The board of directors of the Snaidero Group has accepted DeA Capital's proposal: 51% of the company's shares will go to the Idea Ccr II fund, dedicated to debt conversion in which the lender obtains governance.
Idea Ccr (Corporate credit recovery) II it is managed and controlled by DeA Capital alternative funds Sgr, which is part of the group De Agostini led by Lorenzo Pelliccioli.
The Friuli-based company based in Udine, specialized in furniture and kitchens, first in Italy and fifth in Europe in its sector, has not received any official offer from the East, despite the insistent rumors that had followed one another in recent weeks.
The operation concluded with the De Agostini group is not binding and should not oust the Snaidero family from the company, marked in recent years by strikes and a long period of layoffs (still open) for employees.
The Idea Ccr II fund would have acquired, according to sources close to Snaidero, about 23,5 million (out of the 50 overall) of credits claimed by banks against the Udinese group. The main creditor is Unicredit, supported by Banco Bpm, Montepaschi and Bnl. The fund has already concluded similar operations for the relaunch of small and medium-sized Italian companies.
Idea Ccr II is made up of two sections: credits and new finance. The main Italian banks contributed to the first, with a budget of 230 million loans: Unicredit, Intesa Sanpaolo, Ubi Banca, Creval, Banca Ifis, among others. The institutes assigned part of their receivables relating to 24 companies to the fund, attributable to nine industrial realities: among these, in addition to Snaidero, also Zucchi, Calvi and Latterie Virgilio.
