DoValue conquers Gardant: «Polo in non-performing loans» | EUROtoday

Listen to the audio model of the article

After weeks of intense negotiations, the signature has arrived: doValue merges with Gardant. Thus was born the main entity in Italy and Southern Europe in debt assortment for third events, with over 160 billion euros beneath administration, roughly 20% of the Italian market, anticipated revenues of over 600 million and an Ebitda of over 200 million.

After Ion's transfer on Prelios, the world of credit score administration takes one other decisive step in the direction of consolidation. It does so by way of the 2 firms that signed a non-binding settlement final March in view of a attainable aggregation, confirming the rumors that had been circulating for months. Yesterday night, as Il Sole 24Ore can anticipate, the signing of the binding settlement, which is able to see the presence of the shareholders of each firms within the new conglomerate. Deal which, a non-negligible element, hinges on in depth help from the banks, confirming the strategic worth of the operation. And, maybe, of additional future developments.

The operation

In element, to acquire 100% of Gardant, doValue and its companions pays 230 million money (of which 50 million to cowl the goal firm's debt) to Elliott and the opposite Gardant companions, who will on the identical time obtain 20% of the capital of the brand new operator. The financing is a decisive piece: a 5-year mortgage of 500 million is envisaged from a pool of 10 Italian and international banks and a revolving line (3 years) of 70 million. The “package” will serve to finance the acquisition of the goal firm, refinance the doValue bonds in 2025, repay the senior notes and help the compensation of the debt in 2026 additionally because of a 100 million liquidity buffer.

The improve and the quotas

The endowment will finance the 150 million euro capital improve mandatory to herald the brand new companions and strengthen the construction: Fortress, Bain and Elliott and different Gardant shareholders will subscribe pro-rata for a complete quantity of 82.5 million euros about. At the tip of the rise – which is assured by Mediobanca, Unicredit, Intesa Sanpaolo and Banca Akros – Fortress will likely be diluted within the shareholding to 23% (from the present 27%), Elliott (which is able to obtain two positions on the brand new board of administrators which is able to increase to 13 members) could have round 18 p.c, Bain will drop from 14 to 11 p.c.

The governance construction

The governance construction has been confirmed within the identify of continuity, as anticipated: Manuela Franchi and Alessandro Rivera, at the moment on the high of doValue, will retain the roles of CEO and president of the brand new group respectively; Mirko Briozzo, Gardant's primary till now, will proceed within the present path by holding the place of Country supervisor for Italy. «In a market section through which operators are leaving, we as a substitute make investments with the dedication of all of the companions and create a number one firm in Europe within the credit score administration sector – explains Manuela Franchi to Sole 24Ore – we’re glad to welcome the Gardant crew into the group, with which we share aims and tradition.”