Dea Capital flips Targetti Sankey after nine-month hold

targetti sankey

Italian private equity firm Dea Capital has sold architectural lighting business Targetti Sankey after a hold of just nine months.

Dea took control of the company in March through its corporate credit recovery fund. Since then it has supported the company’s relaunch in Italy and internationally, which has enabled Targetti Sankey to break even.

It has now been acquired by Italian trade buyer 3F Filippi. The combined business will have more than 600 employees and turnover in excess of €100m.

Dea Capital is the asset management arm of the De Agostini Group. It runs a number of private equity vehicles ranging from funds of funds to direct deals in the food sector.

The IDeA CCR fund from which the Targetti Sankey investment was made is a debtor-in-possession strategy. Working alongside HIG Bayside, Dea has acquired a number of non-performing loans from Italian banks through the vehicle.

The acquirer was advised by Studio Ricci e Associati and PR Lex. Dea was advised by Linklaters.