FSI INVESTS IN MISSONI
Milan, Friday, June 15th 2018 – The Missoni Family and FSI, on behalf of FSI Mid‐Market Growth Equity Fund, announce the subscription of an agreement related to the acquisition of an interest in Missoni S.p.A..
At closing, the Missoni Family will maintain a controlling interest of 58.8% in the company, while the remaining 41.2% will be held by FSI.
The investment will mainly consist of a capital increase, with no financial leverage on Missoni.
The objective of the partnership is to enhance Missoni’s outstanding awareness and development potential, in order to become a modern and global player, with an adequate organizational structure and size to compete in the global fashion and luxury industry.
The seven persons Board of Directors will include Angela Missoni, as Chairman, Luca Missoni and Giacomo Missoni, as Board members. Rosita Missoni will continue as Honorary Chairman of the company.
Michele Norsa, Industrial Partner of FSI and former CEO of Salvatore Ferragamo and Valentino Fashion Group, will be appointed Vice Chairman.
The company’s growth plan will focus on international expansion, product range extension and the strengthening of the retail channel, mainly in key markets.
Founded in 1953 by Ottavio and Rosita Missoni in Gallarate, Varese, the company is an excellence in the Italian fashion industry, with a unique heritage. Missoni is one of the most well-known independent Italian luxury brands.
Angela Missoni, Creative Director, says “The three generations of the Missoni Family, led by Rosita, are pleased to be entering into this agreement with FSI, a prestigious and patient Italian investor with an international network. It is especially auspicious that this partnership is forged on the year of our 65th anniversary, a time to celebrate our history. I am proud that Missoni will be entering into this new chapter, safeguarding both our family unity and our brand DNA. I am confident that with the support of FSI and the strategic vision of the incoming Vice Chairman, Michele Norsa, we will be able to lead this precious family jewel into a bright future”.
“The investment in Missoni is an extraordinary opportunity to support the growth of this unique Italian brand into a global leader” says Maurizio Tamagnini, CEO of FSI. “The Missoni Family has impressed us for their passion, creative energy and timeless loyalty to the brand. We are honored to have been chosen by them in this prestigious partnership”.
Advisors assisting in the transaction were: Rothschild – as Financial Advisor, LTP – as Industrial Advisor, Carnelutti Studio Legale Associato and Studio Legale BonelliErede – as Legal Advisor respectively of Missoni and FSI, Studio Castelli Professionisti Associati and Studio Biscozzi Nobili – as Fiscal Advisor respectively of Missoni and FSI, EY – as Accounting Advisor.
FSI manages FSI Mid-Market Growth Equity Fund, with investors including CDP, the European Investment Fund (EIF), sovereign wealth funds of Middle East, Far East and Central Asia, asset managers, European insurance companies and banks, bank foundations and family offices of large industrial groups.
FSI investment formula is based on a patient approach and moderate recourse to leverage. FSI targets Italian companies, with the objective of creating value through organic growth and acquisitions, sector consolidation and succession management. FSI pursues both minority investments with active governance rights and majority investments.
Missoni is an Italian brand that has been at the forefront of the world fashion scene since the founders Ottavio and Rosita Missoni started designing their unconventional looks made of patterned knits in 1953. Missoni’s brand turnover is approx. Euro 150 million, with a 75% export. The company has approx. 300 employees with headquarters based in Sumirago, Varese. The second generation runs the company since 1996.
The European Investment Fund (EIF) acted as cornerstone investor committing to the Fund through the European Investment Bank (EIB) with a guarantee from the European Union under the European Fund for Strategic Investments (EFSI).
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