Typical client
Italian Family Businesses
Refinancings, growth, capex, acquisitions, rebalancing of the financial structure, and negotiation with bank pools or new lenders.
Debt Advisory
Bankable debt structures for growth, refinancing, and strategic transactions.
We design and negotiate debt structures for family businesses, investment funds, and banks, balancing cost of capital, covenants, operating flexibility, and the long-term resilience of the transaction.
Who it's for
The same financing has different goals depending on who is looking at it.
For the company, operating sustainability matters; for the fund, execution; for the bank, bankability and risk quality. Our leadership holds these dimensions together without losing the industrial logic.
Typical client
Investment Funds
Acquisition financing, portfolio company refinancing, recaps, liability management, and structures supporting add-ons or exits.
Typical client
Banks
Origination and structuring support on complex corporate situations, with independent analysis of the plan, risk, covenant package, and structural sustainability.
What we do
From refinancing to acquisition financing.
Our work is not to chase debt in the abstract: it is to design a credible, negotiable structure consistent with the industrial cycle and credit quality.
Primary service
Structured debt and refinancing
We design bank and non-bank debt structures, reset maturities, covenants, and pricing, and coordinate the dialogue with lenders and advisors.
Acquisition financing
Acquisition financing
Senior, super senior, bridge, or dedicated structures for external growth, M&A, and buy-out transactions.
Refinancing
Refinancing and repricing
Renegotiation of the existing structure to extend maturities, improve covenants, and optimize cost of capital.
Private debt
Private debt and unitranche
Selection and negotiation with debt funds and alternative operators when speed, flexibility, or non-bank tickets are required.
Capital markets debt
Bonds and mini-bonds
Market-facing or listed debt issuances for companies looking to diversify funding sources.
Asset monetisation
Asset monetization and sale & leaseback
Structures that unlock liquidity from operating or real estate assets without disrupting industrial continuity.
Working capital
Working capital and supply chain solutions
Solutions for working capital, inventory, confirming, and optimization of the financial supply chain.
The method
How we work.
How we build sustainable, negotiable financial structures.
01
Proprietary credit dossier
Preparation of a bank dossier that anticipates credit officer requests, with projected cash flow and documented stress tests.
02
Counterparty selection
Identification of the most appropriate banks and direct lenders by sector, size, and transaction type.
03
Competitive bridge process
Managed competitive dynamic across selected banks to obtain the best terms at equivalent risk.
04
Documentation negotiation
Support on LMA standard, covenants, security package, conditions precedent, and drawdown mechanics negotiation.
Industries
Eight reference industries.
Industrial & Manufacturing
Financing structuring for Italian manufacturing SMEs: capex, acquisition financing, refinancings. Traditional bank packages and direct lending.
Real Estate
Real estate financing on residential, commercial, and logistics developments. Structuring of senior debt, mezzanine, and construction loans.
Financial Services
Financing for financial services operators: refinancing, leveraged finance for consolidation, sub-debt structures.
Infrastructure & Logistics
Financing for logistics and infrastructure operators: capex, acquisition financing, and structured leasing. Heavy reliance on dedicated financing.
Digital Infrastructure
Project finance and structured debt on data centers and digital infrastructure. Long-term asset-backed structures.
Digital Finance
Debt structures on fintechs and lending platforms. Securitisations, warehouse lines, and venture debt.
Retail & Consumer
Financing on consumer brands and retail: working capital, retail capex, post-LBO refinancing.
Life Sciences
Acquisition and growth financing on pharma and healthcare. Recurring leveraged structures.
Sector insight
Practice insights.
Report
Cost of debt in Italy 2026: spreads, covenants, and ancillary terms
Note
Direct lending: the main players active in the Italian mid-market
Article
Mini-bonds: when they make sense and when they do not
Report
Acquisition financing post-2023: typical structure of Italian LBOs
The team
Lead partner.
Ugo Zampieri
Partner
Senior expert with over 25 years in M&A and debt restructuring across IT, business services, and healthcare, with Italian and cross-border experience. Originator of mandates for several IPOs on the EGM segment (formerly AIM Italia of Borsa Italiana).
Gian Piero Sala
President
Specific expertise on security package, covenants, and LMA-standard documentation negotiation.
Mirco Galeri
Managing Partner
Thirty years of strategic and operational management, combining direct entrepreneurial activity and executive advisory. CFO and Executive Committee member at top-tier companies, with cross-sector experience in metals & mechanics, chemicals, agriculture, and services.
Riccardo Puddu Cortesi
Managing Partner
Relationships with direct lending funds and operators of hybrid instruments in Italy and Europe.