Hat exits chair designer Luxy
Italian GP Hat has sold chair designer and manufacturer Luxy to Lunedes, a company owned by entrepreneur Giuseppe Cornetto Bourlot.
In addition to the 96.35% stake owned by Hat, Lunedes also acquired the remaining stake controlled by the management, led by CEO Libero Gregoletto, who will continue to lead the business.
Unquote understands that the deal gives the company an EV of €7m – which equates to 6.4x its 2018 EBITDA – and that the GP made a 2.3x return on the investment.
Hat bought a majority stake in Luxy in February 2016 for €5m, including a €2.4m debt package, via its €42m Hat 2 Fund, Unquote understands. Italian GPs Opera (which previously held a 72.7% stake) and Quadrivio (7.3%), and the Marchesini family office (20%) exited the business after five years. The management board, led by Libero Gregoletto, acquired 3.65% of the company's shares.
Hat also manages a €130m infrastructure fund, Hat 1 Sistema Infrastrutture Fund, and a €50m private equity fund dedicated to ICT, Hat 3 ICT Fund, which invested in both private and public companies and is now fully deployed.
The GP launched its fourth fund, Hat 4 - Technology & Innovation Fund, in July 2017 with a €100m target and held a first close on €32m in October 2017.
Unquote understands that the fund has raised €64m so far and expects to surpass its target in a final close in July 2020. The fund has invested in two companies so far: Marval, acquired in October 2018; and Advice, bought in February 2019. It expects to close a third deal by the end of the year in the tech services sector.
Company
Established in 1976 and based in Lonigo, near Vicenza, Luxy specialises in designing and manufacturing ergonomic office chairs and sofas. The company employs 40 staff and generated EBITDA of around €1.1m from revenues of €9m in 2018, of which 60% comes from outside Italy.
People
Hat – Ignazio Castiglioni (CEO); Nino Attanasio (chair).
Advisers
Vendor – Studio Legale LMS (legal).
Acquirer – Gianni Origoni Grippo Cappelli & Partners (legal).
More on Exits
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Ares Management handed keys to two-thirds of UK sponsor’s portfolio
Lender provided GBP 500m for three of the GP's deals between 2016 and 2019, Debtwire reported
Actera Group explores strategic options for Celebi Ground Handling
Several investors placed bids for the company in 2022 but mismatch in pricing didn't lead to a deal
Main Capital’s Assessio to be sold to Pollen Street
Recruitment software company tripled in revenue under Main Capital’s ownership
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater