Italy’s Private Debt and Corporate Finance Weekly: Bio Hold, SAVE, and Regional VC Initiatives Lead Activity

Italy's private debt and venture capital landscape saw significant activity this week, highlighted by major infrastructure financing and regional investment programs. Notable transactions include a €96.5 million project financing for biomethane plants by Bio Hold and an €80 million ESG-linked facility for Venice Airport manager SAVE, an Ardian portfolio company. These developments, alongside the launch of the €200 million Equity Puglia venture capital scheme, underscore the increasing integration of institutional debt and public-private partnerships in supporting Italian industrial and technological growth.

Bio Hold, a joint venture between Vesper Next Generation Infrastructure Fund and Pietro Fiorentini, secured a €96.5 million project financing facility from Banco BPM and Crédit Agricole Italia, backed by a SACE warranty. The capital is earmarked for converting a portfolio of biomethane plants, reflecting Vesper’s deployment of its billion-euro fund which counts the European Investment Fund and CDP Real Asset among its backers. Simultaneously, Venice Airport operator SAVE, owned by private equity firm Ardian and Finint Infrastrutture, attracted an €80 million ESG capex financing facility from the European Investment Bank (EIB). These deals demonstrate a strong appetite for infrastructure and sustainability-linked debt among major European private equity players and institutional lenders.

In the corporate finance sector, Italian dairy producer Brazzale completed a unique €10 million securitization using 1,689 tonnes of stocked cheese as collateral to fund organic growth. The transaction, supported by Cassa Depositi e Prestiti (CDP) and Cherry Bank via the Magazzino Italia SPV, utilizes a non-possessory pledge and could serve as a blueprint for other agrifood sectors where semi-finished goods gain significant value during maturation. Additionally, Despar Nord secured €30 million from Intesa Sanpaolo under the S-Loan Lavoro program. This facility is specifically designed to support employment growth and employee welfare, highlighting the trend of banks linking corporate credit to social and governance performance metrics.

The Apulia region launched several major financial initiatives under the Puglia Moltiplica umbrella, including the Basket Bond Puglia (BBP) program anchored by Banca Sella and CDP. With €80 million in public funds covering initial losses, the program aims to mobilize up to €320 million for local SMEs with at least €5 million in turnover and stable EBITDA margins. Furthermore, the region introduced Equity Puglia, a venture capital co-investment scheme with €100 million in public funding intended to reach a total of €200 million. Managed by Puglia Sviluppo in partnership with private VC funds, the scheme targets startups and scale-ups in high-tech sectors such as aerospace, AI, and biotechnology with investments of up to €10 million per transaction.