AnaCap Financial Partners said Thursday it has bought a EUR1.9 billion (US$2.4 billion) portfolio of non-performing loans from UniCredit Group. The portfolio primarily consists of secured and unsecured bankruptcy and other enforcement claims, AnaCap said. London-based AnaCap, a specialist PE firm, invests in the European financial services sector.
AnaCap Financial Partners LLP ("AnaCap"), the specialist European financial services private equity firm, has announced the successful completion of the acquisition of EUR1.9 billion non-performing loans ("NPLs") from Italian lender UniCredit Group. Under the terms of the agreement, funds advised by AnaCap will acquire the portfolio.
The portfolio primarily consists of secured and unsecured bankruptcy and other enforcement claims. A significant portion of the portfolio will continue to be serviced by UniCredit Credit Management Bank, with the management of a portion of claims migrated to third parties. Investments completed with UniCredit in 2013 also paved the way for this transaction, establishing a strong partnership between the seller and incumbent servicing partner.
The latest transaction is among the largest of its kind in Italy to date.
It is estimated that there is currently EUR800 billion of NPLs on the balance sheets of European banks - more than double the level seen in 20091 - which along with other non-core legacy assets continue to tie up capital and liquidity which may be more profitably allocated elsewhere. Further flows of new credit are vital to help encourage renewed lending and ease the pressure of illiquidity throughout the region.
AnaCap has now purchased over EUR4.5bn claims in Italian NPLs over the past two years along with a EUR550m performing portfolio of Italian salary guaranteed loans. The acquisition marks the continuation of a highly active period for AnaCap more broadly in Europe as well, including the recent acquisition of a EUR495 million portfolio of NPLs from Volksbank Romania.
Justin Sulger, a Partner at AnaCap, commented:
"We are delighted to have completed this acquisition, emphasising our commitment to helping rebuild the European financial services sector by establishing strong partnerships with institutions like UniCredit. We remain highly confident in our ability to continue to deploy capital in a wide range of credit opportunities across the continent, harnessing broad based expertise in financial services, including a deep understanding of consumer, SME and mortgage debt in local markets."
For Immediate Release
16 October 2014
The parties were assisted by two law firms, Paul Hastings LLP, on the UniCredit SpA side and NCTM LLP on the AnaCap side.
1International Monetary Fund, Financial Stability Report, April 2014
MCLEAN, Va., Oct. 15, 2014 (GLOBE NEWSWIRE) -- Gladstone Capital Corporation (Nasdaq:GLAD) (the Company) reported today that Zoltan Berty has joined the Company as a Managing Director in our Los Angeles office and will lead our West Coast efforts focusing on originating debt investments in privately held companies. Prior to joining the Company, Mr. Berty was a Principal at Caltius Mezzanine, a mezzanine fund focused on junior capital and minority equity investments in middle market companies. Prior to this, Mr. Berty was a Vice President at D. E. Shaw Direct Capital, where he was responsible for originating new investment opportunities across all levels of the capital structure, including senior debt, mezzanine and equity. Previously, Mr. Berty was a Director at CapitalSource and focused on senior and subordinated debt investment to support buyout and recapitalization transactions. Mr. Bertys earlier lending experience also includes credit management and underwriting positions at Transamerica Technology Finance and Fleet Capital Corporation. Mr. Berty received his BS in Accounting from the University of Southern California.
With over 20 years of experience originating, structuring, and underwriting leveraged finance and mezzanine transactions for middle market borrowers, Zoltan is a natural fit for Gladstones middle market focus and we are excited about him being a part of the team, said Bob Marcotte, President.
Gladstone Capital Corporation is a publicly traded business development company that invests in debt and equity securities consisting primarily of senior, second lien, and senior subordinate term loans in small and medium sized businesses in the United States. The Company has paid 132 consecutive monthly cash distributions on its common stock. Prior to paying distributions on a monthly basis, the Company paid 8 consecutive quarterly cash distributions. The Company has never skipped a monthly distribution since inception, over 13 years ago. Information on the business activities of all the Gladstone funds can be found at www.gladstonecompanies.com.
For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.
CONTACT: Gladstone Commercial Corporation: +1-703-287-5893
Source: Gladstone Capital Corporation
"We are delighted to welcome Jonathan to the Encore family," said Kenneth A. Vecchione, Encore's President and Chief Executive Officer. "Jonathan has an unparalleled track record throughout his career, particularly in leading a complex financial services organization, and I'm confident that his experience and expertise will help us continue to achieve our growth ambitions."
"Paul and Jonathan will work closely together for the next few months to effect a smooth transition, after which Paul will focus on enhancing Encore's European and Latin America operations while maintaining his corporate development responsibilities," Vecchione continued. "As a result, Paul will continue to advance our stated strategy of expanding into new geographies and diversifying into new asset classes to improve value to shareholders."
Clark's most recent role was Executive Vice President and Chief Financial Officer of SLM Corp., also known as Sallie Mae. During his time at Sallie Mae from 2008 until 2013, Clark increased investor value, reestablished the organization as a major player in the securitization market, and guided the company during the global financial crisis. Prior to joining Sallie Mae, Clark served as a Managing Director at Credit Suisse Securities from 2000 to 2007, after having served in various executive roles at Prudential Securities, The First Boston Corporation, and a variety of other companies during his career.
Clark earned an economics degree from the University of Virginia, and a master's degree in business administration from the Harvard Business School.
Encore Capital Group, an international specialty finance company with operations spanning seven countries, provides debt recovery solutions for consumers and property owners across a broad range of assets. Through its subsidiaries, the Company purchases portfolios of consumer receivables from major banks, credit unions, and utility providers, and partners with individuals as they repay their obligations and work toward financial recovery. Through its Propel Financial Services subsidiary, the Company assists property owners who are delinquent on their property taxes by structuring affordable monthly payment plans and purchases delinquent tax liens directly from selected taxing authorities. Through its subsidiaries in the United Kingdom, Cabot Credit Management, Marlin Financial Services, and Grove Capital Management, the Company is a market-leading acquirer and manager of consumer debt in the United Kingdom and Ireland. Through its Refinancia subsidiary, the Company services distressed consumer debt in Colombia and Peru. Encores success and future growth are driven by its sophisticated and widespread use of analytics, its broad investments in data and behavioral science, the significant cost advantages provided by its highly efficient operating model and proven investment strategy, and the Companys demonstrated commitment to conducting business ethically and in ways that support its consumers financial recovery.
Headquartered in San Diego, Encore is a publicly traded NASDAQ Global Select company (ticker symbol: ECPG) and a component stock of the Russell 2000, the Samp;P SmallCap 600, and the Wilshire 4500. More information about the Company can be found at www.encorecapital.com. More information about the Company's Cabot Credit Management subsidiary can be found at www.cabotcm.com. Information found on the Company's website or Cabot's website is not incorporated by reference.
Baycorp, New Zealand's most well-known debt resolution agency, is holding information sessions in Rotorua, Tauranga, Hamilton and Hawkes Bay over the next month to highlight pathways to credit resolutions and explain new initiatives and technology.
Hosted by New Zealand general manager Donna Cooper and business services sales manager Victor Jamieson, together with local Baycorp representatives, the regional roadshow will provide valuable tips on digital credit management. It will also cover debt load trends, changes in legislation and updates on Baycorp's evolution as a business.
Tauranga local business manager Lyn Egan says the events are a great way to learn about new online tools for resolving debt.
Baycorp is changing to meet the new credit market. A key part of this is our partnership with Centrix, an online credit checking and reporting tool to assist clients with making smart, informed credit decisions. I look forward to sharing this information with our clients at the roadshow.
Rotorua and Hawkes Bay business manager Jeff Timmins says it will also be a great opportunity to discuss trends with clients. He says Baycorp's Rotorua and Hawkes Bay regions have quite contrasting debt profiles.
Hamilton business manager Steve Morrison believes clients will find it interesting to understand why the Hamilton region has a greater proportion of high dollar value debts compared to other North Island regions.
With over 50 years' experience, Baycorp's expertise lies in unlocking debt, with everything business owners need from credit reporting, deploying legal and field services to data analytics.
Working with businesses of every kind and size, from sole traders and SMEs through to utility companies and telcos, Baycorp is skilled at tailoring financial recovery solutions that help safeguard business operations and improve cashflow.
Victor Jamieson says debt resolution is all about managing risk for companies and ultimately about generating a return from a potentially loss-making situation. Working with Baycorp minimises this risk and offers a better chance of success. Clients can leave the resolution of their debt to us, giving them more time to focus on their business.
To find out more about the regional roadshow in your area, simply email your local business manager (details below).
Rotorua: Tuesday 21 October, 5.30pm at the Rotorua Club
Tauranga: Wednesday 22 October, 8am at the Tauranga Yacht and Power Boat Club
Hawkes Bay: Wednesday 5 November, 5.30pm at the Portsman Motor Lodge in Hastings
Hamilton: Thursday 6 November, 5.30pm at Gravity Bar