Wise Equity exits Cantiere del Pardo in trade sale

Ero Partsakoulaki
02 August 2023

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Italian private equity firm Wise Equity has sold Cantiere del Pardo (CdP), a manufacturer of premium sailing and motor yachts, to Calzedonia Group, an Italian lingerie company.

The sale marks the second exit from Wisequity V fund following the partial realisation of its investment in Italian high-end bicycle tyres manufacturer Vittoria in December 2022. Wisequity V held a final close on its hard-cap of EUR 260m in July 2019, according to Unquote Data. It is now fully deployed across eight investments.

The transaction will be completed by October 2023, with management retaining a minority stake in the business, according to a press release.

The GP bought a 60% stake in the business in 2020, since which it has grown in terms of revenue and corporate structure, it said. In particular, the Pardo motor yachts line, conceived in-house and developed in collaboration with design studios in 2017, has sold more than 150 yachts this year.

With the arrival of the Calzedonia Group − which is looking to diversify its offering into other premium goods sectors in Italy, according to Italian press reports − the company will continue its international growth and the development of new models. It will focus on quality, sustainability and service excellence, both for the distribution network and for the end customer, it said.

The lingerie group diversified into the wine sector last year, investing EUR 20m into a wine production division, with the capital being deployed across three wineries in the Sardinia, Lazio and Trentino-Alto Adige regions.

Wise Equity is currently deploying capital via Wisequity VI, which held a final close on its EUR 400m hard cap in May, Unquote reported.

Company
Founded in 1973 and headquartered in Forlì, Cantiere del Pardo has sold more than 5,000 yachts under the Grand Soleil brand and, more recently, under the Pardo Yachts and VanDutch brands.

People
Wise Equity − Michele Semenzato (founding partner).
Cantiere del Pardo − Fabio Planamente (CEO), Gigi Servidati (chairman).
Calzedonia Group − Marco Carletto (CEO).

Advisers
Vendor − Cassiopea Partners (corporate finance); Simmons & Simmons (legal); Spada & Partners (accounting and tax).
Equity − Mediobanca - Banca di Credito Finanziario S.p.A (corporate finance); Studio Legale Cinti & Associati (legal); KPMG (financial due dilligence, accounting and tax).