Italy's Banca IFIS SpA agreed to acquire a controlling stake in fellow Italian debt services provider FBS SpA for a consideration of €58.5 million.

Under the deal, Banca IFIS will acquire 90% of FBS, while Paolo Strocchi, FBS CEO and founder, will retain a 7.5% stake. Elena Ruo and Giorgio Fedocci, FBS managers, will keep a combined 2.5% stake in the company.

Following deal closing, which is expected by September, Strocchi and the management of FBS will retain their posts, as will its staff of about 127 employees across three offices. The transaction also involves the acquisition of a proprietary portfolio of secured and unsecured nonperforming loans with a par value of about €1.28 billion.

Based in Milan, FBS reported a 2017 net profit of €5.6 million. EBITDA amounted to about €10 million in 2017.

Clifford Chance acted as legal adviser to Banca IFIS, while FBS had Studio Legale Grande Stevens. Lazard served as financial adviser to FBS on the deal.