Canepa presents a stronger recovery plan with the support of a new primary shareholder

Canepa SpA has a new primary shareholder. It is an investment company of industrial participation under the German law, based in Munich, that has been working in the majority acquisition of big and medium-sized companies since the 90s.

This new German partner – specialized in restructuring operations all along - will implement the Canepa industrial plan aimed to the relaunch of the historic Como company.

As the new majority shareholder makes its entry, contextually will be put in place a Fund for the protection of the employment levels and the prosecution of the company’s business, introduced by Article 43 of the Recovery Decree and managed by Invitalia, who will take a minority share of the Company.

« This new financial reality – remarks Michele Canepa – will lead Canepa SpA to anticipate and close the arrangement with creditors by next September. This will let the Group of San Fermo della Battaglia (CO) to brilliantly overcome the actual situation of deep economic crisis due to pandemic, that is recording a 40% loss in revenue for the textile field. »

Despite Covid-19 has made an annus horribilis of 2020, the actual Canepa management had already made preparatory actions for its new partner’s entry and had invested in measures of rejuvenation of its workforce, counting about 300 members as of today, and innovation of the industrial site, consisting of about 40 thousand square meters, 50 looms and 20 knitting machines.

2021 sets the stage for new goals with three/five-years plans, leading the Company regain its profits, at a level adequate to its renowned reality as international weaving leader of the Como area.

As already occurred during its long-lasting history, Canepa demonstrates how it always finds a way to overcome any crisis - even this one due to pandemic that dealt a severe blow to the companies in the textile world - supplying the major international fashion brands with its production of textiles, starring in fashion.

The entry of the new Partner, and the contemporary activation of ex Art. 43 Fund managed by Invitalia, is a guarantee that Canepa offers to its suppliers, who can count on an anticipated resolution of the arrangement with creditors 4 years before. The Como company will be able to settle all its debts on ahead of schedule, both privileged and chirographers, «Canepa SpA will be the most solid and liquid company of Como», adds Michele Canepa.

The new capital structure will be a positive piece of news for customers too, thanks to the new company impetus following the investments already made in the recent past, in the new stores, in the futuristic virtual room, in the new looming area, in the maximization of the significant historical archive, among the most important of the sector (more than 15 thousand volumes of fabric samples, besides the big library.)

Canepa, challenging market crisis, creditors’ arrangements, pandemic, and the dramatic moment for the global economy, relaunches and restarts with enthusiasm towards the future.

Michele Canepa, son of the Founder, with 6-generations tradition and experience, President of International Silk Association for many years, passionate about sericulture and reference figure for the whole Como district, will lead Canepa in this crucial and extraordinary future, symbol of business continuity.

Canepa has once more leveraged its resilience after so many adversities, with newfound strength, embracing a future looking like soft pink silk.