CDP and Cherry Bank close Italy's first destocking transaction

Cassa Depositi e Prestiti (CDP) and Cherry Bank have completed Italy's first inventory securitisation (destocking) transaction, carried out pursuant to the securitisation law as most recently amended by the 2026 Annual SME Law (Legge PMI 2026).

The transaction involved CDP and Cherry Bank granting a total financing of €10 million to a special purpose vehicle established pursuant to Article 7.2 of the securitisation law, Magazzino Italia SPV, which used the proceeds to purchase fresh and semi-aged dairy products from Brazzale S.p.A., Italy's oldest dairy company. The vehicle will use the proceeds from the sale of the products to repay the financing, according to an amortisation plan that will also allow the reinvestment of part of the proceeds in the purchase of further products from Brazzale S.p.A.

Cappelli Riolo Calderaro Crisostomo Del Din & Partners (CRCCD) acted as transaction counsel to the co-arrangers and the vehicle, with a structured finance team led by partners Alberto Del Din and Sofia De Cristofaro and comprising senior associate Luca Simoni and associates Antonio Lucariello and Eleonora Fina, supported by partner Giuliana Durand and associate Arianna Capra for banking matters, and partner Paolo Serva and managing associate Edoardo Diotallevi for tax matters. CDP was additionally assisted by partner Paolo Calderaro, with a team comprising partner Camilla Giovannini, counsel Federico Di Lorenzo and senior associate Claudia Marcuzzo.

Cherry Bank acted as Co-Arranger, Facility Agent and Account Bank through its Corporate & Investment Banking team. Pirola Corporate Finance acted as Co-Arranger, Financial Advisor and Asset Manager, with a team comprising Alessandro Rivolta (Partner) and Paolo Greco (Associate Director). Accounting Partners acted as Corporate Servicer and Calculation Agent, and Cerved Master Services acted as Servicer.