On 5 August Private equity fund Progressio Investimenti II acquired 100 per cent stake of the Giorgetti Group, an Italian historical high quality furniture manufacturer controlled by the Giorgetti family. The amount of the transaction was not disclosed.
The deal will allow the Group to grow (internally and externally) and to consolidate its position internationally whilst respecting the company values. Progressio is an Italian private equity fund led by Filippo Gaggini, specialising in managing alternative assets.
Currently, the company has a total of €205m in assets under management. The fund focuses on Italian companies that excel in their sectors and that have high growth potential.
Giorgetti was founded in 1898, initially a small workshop located in Meda, a town on the outskirts of Milan.Nowadays the company offers a full range of stylish furniture for both private and corporate customers in more than 85 countries.
In 2014 the company increased its revenues to €39m, 87 per cent of the total came from foreign markets.Giorgetti was the third deal secured by Progressio in the space of two months.
Previously,Progressio acquired Italchimici, an Italian pharmaceutical company and OCS, a company specialised in the design and production of telescopic hydraulic cylinders.
Giorgetti was assisted by: Banca IMI as transaction advisor, KPMG (due diligence) and by Studio BonelliErede, Studio Spangaro and Studio Borgonovo Formenti as legal advisors.
Progressio has been advised by Studio Gitti Raynaud & Partners, Ernst & Young, Studio Russo De Rosa and Consulgroup and Essentia Advsiory.
Banca Popolare di Milano has financed the acquisition and was assisted by the law firm Simmons & Simmons.
Mr. Carlo Giorgetti who is still involved in the company management, with his daughter, to ensure a smooth transition to the new management, said:
“We believe that the financial agreement with Progressio can guarantee the company’s growth while respecting the values and tradition that have always been the key to the company’s success and for which Giorgetti is recognised all over the world representing some of what the best of “Made in Italy” has to offer.”
Filippo Gaggini, CEO of Progressio, said:
“We are honored to be the new shareholders of the Giorgetti Group. Our investment is a long-term commitment. We know that Giorgetti has always been committed to manufacturing high quality products, its products represent what the best of the “Made in Italy” label has to offer. We also know that the Giorgietti Group has always been led by an exceptional management team.”
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