CAPZA arranged a Unitranche financing for F2A, the Italian leading provider of Human Resources (“HR”) and Finance & Administrative (“F&A”) tech-enabled services. This is CAPZA’s first Private Debt transaction in Italy.

Established in 2014 from the merger between FIS and Antex, F2A is indirectly controlled by funds managed by Ardian. As of today, the Group boasts the broadest and most integrated HR and F&A service portfolio in the Italian market. Historically, its offering was highly focused on payroll services, but over the last 6 years F2A diversified into other non-core value-added HR services (e.g. training, subcontractor monitoring, human capital management) also through more than 15 add-ons.

F2A serves a wide and diversified base of over 3,300 clients across various sectors, mainly Conglomerates & Industrial, TMT, Distribution & Retail and Fashion & Luxury. As of today, the Group employs over 1,000 employees in 15 local offices and 2 offices in Albania. F2A posted approximately 70 million euros sales in 2022.

By arranging this financing package, CAPZA aims at supporting the Group’s buy-and-build strategy.

“We are very happy to support F2A in taking the next step in its already successful growth strategy. The Group is a leading platform in the fragmented Italian HR and F&A outsourcing markets and will play a pivotal role in sector consolidation in the next 5 years.”  – Stefano Zavattaro, Partner and Head of Italy, CAPZA.

F2A’s debt financing represents CAPZA’s first private debt transaction in Italy.  “We believe the Italian market has attractive small and mid-cap companies with the potential to grow further and internationalize. With its long-lasting experience, CAPZA can provide borrowers with flexible and customized direct lending solutions.” , adds Stefano Zavattaro.

CAPZA is currently active in France, Spain, Germany, Italy and more recently the Benelux via local offices.