Funds advised by global private equity firm Permira have agreed to acquire a majority stake in Gruppo Florence, an Italian integrated industrial platform serving the high-end luxury industry, from existing shareholders VAM Investments, Fondo Italiano d’Investimento, Italmobiliare, and Gruppo Florence’s entrepreneurs.
The entrepreneurs, the management team and VAM Investments will reinvest a significant portion of their proceeds and will remain committed to the project.
Fondo Italiano d’Investimento will also retain a minority stake. Attila Kiss will continue to lead Gruppo Florence as CEO and Francesco Trapani will retain his role as Chairman. Financial terms of the transaction were not disclosed.
Gruppo Florence has become the leading Italian manufacturing hub, offering services ranging from product development to the production of high-end clothing and accessories, shoes and leather goods for luxury brands. The Group generated revenues of more than €600 million in 2022.