ITALY - MCC Sofipa acquires majority stake in Cobra

Lisa Stuart
26 May 2006

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MCC Sofipa SGR SPA, the private equity arm of Gruppo Capitalia, has acquired a majority stake in Cobra Spa via the funds Sofipa Equity Fund and Sofipa Equity Fund II. The funds have together invested approximately EUR 17.5m for a 70% shareholding, while Riccardo Candotti, current proprietor and founder of Cobra, retains the remaining 30%. The operation is subject to approval from the antitrust authority.

With revenues of EUR 17m (40%of which is generated by exports) the Padova based company is one of the main Italian players specialising in the production and sale of metal buttons and accessories for smart casual clothes. Riccardo Candotti will be confirmed as president and general executive manager of Cobra.

The buyers were assisted by the legal & tax law firm Camozzi & Bonissoni, PricewaterhouseCoopers for financial due diligence and by Alix Partners for strategic business due diligence. The Cobra associates were advised by Arner Corporate Finance and the law firms Balin & Associati and Campaner.

MCC- Sofipa SGR manages two closed funds (SEF and SEF II) with total assets under management of EUR 305m. Cobra is the sixth operation completed by the MCC Sofipa group in the past twelve months.