Njord Partners buys Lanificio Fratelli Cerruti

Alessia Argentieri
09 July 2018

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Njord Partners has acquired a majority stake in Italian fabrics producer Lanificio Fratelli Cerruti, while the company's founders, the Cerruti family, retained a minority holding.

According to press reports, the fund acquired an 80% stake in the business, in a deal valued at €20m.

Njord Partners will appoint a new CEO with international experience in the sector to lead the company in its new phase of expansion.

A source familiar with the situation told Unquote that the GP deployed capital from its second fund, which was launched with a €250m target and has recently held a first close. The vehicle provides long-term capital to western European companies in special situations, and invests across the capital structure to relaunch target businesses. Cerruti is the third investment made by the fund.

Company
Established in 1881 and based in Biella, Lanificio Fratelli Cerruti specialises in the textiles and fashion industry. The company produces wool and cashmere for tailoring fabrics, synthetic fibers, cotton and linen, and designs its own fashion line.

Advisers
Acquirer – Chiomenti (legal); Deloitte (financial due diligence); Long Term Partners (financial due diligence).
Vendors – Vitale & Co (M&A); Pedersoli Studio Legale (legal).