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HIG Bayside Capital holds first close of IDeA CCR I

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HIG Bayside Capital, a credit affiliate of HIG Capital, has held the first close of IDeA CCR (Corporate Credit Recovery) I Fund, an investment platform managed by IDeA Capital Funds SGR (IDeA), at EUR260 million.

The fund, which comprises two sub-funds – a Credit Fund and a New Money Fund – will invest in Italian mid-sized enterprises in distressed situations, aiming to help them restructure and turnaround, and consequently help banks maximise the recovery of their original loans.
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 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. HIG Bayside has underwritten 50 per cent 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 HIG Capital in Italy, and Giuseppe Mirante, managing director of HIG 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, says: “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 HIG Bayside, says: “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.”
Legnani adds: “The interest of HIG 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 HIG Bayside’s international presence and network.”

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