Metric Capital buys Gruppo Bancario Mediterraneo

The GP acquired a controlling stake in the business, while co-investors Filippo Cortesi and Nicola Bonito-Oliva – founders of London-based asset management firm Wave Securities – retain a minority stake.

The deal sees Cortesi nominated as CEO at GBM, while Bonito-Oliva will join the company's board as a non-executive director, alongside Metric Capital's partners John Sinik and Fabio Andreottola. Bank of Italy's director Giorgio Salvo will also join the board as an independent non-executive director.

The bank filed for insolvency in October 2015 as a result of continued losses and erosion of its capital base, according to a statement. Since then, the bank is understood to have been looking for backers.

Following the transaction, the business aims to exit its administration regime and reposition as a local lender in the Italian market.

Company
Founded in 2008 and headquartered in Rome, GBM is a regional commercial bank focusing on traditional lending to local SMEs.

People
Metric Capital Partners – John Sinik, Fabio Andreaottola (partners).
Gruppo Bancario Mediterraneo – Filippo Cortesi (CEO); Nicola Bonito-Oliva (non-executive director).

Advisers
Equity – McDermott Will & Emery (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Financials
• Southern Europe
• Italy