BINDING AGREEMENT WITH INTESA SANPAOLO AND UNICREDIT SIGNED
The Italian platform is 100% privately funded with capital and
expertise committed to Italian companies
The Italian platform will be led by Andrea Giovanelli
KKR Credit, part of KKR & Co. L.P. a leading global investment firm,
announced today jointly with Intesa Sanpaolo and UniCredit the launch of
a platform that aims to provide long-term capital and operational
expertise to Italian companies, thereby supporting Italian banks in
The platform is intended to help Italian companies stabilise, grow and
create value for the benefit of all stakeholders, including the
companies' existing shareholders and the banks who will share in the
upside of the recovery in performance of the businesses and the value of
the related assets on their balance sheet.
The announcement follows an agreement reached with Intesa Sanpaolo and
UniCredit on 25 June 2015 to transfer the banks' exposures to a
portfolio of assets selected by the banks and KKR Credit of initially up
to 1 billion euros to a vehicle managed by the Italian platform, subject
to completion of certain conditions precedent. Intesa Sanpaolo and
UniCredit are the first banks to join this initiative. The platform is
open to other lenders and companies who would benefit from fresh capital
and additional operational support.
Johannes P. Huth, Head of KKR Europe, Africa and Middle East, said:
"This is the first large scale initiative of this kind in Italy and in
Europe and the first operation established by the pan-European platform
launched by KKR Credit. The platform is fully privately funded and we
look forward to the opportunity to make long-term capital and industrial
expertise available to Italian companies".
The platform is a continuation of KKR's investment commitment to Europe
and will be funded by investments from certain funds managed or advised
by KKR or its affiliates. Since 1996, KKR has invested in more than 100
companies across industrial sectors in Europe representing approximately
$25 billion in invested long-term capital.
Mubashir Mukadam, KKR's European head of Special Situations, said: "We
are excited to have Andrea Giovanelli as the CEO of the Italian
platform. Andrea and his experienced team will be based in Milan and
bring strong backgrounds in the Italian industrial, turnaround, and
financial sectors. The team will aim to invest new long-term capital
into the businesses, while calling on KKR's global resources and
expertise in turning around companies".
Andrea Giovanelli said: "I am proud to be leading the Italian platform
and to be contributing to the successful recovery of Italian companies.
Our platform offers Italian companies the new financial resources and
managerial support to enable them to deliver on their potential for the
benefit of all stakeholders, including the banks contributing assets to
the scheme. It is time to unblock the credit channel to the benefit of
Italian companies and banks. We are already considering a number of
other situations in the context of the partnership with Intesa Sanpaolo
and UniCredit and beyond."
KKR is a leading global investment firm that manages investments across
multiple asset classes including private equity, energy, infrastructure,
real estate, credit and hedge funds. KKR aims to generate attractive
investment returns by following a patient and disciplined investment
approach, employing world-class people, and driving growth and value
creation at the asset level. KKR invests its own capital alongside its
partners' capital and brings opportunities to others through its capital
markets business. References to KKR's investments may include the
activities of its sponsored funds. For additional information about KKR
& Co. L.P. (NYSE: KKR), please visit KKR's website at www.kkr.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150625005962/en/
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Source: KKR Credit
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