Black Toro in talks for clothing brand Trucco

Alessia Argentieri
20 May 2019

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Spanish private equity firm Black Toro Capital is in talks to buy holding company In Situ, which controls clothing brands Trucco and Naëlle.

In Situ filed for insolvency last March. Unquote understands that the company's total assets are valued at around €6.5m.

Headquartered in Madrid, In Situ controls various clothing brands, including Trucco, an apparel designer and retailer that was founded in 1985 and operates 250 stores in 23 countries worldwide.

In Situ generates revenues of around €32m and reported net debt of approximately €15m in 2018. The business employs 250 staff.

According to press reports, the company carried out a €2m capital increase last year while trying to find an investor able to inject additional capital and support the business.

Black Toro is currently investing via its second fund, Black Toro Capital Fund II, which held a final close on €235m in February 2017. The fund's portfolio already includes three companies operating in the fashion industry: men's clothing brand Forecast, acquired in May 2018; apparel designer Amichi, bought in September 2017; and shoes retailer Marypaz, acquired in September 2016.

The GP launched its third fund last year with a €350m target and held a first close on €100m in July 2018. Unquote understands that the fund has raised €150m so far and expects to hold a final close at the beginning of next year.