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ITALY - Michele Russo buys majority stake in Opera

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Michele Russo, the frontman of Doughty Hanson in Italy, has reportedly acquired 75% of luxury goods fund Opera from its management and fashion house Bulgari.

Opera has invested around EUR 180m in seven companies, including furniture manufacturer Unopiu, sold last year to Synergo and Change Capital Partners, as well as struggling shoemaker Bruno Magli, recently sold to UK special situations fund Fortelus Capital. Opera's current portfolio, which includes food importer A.G. Ferrari, is thought to be worth around EUR 300m.
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