illimity Bank S.p.A. has supported the De Angelis  Food S.p.A. Group (“De Angelis” or the “Group”) for a total of €21.1 million, one of the major  international players in the production and marketing of fresh pasta and products for gastronomy. 

More specifically, illimity supported the company with a total amount of €21.1 million, of which €9.1 million subscribed by illimity SGR - a company of the illimity Group specialised in the establishment  and management of Alternative Investment Funds - through iSC, “illimity Selective Credit”, the first  Italian bank loan fund specifically designed for performing SMEs. The Fund aims to support the  country's real economy, financing performing companies that aim to implement development,  digitalisation and internationalisation plans, as well as sustainable growth projects. One year since its  launch, iSC has carried out 8 transactions in different sectors and employed over 60% of the capital  raised. The remainder of the financing was disbursed by illimity's Corporate Banking division, which  has always been committed to supporting high-potential companies through a tailored approach and  innovative solutions.  

The transaction is part of a larger €52 million pool loan, structured together with other investors, and  is targeted at refinancing the existing debt and supporting the De Angelis investment plan. 

De Angelis is a platform active in the production of fresh, smooth and stuffed pasta, and gastronomy,  launched in 2013 through a build-up strategy by Aliante Group, an investment holding company founded in 2006 and focused on Italian SMEs operating in first-rate 'Made in Italy' sectors. At present,  the Group consists of 9 companies and employs 400 staff in 8 production plants. 

Starting in 2019, De Angelis has made significant investments in production development and  expansion in foreign markets, especially in North America. This investment plan has led to more than  doubling the aggregate revenue over the past 4 years, from 60 million euros in 2020 to approximately  130 million euros expected by the end of 2024. 

Thanks also to the support of illimity and the iSC Fund of illimity SGR, De Angelis will continue its  path of growth, both organically and through potential M&A transactions.  

As a fund classified under Article 8 of the SFDR Regulation of the European Union, iSC pays close  attention to ESG issues in its investment analysis and selection processes. The Fund also offers  improved economic conditions to SMEs that reach specific targets in their sustainability path. As  further confirmation of its commitment, the SGR (asset management company), as a whole, has  adhered to the Principles for Responsible Investment (“PRI”) promoted by the United Nations. 

The opening cash endowment of €90 million was subscribed by professional investors, including the  Italian Investment Fund as anchor investor and illimity Bank.

Francesco Piovanelli, Head of Private Capital Funds of illimity SGR, commented: “The De Angelis  Group is a growing company and we believe in its development path aimed at penetrating new market  segments and consolidating its position in those already covered. illimity Selective Credit is at the  forefront of supporting first-rate Italian companies with development potential such as De Angelis.  This transaction represents a further step in our support path for Italian SMEs, which aims to support  the country's real economy”.