Sherpa Capital backs Dogi

Deloitte is heading up the due diligence process. The investment is reliant upon approval from lenders, employees and the Spanish National Securities Market Commission.

The GP intends to strenghten the company's balance sheet, and relaunch the firm with an increased focus on R&D and product innovation. Key members of the Dogi workforce will remain with the company. 

Sherpa launched a €30m fund in 2010, designed to support Spanish companies in distressed situations across all sectors. The vehicle targets companies reporting revenues of €10-200m with investments of up to €6m in exchange for a controlling stake.

The investor made a binding offer to acquire the production unit of ophthalmic lenses company Grupo Indo earlier this month. The deal was reported to include a €1.4m equity injection with a further €5m commitment in working capital.

The Catalonian government has provided the company with a participating loan to support its development, via the Avançsa entity. 

Company
Dogi was founded in 1954 and listed on the Madrid Stock Exchange in 1998. The company designs and manufactures fabrics, particularly elastic fabrics, but is also focused on the knitting and dyeing of textile fibres.

Its product lines include fabrics for lingerie, swimwear and sportswear, which are marketed under several brands. Dogi is present in five continents and has production units in Spain and the US. It employs more than 350 staff.

People
Eduardo Navarra is CEO of Sherpa and heads up the 2010 vehicle. 

Advisers
Equity - Deloitte (Financial due diligence).  

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