• Founded in 1955, Feltrinelli Group (Feltrinelli) is among the most relevant publishing houses in Europe, and the Italian retail bookstore leader, with ~120 shops and 2,000 employees
  • Feltrinelli has been very active in recent years in consolidating the market, having created the first and largest e-commerce platform for editorial products in Italy (IBS) and, more recently, strengthening its focus on content through the acquisition of a majority stake in Marsilio Editori
  • In March 2020, due to the lockdown measures imposed by the Italian Government, Feltrinelli was forced to suspend all its retail activities for a period of two months
  • As a result, a financing was needed to sustain the increased working capital requirements during this period


  • DC Advisory (DC) was mandated in March 2020 as exclusive financial advisor to support Feltrinelli in raising a new state-guaranteed term loan, aimed at bringing fresh resources into the business, as well as obtaining an amendment on the existing debt facilities to create maximum flexibility
  • Incumbent and new senior lenders showed interest in sustaining Feltrinelli, and DC managed a tight process to secure the new debt package at the most attractive terms and conditions, and in a timely manner
  • Based on a deep understanding of Feltrinelli, our role included:
    • Assisting on financial modelling, including business plan with Covid-19 sensitivities, preparation of discussion materials and due diligence coordination
    • Managing the process with the lenders and supporting Feltrinelli in navigating the necessary steps required to obtain the state guarantee
    • Term sheet and SFA negotiation with the lenders


  • In July 2020, Feltrinelli successfully obtained a comprehensive state-guaranteed financing package and was granted a maturity extension on the existing debt facilities, as well as a covenant reset in order to increase flexibility over the business plan
  • Funds totalling €44,2 million were provided by a pool of relationship Italian banks, including Intesa Sanpaolo, BNL, Unicredit, Banco BPM and Creval
  • The use of proceeds will be as follows:
    • To face the increased working capital needs as a result of the Covid-19 lockdown measures; and
    • To promote further development projects for the expansion, diversification and technological innovation of Feltrinelli’s sales network