Muzinich & Co provided unitranche financing and BPER provided a super senior RCF Roberta Di Pinto and Adriano Mencarini ‒ the new CEO and CTO of MIR respectively ‒ will reinvest in the firm and remain part of the company structure MIR is a major international player in spirometry The company facilitates the early diagnosis and monitoring of the most common respiratory conditions and offers an integrated diagnostic platform comprising medical devices (oximeters spirometers and disposable respiratory turbines) and proprietary software able to monitor the main vital indices in real time MIR is the fourth investment for Quadrivo’s Silver Economy Fund, a fund that invests in firms providing services and products for the Silver Age. The fund has already bought Italy-based Siare a company specialized in electro-medical equipment for anaesthesia and resuscitation a group of UK-based clinics providing cosmetic and skin treatments and surgeries a network of outpatient clinics and diagnostic services Quadrivio Group intends to support MIR in its growth and development process to consolidate its presence on its current markets and to boost its expansion in other strategic areas Growth will be bolstered also by future acquisitions and possible add-ons worked on the transaction with Galeazzo Scarampi Dario Di Iorio and Riccardo Milani ‒ the fund’s managing partner investment director and analyst respectively Lincoln International acted as advisor for both M&A (Gianluca Banfi Michelangelo Granato) and debt (Marco Paruzzolo Pedersoli Gattai (Jean Daniel Regna – Gladin Gregorio Lamberti) as legal advisor to Turenne Tax was GPBL (Michele Aprile and Roger De Moro) Financial due diligence by PWC (Nicolò Brombin and Giuseppe Cerfeda) Gide law office for legal due diligence in France; and Demarest in Brazil Paolo Guarnieri) acted as advisor to Muzinich for the legal aspects MarketsHealthcareLife SciencesPharmaSocial CareVeterinary RankingsM&AEquity ResourcesEventsYearbook CompanyAboutContact UsSubscribeNewsletterEHIA This is a major turning point for the brand which was founded in Marseille in 1996 by designer Emma François-Grasset Emma François-Grasset had already opened up its capital in 2017 It brought in Experienced Capital Partners (ECP) the operational investment fund dedicated to premium brands set up in 2016 by the former directors of SMCP Experienced Capital has sold the 42.4% stake it held through its ECP I fund to Quadrivio Group The founder has also sold part of the capital she controlled but she remains a shareholder of almost 30% and maintains her role within the company continuing to act as Managing Director and Artistic Director of Sessùn This acquisition marks Quadrivio Group's first direct international investment in the fashion sector "This is our first large-scale operation in France,"says Alessandro Binello who confides that he already has his sights set on other acquisitions in France which was joined in 2023 by Philippe Franchet as managing partner is also about to open an office in Paris."Sessùn is the leader in its segment and has strong distribution both in France and abroad It's a brand with the potential to go global It needs to take a step forward in terms of size and accelerate internationally we can certainly help it to take a new step," he says."For us this is a very good deal with an excellent return above the average return achieved by investment funds," says Experienced Capital's Chairman without disclosing the amount of the transaction."When we arrived at the end of 2017 and we helped it grow to €70 million with steady growth since sales have increased by an average of 20% a year," he continues it has achieved 13% growth on a like-for-like basis in a flat market clearly taking market share from its competitors in accessible luxury." The Business of FashionAgenda-setting intelligence analysis and advice for the global fashion community snapping up Experienced Capital’s stake as well as additional shares from the brand’s founder.Under new ownership Sessùn hopes to accelerate growth abroad and nearly double its annual sales to €130 million.The Daily Digest NewsletterThe essential daily round-up of fashion news access one complimentary BoF Professional article of your choice Receive news, offers and invites from BoFOur newsletters may include 3rd-party advertising, by subscribing you agree to the Terms and Conditions & Privacy Policy Marseille-based fashion brand Sessùn has sold a majority stake to Italian fund Quadrivio Sessùn encapsulates a Mediterranean aesthetic inspired by its Southern French roots and minimalist handcrafts like ceramic candle holders and wooden spoons The brand defines itself as “accessible and refined,” favouring consistency over trends “We don’t follow the easy road of being presented as a French brand with Parisian style we do things more subtly,” said Laure Olivier Most dresses from the brand are priced between €175 to €245 As the cost of luxury ready-to-wear surges interest has been growing among customers and investors alike for more accessibly-priced brands with a French point-of-view L Catterton acquired a stake in Paris-based leather goods brand Polène while the Bettencourt family’s Tethys fund took a stake in French DTC darling Sézane in 2022 Sessùn has tripled its sales from €20 million to €70 million ($77 million) per year since selling a minority stake to Experienced Capital in 2017 with a steady annual growth rate of around 20 percent Sessùn has sprouted a network of 80 retail stores and corners Now Italian fund Quadrivio has acquired a majority share in Sessùn snapping up Experienced Capital’s 42.5 percent stake as well as additional shares from the brand’s founder to build a majority position Sessùn hopes to accelerate its international expansion: France accounts for 60 percent of their sales though within five years Sessùn wants to flip this percentage aiming for 60-70 percent of their sales to be generated abroad The expansion will mainly focus on growing its retail business outside of France although “wholesale is a strong part of the business,” said Olivier While Germany and Spain are currently its two biggest international markets Sessùn has recently gained a foothold in the UK — opening four London boutiques since 2019 Continued growth in the English-speaking world is crucial for the brand’s next phase with a keen eye on the United States as well The company launched in the US last season in partnership with Nordstrom Experienced Capital previously invested in French womenswear brand Soeur and eyewear label Jimmy Fairly both times exiting around a similar scale to Sessùn’s “It is our business model,” Experienced Capital partner Virginie Birade explained Quadrivio plans to invest in growing brand awareness and communication we need to create that,” Quadrivio CEO Alessandro Binello said Founder Emma François-Grasset will remain the brand’s CEO and artistic director following the deal as we believe they have great potential to make a mark in the increasingly important affordable luxury segment,” Binello said the new investor aims to increase the share of leather goods with a focus on broadening its offer of shoes and bags comparable to the price-point of similar bags from brands like Sézane and Polène Paris Sessùn’s goal is to generate €130 million yearly revenue “We don’t want to lose anyone....Keeping our products accessible is at the brand’s core,” said Olivier With a new heavyweight backer in Italian firm Style Capital — which helped Zimmermann secure a billion dollar valuation — the French contemporary womenswear brand has ambitions to go global But it sits in a competitive and hard-to-crack category Thanks to its sweet-spot pricing and strong brand identity the cult Parisian label is proof that the original direct-to-consumer cut-out-the-middleman business model still works it’s opening a US office and launching new categories like homeware and kids Simone Stern Carbone is Luxury Correspondent at the Business of Fashion She is based in Zurich and Paris and covers fashion and beauty For more information read our Terms & Conditions A gloomy economy probably won’t spoil the Costume Institute’s big party but the ones who do it right foster genuine customer loyalty and extraordinarily high levels of engagement The shiny new storefront on Amazon Luxury did not distract investors this week from Saks Global’s deteriorating liquidity problem The department store is searching for a permanent CEO replacement after Kohl’s Corp.’s board discovered Ashley Buchanan had directed millions of company dollars to his then-undisclosed romantic partner The essential daily round-up of fashion news FashionNetwork.com: Why did Quadrivio invest in Sessùn?Alessandro Binello: It’s our first direct operation in the fashion sector outside Italy And our first major acquisition deal in France It’s a significant investment in the affordable luxury segment Sessùn is a leader in its segment and has a strong retail footprint in France and abroad It's already present in several European countries controlling retail distribution is very important It has the potential to become a global brand It must reach another level in terms of company size we can surely help [Sessùn] reach a new milestone And we will shortly open an office in Paris and have the largest market shares in the affordable luxury segment because there are few [private equity firms] operating on these markets So there are big opportunities.FNW: Are you planning to make more acquisitions in France?AB: Yes and one in cosmetics and perfumes.FNW: Which kind of companies are you targeting?AB: We look for brands that are market leaders in their segment We’re interested in brands that have a strong distribution network and need to improve their communication They must be brands with an international potential brands that can be universally appreciated and can have a broad appeal.FNW: Which company size are you chiefly aiming for?AB: The ideal brands for us generate a revenue between €50 million and €100 million Luxury has dramatically changed in the last few years becoming far more liquid and diffused than it used to be COVID-19 accelerated this change even further The Boomer Generation used to consider high-priced brands as luxury—as statements to show-off their status the luxury label itself doesn’t even have a lot of sense to me anymore. People are dressing up with Cuccinelli sweaters and Zara T-shirts Consumer behavior is changing and brands’ strategy evolving alongside it People look for brands and products to express their identity yet in a different and more personal fashion than they used to Executive bankers are more likely to wear a Swatch or an AppleWatch than a Patek Philippe I think this is a cultural phenomenon strongly related to historical and geopolitical changes There were moments in which showing off was more relevant than an understatement There are still geographies/markets where luxury equals showing off while in others it’s more about knowledge and understanding As the hourglass effect spreads all over the world with the rich get richer as the poor get poorer the HNWI segment looks for something new and strive to be different This is why the traditional status symbols become less and less relevant for them this is also reinforced by brands and their marketing strategies.As Gucci partners with North Face it opens up to a “lower” pricing segment while building equity across new target audiences the same brand might be positioned really differently across geographies: Shiseido plays the premium card across western countries while staying mass in its domestic market Brands’ positionings are different also within the same continent What drives premium in France might not do so in Germany Some Made in Italy brands are perceived much more premium abroad than they are in Italy 120% Lino is luxury in US as Americans consider linen as a luxury fabric to dress up with while Italians tend not go out with a linen shirt at night this caters to differences across cultures and behaviors As the Made In Italy Fund we have recently acquired a turbo-growth brand — GCDS.  We really appreciate founders’ talent, and their ability to build a strong consumer community — and, last but not least, streetwear is growing at a really fast pace.  Two brothers (Giuliano and Giordano Calza) with a strong creative and business vision respectively, who know young Gen Z customers very well. They built GCDS brand leveraging on their knowledge of the Asian/Chinese consumers and were able to export this street culture in the western side of the world.  If we look at some SKU’s (i.e., we sell boots at € 1K+), yet it’s really for everyone if we look across all categories such socks Pricing in itself does not define luxury anymore.  It’s much more important to create a strong bond with your audiences through shared meaning and value rather than by clustering through pricing.  Communicating status isn’t a matter of being part of an enclave anymore; it’s much more related to being in-the-know.  I feel it’s quite meaningless to assign labels to brands All is changing at the speed of life—too liquid to be defined a priori.  We use cookies to enhance your browsing experience We use cookies to help you navigate efficiently and perform certain functions You will find detailed information about all cookies under each consent category below The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site We also use third-party cookies that help us analyze how you use this website and provide the content and advertisements that are relevant to you These cookies will only be stored in your browser with your prior consent You can choose to enable or disable some or all of these cookies but disabling some of them may affect your browsing experience Necessary cookies are required to enable the basic features of this site such as providing secure log-in or adjusting your consent preferences These cookies do not store any personally identifiable data Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms Analytical cookies are used to understand how visitors interact with the website These cookies help provide information on metrics such as the number of visitors Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns Private equity and venture capital firm Quadrivio is to launch a €300m fund dedicated to Italian SMEs The fund will focus on companies with strong growth potential Led by Alessandro Binello (President) and Walter Ricciotti (CEO) fund of funds and real estate investor with over €1bn of assets under management It recently started the raising of two new funds: the first one dedicated to backing life sciences startups  and the second one dedicated to clean energy The firm has exited four companies in 2014 BDO provided financial and tax due diligence tax structuring and SPA advice to Quadrivio Group on the acquisition of The Private Clinic Group (TPC) This included the simultaneous acquisition of an additional four clinics to further TPC's growth strategy This acquisition is the second investment by Quadrivio's Silver Economy Fund focused on companies offering products and services to the Silver Age Quadrivio aims to further boost TPC's development with additional add-ons and diversification in skin treatments while strengthening TPC's leading position in the UK.  TPC provides advanced medical cosmetic treatments hair transplants and treatments for varicose veins and bunions with its flagship clinic based on Harley Street in London.  "BDO provided valuable assistance on Quadrivio’s acquisition of The Private Clinic leveraging their Life Sciences sector-specific knowledge and extensive transaction experience to provide focused and informative reports on a complex transaction ensuring we were kept fully informed throughout the process and their ad hoc support across debt-financing and W&I processes and our wider deal negotiations was greatly appreciated Lewis and the team at BDO and we look forward to working with them again in future." creative director and chief executive officer will maintain their roles in the company and who will keep a “significant direct stake” The value of the transaction has not disclosed a former Gucci chairman and chief executive officer and also a former president of Golden Goose is co-investing in the brand alongside the private equity firm and will join GCDS’ board said in a statement: “It is an honour and a pleasure for my brother Giuliano and I to begin this new partnership It has been a year of strategic decisions and far-reaching changes aimed at expanding GCDS far beyond what it is today “We have built the foundations for a future of controlled This will lead us to a new exciting and challenging phase for our company will create unprecedented new opportunities for GCDS recorded significant growth in 2020 compared to the previous year reaching a turnover of more than 20 million euros in just four years the brand has over 350 points of sale around the world and seven flagship stores The investment from the Made in Italy Fund is aimed at further supporting the brand’s business development through the introduction of an omni-channel strategy aimed at strengthening distribution by favouring the Asian and American markets as well as to continue growing the online channel who will chair the GCDS board of directors added: “We strongly believe in this investment which enhances the fund’s portfolio in relation to the fashion sector and which highlights our expertise in the digital field I believe that GCDS has great potential and that through the development and strengthening of physical and digital distribution channels it can establish itself internationally among the main contemporary fashion luxury brands combined with the know-how of the fund’s team and the experience of Patrizio Di Marco will quickly contribute to the achievement of these objectives.” The acquisition marks the third investment from the Made in Italian Fund in the fashion sector the Italian brand specialising in the creation and production of custom jewellery and bags in September a leading Italian company in the production of linen and natural fibres Made in Italian Fund is stating that it has plans to complete another acquisition in the fashion sector by the end of 2020 a private equity fund managed by Quadrivio&Pambianco through its subsidiary holding company Fine Sun has signed an agreement to acquire a majority stake in the Italian listed company Cover 50 PT Torino is an international renown specialist in offering pants and denim in the high-end segment for men and women a company whose shares have been traded on the Euronext Growth Milan market since 2015 is headed by Pierangelo Fassino and his son Edoardo Photo: PT Torino PT Torino About 43% of PT Torino's sales are from Italy while about the remaining 57% are linked to foreign markets in the 40 markets where the brand operates of which the main ones are Japan and The United States.  Distribution is concentrated on the wholesale channel to which the e-commerce channel was recently added five fashion companies are already part of Fine Sun: Dondup premium jeans and fashion brand; 120%Lino Italian company offering linen and natural fiber garments; Rosantica a brand specializing in the production of jewel bags and precious accessories; and the sneaker brands Autry and Ghoud The investment by the holding company of the Fine Sun industrial group in Cover 50 is aimed at consolidating its current structure increase the internationalization of the PT Torino brand as well as strengthening the digital and retail channels through a global strategy that can allow the brand's further growth Photo: PT Torino PT Torino The goals set will be achievable through targeted investments and through the enhancement and optimization of the synergies that may arise between the companies of the group while still respecting the DNA of each of them.  "With PT Torino we add to our portfolio a strong Italian brand that is complementary to those previously acquired confirming the fund's strong predisposition to invest in companies that symbolize Italian excellence,” said Walter Ricciotti managing partner of the Made in Italy Fund and co-founder of Quadrivio Group.  “We believe that this transaction represents an opportunity also for the development of the entire Fine Sun industrial group which is increasingly able to create and promote synergies and economies of scale making the subsidiaries even more competitive in their respective markets and especially internationally,” he added while underlining that Made in Italy fund already counts 11 acquisitions our of those seven belong to the fashion segment Photo: PT Torino PT Torino "We are happy to embark on this experience Being part of an industrial and financial group such as Fine Sun was a necessary step to make a further growth project become reality," commented Edoardo Fassino "The size issue from all points of view will be a key factor in the coming years and with this operation we are convinced that we have guaranteed the company a future full of opportunities and satisfaction,” he added $(document).ready(function() { adition.srq.push(function(api) { api.renderSlot("renderSlot_Rectangle-2"); }); }); READ ALSO: The Brands Ogni mattina l’informazione di MilanoFinanza Attiva le Newsletter per approfondire i temi importanti After the successes scored by the Made in Italy fund with brands such as Dondup or Gcds Quadrivio group is ready to kick off another round of investment through Made in Italy fund 2 «The first one had a liquidity of 300 million euros while this one has a target collection of 500 million,» Alessandro Binello ceo and co-founder of the private equity firm the company makes an encore in the Italian high-end sector «We will always be linked to the territory but 30% of the fund’s exposure will cover companies producing in Italy or that have strong ties to the country even foreign ones,» the Manager specified anticipating to MFF that there would already be five potential deals in the crosshairs Growth rates will in fact be the main criterion that will guide the evaluation process «Promising companies with big increases and run by ambitious management are obviously our favorites They must have a special feature through which they are developing,» Binello confirmed You announced the launch of the Made in Italy Fund 2 just over a year ago at MFF itself based on the fact that the first is performing very well All our current investors have basically confirmed their trust in us and they will also back us in the new fund If they invested something in the first one the first one had a liquidity of 300 million euros while this one has a target funding of 500 million and we plan to invest it just as quickly we have also strengthened the team with four new additions that we will announce shortly There are changes within the Group as well We have an important French partner with more than 30 years of experience in this field which we will unveil in the first weeks of June We will open an office in Paris that will serve the whole Quadrivio group but it will have a special focus on the luxury world The reason why we have strengthened ourselves in Paris is precisely to act as an aggregator in the luxury sector will it be dedicated to international companies as well Even though we will always be tied to the territory a 30% of the fund’s exposure will cover possible foreign companies that produce in Italy or have strong ties to the country Even the first fund had this «openness» then we actually favored Italy completely for strategic reasons The themes are basically the same as the previous fund We have already found five operations that we are pursuing but the advantage is that we are dealing exclusively with these entities Have you set specific criteria for yourselves The companies experiencing big increases and are run by an ambitious management are obviously our favorites We look for companies that are growing regardless of general macro factors because they are at a moment of major growth and at some point they need a company like ours to make the leap What would be the main advantaged for the companies after concluding this transaction our knowledge of the international distribution network although the concept is often underestimated We bring a very strong expertise that has also been consolidated in recent years with the first fund the latter especially in terms of notoriety We also have considerable experience in digital a channel that is currently under-appreciated by the stock exchanges but which we still see as growing strongly we have a lot of investment within the subsidiaries in the digital channel it will be an important distribution channel We also bring experience in strengthening management and in choosing people because we have actually managed to attract talent with experience in much larger companies our internationalization is also important with people who basically only deal with fashion although we operate with a number of partners we have the conditions to do well this time too The latest investment is Pt Torino for Made in Italy fund 1 You have launched a takeover bid on the parent company The operation seems to me to be going very well but I think there are all the conditions to do well We had prepared this operation for some time in terms of industrial logic The goal is to make Pt Torino much bigger by preserving its characteristics that made the brand successful while giving it the possibilities and tools to develop further Other investees include fashion brands such as Dondup and Gcds although there were no positioning issues to achieve but rather product and distribution development we worked a lot on brand awareness and today it is the one that has grown the most even compared to the big luxury brands We wanted to communicate an evolution of the designer from a streetwear perspective to a more complete collection We expanded the range and development women’s wear What other brands have given you the greatest satisfaction a footwear company that will touch 40 million in ebitda this year its Ebitda was 27 million with 84 million in revenues the turnover is expected to reach nearly 120 million These success stories need to be replicated Are you already thinking about a third fund we will concentrate on the second and selling the first well We take these paths to structure the companies and make them go higher trying to control the risk by doing as much majority operations as possible This is not because we want to prevail over the companies we take over but to be able to attract the best talent by guaranteeing them an important role in the company there is a lot to invest even more in this sector in the future but it is also true that you need to have a specialized team because it has very different logistics such as the personal ability of people on a creative level and the sensitivity to understand the brand and the market Per salvare la news è necessario fare la login This website is using a security service to protect itself from online attacks The action you just performed triggered the security solution There are several actions that could trigger this block including submitting a certain word or phrase You can email the site owner to let them know you were blocked Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page «The Made in Italy Fund II aims to raise 500 million euros for new business acquisition We are soon closing at least three transactions These are compelling companies that maintain growth rates exceeding 20% despite the current market challenges», Alessandro Binello a company that has been promoting investments in specialized funds with a focus on major macro trends for over 20 years Yesterday’s event at the beautiful Villa Miani in Rome was dedicated to addressing these current macro trends is to offer solutions to clients navigating social and economic uncertainties resulting in significant returns even during unfavorable conditions as various factors like decreased M&As and reduced escalating debt costs make it more likely for companies to consider opening up their equity», he explained Alessandro Binello in un momento di Investire nei megatrend There are currently three megatrends that are worth investing in The first trend is «longevity», which refers to goods and services designed for the population aged over 50 (consisting of around 40% of people in Europe and the US The final theme targets manufacturing and service companies that can utilize AI and innovation to revolutionize their business «These three categories are important investment targets We are going to invest over 1 billion euros», he explained Binello explained how the luxury market is expanding the cost of a Chanel handbag has risen from 5,000 euros to 10,000 euros while Hermès prices have increased by 20%» This highlights the potential for larger margins in the accessible luxury These companies are a significant growth target We believe that affordable luxury products offer a hedge against inflation», he added even in light of ongoing discussions about the downturn in the fashion and luxury industry the sector was growing by 20% before Covid-19 we are not scared by this short-term downturn», he explained Binello then provided MFF with an update on the progress of Made in Italy Fund II The Fund continues the work of its predecessor which raised 300 million euros and acquired multiple fashion sector companies we deliberated on 12 and are presently in negotiations We are in the process of rolling closings and assessing the current trading practices of our target companies which we will announce shortly», the ceo clarified the target audience comprises Italian brands we also assess a few foreign brands through our French partner to determine the most promising opportunities Significantly more than 70% of our investments will be made in Italy», he added «While going public is a logical step so getting to this solution requires advancement in the size of the company I believe Moncler’s minimum size achievement which was at least a couple of billion in revenues Our focus now is to achieve sales worth at least a billion Giordano e Giuliano Calza in un momento di Investire nei megatrend The Quadrivio group presented «Investing in Megatrends» in Rome yesterday at the beautiful Villa Miani The event focused on the most promising megatrends to invest in today encouraging reflection and providing possible scenarios The meeting included a series of twenty speeches arranged as individual speeches and three round tables featuring experts from the industry and representatives from the business and financial sectors The initial panel on lifestyle and experience was led by David Pambianco a private equity fund that will invest in lifestyle and some of Italy’s top performers ceo of Autry (part of Made in Italy Fund I portfolio since 2021 both co-founders and ceo and creative director The second panel discussed the longevity and silver economy sectors The last roundtable was dedicated to the topics of innovation and AI Spett.le Redazione Ci siamo ritrovati a 30 anni dal diploma Monti di Ferrara dell'anno scolastico 91/92 Era il giugno del 1992 quando si concludeva il nostro ciclo di studi quinquennale presso l'istituto tecnico statale commerciale.. vorrei segnalare lo stato di degrado in Rampari di San Paolo in prossimità del parcheggio preso d'assalto in questo lungo weekend da camper di turisti Area assolutamente non attrezzata per sosta camper Una lapide dinanzi al binario uno della stazione ferroviaria di Ferrara ricorda la sosta del treno partito da Roma il 19 ottobre 1943 con 1023 ebrei avviati dai nazifascisti verso il campo di sterminio di Auschwitz Foto inviata da Maurizio Boccafogli Commento dell'autore: "A cosa serve avere dei marciapiedi larghi se poi i due terzi sono riservati per.. OPPURE se preferisci non usare PayPal ma un normale bonifico bancario (anche periodico) puoi intestarlo a: "We are currently in the final phases between signing and closing," confirmed Roberta Benaglia noting that the company is valued at 300 million euros "It's a brand with an intriguing price positioning bridging the gap between classic sportswear brands and luxury with products priced around 200-300 euros."Established in Dallas in 1982 the brand experienced success before fading into obscurity Refunded in 2019 by Italian entrepreneurs Marco Doro it has since experienced a resurgence with offerings for women