• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • Buyouts

DeA Capital acquires Snaidero

  • Alessia Argentieri
  • Alessia Argentieri
  • 23 July 2018
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

DeA Capital Alternative Funds has acquired a majority stake in Italian kitchen designer Snaidero, while the company's founders, the Snaidero family, has retained a minority holding.

State-backed asset manager Società per la Gestione di Attività (SGA), which specialises in credit recovery operations, also acquired a minority stake in the business, Unquote understands.

The GP financed the investment via its second corporate credit recovery fund, Idea Corporate Credit Recovery II (Idea CCR II), which provides debtor-in-possession (DIP) financing and targets financially stressed mid-market Italian companies, aiming to support their turnaround and restructuring plans. Idea CCR II reached a €300m first close in January and has nine Italian companies in its portfolio, with combined revenues of €1bn and EBITDA of €60m.

Snaidero

  • DEAL:

    MBI

  • VALUE:

    €13m

  • LOCATION:

    Majano

  • SECTOR:

    Furnishings

  • FOUNDED:

    1946

  • TURNOVER:

    €114m

  • EBITDA:

    €1.3m

  • STAFF:

    800

Unquote understands that Idea CCR II will invest €13m in the company alongside Banca Ifis and SGA, to support Snaidero's growth plan. In addition to this, part of the company's bank debt will be converted into equity resulting in a €12m reduction of its deb.

DeA Capital appointed Massimo Manelli as CEO to lead the business, while current manager Edi Snaidero will stay on with the company as president. Idea CCR II's managing director Vincenzo Manganelli will also join Snaidero's executive board.

DeA Capital filed a takeover offer for Snaidero in May with an Italian court, the Udine Tribunal, which gave its approval to the proposed restructuring plan at the end of June.

Idea CCR II acquired €25m of Snaidero's €32m bank debt 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.

Company
Founded in 1946 and headquartered in Majano, near Udine, Snaidero specialises in the design and manufacture of kitchens, and employs 800 staff. Unquote understands that the company generated EBITDA of €1.3m from revenues of €114m in 2017, down from a turnover of €126.6m in 2016. Snaidero expects to exceed revenues of €120m in 2018 and reach a turnover of €130m in 2019. The company reported a net debt of €32m in 2017.

People
Snaidero – Massimo Manelli (CEO); Edi Snaidero (president).
IDeA CCR II – Vincenzo Manganelli (managing director); Federico Giribaldi (investment director).

Advisers
Acquirer – KPMG (corporate finance); Studio Pecile (legal, tax); Studio GMR (tax); Studio Giovannelli & Partners (legal); Latham Watkins (legal).

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Buyouts
  • Southern Europe
  • Consumer
  • DeA Capital
  • Idea Capital Funds
  • Italy
  • KPMG
  • Latham & Watkins

More on Buyouts

Clinical trials and biotechnology
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • Buyouts
  • 04 September 2023
EMEA Public to Private M&A
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • Investments
  • 04 September 2023
HR software solutions providers
Main Capital’s Assessio to be sold to Pollen Street

Recruitment software company tripled in revenue under Main Capital’s ownership

  • Buyouts
  • 25 August 2023
Ice cream
Exponent divests ‘significant' stake in Meadow to Canadian investor

Since 2018, GP has diversified food ingredients company's focus beyond commodity dairy

  • Exits
  • 22 August 2023

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013