Apax divests Banca Farmafactoring to Centerbridge

It is understood the deal has awarded Apax with returns of between 5.4-5.6x. 

According to reports, Banca Farmafactoring was looking to hold an IPO in September last year, having hired Morgan Stanley to oversee the process.

Centerbridge will support the bank's continued growth, following its recently obtained status as a licensed depository.

Previous investment
Apax acquired Banca Farmafactoring in late 2006, winning a competitive process that included Barclays Private Equity (now Equistone Partners Europe) and Banca Italease, according to unquote" data.

Since investing, Apax has supported the bank's expansion into Spain and Portugal.

Company
Established in 1985 as a factoring company, Banca Farmafactoring is an Italian bank with operations in Italy, Spain and Portugal. The bank provides credit management and non-recourse factoring services to companies serving the Italian and Iberian public sectors.

The company reported turnover of €4.54bn and profits of €49m in 2013.

People
Giancarlo Aliberti is a partner at Apax. Luigi Sbrozzi is a principal at Centerbridge. Massimiliano Belingheri is CEO of Banca Farmafactoring.

Advisers
Vendor - Studio Gattai (Legal); Studio di Tonno (Financial due diligence); PwC (Financial due diligence); Mediobanca (M&A); BNP Paribas (M&A); Deutsche Bank (M&A). 

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• Topics
• Southern Europe
• Exits
• Apax France SA
• Italy
• Unq2015May