DeA Capital exits Cartiere Pigna to trade

In addition to the stake acquired from DeA, Buffetti also bought the remaining shares in the company from majority shareholder Giorgio Jannone, becoming the sole owner of the company.

DeA's first corporate credit recovery fund, Idea CCR I, bought a majority stake in distressed business Cartiere Pigna in April 2017, following the €10m acquisition of the company's bank debt from BPM, BNL, MPS and Unicredit.

Subsequently, Idea CCR I sold a 20% stake in the company to Gruppo Buffetti in May 2018, reducing its holding from 51% to 31%. Buffetti also acquired an additional 20% from Giorgio Jannone at the time, reaching a 40% ownership.

Company
Founded in 1839 in Alzano Lombardo, near Bergamo, Cartiere Pigna specialises in manufacturing paper and stationery products. The company expects to generate turnover of €32m in 2019.

People
Cartiere Paolo Pigna – Massimo Fagioli (CEO).
Gruppo Buffetti – Rinaldo Ocleppo (president).

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• Topics
• Exits
• Southern Europe
• Consumer
• DeA Capital
• Italy
• Trade sale