Bain Capital Credit Acquires €385 Million Portfolio of Italian NPLs

Bain Capital Credit’s special situations strategy became “Bain Capital Special Situations” in Fall 2022.

LONDON, August 4, 2017 – Bain Capital Credit, LP announced today that it has acquired a loan portfolio from Banca Mediocredito del Friuli Venezia Giulia. This is Bain Capital’s first standalone portfolio acquisition in Italy since it acquired Aquileia Capital Services S.r.l. (“ACS”, formerly known as Heta Asset Resolution Italia S.r.l.) in February 2017, which will service the portfolio.

The portfolio has a €385 million par value and comprises defaulted bilateral and syndicated loans. The loans are mainly secured by industrial, residential and commercial real estate assets.

“Italy is one of the most attractive and active NPL markets in Europe and we are ready to seize more opportunities,” said Fabio Longo, a Managing Director and Head of Bain Capital Credit’s European non-performing loan and real estate business. “This acquisition is an important step for both Bain Capital Credit and our servicer, ACS. It demonstrates our capability to work with a seller and achieve the best solution for all parties. Furthermore, thanks to this acquisition, the vendor has been able to drastically reduce its NPL ratio and support a successful capital increase.”

“We are delighted to be using the capabilities of our Italian platform to manage another book of loans so soon after the initial investment,” said Brad Palmer, a Managing Director, Head of Bain Capital Credit’s European portfolio operations and Chairman of ACS. “An invigorated ACS has delivered rapid and successful outcomes in its own loan book and we are eager to help more assets and businesses productively contribute to their local communities.”

Bain Capital Credit was supported during the entire process by ACS, which is consolidating its role as a leading platform for the analysis and servicing of any type of distressed loan. Linklaters and Studio Legale Mannocchi & Fioretti acted as legal and tax advisers; Etna Advisors and Deloitte acted as financial adviser; and K2Real, Tecnocasa Advisory Group and Yard Credit & Asset Management acted as real estate advisers.

About Bain Capital Credit

Bain Capital Credit (www.baincapitalcredit.com), founded as Sankaty Advisors in 1998, invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities. Our team of more than 200 professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.