Paneuropean private equity operator Ergon Capital Partners announced yesterday the acquisition of a 66 pct stake in IPE srl‘s shareholders capital through its Ergon Capital Partners III fund. IPE srl is an Italian company based in Zola Predosa (Bologna), leader in designing luxury furniture solutions and owner of the Visionnaire brand (download here the Italian press release).
Sellers were Alto Capital II (51%), the ceo Leopoldo Cavalli and the chairman Daniele Selleri, who invested back some of the revenues from the sale (Alto Partners sgr invested through its new fund Alto Capital III). Cavalli will stay as ceo of the company,
Since 1959 IPE srl has been manufacturing armchairs, sofas, beds, sofa-beds and complements of high-design. Now the company simply creates, design and distributes its creations, while it does not manufactures its products, IPE trusts instead a group of strategic suppliers who produce absolute high quality made in Italy products.
Visionnaire has presence in more than 50 countrys through flagship stores and showrooms, with special attention to Middle and Far East, Visionnaire brand is also distributed by a network of 600 distributors and by more than 1000 architecture and interior design firms.
SInce 2010 IPE doubled its revenues to 35 million euros in 2013 (of which 85 pct out of Italy) with a 20 pct ebitda margin and no financial debts. BUt Ergon Capital’s acquisition has been financed by a bank facility of 3x ebitda,
Led in Italy by Emanuele Lembo, Ergon Capital Partners has been preferred by IPE’s founders also thanks to its links to French luxury giant Lvmh. Ergon, Capital infact invests in Benelux, Italy, Spain, Prtugal, France and Switzerland with financial support from Parcom Capital (Ing) and moreover from Groupe Bruxelles Lambert, led Albert and Gérald Frère, co-owners of Lvmh together with Bernard Arnault.
Ergon has been supported in the deal by finanzial advisor Fineurop Soditic and by Gianni, Origoni, Grippo, Cappelli & Partners law firm. Sellers have been advised by Lazard and RDRA law firm.
