Orrick Team Advises on Structuring of First‐Ever Securitization of Mobile Assets in Italy


Orrick advised brumbrum, the first online car dealer in Italy, on its €65 million financing round through securitization of credits backed by registered movable properties. This is the first transaction of this kind in Italy.

The senior securities were subscribed by investment funds managed by Oaktree Capital Management L.P. and P&G SGR, while the junior securities were subscribed by the company itself, which also acts as portfolio manager for the transaction. The operation adds up to a further strengthening of the shareholder structure, with DIP Capital fund joining the historic shareholders led by United Ventures and Accel. 

The Orrick team that handled the legal aspects of the transaction, including the drafting of the relevant documentation, was led by partners Raul Ricozzi and Attilio Mazzilli, supported by associate Assia Andriani.

Banca Finint provided support in the implementation of the transaction, acting as master servicer, corporate servicer, representative of noteholders and computation agent, while Agenzia Italia acted as back-up portfolio manager. Alantra Credit Portfolio Advisory acted as sole financial advisor assisting Brumbrum S.p.A. in the structuring of the financial aspects of the transaction. Phinance Partners acted as financial advisor to the investment funds managed by Oaktree by P&G SGR.