21 Investimenti buys Contemporary Bags

As part of the deal, the fund manager acquired a majority stake in the business via its 21 Investimenti III vehicle from the company's founder Gianni Chiarini, who retains a minority stake.

According to press reports, Italian lender Banco BPM provided an undisclosed debt package to support the transaction.

The GP aims to boost the company's international expansion, in particular towards the Chinese market, and will open several flagship stores. Moreover, Cristina Cortesi – former CEO of several fashion brands, including Furla and Alessandro Dell'Acqua, and managing director at Bulgari – will join the company as CEO, while Chiarini will remain on the company's board.

The 2015-vintage 21 Investimenti III vehicle held a final close on its €343m hard-cap in February 2016 and currently has eight companies in its portfolio: Philippe Model, Poliglof, Sifi, Nadella, Forno d'Asolo, Viabizzuno, Ethical Coffee Company and Contemporary Bags.

Company
Headquartered in Florence and founded in the early 1990s, Contemporary Bags produces bags and accessories through its Gianni Chiarini and Gum brands, focusing specifically on leather products.

According to a statement, the company posted a turnover of €35m in 2016 and claims to export 60% of its production. The company was reported to generate EBITDA of €7m in 2016.

People
21 Investimenti – Alessandro Benetton (founding partner).
Contemporary Bags – Gianni Chiarini (founder).

Advisers
Vendor – Credit Suisse (M&A).

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• Buyouts
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