CORRECTING and REPLACING H.I.G. Bayside Capital Announces the Launch and First Closing of IDeA CCR I, an Investment Platform Providing Funding to Italian Mid-Sized Enterprises
Please replace the release with the following corrected version due to multiple revisions.
The corrected release reads:
H.I.G. BAYSIDE CAPITAL ANNOUNCES THE LAUNCH AND FIRST CLOSING OF IDeA CCR I, AN INVESTMENT PLATFORM PROVIDING FUNDING TO ITALIAN MID-SIZED ENTERPRISES
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 H.I.G. 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 fund (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 H.I.G. Bayside
H.I.G. Bayside is a credit affiliate of H.I.G. Capital, with over $4.5 billion under management. H.I.G. Bayside is focused on providing capital solutions to address complex situations within short timeframes. Through improved access to capital or facilitating balance sheet realignments, H.I.G. Bayside can help support future strategies and expansion plans. H.I.G. 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. H.I.G. 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 H.I.G. Bayside website at www.bayside.com
*Based on total capital commitments managed by H.I.G. Capital and affiliates.
H.I.G. Bayside Capital
P +44 (0) 207 318 5700
F +44 (0) 207 318 5749
Om Business Wire
(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
Nearly 1 Billion People Worldwide Have Sleep Apnea, International Sleep Experts Estimate21.5.2018 18:15 | Pressemelding
A new data analysis presented by ResMed (NYSE: RMD, ASX: RMD) this week at the ATS 2018 International Conference indicates that the prevalence of sleep apnea impacts more than 936 million people worldwide – nearly 10 times greater than previous estimates. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180521005096/en/ Woman wearing CPAP, the gold standard treatment for sleep apnea (Photo: Business Wire) The study “Global Prevalence of Obstructive Sleep Apnea (OSA)” was conducted by an international panel of leading researchers seeking to provide a clear scope of the impact of the chronic sleep-disordered breathing condition. The previous estimation of OSA prevalence (100 million) came from a 2007 World Health Organization study that used methods and data available at the time. By analyzing technology improvements in detecting OSA and underreported statistics from other areas of the world, this latest study depicts an impacte
Pietro Rosa TBM Signs Long-Term Agreement with Pratt & Whitney21.5.2018 15:13 | Pressemelding
Pietro Rosa TBM (Turbine Blade Manufacturing) today announced that it has signed a 10-year, long-term agreement (LTA) with Pratt & Whitney, a division of United Technologies Corp., to supply airfoil products for both commercial and military engines. The LTA, which may extend to the entire Pietro Rosa TBM Group in Europe and the United States, will support Pratt & Whitney’s F135, PW2000 and the Geared Turbofan™ (GTF) family of engines. This agreement represents a significant step in the collaboration between the two companies, enabling the Pietro Rosa TBM Group to utilize its advanced engineering capabilities and the vertical integration of hot forming, machining and surface finishing technologies. “We’re pleased to sign this agreement with Pietro Rosa,” said Art Erikson, executive director of Strategic Sourcing, Pratt & Whitney. “We have tremendous growth ahead, and suppliers like Pietro Rosa that sign up to our contractual governance, commitment to cost competitiveness and continuous
NioCorp Awards Contract to Rockwell Automation on Groundbreaking Critical Minerals, Mining and Processing Facility in Nebraska21.5.2018 12:00 | Pressemelding
NioCorp Developments Ltd. (TSX: NB, OTCQX: NIOBF), a developer of superalloy metals, has awarded a major contract to Rockwell Automation (NYSE: ROK) to engineer, design and procure process automation and instrumentation for NioCorp’s proposed critical minerals, mining and processing facility in Elk Creek, Nebraska. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180521005228/en/ Three superalloy metals – niobium, scandium and titanium – are expected to be produced by the facility as early as 2021. These critical materials are used in the aerospace, defense, automotive, clean energy, commercial aviation and mega-infrastructure sectors. Generally, these superalloys enable increased strength and lighter weight in transportation and other systems, leading to better fuel efficiency and lower greenhouse gas and other air emissions, according to NioCorp. “We selected Rockwell Automation and its partners to automate our process equip
Ultra-Low Power Lattice sensAI Leads Mass Market Enablement of Artificial Intelligence in Edge Devices21.5.2018 12:00 | Pressemelding
Lattice Semiconductor Corporation (NASDAQ: LSCC) today unveiled Lattice sensAI™ – a complete technology stack combining modular hardware kits, neural network IP cores, software tools, reference designs and custom design services – to accelerate integration of machine learning inferencing into broad market IoT applications. With solutions optimized for ultra-low power consumption (under 1 mW–1 W), small package size (5.5 mm2 –100 mm2), interface flexibility (MIPI® CSI-2, LVDS, GigE, etc.), and high-volume pricing (~$1-$10 USD), Lattice sensAI stack fast-tracks implementation of edge computing close to the source of data. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180521005011/en/ (Graphic: Business Wire) “Lattice sensAI addresses the unmet need for flexible, low cost, ultra-low power AI silicon solutions suited for rapid deployment across a wide range of emerging, mass market IoT applications,” said Deepak Boppana, senior
Biosimilars could facilitate early access to life changing biological treatments for patients says Celltrion Healthcare21.5.2018 11:27 | Pressemelding
At the International Society for Pharmacoeconomics and Outcomes Research (ISPOR) 23rd Annual International Meeting in Baltimore, Celltrion Healthcare today advocated for healthcare systems to introduce biologics earlier in a patient’s treatment regimen in order to improve clinical outcomes. Several studies show that the early introduction of biologics can bring greater clinical benefit to patients.1,2,3,4,5,6 However, only a limited number of patients have access to biological treatment due to the high-cost of biologics and current reimbursement policies determined by pharmacoeconomic evaluations. Since the introduction of biosimilars, the overall cost of biological treatments has reduced in Europe, allowing an increased number of patients to access this important treatment option earlier in their course of treatment.7 Professor Jørgen Jahnsen said, “For the treatment of inflammatory bowel disease, biological treatments are proven to be the most efficacious medical therapy and their ea
Dole’s Joint Venture Recycling Company Celebrates 25 Years21.5.2018 11:00 | Pressemelding
Dole Food Company announced today that Recyplast S.A., an innovative plastic recycling company based in Costa Rica and with joint ownership including a subsidiary of Dole Fresh Fruit, recently surpassed 25 years in its mission to dramatically reduce and reuse agricultural waste. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180521005160/en/ Raul Martinez (right), General Manager of Dole Standard Fruit de Costa Rica, receives a plaque from Jose Miguel Ramirez, General Manager of Recyplast, in recognition of the contribution of Dole's banana plantations in the correct handling, storage, and provision of field plastic waste. The plastic recycling facility pioneered the collection of field plastics after use in banana growing operations in Costa Rica. This reuse and recycling process includes reclamation of plastic bags that protect bananas from weather and insects, as well as the collection of plastic twine used to prop the ba