White Knight for Acque Minerali d'Italia
Clessidra and the American fund Magnetar attend in concordat
The American fund Magnetar and the Italian Clessidra go to the rescue of Acque Minerali d'Italia, the holding company that owns the Norda, Sangemini and Gaudianello brands, controlled by the Pessina family and admitted to the procedure of agreed on March 13, 2020 by the Court of Milan. The involvement of the two operators is expressly indicated in the continuity arrangement plan filed by Acque Minerali d'Italia at the end of December 2020.
The transaction provides for the acquisition by investors of a total shareholding equal to 80% of the company's capital through the subscription by the funds of a capital increase to be paid in cash, for a total amount between 48.5 and 50 million euros, with 20% of the capital that will remain with the Pessina family.
Clessidra also provides for the purchase without recourse of unsecured loans claimed by Banca Mps and Bper Banca from Acque Minerali d'Italia following acceptance by the banks, or at least one of them, of the binding offer formulated by Clessidra, and the conversion into a non-repayable equity item of the transferred credits for an amount equal to 10% of their nominal value and therefore for an amount not exceeding 750 thousand euros.
Clessidra will underwrite the capital increase in cash for 15 million euros, less the consideration for the transfer of the receivables described above; while Magnetar will subscribe the increase for 35 million, with the result that the Magnetar funds will hold 56% of the company and Clessidra 24%.
EFA News - European Food Agency