An Innovative Financial Boutique Operating Around The World

We Are Aestas.

Aestas is an independent financial boutique based in Rome. The company is represented by high quality professionals capable of providing capital markets and corporate finance advisory services both locally and internationally in areas such as M&A, restructuring and recapitalization, IPOs, and private placements.

STRATEGIC FINANCIAL ADVISORY

Our Corporate Finance Team helps structure complex transactions across the globe. We provide advice on a full range of transactions, including:

Corporate debt restructuring

Corporate turnaround

NPL valuation and portfolio management

Pre-bankruptcy and insolvency strategy with bespoke financial arrangements with creditors, banks and the remaining stakeholders

Appraisal of structured products

Working with Aestas takes 5 Steps

1
Deal origination
Aestas draws upon its access to a unique network for idea sourcing and timely insight into situations as they develop.
Prioritize to:

Meet criteria

Informational edge

Favorable risk/reward

Hypothetical capital structure

Hedging Strategy
2
Position Structuring
Asset analysis with the support of external advisors.

Investment decision aimed at seeking the best risk/reward tradeoff.

Size positions based on the level of confidence and the magnitude of tail.

Risk Require a significant return premium for illiquid positions.
3
Research Modelling and Deal Structure
Analyze industry and competitive landscape.

Prepare detailed financial model and assess valuation framework.

Collaborateand composequestions for due diligence.

Complete management calls/visits; conduct field research and channel checks; consult with industry contacts.

Assess the range of possible acquisition price.

Emphasize downside risk.
4
Deal Structure
Convergence on acquisition price

Investment through dedicated capital increase.
5
Risk Management
Ensure an appropriate liquidity profile of the broader portfolio and limit exposureto highly illiquid positions.

Balance a bottom-up centric strategy with a top-down assessment of overall risk.

The process is intended to concentrate the portfolio on idiosyncratic risk and mitigate unintended beta exposures even with derivatives.

Our Clients, Our Mission

Maintain an agile, high-expertise organization (currently made of 10 professional)
Focus solely on complex corporate finance and capital markets transactions
Assist our Clients in achieving their middle-long term objectives with a strategic perspective
Establish a trusted and long-lasting business relationship with the Client

VALUES

Respect
Achievement
Industry expertise
Integrity

ADVANTAGES

Innovative
Vision & tactical ability
Proactivity
Quick delivery

PHILOSOPHY

Lateral thinking
Team culture
Data/output quality
Long-term vision

Why Aestas should be your choice.

Extensive network

Managers of Aestas have a long-standing career in the investment banking industry and a broad network in the banking sector, with the most important and well recognized international law firms and among the most important consulting companies.

High skilled management team

The management complex situations like the management of participation or troubled assets, is entrusted to a highly experienced team with a proven track record and personal credibility. Aestas has the right managers to approach, define, structure and execute every complex deal.

Alignment of interest

Aestas has adopted a compensation scheme for its managers that allows a perfect alignment of interests.

Execution capability

The analysis of any potential deal requires a blend of expertise (accounting, legal, fiscal, etc…). The managers have all professional skills needed to manage in-house the highest number of these profiles.

Extracting Hidden Value

The assets in which aestas invests are complex and require high experience and business acumen. Combining tailor made financial solutions, the management experience and a different time horizon, aestas is able to maximize the hidden value of any asset.

Light cost structure

A very lean and variable cost structure has been defined. Most of the deal profiles are internally evaluated and managed. Only a restricted and selected number of topics are outsourced – e.g., legal. This approach allows Aestas to keep fixed costs low and to achieve cost savings for the Client.

Our Team, Your Team

This is who we are, this is where we come from.

Giulio
Sapelli

President

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Giulio is an economist, historian and business executive. He was full professor of Economic History at the University of Milan, where he also taught political economy.

He has worked with research, training and consultancy tasks at Olivetti and Eni. From 1996 to 2002 he was Board Member of Eni. From 2000 to 2001 he was Government Advisor of the Monte dei Paschi di Siena Foundation. From 2002 to 2009 he was Board Member of Unicredit Banca d’Impresa. Since 2002 he has been a member of the World Petroleum Council and since 2003 he has been a member of the OECD’s International Non-Profit Board.

On 3 December 2018 he was appointed Vice- President of the Banca Popolare di Bari Banking Group,on the resolution of the relevant Board of Directors.
Giuseppe
Spaziani

Chief Executive Officer

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Giuseppe Spaziani holds a degree in Economics & Commerce, and has specialised in financial advisory services to companies.
Previously, Giuseppe was the Head of the Southern Area Corporate Investment Banking of Unicredit Spa, the Campania Area Manager of Unicredit Corporate Banking, the Regional Director of Central Italy Unicredit Banca d’Impresa, the Deputy Area Manager Corporate North Center of Banca di Roma (Capitalia Group), and the Deputy Head of the Italian Credit Service of Mediocredito Centrale (Capitalia Group).
Tommaso
Marchiorello

Partner

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Tommaso manages major hospitality brand. His business is focused on real estate assetts between europe and latin america .
Piergiorgio
Giuliani

Chairman

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Piergiorgio Giuliani holds a degree in Economics and Banking and is a professor at the European University of Rome. He has held various positions as General Manager of banks, including Banca AntonVeneta, Banca Popolare di Ravenna and Banca Romagna Cooperativa. He has held the position of President of Banca Sintesi and Vice President of Consorzio Banche Popolari. He is a Member of multiple Boards of Directors including: Visa Italia, Creberg Sim and Maa Assicurazioni.

He is a Knight of the Italian Republic and a Knight of the Order of St. Sylvester Pope (Vatican).
Roberto
Maviglia

Legal

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Consulente in operazioni di M&A, IPO, sollecitazioni all’investimento e rinegoziazioni di debiti bancari nonché in materia societaria e bancaria. È stato ed è amministratore di società finanziarie e industriali, quotate su MTA e AIM Italia, nonché curatore fallimentare e commissario di procedure concorsuali straordinarie. è stato docente in corsi universitari e master, autore di numerose pubblicazioni di diritto societario e diritto del mercato finanziario. è, inoltre, stato of counsel di primari studi legali, componente del collegio dell’Ombudsman – Giurì bancario (Conciliatore Bancario), socio-fondatore di Proxitalia, advisor della procedura straordinaria di liquidazione dell’EFIM, esperto della Presidenza del Consiglio dei Ministri per le tematiche inerenti al mercato finanziario e alle privatizzazioni.

People’s Track Record

Our successes throughout the years

Selected Past Experiences

The Firm supports local and international Small and Medium Enterprises (SMEs) in their growth plans and turnaround processes, relying on a team of seasoned professionals with 25 years of average experience in corporate finance, commercial and investment banking, and strategic advisory for both public and private clients.