L Capital exits Calligaris in buy-back deal

L Capital bought a 40% stake in the company in 2007, with a €12m senior debt package provided by IKB Deutsche Industriebank according to unquote" data.  The head of the company, Alessandro Calligaris, selected the buyout firm as a partner in the business due to its experience in the branded goods sector.

At the time of the original buyout, the GP intended to develop the company via expansion in western Europe and the US, alongside an increased focus on marketing activity. L Capital planned to hold Calligaris for around five years with an exit via the public markets part of the original strategy, according to unquote" data.

The family owner intends to grow the firm acquisitively in the coming years.

Company
Founded in 1923, Calligaris is a home furnishing company based in Manzano.

Under L Capital's stewardship, the company has focused on internationalisation. The firm opened its first flagship store in Milan in 2008; in 2013 the company launched two stores in London, three in Asia, one in Madrid and one in Kiev. This year, flagships have opened in Beirut, Turin, Naples and Bergamo with openings planned in New York, Washington and Dusseldorf.

Revenues reached €130m in 2013, with EBITDA of more than €19m. At the time of the original buyout, the firm had a turnover of approximately €160m with EBITDA of around €32m, according to unquote" data.

People
Frédéric Pescatori and Andrea Bertoncello led the 2007 buyout for L Capital.

Advisers
Buyer – Mediobanca (Corporate finance).

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