IDeA Corporate Credit Recovery II (“IDeA CCR II”), the second fund of Italian financing DIP (Debtor-in-Possession), managed by DeA Capital Alternative Funds SGR (a DeA Capital Group company), acquired the majority of the share capital of Snaidero Rino SpA (“Snaidero”), Italian company, among the leaders in Europe in the production and distribution of modular kitchens.
The new Board of Directors will be composed by Massimo Manelli as managing director, Edi Snaidero, as president and Vincenzo Manganelli, Salvatore Spiniello, Maurizio Merenda as advisors.
«The agreement signed with the Snaidero creditors and family – stated Vincenzo Manganelli, managing director and Federico Giribaldi, investment director of the IDeA CCR II Fund – allows us to lay a solid foundation for the Group’s industrial relaunch. Approximately 13 million euro of new financial resources to support the business plan, of which 9 million allocated to investments, debt reduction totaling 12 million euro, with a capital base of the same amount, will allow the company to be focused exclusively on industrial and business aspects.»
Edi Snaidero, President of the company, explained then: «We have chosen the financial partner that most believed in our company, with them we will be able to continue on a path of improvement of results and growth with enthusiasm and in total collaboration. We have been appreciated over time for our ability to innovate and for our unique design, which has always anticipated the times and that has allowed us to become the most international kitchen company. With a strong partner like the IDeA CCR II fund, we will now be able to further strengthen our market leadership; the new financial strength and the entry of a new CEO are the ingredients that will now be added to our consolidated experience in the sector.»
The operation is followed by KPMG, Studio Pecile, dott. Riccardo Ranalli from the GMR studio, Studio Giovannelli & Partners and Latham Watkins.