DeA Capital and AMCO: agreement for an investment in Snaidero Group
DeA CAPITAL ALTERNATIVE FUNDS SGR INVESTS IN SNAIDERO GROUP TOGETHER WITH AMCO
Milan, 2 August 2023. Today IDeA Corporate Credit Recovery II (“IDeA CCR II”),managed by DeA Capital Alternative Funds SGR, finalised an agreement for an investment in Snaidero Group, confirming its support of the new 2023-2027 development and growth plan.
Along with IDeA CCR II, the fund led by Vincenzo Manganelli, Snaidero Group’s majority shareholder since 2018, also AMCO – Asset Management Company, the Group’s minority shareholder, and Fondo Salvaguardia Imprese, promoted by the “Ministry of Enterprises and of Made in Italy”, managed by Invitalia, participated in the deal.
Snaidero Group, founded in 1946 in Majano (Udine), manufactures and markets designer kitchens. The Group’s brands are positioned in the mid-to-high end of the market, further reinforced by collaborations with designers and architects of primary global standing (Pininfarina, Mangiarotti, Gae Aulenti, Iosa Ghini and Lucci&Orlandini).
Snaidero distributes its products through a network of more than 800 stores (mono and multibrand) in 69 countries and, through the contract segment, participates in major residential projects mainly in the high-end luxury sector.
The investment involved the underwriting of a capital increase (totalling over €15 million) aimed at (i) accelerating the company’s new development plan — which sets out to strengthen one of the main brands of made-in-Italy products and provide momentum to the growth of foreign markets — (ii) consolidating the company’s positioning in Italy and (iii) boosting product development.
Alessandro Trivillin has been assigned the leadership of the Group as Chief Executive Officer in charge of determining the best team and taking the necessary strategic actions to achieve the goals set out in the development plan.
“We are honoured by this additional support, which confirms the shareholders’ trust and commitment to back the ambitious and challenging 2023-2027 development and growth plan aimed at consolidating and strengthening the Group’s presence in Italy and worldwide”, stated Mr Trivillin.
Marta Bergamaschi, Investment Director of the IDeA CCR II Fund, added: “We are happy to be able to continue supporting a major player of the national industrial landscape as part of a strategic project of development in foreign markets and enhancement of the Italian market. In fact, the completion of this transaction lays the foundations for achieving the important goals set out in the new plan, leveraging the expertise and strength of a historic brand in our country”.“We continue to stand by Snaidero, an iconic company and brand of Italian manufacturing, to provide meaningful support to its new industrial development plan by participating in the capital increase and redefining its financial structure. The transaction is perfectly in line with our ultimate goal, i.e. supporting business development while protecting employment and local areas” explained Fabio Pettirossi, Head of AMCO’s UTP Division.
