Idea Capital and HIG Bayside join forces with €600m turnaround fund

The vehicle has a target of €600m and anticipates a first close in the region of €250m. It also intends to raise €500m within 12 months on the road.

Idea Capital will be principally responsible for managing the fund.

HIG Bayside was part of a group of creditors that recently took control of N+1 Mercapital-backed Spanish cosmetics retailer Bodybell in a debt-for-equity swap.

Investors
Idea CCR is targeting commitments from high-profile Italian banks. HIG Bayside will also make a commitment to the vehicle in its role as anchor investor.

Investments
Idea CCR will make restructuring and turnaround investments, focusing on acquiring debt in Italian mid-sized industrials businesses. The fund will look to take a hands-on approach to its assets through a team led by former Pirelli managing director Francesco Gori.

People
Roberto Saviane is president of Idea Capital. Raffaele Legnani is managing director and head of HIG Capital in Italy.

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• Topics
• Credit/Special Situations
• Southern Europe
• Industrials
• Italy
• Idea Capital Funds
• HIG Capital