Private equity funds holding control of Barovier&Toso, a wellknown Venice company crafting decorative lighting in Murano glass, prepare their exit strategy, MF-Milano Finanza writes today.
Avm Private Equity and Dvr&C Private Equity own an 80 pct stake while founding family heir, Jacopo Barovier, still owns the rest. The two funds are choosing their financial advisor in a few days and word is that Credit Suisse might be the one.
The two funds bought thei stake in Barovier&Toso capital in July 2010 when the company was valued around 20 million euros (enterprise value). SInce then Barovier&Toso has been growing fast and now might be valued between 25 and 30 million euros. Last year almost reached 15 millions in revenues (from 13.2 millions in 2012) and 3 millions in ebitda (from 2 millions) with 3 millions in net financial debt. And that happened after year 2012 was a good one too (in 2011 infact, revenues were 11.5 millions and ebitda just 0.9 millions).
In 2012 Barovier&Toso received avances from Venini, another historical Venice glass crafting company, but negotiations didn’t come to a deal. An other industrial subject who might be interested in a deal might be now Artemide, a company producing desing lighting solutions which is said might launch an ipo on the Italian Stock Exchange in the next few months. Private equity funds are obviously looking at the dossier but some interest might come also from sovereign funds looking for made in Italy luxury brands that might be made stronger on the international market thanks to new investments in distribution channels.