Colaiacovo, Vacchi and Cucinelli lead the rescue team

Colaiacovo, Vacchi and Cucinelli lead the rescue team

The consortium in support of the branch of the Colaiacovo family, linked to Giuseppe, one of the members of the third generation of the Umbrian dynasty in the cement sector, exposes himself publicly. As reported by MF-Milano Finanza Saturday 6th, Brunello Cucinelli and Gianluca Vacchi are the leaders of an extensive intervention on the group's structures, the subject of long discussions between family members, banks and other creditors. At the center of the issue is Franco Colaiacovo Gold (FC Gold), the holding company of the brothers Giuseppe, Daniela and Laura Colaiacovo and their mother Orietta Migliarini, which was liquidated in 2018 after a period of considerable difficulty.

With the approval of the restructuring agreement ex art. 182-bis in 2023, the crucial phases have begun to resolve the insolvency situation of FC Gold and repay the creditorsthe. The solution was identified through a group of entrepreneurs who, at the end of 2023, would have provided the sum necessary to pay off the debts of 126 million. The vehicle chosen for the operation is Eques, a limited company controlled entirely by Vacchi until a few months ago, which will contribute significantly to the rescue. To complete the operation, Eques initiated a recapitalization in which Brunello Cucinelli and three other entrepreneurs participated, in preparation for the intervention to support FC Gold. The legal sources involved in the operation, who preferred to remain anonymous, define this intervention as “external financial support” which does not involve either the acquisition of shares in FC Gold or the subscription of financial or corporate instruments of the vehicle. These are ordinary and customary instruments in business practice, compliant with the civil codewithout any direct or indirect interference in the governance, shareholder structure and ownership structure of the company.

In December, significant progress was made: through Eques and other vehicles, the entrepreneurs of the consortium disbursed more than 90% of the expected amount to FC Gold, allowing the company to pay off a large part of its debts, both towards banks and towards composition creditors and suppliers. Thanks to this intervention, the pledge of Unicredit, the most exposed bank, on the 25% held by FC Gold in Financo, the safe that controls Colacem and the rest of the family empire, should soon be revoked. This step will allow the branch to Giuseppe to regain complete control of the asset and explore all available options.

A legal source highlights that “FC Gold was able to benefit from Eques' support without compromising free availability and ownership of its stake in Financo and without increasing its financial debt, in accordance with the restructuring agreement approved by the Court of Perugia, duly fulfilled by FC Gold”. This position is also confirmed by a statement from the liquidator Maria Pia Castellani, which states that “FC Gold has not undertaken direct or indirect commitments aimed at allowing third parties to enter its shareholding structure and/or that of its subsidiaries, including Financo. No agreements have been stipulated that provide for interference of any kind in the activities of the liquidator. The external support operation took place without FC Gold having sold its stake in Financo or other corporate assets, and without an increase in its debt, in compliance with the provisions of the approved agreement, allowing so as to successfully complete the debt relief procedure within the expected timeframe”.

However, a future sale is not ruled out. A legal source explains that “when Eques decides to acquire a stake in Financo, the investment could take place in a transparent manner and in full compliance with the applicable statutes and laws”. The source adds that, “considering the existing ties between Financo's shareholders, Eques will provide all the necessary support to FC Gold for a full and correct valorisation of its assets, of which Financo is certainly the most important”. In other words, the sale of the stake could be the subject of future discussions, but only under certain conditions.

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