Alpha-backed Calligaris bolts on Luceplan

Alpha plans to support both firms in maximising their synergies, consolidating their market positions and expanding their businesses. The GP intends to create an industry leader in the Italian lighting industry, able to become an acquisition platform for the sector. Unquote understands that following this add-on, Calligaris expects to reach revenues of €170m in 2019.

Alpha bought a stake close to 80% in Calligaris in August 2018, while the founding Calligaris family retained a minority holding, and the De Marchi Family – founder of the Ditre brand acquired by Calligaris in December 2017 – acquired a small stake. 

To finance the transaction, the GP deployed capital from its Alpha Private Equity Fund 7, which held a final close on €903m in June 2017, hitting its hard-cap and exceeding its €800m target. In addition, an €85m senior facility and a €10m revolving facility were provided by a pool of banks composed of BPM, UBI, MPS, Crédit Agricole Friuladria, Ifis and Creval.

Calligaris is an Italian company founded in 1923 and headquartered in Manzano, which designs, manufactures and distributes luxury furniture under the three brands Calligaris, Connubia and Ditre. It sells its products through a network of 650 point of sales across 100 countries with branches in US, Japan, France, the UK and Russia. Calligaris generated revenues of €142m in 2018, of which around 70% came from outside Italy.

Company
Established in 1978 and based in Milan, Luceplan specialises in designing interior lighting and embedded LED lights for home decor, shops, businesses, museums, restaurants, hotels, hospitals, commercial spaces, special projects and retail applications. The company generated revenues of around €20m in 2018, of which 80% came from outside Italy.

People
Alpha Private Equity - Valentina Pippolo (head of Italy).
Calligaris - Stefano Rosa Uliana (CEO).
Signify - Daniel Tatini (general manager of Signify Italy, Israel and Greece).

Advisers
Acquirer - Banca Akros (corporate finance); Pedersoli Studio Legale (legal).

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• Topics
• Expansion
• Southern Europe
• Consumer
• Alpha Private Equity
• Italy
• Build-up
• Buy-and-build