July 17, 2018 / 4:31 PM / 3 months ago

Germany's Melitta buys Italian cling film maker Cuki

MILAN (Reuters) - Pillarstone Italy, the debt manager set up by U.S. private equity firm KKR, said on Tuesday Germany’s Melitta Group Management had bought 100 percent of Italian cling film maker Cuki.

Pillarstone Italy became Cuki’s main creditor after buying the packaging firm’s debt from Italy’s top two banks UniCredit (CRDI.MI) and Intesa Sanpaolo (ISP.MI).

The acquisition of Cuki, which also owns the Domopak cling film brand, includes the refinancing of all of the firm’s debt, Pillarstone Italy said in a statement, adding this was its first “exit” from an Italian transaction. A spokesman for Pillarstone declined to give financial details.

The deal is the latest example of corporate restructuring in Italy following a deep recession that turned sour almost one-fifth of all bank loans.

Pressured by regulators, Italian banks have been shedding tens of billions of euros in problematic loans to specialized investors which are better equipped to recover the debt, sometimes by returning a company to health.

“This transaction shows how there is still room in Italy to help banks better manage their impaired loans, relying on first-rate managerial and financial skills,” Andrea Nappa, a partner at Pillarstone Italy said in a statement.

Privately-owned Melitta is Germany’s third-largest coffee roaster but it also owns various packaging brands.

Reporting by Valentina Za; editing by Emelia Sithole-Matarise

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