Alcedo buys Atlantic Stars

Unquote understands that a small debt package to finance the transaction was provided by Mediocredito Italiano, which is owned by Intesa Sanpaolo.

The GP drew capital from its Alcedo IV Fund, which held a final close in May 2016 on €195m, exceeding its €175m target, and is now more than 50% deployed.

Following the deal, the company's founders, Alessandro Squarzi, Cristiano Martelli, Gian Luca Zucchelli and Matteo Zoni, will retain a 40% stake in the business and stay on with the company, maintaining their roles within the management team.

Atlantic Stars will use the fresh capital and Alcedo's managerial guidance to consolidate its market position both in Italy and abroad. It seeks to double its turnover over the next five years, reaching €40m by 2023.

Company
Based in Treviso, Atlantic Stars designs and sells trainers for men, women and children. It has a showroom in Milan, around 500 multi-brand stores and several shop-in-shop points across Europe, South Korea and Japan. In 2017, Atlantic Stars generated revenues of around €13m, with a 20% EBITDA margin, and it expects to reach a turnover of approximately €17m in 2018.

People
Alcedo – Michele Gallo, Sonia Lorenzet (partners); Alessandro Zanet (investment manager).
Atlantic Stars – Alessandro Squarzi, Cristiano Martelli, Gian Luca Zucchelli, Matteo Zoni (co-founders).

Advisers
Equity – Studio Legale Pavia e Ansaldo (legal); PwC (financial due diligence, tax); Bain & Co (commercial due diligence); Ethica Mittel Debt Advisory (corporate finance).
Company – Ethica Corporate Finance (corporate finance), NCTM (legal).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Alcedo SGR
• Italy
• PwC