BlueGem purchases Dr Vranjes Firenze

The deal saw the GP acquire a 70% stake in the business, while the previous sole shareholder, the Vranjes family, retained the remaining stake through its Antica Officina del Farmacista holding company.

The GP relied on an undisclosed credit facility to support the deal. A source familiar with the situation told unquote" that the transaction was based on a low debt-to-equity ratio.

The company aims to expand geographically and boost its product development.

The deal is the fourth acquisition in Italy for the UK-based GP. According to unquote" data, BlueGem has deployed 31.25% of its raised commitments in Italy, while the largest amount has been deployed in the UK.

Company
Founded in 1996 and headquartered in Florence, Dr Vranjes Firenze produce perfumes and diffusers for residential homes. The company manages 14 own-brand stores and distributes across 70 countries.

According to the source, the business posted a €16m turnover in 2016, with a 40% EBITDA margin.

People
BlueGem Capital Partners – Marco Capello (co-founder, managing partner); Emilio Di Spezio Sardo (co-founder, partner); Constantin Rojahn (partner).
Dr Vranjes Firenze – Paolo Vranjes (founder).

Advisers
Equity – Deloitte (corporate finance); McDermott Will & Emery (legal); Studio Lombardi Segni e Associati (legal); Gattai Minoli Agositnelli & Partners (tax); Bain & Company (commercial due diligence); Marlborough Partners (debt advisory); DVR Capital (financial due diligence).
Vendor – Studio Galgano (legal).

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• Topics
• Buyouts
• Consumer
• Southern Europe
• Italy
• BlueGem Capital Partners