Opera nnounces Bear Stearns partnership

Opera, the private equity unit of the Italian luxury goods manufacturer Bulgari, has announced a partnership with the private equity arm of Bear Stearns. The New York-based investment bank plans to invest up to €200m in Italian lifestyle companies on a deal-by-deal basis in partnership with Opera, the private equity unit of Italian luxury goods manufacturer Bulgari. Opera intends to invest around €250 in companies operting in the sectors of speciality food and wine, luxury goods and high-performance boats.

Opera closed its first fund on €225m in 2000, with a total of €90m raised so far for its second fund, which was launched in 2003 with a targe of €250m. According to a statement from John Howard, chief executive of Bear Stearns Merchant Banking, the firm chose to work with Opera because of its deal flow and Bulgari’s network of contacts. In 2000, the bank invested alongside US private equity firm Texas Pacific Group in the buyout of Swiss shoemaker Bally. Recent deals in the luxury goods sector this year include the €21m acquisition of Scottish cashmere brand Ballantyne by Charme, the Italian private equity firm set up by Fiat chairman and Ferrari boss Luca Cordero di Montezemolo. According to analysts, the high concentration of small family-owned businesses needing to become more internationally- and market-focused is creating good opportunities for private equity investment.

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• Southern Europe