Italy-based AMCO has signed a binding agreement to acquire an 80% stake in public credit management company Exacta Group from Eulero Capital and the Oreglia founding family.
The financial terms of the deal were not revealed.
The acquisition aligns with AMCO’s 2024-2028 strategic plan, which aims to enhance its role in managing impaired loans for the public interest. AMCO is a state-owned credit management company.
The remaining 20% of Exacta will be retained by its founders and managers, ensuring business continuity and expertise within the company.
Established in 1994, Exacta specialises in the judicial and extrajudicial recovery of unpaid local taxes for municipalities, provinces, and other public entities.
It also provides consulting services to public administrations in administrative, financial, legal, and training matters.
Besides, the firm’s private credit management division focuses on debt recovery for companies in the utilities and telecommunications sectors.
AMCO stated that the acquisition would provide it with a technologically advanced operating platform that complements its existing business model, improving efficiency in the collection of unpaid local taxes.
In addition, the Italian company expects to expand its role in impaired loan management to support public finances. AMCO will take on the management of unpaid taxes for local public administrations using a high-recovery platform.
AMCO also aims to increase the volume of assets under management by adding new public administration clients, including large municipalities and local authorities.
The company also plans to strengthen governance, control systems, and operational risk monitoring to ensure efficiency and compliance.
The transaction will be fully funded in cash, generated from AMCO’s operations, without external financing.
Subject to authorisations from competent agencies, the deal is expected to be completed by the first half of 2025.
For the transaction, Equita served as AMCO’s financial adviser with EY offering due diligence services, and Chiomenti acting as legal counsel.
Eulero Capital and the Oreglia family were assisted by Mediobanca as financial adviser, with legal advice from Gatti Pavesi Bianchi Ludovici. Deloitte and Goetz conducted financial and commercial vendor due diligence.
