Houlihan Lokey Advises Tecnica Group

Houlihan Lokey is pleased to announce that Tecnica Group has closed a refinancing agreement with leading Italian banks. The transaction closed on November 22, 2017.

Tecnica S.p.A. (Tecnica Group), controlled by the Zanatta Family, is the leading Italian manufacturer of outdoor footwear and ski equipment, with a brand portfolio including key iconic names: Tecnica (ski boots and footwear), Nordica (skis and boots), Moon Boot (footwear), Lowa (trekking shoes), Blizzard (skis), and Rollerblade (inline skates).

Tecnica Group operates through eight branches and four production sites around the world, employing over 1,400 people and having generated approximately €334 million in revenue and €27 million of EBITDA in 2016.

On November 22, 2017, Tecnica Group secured a refinancing agreement with leading Italian banks Intesa Sanpaolo, Unicredit, Banco BPM, Banca Monte dei Paschi di Siena, and Crédit Agricole FriulAdria in the context of the acquisition by Italmobiliare of 40% of the group's shares (mainly through an increase in capital).

The financing agreement entails a six-year medium-to-long term financing package of €131 million, including €50 million of amortizing debt, €50 million of bullet debt, and €31 million of revolving credit facility. The financing package will be used by Tecnica Group to reimburse its existing debt exposure toward Italian banks and fund its future working capital needs and operating activities.

In the context of the transaction, Tecnica Group also achieved the resolution of the procedure ex art. 67 of the Italian bankruptcy law.


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