Lion Capital is to acquire PittaRosso from 21 Investimenti SGR (“21 Investimenti”), a leading mid-market European private equity group, and other minority shareholders including members of the founding family.
21 Investimenti will support Lion Capital and the management, retaining a minority stake in the business. The terms of the transaction were not disclosed.
Founded in the 1920’s by the Pittarello family and transformed into a solid family-run retail chain, PittaRosso was acquired by 21 Investimenti in 2011. Under 21 Investimenti’s ownership and the stewardship of the CEO Andrea Cipolloni and his team, the company has more than doubled its store network and its revenues. Today PittaRosso is a leading player in the Italian footwear market with a network of over 100 stores and has a growing international presence with around 20 stores across France, Croatia and Slovenia.
The stores sell footwear and accessories for the whole family, including a range of international brands, at attractive price points. PittaRosso is known for the depth and quality of its product assortment, as well as its compelling store design. With its extensive supplier network in Italy and abroad, the company is able to offer customers on-trend footwear with an unparalleled price-to-value ratio. PittaRosso is expected to generate revenue of around €240 million in the year to December 2014.
Javier Ferran, Partner of Lion Capital, says: “Over the last three years, PittaRosso has emerged as the best proposition in the Italian footwear market, one of the largest globally. Andrea Cipolloni and his team have done an outstanding job in expanding the store network profitably and we see substantial untapped potential for the business, both domestically and abroad. We look forward to partnering with Andrea, the management team and 21 Investimenti to support the continued growth of this unique retail concept. We believe that we are well positioned to contribute to this as a result of our strategic focus on high quality consumer-focused businesses and our deep experience within European retail.”
