• Targets operational stabilisation for D.I.MAR.
• Prioritises margin growth over expansion

Following its acquisition of a majority stake in D.I.MAR. earlier this year, Clessidra Capital Credit is prioritising a commercial relaunch of the Italian frozen food chain, the head of the acquirer said.

It is also seeking to revitalise its key seafood brand, Sapore di Mare, Clessidra Capital Credit’s CEO, Mario Fera, told this news service in an interview.

“The well-recognised Sapore di Mare brand, its capillary retail network, its specialised logistical and production capabilities, and its highly distinctive positioning in the Italian market represent a rock-solid foundation to support a comprehensive turnaround,” Fera said.

For this year, the financial goal is to consolidate existing business volumes while progressively driving operating margins and cost efficiencies on the shop floor, the CEO said. The mandate is to stabilise the corporate platform and build on the resilience the brand has shown in recent years, he added.

As for potential external growth opportunities, they will only be evaluated in the future, “provided they are strictly aligned with our core strategy and bring clear functional value to the development path”, Fera noted.

The D.I.MAR transaction, first announced in March and completed in May, saw Clessidra acquire a 96.55% stake in the Civitanova Marche-based company, while the founding management family retained the remaining minority slice, Fera said. The investment was made through Clessidra’s Credit Recovery Fund.

Fera declined to disclose the exact investment ticket or enterprise value of the transaction, but noted that D.I.MAR.’s 2025 revenues of approximately EUR 75m was derived exclusively from sales within the Italian domestic market.

Through the Sapore di Mare brand, D.I.MAR. operates a network of approximately 90 stores across Italy, and has its own manufacturing and processing facility in the Marche region. The brand stands out among Italian consumers for its focus on quality, product innovation, and the breadth of its deep-frozen seafood offering, as per the press release.

The primary objective of Clessidra’s entry was to immediately stabilise a capital structure that had become overly rigid under its previous ownership, Fera noted. The firm also aims to “create the conditions for greater medium-term stability”, he added.

Specifically, Clessidra’s turnaround plan provides for the partial repayment of medium-to-long-term debt, the maturity extension of certain financial exposures, and the explicit confirmation of short-term credit and import-support lines, which are absolutely vital for the daily ordinary operations of this business, Fera said.

“I would not speak of wiping out or erasing the debt, but rather of a comprehensive modulation of the financial structure to fully back the industrial relaunch,” he said.

Clessidra’s initial interventions will be heavily oriented toward consolidating corporate governance, backing the current management team, and executing the immediate commercial steps, he noted, adding that “the exact timing will naturally depend on the operational evolution of the company and the broader market context.”

According to the CEO, Clessidra’s approach will be gradual and disciplined, and focused on building an institutional foundation before chasing rapid expansion.

Looking further ahead to an eventual corporate exit, Fera stressed that returning D.I.MAR. to full financial health remains the gatekeeper.

“Our priority is to return D.I.MAR. to full operational and financial efficiency, maximising its market positioning, brand equity, and industrial potential,” he said.

“The fact that the company has historically attracted institutional financial investors simply confirms the market’s underlying interest in the asset, but any valuation regarding future strategic options will only be addressed at a subsequent stage.”

Clessidra Capital Credit, which is part of Italian asset manager Clessidra Group, is dedicated to managing special situations and corporate credit funds.