7 November 2016
The Gruppo Covisian, third Italian player on the Italian Business Process Outsourcing market within the Customer Operations field, announces it has purchased 100% of CSS S.p.A., one of the leading Italian enterprises operating in the credit recovery business with a turnover of about 10 million euro, and margins of 16% (Ebitda Margin).
The Gruppo Covisian, now worth 120 million euro in proceeds, which is led by Ruggero Maria Verazzo, was established on the initiative of private equity company Aksìa Group SGR SpA at the beginning of 2016 with the purchase and subsequent integration of 100% shares in Visiant Contact and Contacta.
Through the purchase of CSS, Gruppo Covisian strengthens its presence in the credit recovery area, a specialist branch of the Business Process Outsourcing. The competences pertaining to CSS, integrated with those of Covisian, enable a complete offer in credit management, which ranges from intervening on the causes of the shortfall to the management of litigations and pre-controversies. The operation is conceived within the strategy of the Gruppo Covisian that considers a growth both in Italy and abroad, through the purchase of synergic businesses. Attention will continue to be focused on companies with competences specialising in particular services or industrial sectors.
In the course of this partnership, Gianni Amprino will acquire a participation in Covisian, maintaining the leadership in CSS in the role of Chie Executive Officer and will be responsible for laying out the roadmap for the growth of the Group in the credit management sector.
Founded in 1993, CSS is today a leader in the credit recovery and litigation management sector, on the entire national territory. The company employs 260 personnel, which in the 2013-2015 period have processed more than 900.000 cases, for an overall credit total of 2.5 billion euro. CSS is characterised by the advanced services for the recovery of high quality and value credit and added value, obtained through innovation and strengthening of IT systems on one side and on the other, relying constantly on training, on the organization and the involvement of people. The company boasts customers of the highest profile such as: UniCredit, TIM, Findomestic, Agos, Compass, Credem, Unipol and others still.
“We are pleased to announce the second acquisition just a few months after the foundation of our new Group. The first operation of its kind was in fact concluded in July and concerned Italiaonline’s 12.54 branch. Today we continue along the route set upon, targeting another reality”, Ruggero Maria Verazzo comments. “We have decided to invest in CSS since this is the most qualified and solidly positioned reality on the market, to develop the credit recovery”. He adds: “This operation responds to the market demand to have counterparts of adequate dimension in order to sustain the growing complexity of the business, but that can also evolve their solutions through the application of technology and process competence”.
“Over the years, CSS has positioned itself distinctively on the market, thanks to its prompt and constant update on its offer and the study of innovative strategies directed at obtaining results and return value. All this to anticipate the Customers’ needs and offer them the right solutions, like the creation of an adequately trained team for the management of NPLs and the development of advanced software”, says Gianni Amprino. “The integration with Covisian will enable us to further strengthen our services and accelerate our growth”.
Covisian was assisted by Ernst & Young in the due diligence stage, by the financial advisor Fineurop Soditic, by Studio Accinni, Cartolano e Associati as legal consultant, by De Luca & Partners as labour law consultant and by Studio Russo De Rosa Associati as tax consultants.
CSS was assisted by Lawyers Fabrizio Barbieri, Marco Grosso and Tommaso Ricolfi of the Studio Benessia-Maccagno e Bassilana.