NEW YORK, Oct. 28, 2020 /PRNewswire/ -- Arena Investors, LP ("Arena") and Blue Skye Investment Group ("Blue Skye") have signed a joint venture agreement to invest in Italian mid-market corporate restructuring and turnaround opportunities.
This new venture will build on Arena and Blue Skye's long and successful history, which includes previous collaboration on transactions including A.C. Milan, one of the most prestigious football clubs in the world, and Bauer S.p.A., the owner and operator of the renowned luxurious 5-star hotel in Venice. In all of these transactions Arena and Blue Skye were able to bring companies a unique combination of capital and expertise, which will be a key differentiator for their new joint venture.
Salvatore Cerchione, Managing Partner of Blue Skye, says: "We are proud to deepen our relationship with Arena through this joint venture. Due to the current economic environment, increasing numbers of Italian middle market companies find themselves in situations that require sophisticated capital solutions that support business turnarounds as well as specific managerial support to go through the process of financial restructuring. Our joint venture will be able to support these businesses so that they can reach their full potential."
"After knowing and working alongside Blue Skye's principals for nearly two decades I have the utmost respect for their capabilities and investing acumen," said Dan Zwirn, Chief Executive Officer and Chief Investment Officer of Arena. "Coupling our two firms' financial resources and turnaround capabilities results in a powerful offering that will benefit Italian companies in need of flexible, smart capital while also creating attractive opportunities for us to deliver value to our investors."
"We are excited to expand our relationship with the team at Blue Skye," said Tim Zeiger, Managing Director at Arena. "With this partnership, we look forward to providing the necessary capital and experience to reposition and turnaround a wide range of Italian businesses."
The venture's inaugural investment is expected to be a capital infusion in Perini Navi S.p.A. ("Perini"), the renowned sailing yacht manufacturer. Blue Skye and Arena's planned investment in Perini is currently progressing through the final stages of an exclusive due diligence process, and any investment is contingent on the positive outcome of that process.
About Arena Investors
Arena Investors is an institutional asset manager, founded by Daniel B. Zwirn, in partnership with The Westaim Corporation (TSXV: WED). With $1.7 billion of committed assets under management as of October 1, 2020, Arena provides creative solutions for those seeking capital in special situations. The firm brings individuals with decades of experience, a track record of comfort with complexity, the ability to deliver within time constraints, and the flexibility to engage in transactions that cannot be addressed by banks and other conventional financial institutions. Arena Investors works to enable individuals, corporations, and asset owners to achieve their goals. Arena Investors' mandate is global, and also unconstrained in terms of asset class and industry.
About Blue Skye
Blue Skye is an investment management company and asset manager focused on special opportunity investments. Blue Skye was founded by Salvatore Cerchione and Gianluca D'Avanzo in 2004 and has an investment track record of over €2 billion. The principals' completed transactions include the acquisition of Arcotronics (now Kemet), the world's second largest manufacturer of film capacitors; lending and equity control in Sirti, a leading Italian technology company; and the rescue finance and turnaround of Gruppo Cipriani, the leading luxury restaurants, events and leisure industry operator.
Arena Media Contacts: Prosek Partners Ryan FitzGibbon or Josh Clarkson [email protected]