12 April 2016 – An investment subsidiary of Investindustrial has signed an agreement with Catelli S.r.l. (“the Catelli family”) to become the majority shareholder of Artsana Group S.p.A. (“Artsana”) with 60% of the share capital. Artsana is the holding company for a range of leading international brands such as the childcare brand Chicco, and the health care & beauty brands PIC Solution, Lycia and Control.
The Catelli family, which is the current sole owner of Artsana, remains a major shareholder with 40% of the capital and will continue to guide the group’s development as a partner of Investindustrial. Michele Catelli remains as Chairman, and Claudio De Conto, who joined in 2013, remains as chief executive. Both will guarantee a continuity in the running of the company.
Artsana is headquartered in Como, Italy and generated revenues of €1.42 billion and consolidated EBITDA of €126 million in 2015.
The transaction will allow Artsana to accelerate its growth strategy in its international markets focusing on those markets with the highest potential supported by a partner who will drive an industrial approach to value creation, based on a long track record of creating globally competitive industry leaders promoting the brand value and quality of ‘Made in Italy’.
Investindustrial has already embarked on a shared path of international long-term development with well-known ‘Made in Italy’ brands such as B&B Italia, Flos and Sergio Rossi.
Andrea C. Bonomi, Managing Principal of Investindustrial, said: “I am particularly pleased with the agreement reached today that allows Investindustrial to support once again a quintessential ‘Made in Italy’ brand, but also a group that has always invested in innovation. The Catelli family and the management of Artsana have shown great foresight not only in business development, but also in the social sphere: we share with them the values that have made Artsana a group of excellence, and an Italian as well as an international market leader. We are ready to invest significantly into human and financial resources to propel the group onto a growth path that will help us reach new milestones together.”
Michele Catelli, Artsana Chairman, said: “We are pleased to have found a partner in Investindustrial that shares our vision and willingness to build the ‘Made in Italy’ brand globally. Artsana is a multinational group with a presence in approximately 100 countries, and we are both convinced of its tremendous growth potential. With the support of the new shareholder, the Group’s expansion plans will be accelerated. R&D will remain a constant focus of ours, as it has always been to develop the group and our products. We are very proud of the development of the company so far, and are grateful to the employees of Artsana that made this possible. We are delighted to be continuing our commitment alongside Investindustrial in this new phase.”
The transaction is expected to close by the end of June subject to the receipt of the necessary antitrust authorizations.
The Catelli family has been assisted by Lazard as financial advisor and by Studio Legale Chiomenti as legal advisor.
Investindustrial was assisted by Lombardi Molinari Segni as legal advisor, Studio Legale Chiomenti as a tax advisor, by PWC for the financial due diligence, by Bain & Co for the business and market due diligence, and by UniCredit as a financial advisor. Kirkland & Ellis acted as legal advisor regarding the debt funding, which was provided by UniCredit as global coordinator and MLA and BNP and Natixis as MLAs.
Artsana Group, founded in 1946 by Sir Pietro Catelli, reached a total turnover of €1.42 billion in 2015 across the between two business areas Baby (80%) and Health Care & Beauty (20%). Born as a family business, the group has developed over time to a current global presence in over 100 countries with 5 production units in Europe, 19 branches (11 of which are European), and through a network of dealers and distributors. Among the main brands of the Group, based in Grandate (Como) are: Chicco, Neo Baby and Boppy for the baby care side and Pic Solution, Lycia and Control for health care and beauty. Additinal information is available at www.artsana.com
Investindustrial is a leading European group of independently managed investment, holding and advisory companies with €5.6 billion of raised fund capital, which provides industrial solutions and capital to mid-market companies in Europe. Its mission is to actively contribute to the development of the companies in which it invests, by creating growth opportunities and offering global solutions through an entrepreneurial pan-European vision. Investindustrial has a history of more than 25 years of successfully partnering with companies in Europe. Certain companies of the Investindustrial group are authorized by, and subject to regulatory supervision of the FCA in the United Kingdom, the CSSF in Luxembourg and the FINMA in Switzerland. Additional information is available at www.investindustrial.com
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