Equinox buys Villa Pedemonte, Lombardi Vendorafa

The acquisition was made via a newco, which will be 66% owned by Equinox and 34% controlled by Villa Pedemonte’s shareholders.

Following the deal, Villa Pedemonte founder Livio Arzani will be appointed as president, while Gian Andrea Garrone will become CEO of the combined group.

The merger will create a platform in the jewellery sector, with a staff of 220 employees, revenues of €41m and EBITDA in excess of €5m.

The GP invested via Equinox III, a €360m fund that targets Italian companies operating in the food, fashion, retail, technology and healthcare sectors, generating EBITDA between €4-20m and revenues in the €20-200m bracket.

The vehicle buys majority and qualified minority stakes, and deploys equity tickets in the €15-50m range, with the possibility to make co-investments with its LPs for larger deals.  

The fund made two investments in 2019: the acquisition of a 40% stake in sports clothing manufacturer Manifattura Valcismon; and the purchase of a 55% stake in Italian ICT specialist Quid Informatica.

Company
Villa Pedemonte Atelier and Lombardi, both headquartered in Valenza, near Alessandria, specialise in designing and manufacturing jewellery.

Established in 1982 as Orobel and rebranded in 2000, Villa Pedemonte Atelier designs jewellery for Italian and international brands, primarily French and Swiss jewellery houses. It has recently opened a high-end jewellery atelier in Paris.

Founded in 1951, Lombardi Vendorafa specialises in handmade Italian jewellery, manufactured for its own brand and on behalf of third-party Italian and international luxury brands.

People
Equinox - Angelo Facchinetti (partner).
Villa Pedemonte Atelier - Livio Arzani (founder, president); Gian Andrea Garrone (CEO).
Lombardi Vendorafa - Augusto Ungarelli (president).

Advisers
Equity – NCTM (legal); Ludovici, Piccone & Partners (tax); KPMG (financial due diligence).
Company – Studio Lombardi Saio (tax); Carlo Frascarolo (tax); Fieldfisher Italia (legal).

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