Change Capital Partners buys Frette

Following a 10-year holding period as majority owner, JH will retain a minority stake in the company following the transaction.

The deal is the sixth completed via Change's second fund. The GP's investments in Italy include Vesovo, the owner of casual dining chain Rossopomodoro.

Previous funding
JH completed the buyout of Frette in 2004 via the holding company Coraline, according to unquote" data. The business was previously owned by parent company Fin.Part Group, which was declared bankrupt in 2005.

The GP was advised by AdviCorp.

Company
Established in 1860 and based in Monza, near Milan, Frette creates luxury handcrafted linens and textiles. Its products are sold to hotels, restaurants, private homes, airlines, ocean liners and trains such as the Orient Express. Aristocratic families across Europe and the Vatican are also counted among its customer base.

Frette has 15 stores around the world in Paris, Milan, Rome, New York and Beverly Hills. Its products also retail in high-end department stores in Los Angeles, Hong Kong, London and Moscow. Frette reported revenues of around €90m in 2013.

People
Steve Petrow is a partner at Change. Steve Baus is a partner at JH.

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