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ITALY - DeA Capital joins Palamon to expand Sigla

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DeA Capital, the investment vehicle of industrial player De Agostini, has purchased a minority stake of 26.75% in financial services provider Sigla from its co-founder for a total of EUR 38m. Upon completion of the deal, Palamon will remain holding its 65% stake and the management team will still own a 8.25% shareholding.

While the exit of the company's co-founder Ettore Riello was described as a "refocusing of investment strategy", it is understood that DeA Capital will support the company's development on the distribution side through new strategic alliances with major financial players.

Sigla is an independent provider of unsecured consumer debt in Italy, which has developed its loan book from a standing start in 2005, when Palamon purchased the company and is targeting a loan portfolio of EUR 200m for 2007.

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