Business Wire

Bayside Capital Announces the Launch and First Closing of IDeA CCR I, an Investment Platform Providing Funding to Italian Mid-Sized Enterprises

Del

IDeA CCR (Corporate Credit Recovery) I Fund, (the “Fund”), an investment platform managed by IDeA Capital Funds SGR (“IDeA”) and developed with support and funding from the anchor investor Bayside Capital (“H.I.G. Bayside”), a credit affiliate of global investment firm H.I.G. Capital, will invest in Italian mid-sized enterprises in distressed situations, aiming to help them restructure and turnaround, and consequently help banks maximize the recovery of their original loans.

The Fund launches today with a first close at €260 million comprising two-sub funds: a Credit Fund and a New Money Fund. The Credit Fund consists of the loans in eight companies contributed by seven leading banks in Italy: UniCredit, BNL/BNP Paribas, Banca Popolare di Vicenza, MPS, BPM and Biverbanca (the “Participant Banks”). The loans have been contributed in exchange for units of the Fund. The New Money Fund provides new capital to support the turnaround and growth of the companies in the Credit Fund. H.I.G. Bayside has underwritten 50% of the New Money Fund, IDeA Capital and third party investors contributed the balance.

The Fund will be managed by an experienced team led by Francesco Gori, former CEO of Pirelli Tyre and Managing Director of Pirelli & C., and Vincenzo Manganelli, responsible for the financial restructuring process. Raffaele Legnani, Managing Director and Head of H.I.G. Capital in Italy, and Giuseppe Mirante, Managing Director of H.I.G. Bayside, will join the investment committee of the Fund.

Over time, additional portfolio companies will be contributed to the Fund by the Participant Banks.

Roberto Saviane, Chairman of IDeA Capital Funds, noted: “IDeA Capital Funds will contribute to the new venture with the knowledge and contacts in the financial and industrial Italian sector and will support the relaunch of the portfolio companies with its management and financial skills.”

Duncan Priston, Managing Director at H.I.G. Bayside, commented: “We are extremely pleased to announce this important collaboration with IDeA. We look forward to working together and leveraging our collective skills to identify and invest in attractive mid-market Italian companies.”

Raffaele Legnani added: “The interest of H.I.G. Bayside is to further invest in Italy and to bring to the IDeA CCR Fund not only capital, but also know-how, leveraging on its expertise in debt and turnaround investments and on H.I.G. Bayside’s international presence and network.”

About IDeA Capital Funds

IDeA Capital Funds SGR S.p.A. was established in December, 2006, and is 100% owned by DeA Capital S.p.A., a De Agostini Group company active in Alternative Asset Management. IDeA is one of the leading independent Italian asset managers active in private equity, with €2.2 billion of assets under management. It invests both in global funds of funds and in direct funds which are primarily focused on Italian companies. These two business areas are part of the same value-creating strategy implemented for the benefit of IDeA’s investor base, which includes sophisticated institutional investors as well as successful entrepreneurs. IDeA manages four funds of funds (IDeA I Fund Of Funds, Icf II, IDeA Crescita Globale, Icf III), a direct co-investment fund which invests in minority positions of mainly Italian mid-market companies (IDeA Opportunity Fund I), two sector-focused funds (IDeA Efficienza Energetica e Sviluppo Sostenibile, and IDeA Taste of Italy). In addition, IDeA started managing the fund Investitori Associati IV in April, 2015.

About H.I.G. Capital

H.I.G. Capital is a leading global private equity and alternative assets investment firm with over $20 billion of capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach. For more information, please refer to the H.I.G. website at www.higcapital.com.

About Bayside Capital

Bayside Capital (“Bayside”) is a credit affiliate of H.I.G. Capital, with over $4.5 billion under management. Bayside is focused on providing capital solutions to address complex situations within short timeframes. Through improved access to capital or facilitating balance sheet realignments, Bayside can help support future strategies and expansion plans. Bayside has the ability to provide capital through a broad range of securities including asset-based and cash flow senior and subordinated debt, equity, debtor-in-possession facilities, and special situation loans. Bayside has the experience and resources to help companies quickly resume growth initiatives and improve their strategic position. For more information, please refer to the Bayside website at www.bayside.com.

Contact information

Bayside Capital
Duncan Priston
Managing Director
dpriston@bayside.com
or
Giuseppe Mirante
Managing Director
gmirante@bayside.com
or
Raffaele Legnani
Managing Director
rlegnani@higcapital.com
P +44 (0) 207 318 5700
F +44 (0) 207 318 5749

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

Orange Acquires Basefarm Holding and Becomes a European Leader in Cloud Computing Services for the Enterprise Sector16.7.2018 07:22Pressemelding

Following a competitive tender process initiated by Abry Partners for its stake in Basefarm, the Orange Group, through its enterprise subsidiary Orange Business Services, has announced today the signature of a contract to acquire 100% of the company’s capital for an enterprise value of 350 million euros. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180716005214/en/ Basefarm is a leading European player in cloud-based infrastructure and services, as well as the management of critical applications and data analysis. The company, which recorded revenues of over 100 million euros in 2017, has enjoyed strong growth since 2015. Basefarm has a strong operational presence in several European countries, particularly in Norway, Sweden, the Netherlands, Austria and in Germany, where it boasts a cutting-edge big data activity. Its business proposition lies at the forefront of the most innovative services in cloud computing, Big Data a

Spirit AeroSystems and Norsk Titanium Announce Start of Production Qualification for Commercial Aircraft Parts16.7.2018 07:00Pressemelding

Spirit AeroSystems [NYSE: SPR] and Norsk Titanium US Inc. (NTi), have reached an agreement to initiate qualification of Spirit’s first additive-manufactured, titanium, structural component for the Boeing 787. This qualification will validate NTi’s production and industrialization processes, integrate Spirit’s workscope of machining final parts from additively manufactured near-net shapes and verify material and final part conformity to requirements. “Spirit has had a comprehensive and long relationship with Norsk Titanium, and this part will be our first additive structural titanium component incorporated into a commercial airplane program,” said Spirit AeroSystems Senior Vice President of Fabrication and Supply Chain Management, Ron Rabe. NTi is the world’s first FAA-approved, OEM qualified, supplier of additive-manufactured, structural titanium components. NTi’s proprietary Rapid Plasma Deposition™ (RPD™) process has been in serial production of Boeing 787 titanium components since A

New Study Investigates the Utility of Masimo PVi® as Part of Goal-Directed Fluid Management in Patients Undergoing Colorectal Surgery16.7.2018 05:00Pressemelding

Masimo (NASDAQ: MASI) announced today the findings of a recently published study in which researchers at Kocaeli University in Turkey compared the performance of conventional fluid management (CFM) to goal-directed fluid management (GDFM) using Masimo PVi® (pleth variability index, measured noninvasively and continuously using SET® pulse oximetry sensors) in patients undergoing elective colorectal surgery. The primary points of comparison were the amount of crystalloids administered and blood lactate and serum creatinine levels during the intraoperative period.1 This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180715005048/en/ Masimo Radical-7® with PVi®, SpHb®, and RD rainbow SET™ Sensor (Photo: Business Wire) In the study, Dr. Cesur and colleagues, noting the importance of intraoperative fluid management in terms of postoperative organ perfusion and complications, sought to compare the effects of CFM (guided by clinical asse

Alipay and Singapore Tourism Board join hands to boost Chinese tourist spending16.7.2018 02:00Pressemelding

Alipay, the world’s leading mobile and online payment and lifestyle platform operated by Ant Financial Services Group, together with the Singapore Tourism Board (STB), have launched a series of joint marketing initiatives aimed at raising destination awareness of Singapore and driving tourist spending among Chinese visitors. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180715005021/en/ Alipay and STB signed a Memorandum of Understanding (MOU) in September 2017 to enhance Chinese tourists’ overall experience in Singapore. Under the MOU, both parties agreed, among other things, to explore co-investing in joint-marketing initiatives to encourage Chinese tourists to spend with Alipay while in Singapore. Since signing the MOU, Alipay has experienced double-digit growth in user spending. China has also become Singapore’s top market in 2017 for both tourism receipts and visitor arrivals, contributing S$4.2 billion in tourism rece

Koza Altin Welcomes Court’s Rejection of Akin Ipek’s Share Purchase Agreement13.7.2018 15:58Pressemelding

A Turkish Court has found against businessman Akin Ipek this week – ruling that a share purchase agreement, which he had submitted as vital evidence in support of his case against the Turkish state, is null and void. The matter was brought to the Ankara Commercial Court in March 2017 by Koza Holding (parent company of Koza Altin) which, according to Mr Ipek’s share purchase agreement, purportedly transferred all of its shares to Ipek Investment Limited. Koza Holding filed the lawsuit for legal recognition that the share purchase agreement is void. The ruling in Turkey follows on from an earlier judgment set down by the English High Court, which rejected Mr Ipek’s attempt to use up to £3m of UK subsidiary Koza Ltd’s money to fund a claim against the Turkish State at the International Centre for Settlement of Investment Disputes (ICSID). In the English ruling, Deputy Judge Richard Spearman QC declared the “authenticity” of the share purchase agreement as “open to very serious doubt”. The

Mindbreeze Positioned in the Leaders Quadrant of the Gartner’s 2018 Magic Quadrant for Insight Engines13.7.2018 15:27Pressemelding

Mindbreeze, a leading global provider of appliances and cloud services for information insight and applied artificial intelligence with a focus on knowledge management for leading international companies, announced today that Gartner, Inc. has positioned Mindbreeze in the Leaders quadrant of the 2018 Magic Quadrant for Insight Engines. Mindbreeze is positioned highest on the ability to execute axis. The research and advisory firm Gartner, Inc. evaluated 13 different providers from all over the world. “Understanding the meaning of information is a key priority for today’s customers. Mindbreeze InSpire leverages the full power of our sophisticated AI engine to provide actionable insights and answers ̶ not just more data. Seeing our position in the Magic Quadrant, my first reaction was ‘AWESOME’. Insight Engine was positioned the highest on the ability to execute axis and we believe that's exactly what sets us apart from our competitors. We made the bold move to focus on product innovatio