The private equity fund ‘Made in Italy’ managed by Quadrivio & Pambianco invests again in the fashion sector: through its holding company Fine Sun, it has signed an agreement to acquire the majority stake in the Turin-listed company Cover50, owner of the premium Italian brand PT Torino is.
Cover50, whose shares have been traded on the Milan market Euronext Growth since 2015, is managed by Pierangelo Fassino and his son Edoardo. The PT Torino brand is best known for its high-quality trousers and denims for men and women. PT Torino has been working on expanding the range since 2021 and now also offers complete looks. About 43 percent of PT Torino’s sales are generated in Italy, while the remaining 57 percent comes from foreign markets, with Japan and the United States accounting for the largest share. Distribution is mainly via wholesale and, more recently, via the e-commerce channel.
Stock exchange listing to be terminated
The entire transaction and public offering are aimed at delisting the Cover50 shares. The signed agreement provides for the acquisition of 3,271,900 shares of Cover50 at a price of EUR 13.50 per share by a special purpose vehicle indirectly controlled by Fine Sun. This sum corresponds to 74.4 percent of the company capital. The transaction is expected to close in the course of April.
Subsequent to this, and subject to the procedures and deadlines required by law, the mandatory public offering of the remaining 25.6 percent of the capital is to take place at the same price per share.
Edoardo Fassino will continue to play an important operational role and also remain a member of the Board of Directors. “For us, this is a new experience that we would like to have. Joining a financial and industrial group like Fine Sun (Made in Italy Fund) was a necessary step in structuring a project destined to bring further growth. Scale in every sense will be a key factor in the years to come and we believe this transaction has helped secure a promising and satisfying future for the company,” said Edoardo Fassino.
Walter Ricciotti, Managing Partner of the Made in Italy Fund and co-founder of Quadrivio Group, commented: “With PT Torino we are adding a strong Italian brand to our portfolio, which complements our previous acquisitions and confirms the Fund’s strong propensity to invest in companies that stand for Italian excellence. We also believe that this transaction represents a development opportunity for the entire Fine Sun industrial group, which is increasingly able to introduce and promote significant synergies and streamlining mechanisms in order to make its subsidiaries even more competitive in their respective markets, particularly internationally close.”
Six fashion brands under one roof
With this financial transaction, the Made in Italy Fund marks the Fund’s eleventh transaction and seventh in the fashion sector. Five other companies are now part of the Fine Sun Group: 120% Lino, an Italian leader in the manufacture of linen and natural fiber clothing, Rosantica, a brand specializing in the manufacture of jewelry bags and accessories, Dondup, a company specializing in denim -makes apparel, and Autry and Ghoud, which primarily make sneakers. PT Torino would be the sixth brand.
The investment by the Fine Sun industrial group in Cover50 aims to reinforce the current structure, increase the international presence of the PT Torino brand and strengthen the digital and retail channels through a global strategy.