HIG Capital, LLC (HIG), a global alternative investment firm with over USD45 billion of equity capital under management, has announced that one of its affiliates has completed the acquisition of Cesar di Barbarossa Enio e Flli Srl (Cesar), Gruppo SDA Srl Servizi Distribuzione Associati (SDA) and VDM Vaccaro Distribuzione Merci Srl (VDM) (Companies).
The Companies operate under the Acqua & Sapone brand, Italy’s leading non-food discount retailer selling a wide range of household and personal care products at value prices through a network of over 700 retail locations. HIG has acquired a controlling stake in the business, with the Barbarossa family reinvesting in a significant minority position. The Companies will generate over EUR900 million in revenues in 2021.
HIG’s investment will support the integration of the three Companies and accelerate their customer-focused expansion in Italy.
Stefano Giambelli, Managing Director of the HIG European Middle Market LBO team, comments: “We have been impressed by Acqua & Sapone’s track record of continuous growth and we see enormous potential in consolidating Cesar, SDA and VDM under the same umbrella. We are proud to partner with Nando Barbarossa and look forward to accelerating Acqua & Sapone’s growth.”
Markus Noe-Nordberg, Managing Director and Head of the HIG European Middle Market LBO team, adds: “We are thrilled to welcome Acqua & Sapone to the HIG family. HIG has had great success investing in leading family businesses, and we will use this experience to help Acqua & Sapone maximise its potential. This transaction is an ideal fit with our investment mandate and underscores once more HIG’s ability to execute on complex transactions.”
Nando Barbarossa, on behalf of the Cesar shareholders, says: “We are delighted to partner with HIG to keep building on our 40 year-long success story. By joining forces with HIG, we see enormous potential to further scale the business, improve service levels, achieve synergies and make Acqua & Sapone the undisputed leader in the Italian market.”
