Debt Adviser to the Group
€190m unitranche refinancing and acquisition facilities

CASE CASSIOPEA advised Gruppo Servizi Associati S.p.A. on €190m unitranche financing

Back to What we have done

CASE CASSIOPEA acted as debt advisor to Gruppo Servizi Associati S.p.A. (“GSA” or the “Group”), a leading European safety services provider, on a €190m unitranche financing aimed at refinancing existing debt and supporting the Group’s growth strategy, including acquisitions. The financing structure provides for the issuance of a bond by GSA, fully subscribed by funds managed by Pemberton Asset Management.

GSA, established in 1966, is a European safety services leader, specialised in private fire-brigade operations for high-risk facilities (e.g., motorways, tunnels, rail stations and ports) and healthcare facilities, as well as soft facility-management services. The Group employs over 5,500 people and in 2025 generated ~€250m of revenues and an EBITDA of ~€38m.

Since 2021, GSA has been a portfolio company of Eurizon Capital SGR, a leading Italian asset manager, which acquired a majority stake in the Group through the Eurizon ECRA Infrastrutture funds, managed by its subsidiary Eurizon Capital Real Asset SGR.

“We are pleased to have supported GSA and Eurizon throughout the structuring and execution of this unitranche financing, which attracted strong interest from leading private credit investors. The transaction delivers a flexible and scalable capital structure aligned with the Group’s acquisition-driven growth strategy and long-term development plan” commented Gian Matteo Bruni, Partner leading the debt advisory practice at CASE CASSIOPEA. 

“This financing confirms the depth of the private credit market and highlights CASE CASSIOPEA’s ability to design and execute tailored debt solutions for sponsor-backed companies”, added Stefano Trentino, Founding Partner of CASE CASSIOPEA.

Gatti Pavesi Bianchi Ludovici assisted GSA in connection with the financing documentation, while Pemberton Asset Management was advised by Chiomenti. Business due diligence was carried out by Oliver Wyman, financial due diligence by KPMG and legal due diligence by Legance.