Bain Capital Special Situations has acquired Sunshine Leases, a Greek financial leasing subsidiary of Piraeus Bank.
The transaction includes the purchase of a portfolio of non-performing exposures by Hellas Capital Leasing Single Member Société Anonyme, a Greek leasing company wholly owned by funds managed or advised by Bain Capital.
The portfolio comprises a gross book value of around €500 million. The collateral securing the leases comprises mostly commercial real estate and hotel assets.
Why it matters
This is Bain Capital’s fifth large-scale acquisition of non-performing exposure portfolios in Greece, and Sunshine Leases represents Bain Capital’s sixth transaction of leasing portfolios in Europe, a sector in which it has acquired around €2.8 billion of gross book value receivables. The move is expected to further solidify Bain Capital’s presence and influence in the Greek and European NPL landscape.
What they said
Nikolay Golubev, partner at Bain Capital Special Situations said: “Bain Capital has been one of the early investors in the Greek non-performing credit market since the acquisition of HCL in 2014. We continue to believe Greece is one of the most attractive NPL and real estate markets in Europe, and we are excited to expand our footprint through this acquisition. This acquisition demonstrates our commitment to the Greek market and to a product in which we have unparalleled expertise.”
Georgios Elekidis principal at Bain Capital Special Situations added: “Our acquisition of Sunshine Leases demonstrates our skillset in executing complex transactions that require strong underwriting capabilities, operational expertise and the swift securing of all required regulatory approvals.”