Permira to buy majority stake in Gruppo Florence

• VAM Investments, Fondo Italiano d’Investimento, Italmobiliare, and Gruppo Florence’s entrepreneurs are the sellers
• Fondo Italiano d’Investimento will maintain a minority stake
• Permira is a global investment firm headquartered in London

Permira will acquire a majority stake in Gruppo Florence, an Italian integrated manufacturing hub for the luxury sector, from existing shareholders VAM Investments, Fondo Italiano d’Investimento, Italmobiliare, and Gruppo Florence’s entrepreneurs.

No financial terms of the transaction were disclosed.

Gruppo Florence is based in Milan. The company generated revenues of over €600 million in 2022.

Gruppo Florence’s entrepreneurs, management team and VAM Investments will reinvest a significant portion of their proceeds, according to a release.

Fondo Italiano d’Investimento will maintain a minority stake.

Attila Kiss will continue to lead Gruppo Florence as CEO and Francesco Trapani will retain his role as chairman.

“We are true believers in the Gruppo Florence industrial vision and in the role of ‘Made in Italy’ within the luxury supply chain,” said Francesco Pascalizi, partner at Permira.

The deal, subject to regulatory approvals, is expected to close in the fourth quarter of 2023.

Gruppo Florence, with Permira support, will have the resources to continue growing, consolidating its product and service leadership, the release added.

Permira is a global investment firm headquartered in London.

Permira was represented by JP Morgan (M&A), Legance (legal), BCG (commercial), EY (financial), Maisto e Associati (fiscal), and Latham & Watkins (legal financing).