ITALY - Stroili Oro gearing up for possible IPO

The company's head Carlo Gianuzzi has reportedly said that the addition of a pool of private equity houses to the board in 2004 has delayed the plans for an IPO, but the listing is a tangible possibility for the near future. The growth strategy preceeding the possible IPO will involve an increase of points of sale nationwide, as well as an aggressive consolidation trail, targeting local businesses in Eastern Europe and the Far East.

L Capital 1 and the fund Raffaello invested in the company in 2004 and in 2005 sold 30% out of their 100% stake to Ergon Capital. L Capital and Raffaello received EUR 45m through the sale of the 30% shareholding and a simultaneous re-leverage of the company negotiated by BNL. L Capital then sold 100% of the combined entity in March 2006 to Investindustrial (now owning a 65% stake) and re-invested in the Group with L Capital 2, alongside new financial partners, to own a 21.2% stake in Gruppo Stroili. Other backers are Wisequity, 21 Investimenti, Banca Intesa and Ergon Capital.

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• Southern Europe