Borgosesia

What Borgosesia does

Borgosesia Spa is an Italian industrial holding company headquartered in Milan and listed on the Mercato Telematico Azionario (MTA) of the Italian Stock Exchange, with a corporate history dating to 1873 and current operations focused on special situations investing. The company deploys capital into non-performing assets, distressed corporate situations, and real estate, and is controlled by parent CDR Advance Capital Spa. Its core products and vehicles include the AssetCo securitisation programme (established 2021 with DDM INVEST III AG) and the Basket Loans Program (launched December 2023) for purchasing non-performing loans, the Borgo RE division for real estate investments (which generated EUR 32 million in sales in 2023, up 10% year-over-year), BGS Management Srl (a 50/50 joint venture with Consultinvest Group established 2022), and wholly-owned subsidiaries Borgosesia Gestioni SGR Spa (real estate fund management) and Borgosesia Real Estate (formerly Adolfo Trabaldo & Figli, acquired 2010). Borgosesia also retains a 51% interest in SMIT Spa, a textile machinery producer. The company makes money through transaction-based revenue from NPL recovery, real estate sales, and management services, served by 11-50 employees across its Milan office. Its 150+ year history, MTA listing, regulated fund management arm, and established securitisation infrastructure are positioned as primary differentiators in the Italian distressed-asset and real estate markets. In June 2026 the company issued a EUR 35 million senior non-convertible bond at a 6.5% coupon maturing in 2029, materially expanding its capital base for acquisitions.

Name

Borgosesia

Legal name

Borgosesia Spa

Website

https://borgosesiaspa.com

Company type

Public

Founded year

1873

Operating status

Operating

Headcount range

11–50 employees

Short description

Borgosesia Spa is an Italian industrial holding company listed on the MTA that invests in non-performing assets, distressed corporate situations, and real estate through securitisation vehicles and dedicated subsidiaries, serving institutional and individual investors.

Ownership category

akta.pro rank

Product category

Special Situations Investment Management

NAICS

Management of Companies and Enterprises (551), Portfolio Management and Investment Advice (523940), Management of Companies and Enterprises (55111)

SIC

Real Estate Agents & Managers (For Others) (6531), Loan Brokers (6163), Real Estate (6500)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

akta.pro secondary industry

Real Estate Restructuring, Turnaround & Workout Advisory (Distressed Assets) (BPAJANAH)

Keywords

• Special situations investing
• Non-performing loan securitisation
• Real estate investments
• Industrial holding company
• Distressed asset management

Headquarters

HQ city

Milano

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Others

Revenue model

1. Non-Performing Assets Investment: Investment in non-performing loans (NPLs) through securitisation programmes. The AssetCo securitisation programme, established in 2021 with DDM INVEST III AG, focuses on purchasing non-performing loans. Revenue is generated through recovery of these assets.
2. Real Estate Investments and Management: Borgosesia Real Estate (through 100% acquisition of Adolfo Trabaldo & Figli) manages real estate investments. The company achieved €32 million in real estate sales in 2023, representing 10% growth over 2022. Borgo RE division specializes in real estate investments.
3. Industrial Holdings: Operating as an industrial holding company with investments in operations with low degree of risk. Includes historical textile machinery operations through SMIT Spa (51% owned via Newcosmit Spa).

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Borgosesia Spa operates as an industrial holding company that invests in corporate special situations, distressed assets, and non-performing loans (NPLs) through its AssetCo securitisation programme. It also manages real estate investments through the Borgo RE division and provides investment management services via BGS Management Srl, a joint venture with Consultinvest Group. The company serves both institutional and individual investors via its public listing on the Italian Stock Exchange (MTA).

Product overview

Borgosesia Spa operates as an industrial holding company offering a portfolio of financial and investment products. The core business focuses on special situations investing—acquiring and managing assets in corporate crisis situations or those requiring new impetus. The main products include non-performing asset investments through the AssetCo securitisation programme and real estate investments via the Borgo RE division. Additional offerings encompass management services through BGS Management Srl and loan securitisation products like the Basket Loans Program. The company also manages real estate holdings acquired through subsidiaries including Borgosesia Real Estate (formerly Adolfo Trabaldo & Figli).

Differentiator

Problem solved

Functional benefit

Brands

• Borgo RE: Division of the group specialized in real estate investments.

Products and services

• Borgo RE The division of the Borgosesia group specialised in real estate investments, managing property portfolios, development projects, and real estate transactions. Achieved €32 million in real estate sales in 2023, representing 10% growth year-over-year.
• AssetCo Securitisation Programme A securitisation programme aimed at purchasing non-performing loans (NPLs), structured through the partnership with DDM INVEST III AG. Revenue is generated through recovery of acquired distressed assets.
• Basket Loans Program A securitisation programme for basket loans, complementing the AssetCo programme for non-performing loan acquisitions.
• BGS Management Srl Investment management vehicle established in 2022 as a 50/50 joint venture between Borgosesia Spa and Consultinvest Group, providing collaborative investment management services.

Quantifiable outcome

• €32 million in real estate sales in 2023, representing 10% growth year-over-year

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Consultinvest GroupcoreStrategic or Co-development Partner · 1 January 2021In 2022, following a partnership signed in 2021, Borgosesia Spa and the Consultinvest Group constituted BGS Management Srl with share capital held equally (50/50). This joint venture established a dedicated management vehicle for their collaborative investment activities.
• CDR Advance Capital SpacoreStrategic or Co-development Partner · 1 January 2018In 2018, the boards of directors of Borgosesia Spa and parent company CDR Advance Capital Spa (listed on AIM of Italian Stock Exchange) approved a partial and proportional demerger project. The demerger of CDR Advance Capital S.p.A. operations was completed in 2019, establishing Borgosesia's presence in non-performing asset investments. CDR Advance Capital maintains control of Borgosesia.

Scale indicators5 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Cerved: Italian credit information and NPL servicing platform. Comparable as an established player in the Italian NPL ecosystem with broader scale than Borgosesia.
• AMCO: Italian state-owned asset management company focused on non-performing loans and distressed assets. Larger incumbent in the same NPL space Borgosesia targets through AssetCo.
• Italmobiliare: Italian listed holding company with diversified portfolio across multiple sectors. Comparable to Borgosesia's holding company structure with public listing and diversified subsidiaries.

Direct peers

• Kryalos SGR: Italian real estate asset manager operating multiple real estate funds. Comparable to Borgosesia Gestioni SGR in the Italian real estate fund management space.
• Banca Ifis: Italian bank with a dedicated NPL division and significant exposure to distressed assets and factoring. Comparable in NPL investment strategy and Italian market focus.
• Coima SGR: Italian real estate asset management company (SGR) focused on institutional real estate investments. Directly comparable to Borgosesia's real estate fund management subsidiary (Borgosesia Gestioni SGR).
• Illimity Bank: Italian bank specialized in distressed credit and NPL investments with a corporate turnaround focus. Directly comparable to Borgosesia's special situations and distressed asset investment model.
• DOValue: Italy's largest listed NPL servicer, directly comparable to Borgosesia's AssetCo securitisation programme. Both operate in Italian distressed asset markets with securitisation capabilities.
• Prelios Group: Italian real estate servicing and asset management company with NPL servicing capabilities. Comparable to Borgosesia across both real estate and distressed asset operations.
• Quaestio Capital SGR: Italian alternative asset manager with credit and real estate fund offerings. Comparable to Borgosesia as a smaller Italian alternative asset manager.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/borgosesia-spa
• Instagraminstagram.com/borgosesia_re/?hl=it%2F

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Borgosesia