Salmoiraghi & Viganò increases strength with Intesa

Salmoiraghi & Viganò is preparing to further extend its network of outlets in Italy with the help of Intesa Sanpaolo.

The corporate division of the super-bank headed by Gaetano Miccichè has arranged a financing operation totaling 50 million euros. This will allow the group owned by Dino Tabacchi to open another 150/200 outlets in the coming months.

Currently, Salmoiragi & Viganò has around 300 stores throughout Italy and it is already the major chain for the distribution of eyewear and optical accessories, but it aims to have 500 outlets before long.

The next step, which again should be thanks to Intesa Sanpaolo support, will be to expand abroad. Salmoiraghi & Viganò already have some franchised outlets in certain areas of Croatia and its objective is a much more substantial presence.

Apart from financing to increase Salmoiraghi & Viganò's distribution network, the relationship between the company headed by Dino Tabacchi and Banca Intesa (now Intesa Sanpaolo) is not new. With the aim of supporting Italian companies with high potential, in the past the bank managed by Corrado Passera has handled the group's medium - long-term refinancing of indebtedness and supported the new development plan set up in 2006, when the company that was taken over by Tabacchi in 2002 closed with a gross operating margin (EBITDA) of 18 million euros and billings of 120 million.

Thanks to the expansion plan for the outlets in Italy and then abroad, Salmoiraghi & Viganò intends to achieve billings of 200/220 million in the coming years.

The operation, for which Intesa Sanpaolo is the mandated lead arranger, will also be financed by BNL, Centro Banca, Popolare di Bergamo and Unicredit Banca d'Impresa.

(Source: Milano Finanza)