Investindustrial's Valtur files for insolvency

The procedure requires that within 60 days – with the possibility to extend the deadline for another 60 days – the company presents a strategic plan to its creditors to restructure the business and pay its debts. In 2017, Valtur recorded revenues of €86m, up 7% on 2016, but a net debt of €80m, and €70m in trade payables to its suppliers.

Italian buyout house Investindustrial bought Valtur in 2016, in an all-equity deal valued at around €100m. The GP acquired a majority stake in the business, while the previous owner, the Ljuljdjuraj family, retained a minority holding. The vehicle used for the transaction was Investindustrial V, which held a final close on €1.25bn in 2012.

In November 2017, CDP Investimenti, owned by Cassa Depositi e Prestiti (CDP), whose controlling shareholder is the Italian Ministry of Economy and Finance, acquired three resorts from Valtur, based in Marina di Ostuni, Marilleva and Pila, in a deal valued at around €75m. CDP deployed capital from its real estate fund FIT to support the transaction.

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• Southern Europe
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• Investindustrial
• Italy