The company has gone through a deep internal reorganisation process over the last year and a half. With structural changes being made to focus the company on its three core businesses and to target growth in specific geographical areas. As part of the process the management identified a number of assets that are not consistent with this strategy and began disposing of them. This included the sale of its sister company Interporto di Rivalta Scrivia in October 2012.
The heavy lift and special transport firm said that the undisclosed refinancing agreement provided them with a significant increase in both revolving credit and bonding facilities to support the accelerating growth of the business, including further investments in assets required to execute the strong order book already in hand. It added that the refinancing was completed by the company’s existing pool of banking institutions.
In other financial news Fagioli said that the net debt of the sub holding company Fagioli Spa was reduced by about 25% while the holding company cut debt by approximately 60% over the last eighteen months.
Fabio Belli, Fagioli’s chief executive officer, said: "we really appreciate the support of the Italian banking system. The fact that the banks are standing by Fagioli’s strategy in this particular moment of difficulty of the national economy, confirms their trust in the company and in its management. The new credit facilities will strongly help us focus on our mission of continuing to be one of the most appreciated and trusted service providers in the worldwide heavy-lifting and heavy-transportation market."
Fagioli is owned outright by its founder Alessandro Fagioli and has 600 employees worldwide.
