DeA Capital's Idea CCR II exits Canepa

Alessia Argentieri
09 April 2019

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DeA Capital's second corporate credit recovery fund, Idea CCR II, has sold its 67% stake in Italian natural fabrics manufacturer Canepa to Taroni, a silk fabrics producer controlled by entrepreneurs Michele Canepa and Maurizio Ceriani.

Canepa has been in bankruptcy protection under the "concordato in bianco" procedure since December 2018.

Taroni also bought the remaining 33% in the company by wholly acquiring Immobiliare Seta, which owns the entire shareholding capital of Canepa.

Michele Canepa, the son of the company's founders, will own a majority stake in Canepa, while manager Maurizio Ceriani will control a minority holding.

DeA Capital bought its 67% stake in Canepa in May 2018 using Idea CCR II, while the company owners, the Canepa-Saibene family, retained the remaining 33% holding.

CCR II acquired 75% of Canepa's €60m bank debt, a portion of which was 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.

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

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

The company has a presence in Italy and abroad, and employs around 800 staff. It reported a decrease in its revenues to €85m in 2017 from €106m in 2016 and 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 – Marco Cordeddu (chair).