QuattroR backs Trussardi

The acquisition was made via a newco called Levriero Holding, which is 70% owned by QuattroR and 30% by Tomaso Trussardi. The newco acquired 86% of Finos, the holding company that wholly owns Trussardi, via a €49m capital increase. The remaining 14% in Finos is controlled by Tomaso's mother Maria Luisa Gavazzeni.

Following the deal, Tomaso Trussardi will step down as CEO and become president of Finos, while a new management team will soon be appointed by the GP to lead the business.

The company's lenders - BNL, Unicredit, Intesa Sanpaolo, UBI Banca, Banco BPM and MPS - have approved the deal and agreed to extend the debt agreement signed with the business in March 2018, which consists of a €51.5m credit line.

QuattroR invested via its €711m fund, which held a first close in July 2017. The GP targets companies in temporary financial distress, with a solid production capability and revenues in excess of €100m. It invests equity tickets between €20-100m.

Company
Founded in Bergamo in 1911 and headquartered in Milan, Trussadi is a luxury fashion designer with a presence in 47 countries worldwide and a network of 160 mono-brand stores located in Europe and Asia with around 1,800 points of sale.

The business specialises in designing clothing, accessories and leather goods as well as eyewear, perfumes and luxury furniture. In addition, the company recently opened a Café Trussardi and the Ristorante Trussardi Alla Scala, located in Milan. Trussardi generated revenues of €150m and reported negative EBITDA of €6m in 2018.

People
QuattroR - Andrea Morante (president).
Trussardi – Tomaso Trussardi (president).
Advisors
Equity - Studio Legale Chiomenti (legal); Fingiaco (corporate finance); Spada & Partners (tax); Leoni Corporate Advisor (financial due diligence).
Company - Studio Bonelli Erede (legal).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Italy