MILAN – The troubled Como, Italy-based silk maker Canepa has found a new white knight in fellow textile firm Achille Pinto, the parent company of the Pierre-Louis Mascia luxury fashion brand.
Achille Pinto has acquired Canepa’s industrial assets and know-how from a liquidation procedure and established a new entity, Canepa 1966 Srl, which it controls with a 70 percent stake.
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The remainder is held by the Azimut Eltif Private Debt Capital Solutions fund managed by Muzinich & Co. SGR, a company within the Muzinich Group. The latter was already an investor in Canepa, having attempted to rescue the textile maker in 2021.
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Financial details of the deal were not disclosed.
As part of the acquisition, Achillo Pinto’s chief financial officer Andrea Rossi has been named chief executive officer of Canepa 1966, which will continue to operate as a fully independent business entity, albeit integrated into the Achillo Pinto manufacturing ecosystem.
“This project stems from the desire to take on an industrial responsibility towards our district and a company that has played a pivotal role in the history of the textile industry in Como,” said Matteo and Paolo Uliassi, co-chief executive officers of Achille Pinto, in a joint statement.
“Canepa’s heritage, expertise, people, and creativity deserve to be preserved and revitalized. With Canepa 1966 Srl, we aim to combine industrial synergy and entrepreneurial vision, continuing to invest in the growth of our group and the district,” they said.
Achillo Pinto touted the preservation of 50 jobs as part of the deal, while the remaining redundancies were supported in exiting the company with incentives, outplacement services, and relocation within the Como district. Achille Pinto did not provide the total number of jobs lost.
Following the deal the company becomes part of an industrial pole boasting 60 looms, viewed as pivotal in strengthening Achille Pinto’s weaving capabilities.
“Canepa 1966 Srl was established with a clear industrial scope and the goal of achieving sustainable growth. The centralization of weaving, the integration of looms, and the enhancement of the historical archive allow us to strengthen our offerings, ensure continuity for our clients, and build a solid foundation for the company’s relaunch and future development,” Rossi said.
Canepa has been struggling to stay afloat in recent years, logging sales of between 15 million and 17 million euros in the most recent fiscal years, according to Achille Pinto.
Established in 1966 by Michela Canepa, the silk maker — known for its jacquard fabrics, ties and soft accessories — boasts an archive featuring 800,000 original designs and more than 1 million textiles.
As reported, in 2019 the founder along with fellow investor Maurizio Ceriani fully acquired the company from former owner DeA Capital Alternative Funds SGR, returning to take control of the family business he had left in 1998.
A few months later, in June 2019, the company filed for a restructuring plan with the Court of Como that would allow it to continue to operate while holding discussions with creditors under the so-called process of “composition with creditors.”
In 2021 the Muzinich Group came to the rescue, acquiring a majority interest in the company through its investment vehicles Capital Solution Eltif Azimut and Muzinich & Co. SGR for an undisclosed sum. Invitalia, an Italian governmental company, was also part of the deal with a minority stake and was involved to secure that no jobs were lost. At the time of that deal, Michele Canepa retained a minority interest but handed his CEO role to Virginia Filippi.