3i invests in AP Bags
3i, a world leader in mid-market private equity, and funds managed by 3i have signed an agreement to invest EUR 118 million for a 49% stake in the handbags and accessories division of Antichi Pellettieri S.p.A., the Italian branded leather accessories group. Antichi Pellettieri Group is the leather goods division of Mariella Burani Fashion Group.
The involvement and funding provided by 3i, will bring together the brands in a newco, APB Srl (“Antichi Pellettieri Bags” or “AP Bags”), which will be the holding company of 4 handbags and accessories brands: Francesco Biasia, Braccialini, Coccinelle and Mandarina Duck. 3i will provide business development support to assist with further internationalisation of the business, penetrating new markets, particularly China and India, locations sourcing and selection, advertising and promotional management and developing retail operations.
3i’s strong brand in Italy where it has had a local team for almost twenty years and its extensive relationships with business leaders has enabled it to attract Giacomo Santucci, ex COO of Gucci Group and ex MD Salvatore Ferragamo, to the board as a non-executive director.
3i’s consumer sector has also enjoyed success with businesses such as UK based lingerie brand Agent Provocateur, a current portfolio company, and has recently successfully divested Italian toy brand Giochi Preziosi as well as Asian restaurant chain, Little Sheep which listed on the Hong Kong Stock Exchange in a successful IPO earlier this month.
Marco Fumagalli, Partner and Managing Director of 3i Italy commented: “We have found the ideal partner in APB to compliment and further extend our international presence in the luxury goods sector. The deal will reinforce our already strong presence in the international luxury goods sector and will allow us to develop synergies among our portfolio companies, generating value for our shareholders. “
Giovanni Stella, the CEO of Antichi Pelletieri, said: “We share a common strategy with 3i and are optimistic about the development opportunities provided to APB by the extensive network of strategic and industrial partners that 3i has developed in the emerging markets.”
3i is a world leader in private equity. We focus on buyouts, growth capital and venture capital and invest across Europe, in the United States and Asia. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business. These underpin the value that we deliver to our portfolio and to our shareholders. www.3i.com
3i’s buyouts business is a leader in the European mid-market. We lead mid-market buyouts of companies valued at up to around €1bn, using insight from our local knowledge, international connections, and our sector teams. With over €8bn of funds under management and an existing portfolio of over 60 companies across Europe, 3i Buyouts invests in all sectors, with a particular focus on media, healthcare, consumer, business services, financial services, general industrial and oil, gas & power. In 2006, 3i Buyouts raised Eurofund V, which at €5bn, represents the largest fund in Europe dedicated to mid-market buyouts. Recent investments include Agent Provocateur (UK) and Global Garden Products (Italy) and recent exits include Coor Service Management (Nordic) and the IPO of Telecity (UK).
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