Article
New Coverage: MinervaHub Kick-Starts Lender Talks Over €250M Plus Bank Debt; Company Advised by Rothschild, Lenders Line Up Houlihan Lokey
By: Chiara Elisei
Relevant Document:
FY’24 Accounts (in Italian)
MinervaHub S.p.A., an Italian industrial group specialized in cutting-edge finishes, materials and processes for fashion accessories, has started negotiations with lenders to overhaul its capital structure, sources told Octus. The company is advised by Rothschild while bank lenders have mandated Houlihan Lokey, the sources said.
MinervaHub S.p.A. is the Milan-based holding company of the industrial group which supplies materials and components to luxury fashion brands via several subsidiaries including Galvanica Formelli, Conceria Zuma Pelli Pregiate, Quake and others. The group has been majority owned since 2023 by San Quirico S.p.A., the ultimate holding company of the Garrone and Mondini families.
In June 2023, MinervaHub signed a syndicated loan with a bank pool, including Crédit Agricole Italia acting as security agent, UniCredit, BNP Paribas, Banco BPM, Intesa Sanpaolo, Deutsche Bank, BNL, BPER, Banca Sella, Banca IFIS, Banco Desio and others to fund the group’s growth and acquisitions. The outstanding nominal amount of the loan was €263.4 million at year-end 2024, according to the company’s FY’24 report, the latest available.
The facility carried an adjusted EBITDA / net financial position covenant tested every six months. At Dec. 31, 2024, the group breached the covenant, resulting in the roughly €256 million facility at the time to be reclassified as current liabilities, the accounts show. The loan is secured by a pledge over MinervaHub’s own shares, pledges over shares in the key operating subsidiaries, an assignment of certain intercompany and acquisition-related receivables, personal guarantees and a negative pledge clause.
The company said in the financial report that it promptly approached the bank pool to secure a waiver, noting that negotiations were at an advanced stage as of May 2025, when the report was released.
However, the amend-and-extend negotiations in 2025 failed to fix the capital structure, prompting the fresh round of talks to kick off, sources said.
The company noted in its 2024 accounts, that macroeconomic conditions and geopolitical uncertainty reduced consumers’ purchasing power and their propensity to spend in most regions worldwide. It also cited the outcome of elections, particularly in the United States, the crisis in the Chinese real estate market and high inflation levels in the services sector as further causes of pressure.
Against this backdrop, most luxury brands saw a major impact on their aspirational customer segment, resulting in a contraction in revenues, especially in the second half of the year, significantly impacting MinervaHub’s reference market.
Group revenues for 2024 stood at €181.9 million, with a positive gross operating result (EBITDA) of €22.5 million, according to the accounts. It closed the year with a loss of €21.1 million, following depreciation, amortization and write-downs for the period of €16.6 million, net financial charges of €26.3 million and taxes of €0.6 million. Its net financial position was negative at €264.9 million versus negative €227 million at 31 December 2023, due to the absorption of cash arising from the investment activities pursued during the year.
MinervaHub did not return a request seeking comment. Houlihan Lokey and Rothschild declined to comment.
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