Gruppo Florence, an Italian industrial platform serving the high-end luxury industry, announced that Permira, a globally active private equity firm, will acquire a majority stake in the company from its current shareholders: VAM Investments, Fondo Italiano d'Investimento, Italmobiliare and the entrepreneurs of the companies that are part of Gruppo Florence.
The entrepreneurs, management team and VAM Investments will reinvest a significant stake in Gruppo Florence, confirming their commitment to the project, while Fondo Italiano d'Investimento will retain a minority stake. Attila Kiss and Francesco Trapani, CEO and chairman, respectively, will continue to occupy their current roles.
The deal, whose financial terms were not disclosed, is expected to be finalized in the fourth quarter of 2023.
Founded in 2020, Gruppo Florence was established with the aim of consolidating the fragmented production chain in the luxury sector through the aggregation of major Italian players to create an integrated platform.
In 2022, the group recorded a turnover of more than €600 million.
With the support of Permira funds, which have an established track record in the luxury sector, Gruppo Florence expects to continue its growth path.
"To realize our ambitions, it is necessary to bring together a significant number of companies, leveraging in particular their manufacturing tradition and expertise. I want to thank Permira for supporting our project and giving us the opportunity to continue with the implementation of our business plan," said Attila Kiss, CEO, Florence Group.