illimity, a high-tech bank listed on Borsa Italiana’s MTA exchange, has completed a financing operation to support the growth plan of Ferretto Group S.p.A. (“Ferretto Group”), leader in the design, production and installation of cutting-edge solutions for storage logistics.

Founded in Vicenza in 1956, Ferretto Group has established itself over time in the intralogistics industry, growing both organically and through acquisitions to arrive at annual revenues of around 100 million euro.

Following the return as CEO of one of the members of the Ferretto family (Riccardo Ferretto), the Group drew up a new business plan in 2019 based on a strategic and operational reorganisation having the aim of increasing efficiency and continuing with investments designed to launch new products. With the Covid emergency and the resulting halt in operations occurring in the first year in which the plan was put into effect, the company sought a banking partner capable of providing the rapid support needed to continue its relaunch and growth plan.

In the space of just a few weeks illimity structured and funded the medium-term operation worth 10 million euro, consisting of a loan backed by a 90% guarantee provided by the Italian Export Credit Agency SACE, and will now be working alongside Ferretto Group in this new phase. In addition, the Ferretto family has also decided to support the operation by making an equity injection of 1.6 million euro as backing for the company’s new economic and financial structure in a perspective of continuity and the further relaunch of the business.

Ferretto Group is the kind of high-potential business which deserves to be supported and for which illimity is proud to provide its backing”, stated Enrico Fagioli, Head of illimity’s SME Division, adding: “The difficult phase the economy is currently experiencing calls for the banking system to work particularly closely with businesses. illimity therefore continues to provide the best support possible for the growth of Italian SMEs by carrying out a detailed analysis of their underlying business and growth plans.

Riccardo Ferretto, Chairman and CEO of Ferretto Group, commented: “This is a strategic operation that enables us to strengthen the company’s financial structure so that we can continue our business history and consolidate our role as leader in our sector. Ferretto Group is currently an important partner for businesses seeking technological and innovative solutions for managing and automating warehouses and materials storage solutions. We are pleased with the timeliness and synergies that have enabled us to carry out the operation with illimity in such a short period.

Andrea Piraccini, CFO of Ferretto Group, stated: “Ferretto Group has found the ideal partner in illimity for assisting us in conducting this delicate and strategic operation, one needed to bring structured finance into the business as a way of providing a response to an increasingly competitive market: the instability caused by the COVID-19 pandemic and the resulting uncertainty led to the immediate need to look beyond 2020, requiring Ferretto Group to revise its three-year business plans and at the same time reschedule the ‘upcoming period’ as far as its financial requirements are concerned. Thanks to the valuable support of the illimity team, in just a few weeks Ferretto Group has succeeded in setting up an operation which for the reasons stated above is as Illimity Bank S.p.A., Sede Legale Via Soperga 9, 20124 Milano, Italia - complicated as it is delicate, one founded on business assessments and opportunities for the near future.

Ferretto Group was assisted by Adacta Advisory in drawing up the new business plan and carrying out the subsequent financial review and advised by Studio Chiomenti as deal counsel for the operation.

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