Carlyle Group is reportedly in advanced discussions to hand over ownership of Italian protective sportswear brand Dainese SpA to its private credit lenders, HPS Investment Partners and Arcmont Asset Management, in what could mark one of Italy’s first lender-led takeovers in the private credit space, according to a report by Bloomberg.
The potential consensual transfer follows financial underperformance at Dainese, acquired by Carlyle in 2022 and now facing mounting losses. The firm deferred a recent interest payment amid ongoing negotiations with creditors, who had backed the original €285m buyout with privately placed debt.
Dainese is working toward a recapitalisation aimed at strengthening its balance sheet and improving liquidity, a company spokesperson confirmed, noting the process will not impact day-to-day operations or stakeholders.
A transaction, if completed, would reflect the growing footprint of direct lending in Italy and comes amid Carlyle’s broader reassessment of its consumer portfolio. The firm previously ceded control of UK-based End Clothing to Apollo Global Management following financial stress.
Neither Carlyle nor the lenders have commented publicly on the talks.
