The SACE group and Banca Sistema together with Rekeep to sustain the liquidity of the supply chain with a credit line of € 60 million
- A transaction with a high economic impact, and also a particularly social one, to support the leading Italian group in the delivery of public utility services, especially active in the healthcare and providing facilities in general for buildings, persons and cities.
- A Confirming line of credit of Euro 60 million granted by SACE Fct and Banca Sistema and backed by SACE’s Garanzia SupportItalia, to support payments to more than 150 supplier and sub-supplier firms throughout Italy.
Rome/Milan/Bologna, 4 May 2023 – The SACE Group, Banca Sistema and Rekeep, the leading Integrated Facility Management company in Italy, announce a significant transaction of Euro 60 million to support the liquidity and stability of the supply chain of Rekeep, which delivers Integrated Facility Management services throughout the country and abroad.
In this transaction, with SACE Fct, the SACE Group’s factoring company, as lead manager, and Banca Sistema have provided a Confirming line of credit totaling Euro 60 million, to be drawn on by the chain of Rekeep’s suppliers and sub-suppliers. The line of credit is backed by SACE’s Garanzia SupportItalia, an extraordinary instrument put in place to support liquidity after the adverse financial effects of the Russia-Ukraine crisis.
By virtue of the Confirming instrument, Rekeep has asked SACE Fct and Banca Sistema to manage the payment of the claims of about 150 suppliers and sub-suppliers all over Italy, thus guaranteeing the certainty of payment times and ensuring the stability of its supply chain, the members of which provide essential public utility services including specialist services for hospital facilities, plant management, cleaning, the upkeep of green spaces and energy retrofit for properties.
“We are pleased and proud that we have played our part, together with Banca Sistema, at the side of a group like Rekeep in a transaction with a high economic impact, and also particularly a social one - said Daniele Schroder, General Manager of SACE Fct. “Through the Confirming instrument, working with SACE’s Garanzia SupportItalia, we have been able to offer an efficient solution to support the liquidity of many of Rekeep’s partner firms, with a valuable cumulative effect for the entire community, which benefits from the public utility services provided by the Group.”
“Thanks to this joint transaction with SACE, we are honored to continue supporting Rekeep and the high-value added field of integrated facility management, particularly in the healthcare sector" - commented Andrea Trupia, Head of the Banca Sistema Factoring Division. "In this way, we continue our commitment, as a leading Factoring institution, to supporting the financing of working capital needs and strengthening the financial position of companies that often provide essential public utility services."
“It was possible to conclude this transaction, which is important for strengthening our financial structure, thanks to the good economic and financial performance that Rekeep has succeeded in achieving in spite of the present challenging conditions” - commented Luca Buglione, Chief Financial Officer of Rekeep S.p.A.. “We are satisfied to see that our growth path is observed and supported by major financial credit institutions and the country’s institutions in general, who appreciate our business model’s capacity to create value and our Group’s key role in the country’s economic environment, given the importance of the services that we provide to mission critical infrastructures, particularly in the healthcare sector.”
The lenders were assisted by the Law Firm Chiomenti in the transaction, while Rekeep was assisted by the Law Firm Latham & Watkins as legal advisor and by Vitale & C. as financial advisor.