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Canepa SPA successfully completes recapitalisation and nominates the new bod

CANEPA SPA SUCCESSFULLY COMPLETES RECAPITALISATION AND NOMINATES THE NEW BOD

10th November, 2021
The new financial plan in favour of Canepa SPA has a total value of 18 million euros. It has been subscribed
by Muzinich&Co. SGR for 8 million euros - through the fund AZ ELTIF Capital Solutions (created by Muzinich &
Co in partnership with Azimut) - 6 million euros by Invitalia - through the fund for the protection of employment
levels and the prosecution of business activity, pursuant to Art. 43 of the Recovery Decree - and 4 million
euros by Michele Canepa, single shareholder of the company.


This operation is aimed to anticipate the exit from the arrangement with creditors and to speed the business
relaunch, positioning the Company beyond the crisis of the entire textile sector begun in 2020, and includes
the closure of the Continuity Composition.


A new Board of Directors was nominated: President, Ing. Paolo Alberto De Angelis of Invitalia has pointed out
that this is the first restructuring practise successfully completed.
The new Managing Director is Dott.ssa Virginia Filippi, with a sound experience in operations of turnaround,
development and restructuration of companies.
A member of the board representing Invitalia will be at their side, two members representing the Muzinich
fund and, besides, Michele Canepa, a member representing Canepa shareholder.


All investors have the common objective of supporting healthy companies, going through a temporary difficulty,
that can be relaunched through the injection of new cash. In particular, the Fund for the Protection of the
Relaunch Decree was created to preserve Made in Italy historical companies, ensuring business continuity
and employment protection.


Muzinich&Co. and Azimut have recovery policies of the investments too, in a 6 / 7 years perspective - not
short-term though - to assist companies till their total return to profitability, and the repayment of their debt.


The pooling, supported by Michele Canepa for the relaunch of the Company, is not incidental but aimed at
the involvement of partners interested in the new valorisation of the Group.


Canepa is a historical textile company renowned in the world for the production of high range fabrics. It has
been selected by the investors for its distinctive characteristics, with a particular mention to its historical value
(their archive boasts more than 15.000 volumes of fabrics representing an immensely valuable patrimony),
for its innovative technological capability aside its precious craft skills and a huge potential of development.


As the new Managing Director - Dott.ssa Virginia Filippi – has stated, this financial strengthening, due to the
intervention of the partners through the capital increase, is allowing the realisation of an investment strategy
in favour of sustainability, asset of the Company, of digital innovation and consolidation of the relationships
with the great international clients, who have always relied on Canepa for the creative elaboration of their
collections.


The closing of this operation represents an important signal, giving a concrete answer to the actual Made in
Italy, and turns the spotlight on the necessity of a synergy between private capitals and public funds, at the
service of economy development and work support.

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