New Italian Yankee Bond: Stonepeak, Efesto Bidco S.p.A. and Efesto US LLC

The Acupay Structure for issuance of Yankee bonds by Italian companies has been increasingly popular with private equity firms looking to expand their portfolio. Last year, we facilitated an exchange offer for Telecom Italia and private equity firm KKR.

This year, another major private equity firm, Stonepeak Partners LP, engaged Acupay to provide tax relief and compliance on the $825 million 7.5% Senior Secured Note due 2032, issued by its affiliates Efesto Bidco S.p.A. and Efesto US LLC. The proceeds are held in escrow pending the completion of Stonepeak’s acquisition of Forgital Group from global investment firm Carlyle, expected to close in second quarter of 2025.

Forgital specializes in forged metallic rings for aerospace, defense, power, and oil & gas. With nine facilities across Europe and the U.S., it offers full vertical integration from engineering to testing. An important part of the global aerospace supply chain, it is a trusted partner to leading manufacturers and industrial clients.

Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, recognizes the long-term growth in the aerospace sector and views Forgital as a strong strategic fit.

This issuance highlights the increasing adoption of the Acupay structure among U.S. private equity firms pursuing M&A opportunities in Italy. By leveraging this approach, firms can access foreign capital markets while ensuring tax compliance.

If you’d like to learn more about how Acupay and Euronext Securities can support your funding strategy, please get in touch.