Clessidra partially exits Buccellati in €230m EV trade sale

The deal values the business at €230m EV, according to a source familiar with the situation. Following the transaction, existing investors including the GP will retain the remaining 15% stake in the company.

According to a statement, the company's chairperson Andrea Buccellati will retain his role as creative director and honorary chair, while Gianluca Brozzetti will continue in his role as CEO.

During its private equity-ownership period, the business expanded its distribution network and boosted its product offering. According to a statement, the company has achieved 60% growth in revenues since the GP's acquisition.

Previous funding
In March 2013, Clessidra acquired a 67% stake in the business via its Clessidra Capital Partners II vehicle, with the founding family retaining a 33% stake.

Company
Founded in 1919 and headquartered in Milan, Buccellati produces jewellery and silverware for the luxury market. Currently, the company employs 140 people and distributes across the European and US markets and also has a presence in China.

According to a source, the company posted a turnover of €41m in 2015.

People
Clessidra - Marco Carotenuto, Manuel Catalano (managing directors); Giulio Torregrossa (investment director).
Buccellati - Andrea Buccellati (chair); Gianluca Brozzetti (CEO).

Advisers
Vendors - Mediobanca (M&A); Unicredit (M&A); Partners CPA (M&A); Gattai Minoli Agostinelli & Partners (legal); Pedersoli e Associati (legal).
Buyer - Guotai Junan Securities (M&A); Simmons & Simmons (legal).

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• Topics
• Exits
• Consumer
• Southern Europe
• Italy
• Clessidra Capital Partners
• Trade sale