ITALY - The Italian De Agostini Group is expecting to acquire a majority stake in the Italian kitchen furniture manufacturer Snaidero.

According to Italian media reports, the transaction is to be executed through a fund managed by the investment company Dea Capital. Dea Capital is a subsidiary of the De Agostini Group. An agreement reached with the creditors and the Snaidero family was filed with the court in Udine. The court will review the application in the coming weeks.

“We want to re-launch a Made in Italy brand that we believe has great potential, respecting its history and the values it represents. The operation, which is being examined by the Court, provides for the introduction of 13 million euro to consolidate the Italian market and strengthen it on foreign markets, a leaner and more solid financial structure, thanks to the conversion of part of the existing debt into capital”, said Vincenzo Manganelli, managing director of the Idea CCR II Fund managed by Dea Capital.

The company's new CEO will be Massimo Manelli, who has been employed by De Agostini since the beginning of May. President of the Snaidero family business is still Edi Snaidero. Snaidero includes the French brands Arthur Bonnet and Comera as well as the German kitchen furniture manufacturer Rational and its Austrian subsidiary Regina.