Idea CCR I purchases Sinterama

The debtor-in-possession fund, co-managed by Idea Capital Funds and HIG Bayside Capital, acquired a 51% stake in the business, while the existing shareholders retained the remaining stake. Following the deal, the company's CEO Guglielmo Fiocchi will maintain his position, while Idea CCR I managing director Francesco Gori will join the company's board.

The deal follows the recent acquisition of Pigna, an Italian notebooks and stationery producer, and is the fourth equity investment for the turnaround vehicle. It also acquired light fixtures manufacturer Targetti Sankey in March 2017 and purchased a 70% stake in auto parts producer Util Group in April 2017.

Company
Founded in 1968 and based in Biella, Sinterama manufactures coloured polyester threads and yarns, claiming a production of 30,000 tonnes of thread every year. The company focuses on the textiles industry, mainly operating in the automotive, clothing and furnishing sectors, and exporting to 70 countries. According to a statement, the business employs 900 people.

According to a source familiar with the situation, the business generated €130m in revenues with €7m of EBITDA and €48.7m of net debt in 2015. According to the company's website, the business generated a €135m turnover in 2016.

People
Idea CCR I – Roberto Saviane (chair); Francesco Gori (managing director).
Sinterama – Guglielmo Fiocchi (CEO).

Advisers
Equity – LMS Studio Legale (legal); PwC (tax); Studio Tremonti Piccardi & Associati (tax).
Company – Leonardo & Co-Houlihan Lokey (corporate finance); Studio Legale Bonelli Erede (legal); PwC (tax); Studio Tremonti Piccardi & Associati (tax).
Vendors – Orrick Herrington & Sutcliffe (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Industrials
• Southern Europe
• Italy
• DeA Capital