Information on the target
E’ Fortress has emerged as a key financial partner in the securitization of technical reserves related to contracts executed by CMC Ravenna S.p.A., a member of the Finres industrial group, along with its subsidiary, Empedocle 2 S.c.p.a. This strategic move involved the pro soluto transfer of a portfolio of such receivables, valued at approximately €1.8 billion. The transaction, executed through Ledro SPV and formalized on September 16, 2026, was officially announced recently, confirming earlier reports and providing additional details.
Ledro SPV is co-owned by a prominent international investment fund, Fortress, and the Finres-CMC Ravenna group. It is important to note that CMC Ravenna S.p.A. operates independently from the Cooperativa Muratori e Cementisti di Ravenna, which is currently undergoing a simplified liquidation procedure. The new structure was established following Finres's acquisition in June 2025 of the operational branch of the cooperative aimed at ensuring industrial continuity, further enhanced by the integration of the infrastructure division from Manelli Impresa S.p.A. in December.
Industry overview in the target’s specific country
The Construction & Engineering (NEC) industry in Italy has been experiencing a transformative phase, driven by significant public investment in infrastructure and a growing demand for modernization of existing facilities. The Italian government has prioritized infrastructure development as a means to stimulate economic growth, particularly in the wake of the COVID-19 pandemic. This has resulted in an influx of projects aimed at enhancing transportation networks, public utilities, and urban development.
Italy's construction sector is characterized by a mix of large-scale infrastructure projects and smaller, localized developments. Major players in the industry, such as Webuild and CMC Ravenna, are increasingly focusing on public-private partnerships to leverage funding and expertise. The strategic importance of infrastructure projects, including high-speed rail and road upgrades, has positioned the NEC sector as a critical component of Italy's economic recovery strategy.
Moreover, the regulatory environment in Italy has evolved to support more efficient project execution and financing mechanisms. The introduction of litigation finance models, as seen in the recent securitization deal, reflects a growing trend among investors to engage in innovative financing solutions that expedite cash flow and mitigate risks associated with construction contracts. This shift is expected to attract more foreign investment into the sector, enhancing its competitiveness on a global scale.
Despite the positive outlook, challenges remain, including bureaucratic hurdles and the need for skilled labor. However, the ongoing commitment from both the public and p…