13%), BPER Banca (6.13%), Sanfelice 1893 Banca Popolare (3.07%), Banca Valsabbina (3.07%), and Unione Fiduciaria (2%).
Banca CF+, a challenger bank that belongs to Elliott and Tages, acquired the tax credit unit of BE TC (Gruppo BE Holding, fka Be Finance) (see here a previous post by BeBeez). Banca CF+ retained Legance – Avvocati Associati while BE Holding hired LS Lexjus Sinacta. Marco Quaglierini, previously managing director and founder of BE Holding, will head the Tax Credits unit.
Investments in Npls are no longer core for Milan-listed Banca Ifis (see here a previous post by BeBeez). The Furstenberg Family bank’s preliminary results for 2024 point out that the net value of NPLs on the books amounts to 1.5 billion euros, 8% from 1.6 billion in 2023.
