ITALY - Investindustrial acquires 65% of Stroili Oro

Lisa
06 April 2006

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Investindustrial has led the acquisition of 65% of Stroili Oro, Italy’s leading jewellery retail chain. L-Capital (LVMH Group) and Ergon Capital, former shareholders of Stroili Oro, will retain a 35% shareholding. Following the acquisition, a minority of this shareholding will be syndicated to partners of Investindustrial. It is expected that 21 Investimenti, Banca Intesa Wisequity II (the private equity fund sponsored by the De Agostini / Toro group) and another limited partner of Investindustrial will co-invest in the transaction. L-Capital (part of the LVMH Group) and Ergon Capital will both remain shareholders of the company with 35% in total. The transaction size is approximately €190 million.

Headquartered near Udine in the North East of Italy, Stroili Oro is the leading Italian retail chain for jewellery, watches and other gold and silver products. The company had sales of approximately €87 million in 2005, 24% higher than in 2004, and has 230 stores trading under the Stroili Oro, Franco Gioielli and EXX brands.

The transaction, led by Investindustrial, will allow the company to complete its industrial development plan and senior management will also benefit from the retail experience of Investindustrial, 21 Investimenti (Benetton Group), L-Capital (LVMH) and Wisequity (owners of the Limoni retail group).