DeA Capital's Idea CCR I sells stake in Cartiere Pigna

Following the deal, DeA Capital's stake in the company decreased from 51% to 31%.

CCR I, which in July 2016 held a final close on €260m, targets financially stressed mid-market Italian companies, aiming to support their turnaround and restructuring plans.

In April 2017, the fund bought a majority stake in distressed Cartiere Pigna, following the acquisition of €10m of the company's bank debt from BPM, BNL, MPS and Unicredit.

In addition to acquiring a stake from CCR I, Buffetti, which is owned by software management firm Dylog Italia, bought another 20% holding from the Jannone family, which controlled 49% of Pigna.

Founded in 1839 in Alzano Lombardo, near Bergamo, Cartiere Pigna specialises in manufacturing paper and stationery products. In 2017, the company posted a turnover of €26m, 3% up on 2016.

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