Centrobanca Sviluppo Impresa SGR joins Gatto Astucci with 61%
The agreement was signed last December 21, in Milan, between Centrobanca Sviluppo Impresa SRG S.p.A. and the De Silvestro family for the private equity operator to join the Veneto group's capital with 61%. The remaining share, equal to 39%, will continue to belong to the family, as well as being a means of investment promoted by LP&P, the Austrian transaction advisor. Fabrizio De Silvestro has been confirmed as the group's chairman.
The choice of the financial partner is the result of further development of the Company with regard to both international expansion and business diversification. The group's growth abroad may also occur through the acquisition of leading companies in Europe and in new business areas.
'70 years on after setting up the company - explains the chairman Fabrizio De Silvestro - we have chosen a prestigious financial partner to guarantee continuity and support international and market development also by acquiring businesses in Italy and abroad. The core of the company is from, and will continue to belong to Belluno, but its vision will significantly develop'.
The Gatto Group, led by the chairman Fabrizio De Silvestro and ad Lorenzo Wagmeister, reported a billing of approximately 43 million euros in 2006, confirming the growth trend in the last three-year period (+18% average increase in the yearly billing in the period 2004-2006). The improvement in the EBIDTA margin was also particularly significant, arising from 9.6% in 2003 to 16.5% in 2006, thanks to a business model focused on innovative design, an efficient global logistics system and manufacturing cost leadership resulting from in-depth knowledge of the China system.
The company, set up in 1937, in Domegge di Cadore (BL), in the heart of the eyewear production district, has increased both its billing and international presence. In fact, today the group supports the historic plant of Domegge with production plants in Villafranca Padovana, in Croatia and China, and it is directly present in Belgium, France, the United States, England, Mexico and Hong Kong through its commercial subsidiaries.
The core business of producing glasses cases includes the main world producers among its customers, such as Luxottica, Safilo, Marcolin, Dierre, Allison, Visibilia, Nike and Marchon.
On the back of its distinguishing skills acquired particularly in creating and designing containers for luxury items, and of its relations with the big names in fashion, in the last five years, the company has initiated a strategy of diversification in related sectors, also with a policy of targeted acquisitions, aimed at presenting itself as a leader in luxury packaging.
In 2002, the design and production of exhibition systems was set up through the acquisition of Modoplex S.r.l. subsequently called Gatto Display, a company specializing in the sector, with a variety of customers including Alviero Martini, Versace, Momo Design, Nomination and Blumarine.
Similarly, in 2005 business was also extended to cases for jewelry and watches, acquiring brand customers such as Breil, Barakà, Mikimoto, Jacob & Co, Chimento; Catu S.r.l., which was already operative in the sector, was subsequently taken over in 2006.
The firm Studio Caffi Maroncelli e Associati was responsible for managing the legal aspects of the operation for Investors, whereas the Due Diligence activity was under the responsibility of Price Waterhouse and Cooper and the firm Studio Di Tanno e Associati. The Gatto Group was assisted by the Austrian advisor Laber Pozzi & Partners in the M&A process and by the firm Studio Agnoli Bernardi e Associati for the legal aspects.
Centrobanca Sviluppo Impresa SGR - The company is the core in the Private Equity of the BPU Banca Group, and has coordinated investments in new companies, also by means of a managed fund, with control or joint-control shareholding with other primary Italian institutional investors for over 150 million euros.
The Private Equity portfolio coordinated by Centrobanca Sviluppo Impresa totals seven investments in medium sized Italian businesses, which show high growth potential, as well as a sound competitive position and high international orientation.
The Centrobanca Sviluppo Impresa team is led by Francesco Silleni, with the collaboration of Giuseppe Gilardi, Stanislao Ferrante, Massimo Vuillermin and Fabrizio Ricchetti and has a significant track record in private equity with over 22 acquisitions managed directly (both majority and minority).
