The news came directly from the Italian Government as the Council of Ministers said it was not going to use its golden power so allowing the private equity firm owned by the Montezemolo family to buy a majority stake in a company which is considered of strategic importance (see here the press release).
Fiocchi’s chairman Stefano Fiocchi (the great-grandson of Fiocchi’s founder Giulio) told Il Giorno that “The deal is still ongoing and this won’t mean that the familiy is going to leave the company as the family holding company is going to keep a significant stake in the capital”.
Mr. Fiocchi added that “as the aim is listing the company at the Stock Exchange and we are many shareholders, we needed a partner able to bring us to a major consolidation”. Actually now Fiocchi’s capital is spread out among 47 different shareholders members of the founding family.
Fiocchi Munizioni employees 670 people and reached 139.5 million euros in revenues in 2016 (from 135.4 millions in 2015) and 19.9 millions in ebitda (from 19.5 millions) with a positive net finance position of 5 millions (from 3 millions in 2015) (see here an analysis by Leanus, after free registration and login).