H.I.G. Capital Announces the Investment in a Secured NPL Portfolio in Italy from Banking Group Cassa di Risparmio di Ravenna
LONDON – June 2, 2014 – Bayside Capital, a credit affiliate of H.I.G. Capital, announced today the investment, through an Italian securitization, in a secured Italian NPL portfolio originated by Cassa de Risparmio di Ravenna. The loans are secured on a mix of residential and commercial real estate assets located mainly in the regions of Ravenna and Bologna.
Ahmed Hamdani, Managing Director in the UK at Bayside Capital said, “We are pleased to make our first investment in the Italian market and to be working with Fare NPL, a leading Italian loan servicer, in this transaction. We believe the Italian market presents excellent value and this transaction reflects H.I.G.’s commitment to growing its Continental European real estate and NPL business.”
Chris Zlatarev, Director in the UK at Bayside Capital added, “We are pleased to conclude this complex transaction originated by Cassa di Risparmio di Ravenna and structured also through our servicing partner Fare NPL. The transaction highlights our collaborative approach and we are already working on further transactions in the Italian market.”
This transaction is the first NPL acquisition in the Italian market by H.I.G. Capital, which has a significant presence in Italy, led by Raffaele Legnani, who heads its Milan office.
About Bayside Capital
Bayside Capital is an affiliate of H.I.G. Capital, a leading global private investment firm with more than $15 billion of equity capital under management. With over $4.5 billion of committed capital, 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 Capital website at www.bayside.com.