Alto Partners exits Italian hair products company Tricobiotos

Alto has agreed a deal with Alfaparf Group, the Italian beauty group.

  • Tricobiotos reported revenues of €25.7 million in 2021 and revenues of €14 million in the first half of 2022
  • Alfaparf Group has bought 90% of Tricobiotos with company founders the Bucaioni family retaining a 10% stake
  • Alto Capital IV bought a 72% stake in Tricobiotos in 2017

Alto Partners has exited Italian hair products company Tricobiotos. Alfaparf Group has bought 90 percent of the shares in Tricobiotos with company founders the Bucaioni family retaining a 10 percent stake via Mama Holding.

Tricobiotos is a Vaiano-based company that was founded in 1982. It specialises in the production and distribution of professional haircare products. The company distributes to over 60 countries and employs 120 people. Alfaparf Group is the parent company of Alfaparf Milano, an Italian professional cosmetics company. The group is headquartered in Osio Sotto.

This is the third time Alto Capital IV has exited an Italian company via an Italian buyer. The fund sold Bergamo-headquartered OFI to Nichelino-based Farmaceutici Procemsa in December 2020 and Bologna-based ItalyCEI Group to Milan’s White Bridge Investment in June 2022. The average gross IRR for the three exits is over 40% with a fund DPI ratio of 73%. In July, the fund signed a binding agreement to sell portfolio company BIA, based in Ferrara, to Rome-headquartered BF Group. The deal is expected to close in Q4 2022.

Alto Capital IV, Alto Partners’ fourth fund, bought a 72 percent stake in Tricobiotos in 2017. The company grew from 70 then to 120 employees today. In 2021 the company reported revenues of €25.7 million. In the first half of 2022 it reported revenues of €14 million, an 18 percent increase compared to the same period of the previous year. The Bucaioni family and entrepreneur Daniele Selleri owned an 18 percent stake in the company with Mama Holding owning a further 10 percent stake, which it has retained as part of the deal.

Alto Partners is a Milan-based private equity firm that looks to invest in small to medium-sized Italian businesses. It was founded in 2000 and has invested €664 million across four funds in 45 companies.