Chequers Capital-backed Riri Group to come to market

Lazard is seen as frontrunner to act on the sale, the sources said, with one adding that potential suitors have been contacted.

There is not an exact timeframe for a deal execution, one of the sources said, adding that it could take place in the coming months.

Riri has been a portfolio company of Chequers Capital since 2018. The deal valued the Swiss zipper manufacturer at around EUR 230m, implying an 11.5x multiple on an EBITDA of around EUR 20m, as reported by this news service at the time. More recent financial results were not available.

Under the guidance of the PE fund, Riri has been accelerating its growth with strategic acquisitions. For instance, in June 2021 it took over Amom, an Italian manufacturer of trimmings, fashion jewellery and accessories, while in December it acquired DMC, which produces of metal accessories such as wallet and bag buckles, studs, buttons and hooks for the high fashion sector. Financial terms were not disclosed in both instances.

Chequers and Riri Group did not respond to a request for comment. Lazard declined to comment.

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