Armònia acquires Aspesi in maiden investment

Financial details of the transaction remain undisclosed, but Armònia typically writes equity cheques in the €25-75m range.

The deal marks the first investment by the GP, which held a €200m first close for its maiden vehicle, Armònia Italy Fund, in June. The fund is targeting a €700m final close and its investment remit focuses on so-called ‘made in Italy’ SMEs.

The company’s founder Alberto Aspesi will retain a stake in the company following the deal, according to a statement issued by the GP. As part of the transaction, Fabio Gnocchi, commercial director of fashion brand Brunello Cucinelli, will take on the role of CEO at the company.

Under its new ownership model the company will look to expand by bolstering its management team, restructuring its operations and ramping up its production capabilities.

Company
Founded in 1969 and headquartered in Legnano, near Milan, Aspesi designs and produces high end clothing for men, women and children. As with Gnocchi's Brunello Cucinelli, the company has a distribution arrangement with formerly VC-backed online fashion marketplace Farfetch. It also has its own online retail platform, 10 bricks and mortar stores in Italy and a further eight stores across Spain, Germany and Japan.

People
Armònia – Sigieri Diaz della Vittoria Pallavicini (chair); Luca Rovati, Francesco Chiappetta (vice-chairs); Alessandro Grimaldi (CEO).
Aspesi - Alberto Aspesi (founder).

Advisers
Equity - Lombardi Molinari Segni, Antonio Segni, Federico Loizzo, Alberto Recchia (legal).
Vendor - HNF, Paolo Tanoni, Domenico Mastrangelo (legal).
Company - Mediobanca (corporate finance); Ethica Corporate Finance (corporate finance).

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• Topics
• Southern Europe
• Buyouts
• Consumer
• Italy