Progressio acquires interior design specialist Interni

The vendors are the founding Cazzaniga family, who will retain the remaining minority holding and continue to lead the business with Stefano Cazzaniga as CEO and Giuseppe Cazzaniga as chair.

This is the sixth deal made by the GP via its Progressio Investimenti III fund, which is now 50% deployed. The vehicle held a final close on its €250m hard-cap in July 2019, surpassing its €225m target.

In addition to the equity from the fund, a debt package was provided by Banco BPM and Mediocredito.

Progressio intends to consolidate the company's market position and boost its growth both organically and via bolt-on acquisitions in Italy and the US. The GP also plans to list the company on the Italian stock exchange in the coming years.

Company
Established in 1933 and headquartered in Verano Brianza, Interni specialises in designing luxury furniture for houses, offices and gardens, and develops tailor-made interior design projects. 

The company has showrooms in Milan and Bergamo, and sells its products in nine stores in Italy. It generated EBITDA of €7m from revenues of €41m in 2018, of which 75% came from outside Italy.

People
Progressio – Filippo Gaggini (managing partner); Nino Mascellaro (senior partner); Massimo Dan (investment manager); Simone Assanelli (analyst).
Interni – Stefano Cazzaniga (CEO); Giuseppe Cazzaniga (chair).

Advisers
Equity – Caretti & Associati (corporate finance); Legance (legal); Studio Russo de Rosa Associati (tax); EY (financial due diligence).
Company – Marini & Co (corporate finance); Carnelutti Law Firm (legal).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Progressio SGR
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• EY (Ernst & Young)