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We asked Daniele Candiani, Managing Director & Country Head of Italy at IKB about the state of the Italian financing market.
Panellists at Unquote’s Italian Private Equity Forum held a consensus view that whilst larger transactions may fall victim to the Brexit vote, there would be limited impact on mid-cap and small-cap private equity deals. Strong export prospects for medium sized businesses will continue to provide attractive opportunities as the growth forecast for the Italian economy is set to hit 1.2% in 2016, said speakers from HIG Capital, Essentia Advisory and Emisys Capital.
Also a factor is the diversity of funding options now available to financial sponsors across the capital structure. Following Italy’s own recession earlier this decade, the releveraging of Italian portfolio companies only began around 18 months ago once the economy had turned a corner.
Since then, private equity owners have remained disciplined and kept leverage at sensible levels compared to elsewhere in Europe which will help them weather any future economic downturn.
A panel discussion chaired by Daniele Candiani, Managing Director & Country Head of Italy at IKB, summarised the Italian leveraged finance market:
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