16 July, Bebeez
Bain Capital Credit got a portfolio valued 450 million euro composed of Unlikely-to-Pay (Utp) named Project Valery. The portfolio was put for sale by Crédit Agricole Cariparma, Crédit Agricole Friuladria and Crédit Agricole Carispezia. The auction was launched last spring.
The operation was assisted by the Italian servicer Aquileia Capital Services, a Bain Capital Credit subsidiary. The fund saw the participation also of Etna Advisors concerning the underwriting operations, while K2Real, Avalon Consulting, Eagle & Wise and Axia Real Estate acted as real estate evaluators. Linklaters, DLA Piper, PwC and Kirkland & Ellis were the legal advisors. Finally, Kpmg was the advisor for Crédit Agricole.
This is the first operation of such dimensions ever carried out in Italy, and the seventh by Bain Capital Credit on the Italian impaired loans market. The company, in fact, has already completed the acquisition in February 2017 of Heta Asset Resolution Italia Srl (Harit), the bad bank of Hypo Alpe-Adria Bank (then renamed Aquileia Capital Services), along with its 90 employees and assets for 570 million euro gross. Today, Bain Capital manages Italian impaired loans for 2.6 billion euro.
Among the recent operations, there are the acquisitions of impaired loans portfolios for 100 million from Alba Leasing last June, the Hemera portfolio worth 150 million from Intesa Sanpaolo last January, and 400 million euro from Banca Mediocredito del Friuli Venezia Giulia in June 2107.
Translator: Cristina Ambrosi