Italian mid-market private equity firm Alto Partners has sold its 25% stake in Piquadro, a Bologna-based leather accessories company. Alto fund Development Capital 1 sold the interest to BNL Investire Impresa in a €33m deal which also saw Piquadro’s founder and controlling shareholder Marco Palmieri sell a 10% stake. The fund made a 2.5x return, generating a 30% IRR.
Alto invested in the business in February 2002 when it provided €3.4m of development capital. Piquadro manufactures and distributes leather accessories for business, office and travel.