KKR Asset Management, a sub-investment grade manager wholly-owned by KKR, has agreed to provide approximately EUR100m in capital, through a combination of debt and equity, to Gruppo Argenta.
The funds will partially repay current lenders as well provide liquidity for growth. The incumbent shareholders will invest EUR10m alongside KKR.
Argenta is one of the leaders in the vending sector in Italy with 18 operational centres across the national territory, 1,200 employees and 900 vehicles. Argenta vending machines are located in 88,000 sites, including companies, offices, public institutions, universities and outdoor locations such as petrol stations, airports, shopping centres throughout Italy.
Stefano Fanti, chief operating officer of Argenta, says: “I am pleased that such a reputable, leading investment firm such as KKR is investing in our company. The refinancing demonstrates the quality of our operations and is really good news for Argenta and our employees. It provides the company with a stable financial structure and additional growth capital for improving and expanding our operations.”
Mattia Caprioli, member of the firm and in charge of KKR’s operations in Italy, says: “KKR is a long term investor seeking to support good quality businesses like Argenta. Already seventeen of our portfolio companies run operations in Italy, employing over more than 3500 people, and we look forward to further investment opportunities.”
