BCMGlobal announces the closing of its fourth investment in the Italian market in partnership with a group of leading international institutional investors including Swedish Albatris in a joint venture with U.S. based Three Line Capital.

The partners have purchased from an international institutional investor, a secured non-performing loan portfolio with a total GBV of about €95 million, through the securitization vehicle Wings One SPE S.r.l..

This latest acquisition by the BCMGlobal – Albatris – Three Line Capital joint venture indicates the Group’s success in the Italian NPE market, as they are now approaching €200 million in GBV acquired from multiple sellers in a period of 18 months. 

This partnership will continue to focus and remain highly active pursuing opportunities in real estate backed NPLs (Non-Performing Loans), UTPs (Unlikely to pay), and Real Estate Investments and continue to execute on its investment program in secured NPEs (Non-Performing Exposures) in the short-medium term.

BCMGlobal has acted as advisor throughout the acquisition process, assisting the partners from the origination and underwriting of the opportunity, to the deal execution. BCMGlobal is also appointed as Special Servicer for the securitization, with 130 Servicing as Master Servicer and Corporate Servicer, Calculation Agent, and Representative of the Noteholders.

Legal support to the investors in relation to the transaction documents has been provided by Legance – Avvocati Associati.

Simon Fitness, Chief Executive Officer of BCMGlobal Ireland and Italy said:

“This, our fourth such investment completed within 18 months of our first, represents another important milestone for the Italian business. Our investment & advisory team are actively sourcing opportunities from within the now prominentsecondary market in Italy.

Since 2018 we have enhanced and evolved our proposition and reputation as a special server and real estate asset manager, and this fourth co-investment further strengthens our commitment in the Italian market.”

Paolo Petrignani, Managing Director of Albatris commented:

“Italy remains one of our core markets and we continue to see attractive investment opportunities in the stressed and distressed credit space with a good fit to our investment program supported by our partners BCMGlobal and Three Line Capital its targeting to acquire closer to €1bn GBV over coming years.”

Benjamin Bornstein, Partner at Three Line commented:

“This new acquisition continues the success of our European NPL strategy. By working in concert with Albatris and BCMGlobal, since early 2022 we have been able to establish an ongoing presence in the Italian NPL markets. We look forward to making further investments in 2024 and beyond”

About BCMGlobal

BCMGlobal is a leading European independent loan and asset management service provider.

We have multijurisdictional expertise with operations in Italy, Ireland, the UK, and the Netherlands.

We deliver a range of core services including loan management, bank outsourcing, origination, and real estate asset management. We support our clients at all stages of the debt life cycle from origination and advisory services through to asset management across multiple debt classes: performing, non-performing (NPL) and unlikely-to-pay (UTP) loans.

In Italy, BCMGlobal is one of the few special servicers that has developed an in-house real estate team entirely dedicated to the management of real estate assets securing NPL and UTP loans, with a strong track-record in real estate development projects repossessed through REOCOs (Real Estate Operating Company). For more information, visit www.bcmglobal.com/countries/italy

About Albatris

Albatris (www.albatris.com) is an alternative investment firm headquartered in Stockholm, focusing on innovative and tailored credit investments across the spectrum of credit strategies, including distressed debt and non-performing loans. The team has more than 30 years of industry expertise, invested more than €10 billion across all major European markets.

About Three Line Capital

Three Line Capital, LLC (www.threelinecapital.com) is a New York based opportunistic investor focused on smaller and medium sized credit and credit-like situations often overlooked by market participants. The firm’s principals, with more than 60 years of collective experience in alternative credit investing, across multiple investment vehicles, and in partnership with long-term capital relationships, have acquired, invested, and managed over $5 billion in portfolios of non-performing, sub-performing and performing loans and leases (illiquid, semi-liquid and liquid) across North America, Europe, and Asia.

Press Release
LC Financial Holdings Completes Acquisition of BCMGlobal, Reinforcing Its Position as a Leading Technology-Driven Credit Specialist

London, 7am Friday 1st September

LC Financial Holdings (LCFH) proudly announces the successful completion of the acquisition of BCM Global (BCM), marking the next step in its evolution as a technology-led credit specialist. This landmark acquisition cements LCFH’s stronghold in the management of consumer and SME loans, leases and mortgages across Europe.

Established in 1998, LC Financial Holdings comprises LCM Partners, one of Europe’s leading alternative credit investment managers, the Link Financial Group servicing companies and LDMS, a technology provider focusing on the credit management sector. The integration of BCM as the fourth pillar of the LCFH Group reinforces the company’s commitment to innovation and excellence in serving its originator clients and investors.

BCM’s operations, spanning sites in Ireland, the UK, Italy and the Netherlands, are to become an integral part of the LCFH family. BCM’s core business lines encompass commercial and residential mortgage origination and management services, outsourcing of banking administration activities and structured finance administration. As a prominent European independent mortgage, real estate and commercial loan servicer, BCM will receive substantial support from LCFH to expand its existing business lines as well as develop new services across Europe.

“Our strategic collaboration is expected to generate an expanded product portfolio, further operational efficiencies and even better client service for BCM in the years ahead. The combined strength of the LCFH Group, united with BCM, will be manging assets of over €100 billion covering almost 7 million customers, serving 110 financial institutions across 10 jurisdictions with almost 2,000 dedicated professionals. We truly believe that this combination has huge benefits, most of all for the customers and organisations we serve.” said Paul Burdell, CEO LCFH.

Antoinette Dunne, CEO of BCM, “Being a part of the LCFH Group ushers in a new era of growth and innovation for BCM. The partnership with LCFH brings a fresh perspective, a renewed emphasis on technological advancements and valuable support for both expanding current activities and venturing into new territories. Joining LCFH will redefine BCM’s business strategy, benefiting employees and forging new alliances while further improving the experiences of our existing client base.”

Notes to Editors:

About LC Financial Holdings (LCFH)
LC Financial Holdings is a leading technology-driven credit specialist with a comprehensive portfolio of businesses in the financial sector. Comprising LCM Partners, the Link Financial servicing companies and LDMS. LCFH is committed to driving innovation and excellence in credit management and financial services. Brookfield Asset Management (ticker: BAM US) has a significant minority shareholding within LCFH and Group companies.

About BCMGlobal (BCM)
BCMGlobal is a European leader in mortgage, real estate, and commercial loan servicing. With operations across multiple jurisdictions, BCM is dedicated to providing exceptional service and innovative solutions to its clients in the financial industry.

For more information, please visit LC Financial Holdings’ website at https://lcfinancialholdings.com/