Stirling injects further €32m into Axitea

The GP provided a €32m equity ticket to partially refinance the company's €197m debt burden, according to a source familiar with the situation. The deal was approved by the company's creditors and aims to ensure the business remains a going concern.

According to the source, the creditors, including Monte dei Paschi di Siena, Interbanca and Banco BPM, currently own €157m of the company's debt and will see their notes cut down by 87.34%, while the remaining €40m will be fully reimbursed within the next year.

Previous funding
Axitea – formerly known as Sicurglobal – was originally acquired by BS Private Equity through a management buy-in in 2004, when the company integrated 18 other companies from their founders. It subsequently pursued an aggressive expansion strategy, executing eight further add-on acquisitions.

In April 2008, Stirling fully acquired the business from BS Private Equity, in a deal netting an approximately 2.5x money multiple for the vendor.

In mid-2015, Stirling invested €32m in the business in an all-equity deal, which financed an operational restructuring of the business, and allowed the company to invest in product development. Axitea also appointed a new management team to oversee the implementation of its renewed strategy.

Company
Established in 1914 and headquartered in Milan, Axitea provides security services and employs 1,350 people across Italy.

People
Axitea – Marco Bavazzano (CEO).

Advisers
Company – Gattai Minoli Agostinelli & Partners (legal).
Debt – Iannaccone e Associati (legal).

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• Topics
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• Southern Europe
• Refinancing
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• Stirling Square Capital Partners