DeA Capital's Idea CCR II backs Pieralisi

Alessia Argentieri
22 January 2020

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DeA Capital's second corporate credit recovery fund, Idea CCR II, has acquired a 51% stake in Pieralisi, an Italian manufacturer of olive oil extraction machinery.

Frapi, the holding company of the Pieralisi family, will dilute its stake to 49%. Alessandro Leopardi, CEO of Pieralisi since 2018, will continue to lead the company.

According to the deal, Idea CCR II and some co-investors will inject €15m of capital into Pieralisi, with the aim of renovating the financial structure of the company and boosting its expansion.

This deal follows the acquisition of the company's bank debt, purchased by Idea CCR II in December 2017 from Italian lenders BNL and Credito Valtellinese. 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
Established in 1888 and based in Jesi, near Ancona, Pieralisi specialises in manufacturing olive oil extraction machinery. The company employs 650 staff across 15 production facilities and serves 25,000 clients. It generated EBITDA of €12m from revenues of €104m in 2019.

People
Idea CCR II – Vincenzo Manganelli (managing director); Luca Maran (investment director).
Pieralisi – Alessandro Leopardi (CEO).

Advisers
Equity – Accuracy (financial due diligence); Considi (operational due diligence); ERM (ESG due diligence); Spada Partners (tax).
Company – Giovanardi-Pototschnig & Associati (legal); Nasaw (legal); PwC (financial due diligence); Driver Re & Consulting (operational due diligence).