Turning point for Finbeta: Express Holding fund took over its control
Following the entry of its new majority shareholder, the Savona-based company cleared its financial exposure with Carige
Finbeta solved its financial problems through a transaction that transformed its shareholding structure.
The majority stake of the Savona-based shipping company specialized in the transport of petrochemical products and equipped with a fleet of 5 tankers was taken over by Chemtank, a company purposely incorporated by the Express Holding fund.
The platform is "the result of an agreement between a group of institutional investors and a family office, under the guidance of Paolo Favilla (former GNV top manager and shareholder, boasting a long experience also at the helm of nautical companies)", whose mission is "investing and managing ships belonging to small or medium-sized companies operating in the dry cargo and liquid cargo sectors".
Chemtank entry allows Finbeta to "clear its bank exposure and to strengthen its equity structure".
In fact, the Liguria shipping company had an almost 70 million exposure with Banca Carige, and its position was classified as NPL by the Genoese credit institution.
Based on Finbeta's industrial plan, providing for the strengthening of its presence on the market, especially in the Baltic and Northern Seas, where the company is already operating on behalf of the major oil companies, Chemtank signed a capital increase, which allowed Finbeta to clear its debt.
According to Ship2Shore's sources, the new reference shareholders might plan to use the shipping company to aggregate other investments in naval assets.
In fact, in the past 12 months, Express Holding already concluded 2 “deals” in the shipping sector, having taken over two bulk carriers, i.e. Supramax Iris Express and Handysize Apuana D (former T-Bulk's and Navalmar UK's – within the Bogazzi group – property), which are currently managed through a shipmanagement partnership with ESA Group.
Luca and Alessandra Bertani will remain Finbeta's operational and sales managers respectively, as well as minority shareholders.
The Bertani family and Finbeta were assisted by Latham & Watkins with regard to the legal part of the transaction, and by Venice Shipping and Logistics for its industrial and financial part, as well as by the Studio Casani & Associati Law firm.
Express Holding's advisors were NCTM Studio Legale (law firm), Deloitte (fiscal due diligence), ESA Consulting (economic, technical and organizational due diligence), KTFinance (financial advisor).