Maglital receives EUR 8 million guarantees from Sace to boost Italian textiles export
Under officially supported export credit programs, SACE, an Italian Export Credit Agency specializes in providing export credit guarantees and insurances for buyers’ credit, suppliers’ credit, and it structured a project finance to help companies developing foreign business and investments through insurance cover. SACE has provided a EUR 8 million guarantee to Italian textile manufacturer Maglital
Maglital, based in Trevi (Perugia), manufactures most of the products it sells in-house. The company sells made in Italy accessories and clothing under the brand Cruciani, is planning a EUR 21million international expansion, opening 20 stores and 100 franchising points worldwide, particularly focusing on the Chinese and Turkish markets.
The company’s stores are already present in the UAE, the US, Japan, South Korea, Spain and other European markets.
Banca Monte dei Paschi di Siena is disbursing EUR 3 million of the total guaranteed by Sace. The other financing tranche is provided by a bank, but its name remains confidential for the time being.
Additional financial support is provided by Simest, it is also part of the Cassa Depositi e Prestiti group like Sace. Simest bought a 26 % stake, worth EUR 7 million, in Maglital’s mother company Gruppo Finac, owned by the Caprai family.