doValue S.p.A., one of Europe’s leading operators in credit management and financial services, finalised the acquisition of 100% of the share capital of Gardant S.p.A., further consolidating its position in the Italian market and expanding strategic opportunities with banks and investors.
The transaction, valued at a total enterprise value of EUR 230 million, includes a cash consideration and the issuance of new shares equal to 20% of the new merged entity. Gardant, known for its data-driven approach and diversified management of credit portfolios, thus joins an already established group on the European scene.
Strategic and Operational Impact
The merger will lead to a greater diversification of the doValue Group’s revenues, with significant expansion in UTP (Unlikely To Pay) loans and asset management services. With an integration plan already underway, the aim is to achieve operational synergies of EUR 15 million per annum when fully operational.
According to Manuela Franchi, CEO of doValue, “The integration of Gardant will allow us to offer a wider range of products and services, further strengthening our leadership in Italy and in international markets. This operation will not only consolidate the customer portfolio, but also result in an increased competitive capacity, thanks to the shared know-how and advanced technology.
Gardant’s Numbers and Future Prospects
Gardant, born out of the reorganisation of Credito Fondiario, has experienced remarkable growth in recent years, generating EUR 135 million in revenue and EUR 50 million in EBITDA expected by 2024. The company is distinguished by strategic partnerships with banking groups such as Banco BPM and BPER Banca, and by 40 per cent of its revenues coming from Non-Performing Loans (NPL) activities.
The deal is an important step towards the realisation of doValue’s 2024-2026 business plan, which aims at debt reduction and greater diversification of revenues.
Governance and Financing
With the acquisition, doValue’s share capital saw the entry of new shareholders, including Tiber Investments, linked to Elliott Advisors, which holds 17.75%. The transaction was financed through a €526 million credit line, which also includes resources for the refinancing of past debt.
Conclusions
The acquisition of Gardant marks a significant milestone for doValue, strengthening its position in the competitive and promising Italian market. Without triumphalist tones, this transaction represents an important opportunity to consolidate the group’s role as a leader in financial services in Europe.
