Italian private equity operator Clessidra bought a 35pct stake in Harmont & Blaine. a Naples-based sport-wear and casual-wear company branded with a basset hound (download here the press release). The remaining 65pct will be retained by the four founders Domenico and Vincenzo Menniti together with Paolo and Massimo Montefusco, who have been owners of a 25pct stake each till now.
Clessidra invested 50 million euros of equity via a reserved capital increase, MF-Milano Finanza wrote last Friday August 1st, and the company has been valued around 100 million euros.
The company made 71 million euros in revenues in 2013 (+17.7 pct from 61 millions in 2012) and ceo and founder Domenico Menniti told MF-Milano Finanza last March that his goal is reaching 200 millions in revenues before 2016 and listing the company on the Italian Stock Exchange in 2016 or 2017.(see here a previous post of BeBeez). More in detail Menniti said the entry of a new partner would help it increase revenue in the next three years and raise the proportion of sales it makes internationally.
Menniti said last December the company expected revenue to rise to 90 million euros in 2014 from 61 millions in 2012, before the impact of any outside investment.