ICFG Italy advises Gruppo Florence in the acquisition of Maglificio Erika Srl, producer of knitwear for luxury brands
Florence Group increases its production capacity in the clothing sector through the acquisition of five companies of excellence specialising in
niche productions: CAM (BG), Confezioni Elledue (AR), Frediani (TO), Parmamoda (PR) and Pigolotti (PG). At the same time as the acquisition, the founders of the respective companies reinvested in Gruppo Florence and joined the Giuntini, Capezzuoli, Maltinti families,
Ciampolini, Sanarelli, Romolini, Bonacina and Bertolani, already shareholders of Gruppo Florence, 65% controlled by VAM Investments, Fondo Italiano d’Investimento (through Fondo Italiano Consolidamento e Crescita – FICC) and Italmobiliare.
This consolidates Gruppo Florence’s business model, aimed at safeguarding technical and cultural technical and cultural know-how of Made in Italy productions, which in little more than two years has in less than two years has brought together 12 companies for an estimated total turnover of over 200 million euro with over 1,000 employees operating in different regions of Italy.
In detail, joining the Florence Group are:
₋ CAM, a family business led by Giorgio Corrente based in the province of Bergamo, specialising in the manufacture of total look clothing, both for women and men’s wear, and high-tech garments.
₋ Confezioni Elledue, founded in 1976 in the province of Arezzo, is headed by founder Maria Grazia Livi. The company is known for producing casual and sporty outerwear highly tailored. The presence of its teams has long been considered indispensable by several international brands during fashion show week in Paris and London.
₋ Frediani, a company founded in Turin in 1992 by Massimo Frediani, son of the modelling and tailoring of Italian haute couture. The company, leader in design of high-end outerwear for brands in the luxury world, is also able to follow the industrialisation, purchasing and production phases.
₋ Parmamoda, founded as a school for pattern-makers and prototypists for the great brands of the Haute Couture in 1999 became an enterprise, thanks to the will of sisters Francesca and Giovanna Bertagna. Today it is a company of excellence in the production of day and evening dresses and lightweight outerwear. Since 2007 Parmamoda has decided to invest in an in-house production line with the Rovigo branch of Piemme Officine. In next May 2022 Gruppo Florence will inaugurate the new location, following the acquisition of the company branch (formerly the Polesine fashion centre) including machinery, know-how and personnel to almost double the in-house production capacity and count for Parmamoda, a total of around 80 employees.
₋ Pigolotti, a family business in the province of Perugia, has been producing plush and jersey garments since 1979. Jersey in combination with materials such as cashmere, silk and technical fabrics. Born as a pure façonista, the company has evolved to offer prototyping and sampling for adults and children.
The five new companies join Giuntini, a leader in outerwear and lightweight fabrics, Ciemmeci, prestigious producer of leather and fur garments, Mely’s, excellence in the knitwear segment, Manifatture Cesari, jersey specialist, Emmegi, historic manufacturer of informal outerwear for men and women, Antica Valserchio, leader in the production of scarves and stoles for the most important brands in the international fashion system, and Metaphor, producer of high-end knitwear for the leading international brands of luxury brands.
Gruppo Florence was assisted in the various transactions by District Advisory as M&A advisor, DWF for the legal part and by KPMG, Gatti Pavesi Bianchi Ludovici and Grant Thorton for financial and tax issues.