Background

  • Founded in 1955 and based in Italy, Feltrinelli Group (Feltrinelli) is the leading Italian retail bookstore, with c.120 shops and 2,000 employees, and one of the most relevant publishing houses in Europe
  • Feltrinelli has, in recent years, prioritised strengthening its focus on content, for instance through the acquisition of a majority stake in Marsilio Editori, a continuation of its efforts in consolidating the market
  • In July 2020, following Italian lockdown measures during which Feltrinelli had to suspend retail activity, Feltrinelli successfully obtained a maturity extension on its existing debt facilities, as well as a comprehensive state guaranteed financing package

Process

  • DC Advisory (DC) was mandated in September 2021 as exclusive financial advisor to support Feltrinelli in refinancing their group indebtedness
  • DC managed a tight process to secure the new debt package at the most attractive terms and conditions, in a timely manner

Outcome

  • On February 15, 2022, Feltrinelli secured a flexible and advantageous financing package with a pool of Italian banks, including Intesa Sanpaolo, BNL, Banco BPM, and Creval
  • Having previously advised Feltrinelli on a state-guaranteed financing, this transaction profiles DC's strong relationships and established expertise in both the consumer / media and debt advisory sectors
  • This debt package will provide Feltrinelli with the necessary financial resources to implement its strategic plan