LONDON, February 21, 2017 – Funds and accounts managed or advised by Bain Capital Credit, LP today have indirectly (through their wholly owned Irish holding platform) completed the acquisition of Heta Asset Resolution Italia S.r.l. (“HARIT”), including all outstanding loans, from HETA Asset Resolution AG.
HARIT (formerly known as Hypo Alpe-Adria Leasing S.r.l.) is a real estate leasing business regulated by Banca d’Italia and headquartered in Tavagnacco, Italy. With around 90 employees, HARIT manages a proprietary portfolio with a Gross Book Value of EUR 570m as of December 2016, which mainly consists of repossessed assets as well as performing and non-performing leasing contracts. Bain Capital Credit is acquiring HARIT’s existing platform and employees to service the portfolio.
This is Bain Capital Credit's first NPL portfolio acquisition in Italy, following successful European NPL investments in Spain, Greece, Ireland and the UK.
“We are delighted to be establishing our position in the Italian non-performing credit and non-performing real estate markets with this investment,” said Alon Avner, a Managing Director and Head of Bain Capital Credit’s European business. “Italy is an exciting and attractive market, and we are committed to becoming a leading investor, using HARIT as a platform to service any type of distressed credit and manage the underlying collateral,” said Fabio Longo, a Managing Director and Head of Bain Capital Credit’s European non-performing loan and real estate business. “With c. EUR 200bn of NPLs, Italy is one of the largest markets in Europe. We believe that we can help the banks deleverage by acquiring further portfolios of non-performing loans, as we have done elsewhere in Europe and around the world.”
EY acted as financial adviser to Bain Capital Credit. Cerved Credit Management and Etna Advisors acted as credit and asset valuation advisers. Linklaters and Wolf Theiss Rechtsanwälte GmbH acted as legal and tax advisers and K2Real, REAG Debt Advisory Services - Duff&Phelps and CBRE 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.