ICFG Italy advises on the creation of luxury clothing production hub Florence SpA
|ICFG member based in Italy, Palmer Corporate Finance, advises on the acquisition by a consortium of investors, to create the first luxury clothing production centre in Italy under the new name of Florence SpA.|
|Milan based Private Equity fund VAM Investments, led By Francesco Trapani, together with Fondo Italiano d’Investamento SGR, have established the first luxury clothing production centre in Italy, Florence SpA, by acquiring three Italian fashion manufacturers all based in Tuscany; Giuntini SpA, Ciemmeci Fashion Srl and Mely’s Maglieria Srl.
The transaction will result in Florence SpA holding 100% of the three companies with 65% controlled by the investors’ consortium, and the remaining 35% by the founding families of the three companies. Francesco Trapani has been nominated chairman of Florence SpA.
|Francesco Trapani commented; “These companies complement each other, they are not competitors, they are three legs of the same table. This is only the beginning of this industrial project. We have already identified other companies that can become part of Florence. We will rapidly expand this integrated platform.”|