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presented by October Italy



48 months


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Lusia, Italy




Presentation of the company

Created in 2016, Rapitex is active in the apparel sector. The company, managed by Gloria Pellacani, has 1 employees and is based in Lusia. Pellacani family is active in that sector since 1980. It started as a personal company and 2 years ago, the company changed its organisational set-up to allow the only successor to take control of the company and to internalize the manufacturing process.

The company’s main activities are:

  • Managing orders from clients
  • Prototyping knitwear (mainly t-shirts, sweaters, dresses) and sending the samples to production
  • Commercialization of the products

The company works with well known fashion brands.

Pellacani parents still support the daughter Gloria (the CEO) in her management and commercial activity. Moreover Maglificio Rapitex counts about 5-6 employees and it is headquartered in the same location as Rapitex SRL.

Project Description

The company requests a loan of 300 000 € over 48 months to finance the acquisition of production machineries for its weaving operations. The machines will be bought from “Maglificio Rapitex"" which also belongs to the owner of Rapitex. The acquisitions of those machines by “Maglificio Rapitex” had been financed with short term debts; this project allows the company to better match its loans with its assets and income.

October loan will be split in 2 tranches, which will finance the acquisition of the machines in 2 times: 150 000 € now and 150 000€ over the next 1-2 months (on this new tranche at least 40% of the risk of this loan is covered by a guarantee from the Republic of Italy via the ‘Fondo di Garanzia PMI). This project will be realized by the end of the year.

This project is a Flexible Bridge Loan, an amortizable loan with a standard commitment for the first 9 months and the possibility of early repayment at no cost for the remainder of the loan term, even in the event of refinancing by other financial institutions.

The amount offered on the platform is limited to 73 500€, which is in line with the regulatory limits.

Like all projects presented to private lenders on October, it is co-financed with institutional investors, sophisticated investors and the management of October, subscribers to the October Fund.

Analyst’s Opinion

With a turnover of 1 052 000 € in 2018 and an experienced team, the company has a good track record combined with a two-digits operating margin.

Turnover 2017 refers to 9 months since the company closes its fiscal year in September. The forecast is based on the performance of the last year and on the expected financials 2019 provided by the company.

The borrower has a correct repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,06 and a good financial structure, with a forecast net debt / ebitda ratio of 3,22 and a net debt / shareholder equity of 149%.

The analysis of the project leads to a credit rating of C and a 7.40% annual interest rate.

*The multiple of FCCR at 1,06 means that the company has a safety margin of 6 % relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (ModeFinance, Crif, Cerved). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.

Strong points:

  • Good historical performance based on diversified client base;
  • Correct repayment ability with a forecasted FCCR of 1,06;
  • Family business with longstanding track record with well known clients active in the fashion industry.

Points of caution:

  • Recent company reorganization.