Lion buys 21 Investimenti’s PittaRosso

Lion has also bought the stakes held by minority shareholders, including the shareholding of the company's founding family.

21 Investimenti – the Italian division of private equity house 21 Partners – has retained a minority stake in PittaRosso.

Under 21 Investimenti's ownership, the company has doubled its store network and revenues.

Lion's growth plans for the company include further international expansion, as well as growth in its domestic market.

Previous investment
21 Investimenti acquired a majority stake in PittaRosso in June 2011, in a deal that valued the company at around €150m, according to unquote" data.

The firm acquired its stake from the company's founding family. At the time of 21 Investimenti's investment, PittaRosso employed 630 staff and generated €120m in revenues.

Company
Founded in 1972 and headquartered in Legnaro, PittaRosso is a retailer of footwear and accessories. The company has a network of 100 stores, the majority of which are in its home market of Italy while 20 are located across France, Croatia and Slovenia.

At the time of 21 Investimenti's acquisition, PittaRosso operated 53 stores, nine of which were located in Croatia.

The company expects to generate €240m in revenues in 2014.

People
Andrea Cipolloni is the CEO of PittaRosso. Javier Ferran is a partner at Lion. Alessandro Benetton is a founding managing partner at 21 Investimenti.

Advisers
Equity – UniCredit (Corporate finance).
Vendor (21 Investimenti) – Rothschild (Corporate finance); Banca IMI (Corporate finance).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Lion Capital
• 21 Investimenti
• Italy
• Secondary buyout