Investindustrial is leading the secondary buyout of a 65% stake in Italian jewellery retailer Stroili Oro. The transaction is valued at around €190m. L Capital and Ergon Capital, former shareholders of the company, will retain a 35% shareholding. It is also expected that 21 Investimenti, Banca Intesa Wisequity II and another LP of the Investindustrial group will co-invest in the transaction.
L Capital acquired the business in March 2004 via a leveraged buyout transaction for an undisclosed sum. In May 2005, Ergon Capital Partners acquired a 30% stake of the company from L Capital.
Headquartered near Udine in the North East of Italy, Stroili Oro has sales of around €87m in 2005, 24% higher than in 2004 and has 230 stores trading under the Stroili Oro, Franco Gioielli and EXX brands. Since January 2005, the business has opened around four stores a month.