Bravo Capital Partners II holds first close on EUR 90m

BCP II, a closed-end vehicle, has a target of EUR 110m. The GP said in a statement the funds were raised mainly from primary institutional investors, which included Luxempart as cornerstone investor with a commitment to invest up to EUR 45m and the European Investment Fund, as well as family offices and high net worth individuals based in Luxembourgh and Italy.

Giovanni Saccaggi, a partner at Bravo Invest, told Unquote the fund was registered in October 2021 and fundraising began in the first half of 2021. He expects the closing to be held in the first half of this year.

About deployment strategy, Saccaggi said: "We typically invest in platforms and build-ups. This is the strategy we will sustain and implement." The fund will deploy equity tickets of EUR 15m-100m and make 1-2 platform deals as well as a couple of add-ons per year. The sector focus will be on B2B manfacturing, services, luxury and food, he added.  

The partner also said that the fund will make two more deals in the Italian food space. 

BCP II has invested in Lorenzi, an Italy-based sustainability-focused provider of microfiber for shoes and accessories. According to a press release, the GP is working on making two platform deals which are expected to be completed this year as well as add-ons.

The GP first invested in the company through its first fund in June 2021 in an MBO. At the time, the CEO, Lorenzo Lorenzi, had reinvested and held a 40% stake in the company, according to Unquote Data. In 2019, the business generate revenues of EUR 36m and had an EBITDA of EUR 7.5m, according to Unquote Data. Saccaggi said the figures are the same for 2021.

Bravo Capital Partners Fund held a final close in August 2017 on EUR 100m. The vehicle acquires majority and controlling minority stakes in Italian companies that generate revenues of around EUR 20-150m, according to Unquote Data.

It invested in Italian companies including Eurochiller, a heating and cooling systems company that was sold to trade in May 2019; leather goods producer Vesta Corporation in December 2020; and Mengoni e Nassini, a metal accessories manufacturer for luxury brands, in December 2020, according to Unquote Data.

People
Bravo Invest - Giovanni Saccaggi (partner).

Advisers
Equity - Alma Società tra Avvocati, Van Campen Liem (legal); Impact Raising (placement agent). 

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