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On 11 December, Thursday, Alessandro Danovi, Francesco di Ciommo and Daniela Savi the extraordinary administrators of troubled Italian steel producer Ilva and Giovanni Fiori, Giancarlo Quaranta and Davide Tabarelli who handle Acciaierie d’Italia received the binding offers of BedRock Industries Management and of Flacks Group, a turnaround vehicle of Michael Flacks (see here a previous post by BeBeez). BedRock, a firm that Alan Kestenbaum created in 2015, aims to keep 5000 workers out of the current 8000. Flacks aims to pay the assets 1 euro while investing 5 billion euros for increasing the output with 8500 workers. Flack also proposed to the Italian Ministry of Industry and Made in Italy to acquire a 40% of the targets. Flacks would write a 500 million – 1 billion call option on such a stake.
MoMa, an Italian tiles producer, acquired Italian competitor Gruppo Ceramiche Ricchetti from QuattroR, an investor in distressed assetsthat purchased the target in 2018 with the Zannoni Family and delisted it from Milan market in 2019 (see here a previous post by BeBeez). MoMa retained Studio Alisei and Studio Legale Benazzi Piani. Ricchetti hired 3X Capital, KPMG and Chiomenti.
InvestiRE, part of Banca Finnat, acquired real estate – backed NPEs investor Natissa from Bain Capital Credit (see here a previous post by BeBeez). Michele Beolchini is the head of product development & fundraising of Investire. Javier Ortigosa is an operating partner of Bain Capital. Alfredo Balzotti, the ceo of Bain Capital Credit’s Aquileia Capital Services (ACS), is the chairman of Natissa for which Alessandro Polenta, a managing director of Investire, will act as ceo. Danilo Augugliaro, ceo and coo of ACS, is a director of Natissa while Mario Anaclerio and Silvia Rovere are independent board members.
