FSI acquires stake in Missoni

The acquisition was made via a €70m capital increase, Unquote understands.

FSI deployed capital from its FSI Mid‐Market Growth Equity Fund, which reached a second close on €1.2bn in December 2017, after a first close took place in June 2017 on €1bn. Cassa depositi and prestiti is the cornerstone investor in the vehicle, which will likely remain open for commitments until the end of 2018.   

After completion of the deal, Michele Norsa, industrial partner of FSI and former CEO of Salvatore Ferragamo and Valentino Fashion Group, will join the Missoni executive board as vice-president, while Angela Missoni will stay on with the company as creative director and president. Luca Missoni and Giacomo Missoni will remain board members and founder Rosita Missoni will be honorary chair.

The company plans to expand further internationally, extend its product offering and bolster its retail channel development.

Unquote understands that the company might consider an IPO on the Italian Stock Exchange in the coming years.

Company
Founded in 1953 by Ottavio and Rosita Missoni and headquartered in Sumirago, near Varese, Missoni is a luxury fashion brand. The company employs around 300 staff and generated revenues of €150m in 2017, of which 75% came from outside Italy. According to press reports, the 2017 EBITDA margin was approximately 10%.

People
Missoni – Angela Missoni (president, creative director).
FSI – Maurizio Tamagnini (CEO).

Advisers
Equity – Studio Legale BonelliErede (legal); Studio Biscozzi Nobili (tax); Rothschild (financial due diligence).
Company – Carnelutti Studio Legale Associato (legal); Studio Castelli Professionisti Associati (tax).

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• Topics
• Southern Europe
• Consumer
• Expansion
• FSI
• Italy
• Rothschild