CNMV approves Sherpa's bid for Dogi

The offer launched by turnaround investor Sherpa is understood to include the acquisition of the remaining 17.6% stake in the business not currently under private ownership.

Sherpa currently owns 75% of the firm, with 7.4% held by other shareholders. Shares have been priced at €0.064 apiece.

The GP first backed Dogi in 2013, injecting €3.8m into the company. At the time, Sherpa intended to strengthen the company's balance sheet and relaunch the firm with an increased focus on R&D and product innovation. The Catalonian government also provided the company with a participating loan to support its development, via the Avançsa entity.

Sherpa launched a €30m fund in 2010, designed to support Spanish companies in distressed situations across all sectors. The vehicle targets companies reporting revenues of €10-200m with investments of up to €6m in exchange for a controlling stake.

Dogi was founded in 1954 and listed on the Madrid Stock Exchange in 1998. The company designs and manufactures fabrics, particularly elastic fabrics, but is also focused on the knitting and dyeing of textile fibres.

Its product lines include fabrics for lingerie, swimwear and sportswear, which are marketed under several brands. Dogi is present in five continents and has production units in Spain and the US. It employs more than 350 staff.

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