DeA sells Targetti to trade

Francesca Veronesi
05 December 2017

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DeA Capital Alternative Funds has exited its investment in Italian light fixtures manufacturer Targetti Sankey in a trade sale to Italian corporate 3F Filippi.

The divestment came just nine months after DeA's initial investment in the company.

DeA used its special situations fund, Idea Corporate Credit Recovery (Idea CCR I) for the transaction. The vehicle is the first debtor-in-possession financing vehicle raised in the Italian market and focuses on Italian mid-sized enterprises in distressed situations, aiming to support their turnaround and restructuring plans. In July 2016, the fund held a first close on €260m towards a €500m target.

DeA Capital Alternative Funds (previously known as Idea Capital Funds) has approximately €2bn in assets under management. It is 100% controlled by DeA Capital, a De Agostini Group company active in the alternative assets sector.

3F Filippi is a manufacturer of professional lighting products dedicated to industrial environments, retail and offices. Founded in 1952, it is headquartered in Bologna, and will employ more than 600 people following the acquisition, most of whom are based in Italy. It projects revenues of around €100m for 2017 and exports products to 50 countries globally.

Debt
A source close to the deal confirmed the sale of the company has enabled credit granted to Targetti Sankey by banks in 2016 to be paid back.

Previous funding
DeA previously acquired 100% of Targetti Sankey in March 2017 as part of the company's reorganisation and relaunch operation.

Company
Founded in Florence in 1928, Targetti Sankey produces and distributes lighting solutions for workplaces, retail stores, entertainment venues, historical buildings and places of worship. The company's turnover currently stands at €55m. It has branches in France, Spain, the UK, Russia, the US, the UAE and China.

People
DeA Capital Alternative Funds – Francesco Gori, Vincenzo Manganelli (managing directors).
3F Filippi – Giovanni Bonazzi (managing director).

Advisers
Acquirer – Studio Ricci e Associati (legal); PR Lex, Stefano Severi (legal).
Vendor – Linklaters (legal).