PE-backed Italian Design Brands buys Meridiani

The fresh capital will enable the target company to pursue strategic acquisitions and expand internationally; IDB notably intends to open a joint showroom in London. As part of the deal, Meridiani founder Renato Crosti will remain in the business as CEO.

According to press reports, IDB expects to generate €100m of revenues by 2020 and to float on the public market in six to seven years.

Company
Founded in 1996 and headquartered in Misinto, near Milan, Meridiani designs and produces indoor and outdoor furniture. The business generated €17m of revenues in 2015, 85% of which came from exports, including 12% from Germany. The company also has an office in Miami.

IDB is a Milan-based holding company of several businesses operating in the furniture sector. The business was founded in May 2015, as Italian GP Private Equity Partners backed an MBO for furniture manufacturer Gervasoni.

The group will generate a combined turnover of €41m and employ 150 staff, according to press reports.

People
Private Equity Partners – Fabio Lorenzo Sattin, Giovanni Campolo (co-founders, managing partners).
Italian Design Brands – Giovanni Gervasoni (chair).
Meridiani – Renato Crosti (founder).

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• Topics
• Portfolio management
• Consumer
• Southern Europe
• Italy
• Private Equity Partners SGR Spa