Italian iconic hats producers’ Borsalino will avoid barkrupcty thanks to a white knight. His name is Philippe Camperio, an Italian financier leading Geneva-based Quest Partners, who will act through the italian newco Haeres Equita srl, where also Edouard Burrus is a shareholder.
Borsalino filed yesterday to the Court of Alessandria for an insolvency proceeding which at the same time proposes the name of Haeres Equity as the company who is going to buy the 100% of the capital of Borsalino for about 20 million euros after having rented the business for a period. Borsalino said it inteded to file to the Court last March, after the banckrupcty of its major shareholder Marco Marenco (see here a previous post by BeBeez).
Saverio Canepa, Chairman of Borsalino’s supervisory committee, told MF-Milano Finanza that Camperio, who also chairs the fashion holding company Swiss luxury beliefs,has been chosen by Borsalino’s board last April among 20 possibile names, due to the fact that “he does not have hust a financial approach”.
Camperio is said to invest till 20 million euros in the deal in order to repay debts. The company is anyway recovering after having closed year 2013 with a 11.2% drop in revenues to 13.63 million euros, a negative ebitda of 2.58 millions and a net loss of 21.93 millions, The company closed 2014 with a 650k euros net loss and 13.5 million euros of revenues while in first quarter 2015 ebitda has been positive for 200k euros.