Pillarstone is the pan-European platform to support banks in
managing exposures to non-core and underperforming assets
Italian platform in full operation and Greek platform launched
Pillarstone is actively evaluating opportunities for expansion
into other countries
KKR Credit today announced the further expansion of its Pillarstone
platform in Europe through the signing of a binding agreement with Alpha
Bank and Eurobank in Greece. The agreement builds on the successful
progress of the Italian platform that was announced in June 2015.
Pillarstone is also evaluating opportunities to expand the platform in
other European countries in the near-term.
The new platform in Greece will provide fresh long-term capital and
operational expertise to large Greek corporate borrowers, helping them
stabilise, recover and grow for the benefit of all stakeholders. As with
the Italian platform, the Greek banks will share in the upside as the
businesses' performance recovers. Subject to final Board approval, the
European Bank for Reconstruction and Development (EBRD) is considering
co-investing in partnership with KKR and the banks.
Separately, in April this year, Pillarstone Italy announced the signing
of an agreement with Premuda, a shipping group listed on the Italian
Stock Exchange. The agreement will strengthen the company through the
injection of significant fresh capital and by supporting its management
team as it implements a new industrial plan. As part of this
transaction, a third bank - Banca Carige - is joining the platform
alongside the two original partners in Pillarstone's Italian platform,
Intesa Sanpaolo and Unicredit.
Johannes P. Huth, Head of KKR Europe, Africa and Middle East, said:
"Pillarstone presents an innovative and timely solution to banks across
Europe in managing specific underperforming exposures. The agreement in
Greece is an important next step in the development of a pan-European
initiative and, together with the successful development of the Italian
platform, demonstrates the benefits of the model for both companies,
banks, and the wider economy."
John Davison, CEO of Pillarstone, said: "We are delighted with the
positive reaction of both companies and banks to the Pillarstone
platform. There is a compelling opportunity to expand the platform
further across Europe, building on the successful blueprint of our
agreements in Italy and Greece."
- Ends -
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
and on Twitter @KKR_Co.
Pillarstone is a platform established in 2015 by KKR Credit, with John
Davison as co-investor and CEO, to partner with European banks to create
value by managing their exposure to non-core and underperforming assets
on their balance sheets. The platform provides long-term capital and
operational expertise to help the businesses which underpin these
non-performing and non-core exposures to stabilise, grow and create
value. It is a unique approach based on a collaborative model that
benefits a wide range of stakeholders. Pillarstone is a portfolio
company of certain funds and accounts managed or advised by KKR Credit.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160517005741/en/
+44 (0) 20 7251 3801
News Provided by Acquire Media