ICFG Italy advised Gruppo Florence on the acquisition of Antica Valserchio
|ICFG Italy advises Gruppo Florence on the acquisition of Antica Valserchio…
Gruppo Florence grows with the integration of the leading producer of soft accessories for the main worldwide luxury brands company.
|Antica Valserchio is a Tuscany-based firm founded 70 years ago by the Bertolani family. It produces textiles for the accessories, ready-to-wear and upholstery sectors. This is the sixth acquisition of Gruppo Florence aiming to become a premium made in Italy products, and supply to major luxury fashion brands. The acquisition was made through VAM Investments (in control of the Gruppo Florence) and the Fondo Italiano d’Investimento and Italmobiliare.
Gruppo Florence’s sales in 2021 are expected to reach 170 million euros, and is now expecting to close 2021 with a turnover of around 170 million and more than a thousand employees.
Antica Valserchio has a 70-year history, 90 employees and a production network made up of a dozen Prato textile companies with 300 employees. In 2019 it had a turnover of 34.7 million (+ 34%), 32% of exports, with an EBITDA of 19% and 1 million scarves and stoles produced. In recent times it has been expanding to the production of fabrics for furnishings, clothing, bags and shoes.
|“Our goal is to establish synergies and offer excellent services to international
luxury brands,” said Francesco Trapani, Gruppo Florence president and chairman of VAM Investments. “Antica Valserchio, with its 70-year history, will bring additional know-how to our conglomerate.”
“We want to create synergies – explains Trapani – and offer increasingly excellent services to international brands in the luxury segment. Antica Valserchio will add further know-how to our aggregation”. An aggregation that for Alessandro Bertolani, in Antica Valserchio, will bring «notable industrial synergies with companies that were already part of the Florence Group”.