The public “save companies” fund relaunches Corneliani, Canepa and Sicamb: how it works –

If three clues prove it, then here we are: the Corneliani method was born to save the made in Italy companies. So far there are many Italian companies in crisis that can continue their activity thanks to the investment of the Ministry of Economic Development through the resources of the safeguard fund managed by Invitalia: in addition to Corneliani itself, also Canepa and Sicamb. The method takes its name from the historic Mantuan fashion brand, which since November 29 has been reborn in a newco with a public minority stake. The new industrial project was made possible by a capital increase of 17 million, with the participation of 6.5 million in the safeguard fund. an important day for the new Corneliani which, thanks to the courage of a private investor and public money, sees the road to a real relaunch for a historic Italian brand known throughout the world for its excellence, declared Minister Giancarlo Giorgetti, which underlines the concrete commitment of the State to help those companies that are still able to walk on their own feet to get out of momentary difficulties.

Continuity of production

The solution to the Corneliani crisis, born in the 1930s Alfredo Corneliani who had created an artisan company of raincoats and coats and now controlled by the Arabs of Investcorp, was reached in the following weeks by the inauguration of Minister Giorgetti, who over the course of the tables summoned to the ministry, it mediated between the parties to identify a solution capable of activating private investment with the support, in a minority share, of the state. The first result of that agreement signed on April 7, 2021 was the restart of the production of the autumn-winter collection, through which the resumption of activities at the Mantua site was guaranteed. A decisive step to allow production continuity and protect the high craftsmanship and professional skills of the workers.

Canepa from Como

On the day of the birth of the newco al Mise, another bailout was signed through the fund, that of Canepa, a historic textile company from Como that has been operating in the textile supply chain since 1966 and is based in San Fermo della Battaglia, after it had been completed in recent weeks the agreement to relaunch the company through a recapitalization of 18 million. The agreement provides for the intervention of the safeguard fund managed by Invitalia with five million. The public investment will be in a minority share, as required by law, and will support the private investor and the historical shareholder who will have the majority of the share capital. During the meeting, the investment operation and the process of relaunching the company were presented to the trade unions, which will guarantee the continuity of production, the protection of the 264 workers of the Como plant to which the related activities are added, as well as the payment of debts to approximately 900 creditors.

The Sicamb of Latina

The Corneliani method has also saved Sicamb di Latina, a historic company in the Agro Pontino area specializing in the production of ejection seats and components for the aeronautical sector, which employs about 290 workers: in fact, the company restructuring plan provides for an overall capital increase equal to to 9.4 million of the company, with an investment of the safeguard fund of 4.5 million alongside St engineering, which entered with a contribution of 2 million. shareholders, amounts to almost 15 million with which the company will be in a position to follow up on the industrial plan that focuses on productive investments to acquire competitive advantages in the ejection seats sector and in the aerostructures market.

The business fund: how to access

Four companies will be helped by Mise, even if there has not yet been a formal entry into the capital: Slim Fusina, WalCor, Salp and Cerutti. But other companies in crisis of the made in Italy could be relaunched because the safeguard fund has an endowment of 250 million for 2021 and 100 million for each of the years from 2022 to 2035.
It is possible to submit the application for access using the online computer procedure. Companies can apply, provided they are:
• companies that have started a discussion at the business crisis structure of the Ministry of Economic Development;
• companies in financial and economic difficulties;
• companies that meet at least one of the following conditions: they are owners of historical brands of national interest; are joint-stock companies with a number of employees greater than 250 (consolidated figure including temporary workers, apprentices and workers with part-time employment contracts, employed in local units located throughout the country) or have significant assets and relationships strategic for the national interest, regardless of the number of employees.
The Mise can invest a maximum of 10 million, have a minority stake and exit within five years.

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