(Reuters) – Italy’s doValue will focus on merger and acquisitions (M&A) in 2023, as it expects a wave of consolidation in the market of problem loan managers, its chief executive Andrea Mangoni said.
“Our priority for this year is M&A,” Mangoni told an analyst call. He added that the Verona-based debt management firm will look at deals in Italy and Spain, as both markets are fragmented.
“We were prudent with our financial structure because we really believe 2023 will be the year of acceleration in the consolidation game, so we need all the firepower possible to play an active role in it,” Mangoni explained.
In Italy doValue competes with peers such as Elliott-backed Gardant or Prelios, owned by U.S. fund Davidson Kempner Capital Management. DK is currently discussing a possible sale of Prelios to Andrea Pignataro’s ION Group, which in 2021 bought credit data and bad loan recovery firm Cerved.
After the publication of its full-year results on Thursday, shares in the problem loan manager fell as much as 9.8% in early Milan trade on Friday, as revenues and net income fell short of analyst expectations.
(This story has been refiled to correct a typo in the CEO’s name in paragraph 3)
(Reporting by CarloGiovanni Boffa, editing by Valentina Za)
