Npl, active servicers: Bper and Gardant create a common platform
Resumes activity in the Italian credit servicer sector in the first part of 2024. From Gardant, a subsidiary of the Elliott group, to Aquileia Capital Services, a platform of Bain Capital Credit, passing through Prelios and Intrum, the entire sector is experiencing a phase of turmoil that has not been seen for a few years. The consolidation process seems to have restarted and competitors are evaluating the most advantageous combination. This is what was reported by Il Sole 24 Ore. DoValue, together with other operators, has initiated informal contacts with Elliott to explore the possibility of a merger with Gardant or to propose an acquisition of the platform owned by the Singer family fund. According to rumors, too Mediobanca would be involved in the dossier.
The activism of potential buyers arose mainly from the fact that the negotiation between Gardant and Bper for the creation of a platform for the management of non-performing loans seems to be close to conclusion: the announcement, according to market sources, could take place next week, as the union and technical issues, which partly slowed down the launch of the partnership, now seem to be resolved. Piero Montani, CEO of Bper, had previously stated that the platform would launch in the “first or second quarter of 2024”. With the agreement with Bper, Gardant has secured a precious asset: the company led by Mirko Briozzo and chaired by Flavio ValerI will have a share of the residual stocks of UTPs and NPLs owned by the Emilian group and, over the next ten years, 50% of the new flows of UTP credits and 90% of the new flows of NPL credits. A significant agreement, also coveted by other servicers during the tender concluded in November 2022, which adds to other agreements already signed with Carige and BancoBpm.
However, for a market such as that of non-performing loans, which is increasingly restricted due to the low generation of NPLs by the banks, the interest of other servicers for Gardant is emerging: from DoValue to Prelios up to Intrum, everyone is evaluating the possibility of an agreement. However, this potential deal is held back by Elliott's high valuations, according to prospective buyers. Elliott is not the only large US fund to be active: the first dossier to be opened, last year, was that relating to Aquileia Capital Services. Shareholder Bain Capital Credit, with the support of Mediobanca, would have started a process to enhance its platform, specialized in the management of credit with real estate underlying assets. The teasers would have been sent in recent days to potential interested parties, in view of a share reorganization that could materialize before the summer. At the same time, attention is also paid to other evolving situations.
After the acquisition of Prelios by Andrea Pignataro's Ion group, the Italian government is apparently still evaluating the moves to adopt regarding the operation, with the possibility of using golden power, even if the issue seems to have now been overcome. When, at an institutional level, the green light is given to the transaction, it is not excluded, according to some rumors, that the Ion group will consider a combination between Prelios and the Cerved platform active in the management of Non-Performing Loans, the subject of a previous acquisition. In this scenario at the beginning of the year, other operators are evaluating strategies to grow in a sector where turnover is fundamental for profitability. The Scandinavian company Intrum is reportedly looking for growth opportunities for its Italian platform, while Illimity, founded by Corrado Passera, has given impetus to the sector by acquiring the Aurora Recovery Capital group (Arec ), specialized in the management of Unlikely to Pay (UTP) credits with a focus on the corporate real estate segment.
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