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October 18th

On the outcome of the Due Diligence activities, today Muzinich&Co. SGR, in its capacity as managing director of Azimut ELTIF Capital Solutions Fund, the Salvaguardia Occupazione Fund and Rilancio Imprese of the MISE managed by Invitalia and Michele Canepa have finalized the agreements for the recapitalization and refinancing of Canepa SpA, formally notifying the Bodies of the composition procedure.

All the activities necessary to make the Canepa SpA Relaunch Plan operational were immediately started.

The Azimut ELTIF Capital Solutions Fund and the Fund managed by Invitalia are supporting Canepa SpA with a significant financial contribution, divided into a capital increase and a convertible bond loan. The Company will be adequately capitalized for the full relaunch of all activities.

The New CEO is identified as Dr. Virginia Filippi, co-founder of Value Creation Team and with considerable experience in turnaround and development operations.

The Board of Directors includes Gianluca Oricchio, CEO of Muzinich&Co. SGR, with experience in business reorganization and re-launching, and Marcello Villa, Chairman of the Investment Committee of Azimut ELTIF Capital Solutions Fund, with an extensive and consolidated track record in the field of restructuring and turnaround management.

Michele Canepa, who is participating significantly in the capital increase transaction by maintaining a minority stake, declared: "I am happy to confirm my commitment to revitalize the family business that I founded and where I worked successfully  until the end of the 1990s and to which I returned for two years and to help ensure a solid perspective for the Company's valued collaborators."