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Bain Capital acquires Sunshine Leases

Bain Capital Special Situations has announced the acquisition of 100% of the shares of Sunshine Leases Single Member Société Anonyme (“Sunshine Leases”), a Greek financial leasing subsidiary of Piraeus Bank S.A. including a portfolio of non-performing exposures (“Sunshine Portfolio”), by Hellas Capital Leasing Single Member Société Anonyme (“HCL”), a Greek leasing company wholly owned by funds managed or advised by Bain Capital.

Strengthens its Presence in the Greek NPL Market through Acquisition of Sunshine Leases

Bain Capital Special Situations (“Bain Capital”) has today announced the acquisition of Sunshine Leases.

The transaction involves the acquisition of 100% of the shares of Sunshine Leases Single Member Société Anonyme (“Sunshine Leases”), a Greek financial leasing subsidiary of Piraeus Bank S.A. including a portfolio of non-performing exposures (“Sunshine Portfolio”), by Hellas Capital Leasing Single Member Société Anonyme (“HCL”), a Greek leasing company wholly owned by funds managed or advised by Bain Capital.

The Sunshine Portfolio comprises a gross book value of c. €500 million. The collateral securing the leases comprises mostly commercial real estate and hotel assets.

This is Bain Capital’s fifth large-scale acquisition of non-performing exposure portfolios in Greece following projects HCL-EGEE, Amoeba, Icon and Frontier. Sunshine Leases is Bain Capital’s sixth transaction of leasing portfolios in Europe, a sector in which it has acquired c. €2.8 billion of gross book value receivables.

Nikolay Golubev, a Partner at Bain Capital Special Situations commented:

“Bain Capital has been one of the early investors in the Greek non-performing credit market since the acquisition of HCL in 2014. We continue to believe Greece is one of the most attractive NPL and real estate markets in Europe, and we are excited to expand our footprint through this acquisition. This acquisition demonstrates our commitment to the Greek market and to a product in which we have unparalleled expertise.”

Georgios Elekidis, a Principal at Bain Capital Special Situations commented:

“Our acquisition of Sunshine Leases demonstrates our skillset in executing complex transactions that require strong underwriting capabilities, operational expertise and the swift securing of all required regulatory approvals.”

About Bain Capital Special Situations: 

Bain Capital Special Situations has $15 billion in assets under management and has invested $28 billion since its founding in 2002. We provide bespoke capital solutions to meet the diverse needs of companies, entrepreneurs, and asset owners – in all market cycles. The strategy brings together credit and equity expertise, as well as corporate and real asset expertise, to provide solutions which cannot be met by traditional providers. We invest globally across capital structures in corporate debt and structured capital solutions, distressed assets, non-performing loans, hard asset opportunities, and growth equity. Our dedicated, global team of 100 investment and portfolio professionals contribute the local expertise and capabilities that enable these diverse investments.

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Blogger and Investment Management Advisor with focus on Distressed Assets & NPL. Massimo is Chief NPL & Fintech Editor at Credit Village Magazine.

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