DeA Capital's Idea CCR II buys stake in Calvi Group

Alessia Argentieri
06 March 2019

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DeA Capital's second corporate credit recovery fund, Idea CCR II, has acquired a 26% stake in Calvi Group from the Chini family, who retained the remaining majority holding.

As part of the transaction, Idea CCR II, together with Illimity Bank, provided €13.5m in financing. In addition to this, Illimity will refinance €34m of the company's outstanding exposure, for a total investment of around €40m.

This deal follows the acquisition of €63m of the company's debt – 72% of the overall exposure – inked by Idea CCR II in December 2017. The transaction 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.

Idea CCR II, which provides debtor-in-possession (DIP) financing for the Italian market, reached a €300m first close in January 2018.

Company
Based in Merate, Calvi controls 12 companies specialising in the manufacturing and metallurgy industries, primarily in steel drawing, extrusion and rolling for the automation, material handling, aerospace, biomedical engineering, and building sectors. The group generated EBITDA of €28m from revenues of €350m in 2018, of which 80% came from outside Italy.

People
Idea CCR II – Vincenzo Manganelli (managing director); Federico Giribaldi (investment director).
Calvi Group – Riccardo Chini (CEO).

Advisers
Equity – Mediobanca (corporate finance); Studio Molinari e Associati (legal); Orrick Herrington & Sutcliffe (legal).