Following the final approval of the composition with creditors of Seci – Società Esercizi Commerciali Industriali, 50.085% of Manifatture Sigaro Toscano has been sold by Apollo Delos Italy 4, a company belonging to the Apollo Fund, as assignee of the bankruptcy composition, to Leaf Bidco, a company related to the the Montezemolo, Gnudi, Regina and Valli families, already minority shareholders of Manifatture Sigaro Toscano.

For the financing of the acquisition, Leaf Bidco signed a loan agreement for a total of approximately Euro 108 million with a pool of banks comprising Monte dei Paschi di Siena, Banco BPM, BPER Banca, Deutsche Bank and La Cassa di Ravenna. The proceeds of the loan were partly used to purchase the majority stake, and partly to refinance Manifatture Sigaro Toscano’s debt.

The lenders were assisted by PedersoliGattai with a team led by Lorenzo Vernetti (partner), together with Marcello Legrottaglie (senior counsel) and Piero Piccolo (associate).