The Italian retail group OVS SpA wants to strengthen its presence in the homeware segment, in which its Upim chain is already active with the Croff brand. On Monday, OVS made a binding offer to fully take over household goods provider Kasanova SpA. Speculation about such a transaction has been circulating since this summer.
Kasanova has a network of around 700 points of sale
Kasanova is a brand specialized in household products, with a high level of awareness, a strong presence and a loyal clientele in Italy. Their wide range consists mainly of own brands. The particular focus is on household goods and home textiles.
The brand has a network of around 700 points of sale. Of these, around 220 are operated independently and 280 by franchise partners. In addition, Kasanova has 200 corner spaces in hardware stores.
OVS: The aim of the takeover is to strengthen the homeware segment
“The idea behind the takeover is to strengthen the group’s position in the homeware sector,” explained OVS. “This is characterized by high fragmentation and great resilience. The aim is to take a leading position at the national level in this market too. Croff will benefit from Kasanova’s valuable know-how in the living segment, while Kasanova will benefit from Croff’s greater expertise in the textile sector,” it said in a statement.
“The number and quality of Kasanova stores can be further increased by finding optimal brand solutions within the network of the entire OVS Group,” the group said. In addition, the company will “benefit from the expansion of the existing corners for household products, which are already located in around 150 Upim stores”.
Although Kasanova enjoys good demand, the company has long suffered from low profitability, OVS explained. This is mainly due to “excessive structural costs”. Kasanova had to apply for restructuring proceedings in October 2024. A turnaround plan was then initiated, which included the closure of less profitable stores and generally aimed at reducing costs and inefficiencies.
The takeover plan is expected to lead to a “significant improvement in the financial structure” of Kasanova
According to OVS, Kasanova expects sales of almost 300 million euros for 2025 with slightly positive earnings before interest, taxes, depreciation and amortization (EBITDA). As part of the takeover plan now presented, Kasanova’s share capital is to be reduced to zero. OVS will then acquire 100 percent of the shares as part of a capital increase of 15 million euros. This will lead to “a significant improvement in the financial structure,” the group explained. In addition, the creditors should waive claims totaling around 40 million euros when OVS joins the company. In this way, “an essentially balanced financial starting position” could be achieved at the beginning of 2026, according to the statement.
The completion of the transaction is subject to the fulfillment of certain conditions by December 31st. This includes the finalization of the agreements with the financial creditors, the successful completion of the ongoing restructuring process and the decision by the responsible committees of Kasanova on the planned capital cut and the subsequent capital increase. In addition, according to OVS, “no events or circumstances may occur that lead to a deterioration in the financial or economic situation of Kasanova compared to the situation underlying the binding offer.”
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