DeA Capital's Idea CCR II backs Canepa

Following the deal, Idea CCR II bought a 67% stake while the owners, the Canepa-Saibene family, retained the remaining 33% holding, Unquote understands.

CCR II acquired 75% of Canepa's €60m bank debt, part of which will be converted into equity, in December 2017. The deal was part of the acquisition of a portfolio of nine companies' loans bought by the fund from a pool of banks composed of UniCredit, Intesa Sanpaolo, Banco BPM, BNL, UBI Banca, MPS, Banca IFIS and Credito Valtellinese.

Following the deal, the firm will appoint a new CEO by the end of June, while Elisabetta Canepa, who has led the company until now, will stay on with the business as chair.

With the fresh capital, Canepa intends to bolster its growth, expand further internationally and improve its product offering.

Idea CCR II, which provides debtor-in-possession (DIP) financing for the Italian market, reached a €300m first close in January.

Company
Founded in 1966 and based in San Fermo della Battaglia, near Como, Canepa specialises in producing silk and textiles made from natural fibres for the clothing and furnishing industries. It owns the brands Fiorio, La Rana and Gallieni.

The company has a presence in Italy and abroad, and employs around 800 staff. It generated revenues of €106m and an EBITDA margin of 10% in 2016 but reported an increase in its debt, which grew from €60m in 2016 to €80m in 2017.

People
Idea CCR II – Sara Bertolini (managing director); Luca Maran (investment director).
Canepa – Elisabetta Canepa (chair).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Idea Capital Funds
• DeA Capital
• Italy