FII, Vam create Florence fashion group

The three businesses will be merged to create a new luxury fashion group named Florence, which will specialise in the production of clothing and accessories. The new entity will employ 700 staff and generate combined turnover of around €150m.

In addition to Vam and FII, Italmobiliare also took part in the investment. Societe Generale, Intesa Sanpaolo-Banca, Banca Nazionale del Lavoro, Cassa Centrale Banca and Green Arrow Private Debt provided debt financing for the transaction.

Following the deal, Florence will fully own the three companies and will be 65% controlled by the investors' consortium. The remaining 35% will be owned by the founding families of the three companies.

The GPs intend to support Florence's expansion and buy-and-build strategy in the Italian fashion industry, creating a platform able to supply products for fashion brands across the entire supply chain.

Company
Giuntini, Ciemmeci Fashion and Mely's Maglieria specialise in designing and producing clothing and accessories.

People
Fondo Italiano d'Investimento – Antonio Pace (CEO).
Vam Investments – Francesco Trapani (chair).

Advisers
Equity – DWF (legal); GOP (legal); EY (financial due diligence);  Bain & Company (corporate finance); Ludovici Piccone & Partners (legal).
Company – Palmer Corporate Finance (corporate finance); Hogan Lovells (legal).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Fondo Italiano di Investimento
• Italy
• EY (Ernst & Young)
• Hogan Lovells