Business information: Investindustrial, the Italian investment firm that final yr purchased a controlling stake in lighting brand Flos, has acquired a majority share of furniture company B&B Italia.
Giorgio Busnelli, son of late B&B Italia founder Piero Ambrogio Busnelli, will remain a shareholder and CEO of the brand, which is based in Novedrate in northern Italy.
The investment will aid B&B Italia develop its global organization, Investindustrial stated.
“Giorgio Busnelli and his group have demonstrated that they have a quite clear vision of the marketplace and sector in which the company operates,” said Andrea Bonomi, senior companion at the fund.
“Investindustrial will support this vision and make available the resources necessary to permit B&B Italia to carry on to develop internationally, in which the company’s excellent design and style abilities, solution quality and creativity are presently nicely identified.”
Busnelli explained: “Due to its knowledge in the higher-finish market and design and style, it will be ready to supply us with the experience and assets required to pursue our prolonged-phrase techniques of internationalisation and industrial growth.”
Top image: Le Bambole by Mario Bellini for B&B Italia. This image: Bend Sofa for Patricia Urquiola for B&B Italia
B&B Italia’s turnover was €160 million (£115.6 million) in 2014, of which 80 per cent was due to exports. Investindustrial, which owns a stake in luxury automobile maker Aston Martin, is understood to be creating the investment via a subsidiary €1 billion (£722.eight million) private equity fund that is steadily constructing a portfolio of style brand names.
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Investindustrial’s investment in Flos last yr – rumoured to be all around €400 million (£289 million) for an 80 per cent stake – enabled the lighting brand to buy architectural lighting company Ares, Bonomi mentioned, and hinted that B&B Italia could comply with the very same method of acquisition.
“Obtaining acquired Flos and offering it with all the equipment needed for development, the company was in a quick period able to include Ares, a key Italian company in the manufacturing of architectural lighting units for outside areas,” Bonomi stated. “Similarly, we are proud to be ready to now contribute to the development of a business with an excellent reputation in the spot of layout furniture such as B&B Italia.”
B&B Italia was founded in 1966 and is 1 of the most prestigious Italian loved ones-run design brands. Its portfolio involves items by foremost worldwide designers such as Naoto Fukasawa, Patricia Urquiola, and Barber and Osgerby.
In 2011, Busnelli and his brother Emanuale regained control of the household organization from Opera, another investment property. B&B Italia recently sold its 25 per cent stake in luxury design and style brand Moooi to the Dutch firm’s founders, Casper Vissers and Marcel Wanders.
Earlier this yr Busnelli was understood to be looking to promote the brand to an American business, but a deal could not be reached.