Springwater injects 43 million euros into Fintyre
The first months of 2020 marked a difficult time for the company, which worsened due to the Covid-19 pandemic
Springwater Capital has been confirmed as Italian tyre wholesaler Fintyre’s new shareholder, bringing with it 43 million euros of new capital – a figure that is in-line with reports suggesting Springwater’s involvement back in November 2020. Springwater Capital, founded in 2002 and led by managing partner Martin Gruschka, specializes in the turnaround of European Mid-Caps with a long-term investment horizon.
According to Fintyre, the plan’s main feature is its broad support from stakeholders including “a significant group of worldwide premium tyre producers that were selected by the company and identified as strategic suppliers” and which played a “crucial” role in the firm’s continuity in recent years.
Announcing the news that Fintyre’s relaunch plan had been admitted to local Brescia courts on 10 June 2021, the company also named Stefano Midolo, Tobia Lazzari and Francesco Mazzoletti as Court Commissioners.
According to the company, the outcome of the resultant plan is “a sustainable and balanced project with a long-term vision and whose development will enable Fintyre to positively relaunch its leadership path in the Italian market and to keep offering its clients a wide range of products and brands, in addition to a widespread distribution capacity on the whole territory.”
Fintyre has been advised by Gianni&Origoni and Gattai, Minoli, Agostinelli & Partners law firms and by Deloitte FA financial advisors, as well as Massimo De Dominicis as attester. Springwater Capital is assisted by Chiomenti and EY.
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