Chequers buys Riri from Gilde

Oscar Geen
30 October 2018

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Paris- and Munich-based Chequers Capital has acquired Swiss zip and button manufacturer Riri from Gilde Buy Out Partners.

Chequers is currently investing from Chequers Capital XVII, which it closed on €1.1bn in May 2017.

The sale values the company at around €230m, 11.5x its €20m projected EBITDA, according to Unquote sister publication Mergermarket. It saw off competition from FSN Capital, Investindustrial and Silverfleet Capital Partners, according to Mergermarket.

Gilde said Riri had successfully grown under the GP's ownership, and had enhanced its operations. The number of employees grew from 600 to 630 during the holding period.

Previous funding
Milan-based PE firm Synergo (then Capitalia Sofipa) acquired Riri from its family owners in July 2008. The company reported revenues of €42m and EBITDA of €9m at the time.

Synegro sold the business to Gilde in October 2013 for an enterprise value of around €120m, based on EBITDA of €12.5m.

Company
Riri manufactures zippers and buttons for the high-end luxury fashion and accessories industry. The company, which can trace its roots back to 1936, has three brands: Riri makes metal and plastic zippers, Meras produces nylon and non-polished metal zippers and Cobrax manufactures buttons.

Headquartered in Mendrisio, the company also has production sites in Padova, Palazzolo and Tirano in Italy. It employs 630 people.

People
Chequers Capital – Philippe Guerin (partner); Sven Schulze (director).
Gilde Buy Out Partners – Rogier Engelsma (partner).

Advisers
Equity – Lazard (corporate finance); Fineurop Soditic (corporate finance).
Vendor – Alantra (corporate finance).