EPH Invest completes financial restructuring and relaunch under new investor RONA
Posted on Jun 5, 2026
EPH Invest, formerly known as ePrice, a holding company listed on Euronext Milan, has completed a complex capital strengthening and industrial relaunch operation. The transaction consisted of a series of capital increases, primarily reserved and executed by new investor RONA Limited Company, together with the finalisation of a series of settlement agreements with financial creditors, trade creditors, and former controlling shareholder Negma.
The operation concludes the debt restructuring process that had begun with the finalisation of an agreement under Article 57 of the Italian Code of Business Crisis.
RONA is controlled by a foreign holding company active in multiple countries in the real estate and renewable energy sectors — the two areas on which the new industrial plan is focused. The transaction now enables RONA and the new management to implement an ambitious new industrial plan through EPH Invest's listed platform, against the backdrop of the near-elimination of the company's previous debt exposure.
From a technical standpoint, the operation required the design and implementation — in coordination with regulatory authorities — of a structure applying two separate exemptions: one relieving RONA of the obligation to launch a mandatory takeover bid, and one relieving EPH Invest of the obligation to publish a prospectus.
BonelliErede, with a team comprising Matteo Bonelli, Giovanni Maria Fumarola and Domenico Mazzatura, acted as deal counsel for all corporate and financial markets law matters, advising both investor RONA and EPH Invest, including in relation to the former controlling shareholder.
Studio Legale Iannaccone & Associati, with Giuseppe Iannaccone, Silvia Morandi and Concetta d'Arrigo, had previously advised EPH in the first phase of the restructuring, in coordination with the outgoing management, in particular Claudio Calabi and Roberto Mazzei.
Giovanardi Studio Legale, with Cristiano Ruspi and Emanuele Pradella, advised the financial creditors throughout the various phases of the transaction.
FM Notai, with Demetrio Maltese and Vincenzo Pirato, handled the notarial aspects of the operation.
