Clessidra buys pocket doors designer Scrigno

Alessia Argentieri
03 May 2018

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Clessidra has wholly acquired Italy-based door frames manufacturer Scrigno.

The deal, which was entirely financed by equity, values the company at around €100m, Unquote understands.

With the fresh capital, Scrigno plans to consolidate its market position and expand further outside Italy.

Clessidra expects the business to expand considerably in the coming years, supported by increasing sales in Italy and abroad, the full integration of recently acquired Master, and potential growth through new acquisitions, the firm said.

The GP deployed capital from its Clessidra Capital Partners 3 fund, which held a final close on €607m in December 2016. Scrigno marks the fourth investment made by the fund, which in 2015 acquired Italian fashion house Roberto Cavalli, credit card and payment services provider Nexi, and ABM, which was sold to BC Partners-owned Keter Group in December 2016.

Company
Founded in 1989 and based near Rimini, Scrigno is a manufacturer and distributor of counter frames for doors and windows. The company recently acquired Piacenza-based Master, which specialises in manufacturing armoured doors. Scrigno has a presence in 20 countries worldwide and has subsidiaries in France, Spain and the Czech Republic. In 2017, the company recorded revenues of approximately €68m, of which around half came from abroad.

People
Clessidra – Mario Fera (CEO).
Scrigno – Giuseppe Berardi (founder).

Advisers
Equity – Linklaters (legal); BNP Paribas (corporate finance).
Company – BDO (financial due diligence); Francesco Gennari (legal).