Bain Capital in talks to rescue CDP Equity-backed Trevi

Alessia Argentieri
24 May 2018

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Bain Capital Credit is in talks with Italian engineering company Trevi Finanziaria Industriale, which is listed on the Italian stock exchange, to provide cash for a rescue deal, according to a statement.

Trevi appointed Sergio Iasi as chief restructuring officer in December 2017 to negotiate a debt restructuring plan with a pool of banks including UniCredit, Monte dei Paschi, Banco BPM and BNP Paribas, and to launch a sale process.

The company announced in April that it was postponing the approval and release of its 2017 yearly financial results to continue the talks with the creditors, aimed at reaching an agreement for its debt restructuring, according to a statement.

Trevi recorded negative EBITDA of €18.8m and a net loss of €118.3m with net debt of €565.9m in H1 2017. The company generated revenues of €460.8m, down compared to €519.3m recorded in the same period of the previous year.

CDP Equity, formerly Fondo Strategico Italiano, bought a 16.8% stake in Trevi via a €101m equity injection in 2014, while the founders, the Trevisani family, retained a 33% ownership.

The company, founded in 1957 and headquartered in Cesena, specialises in ground engineering, construction and the sale of related special machinery and equipment and drilling. It was recently affected by the slowdown in the oil & gas and construction sectors.