Gilde acquires Riri from Synergo

Gilde has invested in Riri SA, the Switzerland-based holding company of the Riri group.

Riri stated its aim to expand both organically, by expanding its client base, and through bolt-on acquisitions in its own and similar segments. According to Gilde, it already has some prospects for its buy-and-build strategy in Switzerland, Italy and France, among others.

The deal process took four to five months to complete because of the summer break, according to a Gilde spokesperson.

The firm will also take more than one seat on the board; partner Rogier Engelsma, who led the deal for Gilde, takes a seat.

Synergo is a Milan-based private equity firm focusing on start-ups, growth capital and buyout transactions in mid-sized companies. It typically invests between €20-50m in companies with revenues of not less than €50m.

Gilde is a Utrecht-based mid-market buyout firm with its Swiss office in Zurich. It usually invests €15-125m in companies across Benelux, the DACH region and France.

Debt
A debt syndicate provided financing for the deal.

Previous funding
Synergo's Capitalia Sofipa acquired Riri from the founding family in June 2008 for approximately €21.3m, according to unquote" data. The GP drew down commitments from Sofipa Equity Fund and Sofipa Equity Fund II to make the purchase. Interbanca financed the acquisition as mandated lead arranger.

A year later, both funds contributed a further €7.1m in a capital increase into FLF Group, the holding company of Riri. €2.4m was drawn from the first fund, with the remainder coming from Fund II. The two funds invested a total of €28.4m into the group.

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 600-strong company also has production sites in Padova and Tirano in Italy.

People
Renato Usoni is CEO of Riri. Rogier Engelsma is partner at Gilde.

Advisers
Equity – Baker & McKenzie (Legal); N+1 (M&A); PwC (Financial due diligence, tax); Kurt Salmon (Commercial due diligence); E.ON (Insurance due diligence); ERM (Environmental due diligence).
Vendor – EY (Corporate finance); Gianni Origoni Grippo Capelli & Partners (Legal).

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• Topics
• DACH
• Buyouts
• Consumer
• Switzerland
• Gilde Buy Out Partners