Investindustrial sells jewellery manufacturer Stroili

Amedeo Goria
15 July 2016

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Private equity house Investindustrial has sold Italian jewellery manufacturer Stroili to PE-backed Thom Europe after a 10-year holding period.

According to a source close to the matter, the deal valued the company at €300m. Alongside Investindustrial, the company's shareholder base included 21 Investimenti, Wise Equity Partners, Ergon Capital Partners, NB Renaissance and L Capital Management.

According to press reports, the transaction was fully financed with a combination of equity and debt. The latter was provided by Goldman Sachs, Crédit Suisse International and Societe Generale.

The deal saw the GPs fully exiting the business to French corporate Thom Europe, which operates the Histoire d'Or and Marc Orian brands in France and is backed by several private equity houses. In October 2010, Bridgepoint acquired a majority stake in the business in a €600m SBO. As part of the deal, Apax France and Qualium Investissement secured a minority stake in the group.

Previous funding
In June 2006, Investindustrial purchased a 65% stake in the business for €180m from existing investors L Capital and Ergon, which remained shareholders in the company with a 35% stake.

Following the transaction, the GPs injected a further €130m into the business to support its product development and pursue several bolt-on acquisitions. According to a statement, the company tripled its revenues and doubled its EBITDA and headcount following the decade of private equity ownership.

Company
Established in 1988, Stroili manufactures luxury jewellery for the retail sector. According to the company's figures, it manages 370 directly operated stores and serves as wholesaler with around 1,000 sales points across Italy.

The business is headquartered in Udine and has 1,370 employees. In 2015, it posted €216m in revenues with a €35m EBITDA.

People
Investindustrial – Andrea Bonomi (managing partner).
Stroili – Maurizio Merenda (CEO).
Thom Europe - Eric Belmonte (chair); Romain Peninque (CEO).