Muzinich inks first Italian private debt deal

The corporate credit specialist has sealed the first deal from its maiden Italy-focused private debt fund.

Muzinich Italian Private Debt fund has financed its first deal, according to a statement.

Issuing a €15 million note, proceeds will be used to finance the acquisition of a 100 percent stake in Primat by Italian private equity group Wise SGR.

Headquartered in Olginate, Lecco, Northern Italy, Primat is a leading manufacturer of protective treatments for small fasteners and components, with a particular focus on the automotive sector and revenues of €20 million.

The bond is the first fully underwritten by the Muzinich Italian Private Debt Fund, a closed-end fund which held a first close in August on €156 million. 

Valeria Lattuada, head of the Muzinich Italian Private Debt Fund, said: “We are delighted to announce the closing of the first investment for the fund with the subscription of a flexible debt instrument that enabled us to meet the Wise execution timeframe while at the same time supporting Primat’s growth initiatives.”

Wise will support the company expansion plan which includes a three-year investment strategy focused on organic growth alongside acquisitions of complementary businesses that can generate synergies.The transaction represents the sixth acquisition for Wisequity III with committed capital of more than €180 million.

Corporate credit specialist Muzinich is headquartered in New York but has offices in London, Paris, Cologne, Zurich and Milan. The Muzinich team was advised on the deal by law firm Chiomenti.