AVM Gestioni, Centurion Global invest in Italia Independent

The GPs structured the transaction via a newco named Creative Ventures, which acquired 2,553,191 new shares at €2.35 per share.

Following the deal, the majority shareholder and company's founder Lapo Edovard Elkann will retain a 53.59% stake in the company and will inject an additional €2m in exchange for 851,064 new shares.

The remaining 20.97% is publicly traded on the AIM Italia.

AVM Gestioni deployed capital from its Talent EuVECA fund, while Centurion Global is currently investing via its Centurion Private Equity Opportunities Fund, launched in March 2017 with a target of €150m.

At the time of publication, the shares of Italia Independent were trading up 18% at €3.01 per share.

Company
Established in 2007 and headquartered in Venaria Reale, near Turin, Italia Independent Group specialises in designing and producing sunglasses, glasses and eyewear accessories. The company reported EBITDA of €5.8m from revenues of €25.9m in 2017. 

People
Italia Independent Group - Lapo Edovard Elkann (founder, president); Giovanni Carlino (CEO).
AVM Gestioni - Giovanna Dossena (president).

Advisers
Equity -  LCA Studio Legale (legal).
Company -  Pedersoli Studio Legale (legal).

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• Topics
• PIPEs
• Southern Europe
• Consumer
• Italy