Dea Capital holds €300m first close for second Italian corporate recovery fund

Dea Capital, part of Italian conglomerate De Agostini, has held a first close of its second Italy-focused corporate recovery fund at €300m.

The firm will use the fund to assist medium-sized Italian companies with sound business fundamentals that are facing financial difficulties with the aim of returning them to value. It will make debt and equity investments.

So far, the fund has invested in nine businesses, including classic car dealer Canepa and kitchen maker Snaidero

Dea Capital launched its first fund of this type with HIG Bayside in June 2016. This vehicle has generated €75m of proceeds through restructurings, including those of lighting maker Targetti Sankey and stationery business Cartiere Paolo Pigna.

The firm was advised by CBA Studio Legale e Tributary and Gianni, Origoni, Grippo, Cappelli & Partners. Banks selling loans to the fund were assisted by Bonelli Erede.