The leading international private equity company KKR has extended its position in the rapidly evolving Italian debt servicing market in taking a strategic stake in Sistemia.
Sistemia is a long-established leader in the Italian debt servicing market, performing due diligence, and conducting loan analysis as well as the remarketing of loans and debt collection. The company is believed to have handled up to €40bn of debt since inception and currently has assets under management of around €4.6bn, addressing both secured and unsecured credits. It is not yet known what price KKR has paid.
The Italian loan servicing market is one of the largest in Europe, with the banking system still burdened with perhaps the highest level of problem debt on the continent, which it has been hampered with since the global financial crisis. KKR has already been active in the market, having set up Pillarstone in 2015. Sistemia will much extend both the scale and the reach of that business.
KKR Credit managing director Dan Pietrzak said: “We are backing a very strong Sistemia team that has built an innovative and much-needed capability in a sector of critical importance to loan originators, investors and the wider Italian economic recovery. We have full confidence in the ability of the team to further develop Sistemia into a leading player across the whole loan to asset cycle of the NPL market.”