Clessidra buys Italian interior lighting specialist L&S

The deal values the company at around €100m.

The GP plans to strengthen the company's market position and boost its international expansion, both organically and through new acquisitions.

The GP deployed capital from its Clessidra Capital Partners III fund, which held a final close on €607.3m in December 2016.

The vehicle invests in Italian companies across the mid- and upper-mid-market, with an EV in the €100m-1bn bracket, operating primarily in the financial services, industrial, fashion and interior design industries.

L&S is the fifth deal made by the fund, which is now around 60% deployed. It follows another investment in the same sector, the acquisition of Italian door designer and manufacturer Scrigno, which was bought by the GP in a €100m deal inked in May 2018.

Company
Founded in 1977 and headquartered in Maron di Brugnera, near Pordenone, L&S designs and manufactures interior lighting and embedded LED lights for home decor, shops, businesses, museums, industrial spaces, special projects and retail applications.

The company sells its products in 70 countries worldwide, employs 400 staff and operates four manufacturing facilities located in Italy, Germany, China and the US. It generated revenues of around €80m in 2018, of which 75% came from outside Italy.

People
Clessidra Capital Partners – Mario Fera (CEO); Matteo Ricatti (managing director); Emanuele Cuccio, Maurizio Fanetti (investment directors).
L&S Group – Aalfredo Rubino (CEO).

Advisers
Equity – Mediobanca (corporate finance); Linklaters (legal); Goetz & Partners (financial due diligence); PwC (financial due diligence).
Company – Alantra (corporate finance); Dentons (legal).

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