Made in Italy Fund, through its subsidiary holding Fine Sun, executed an agreement for the acquisition of the majority of COVER 50, a company whose shares are traded on the Euronext Growth Milan market and owned by Pierangelo Fassino and his son Edoardo, owner of PT Torino brand, considered among the international market leaders for trousers and denim in the high-end segment.
Currently, Fine Sun heads an industrial group that already counts five companies in the fashion world (120%Lino, a leading Italian company in the production of linen and natural fibre garments; Rosantica, a brand specialising in the production of jewel bags and precious accessories; Dondup, a denim clothing manufacturer, as well as the sneaker brands Autry and Ghoud).
FHold shall reinvest in COVER 50 in an amount equal to 20% of the corporate capital (through the vehicle identified for the execution of the transaction, on equal terms with Fine Sun); Edoardo Fassino shall maintain a prominent operational role (in addition to being a board member), actively participating in the implementation of the project. In the broader context of the transaction, it is envisaged, inter alia, that FHold and Fine Sun enter into a shareholders’ agreement.
Subject to the fulfilment of certain conditions, closing of the transaction is expected in the month of April. Therefore, a mandatory tender offer for the remaining 25.6% of the corporate capital shall be launched according to the timing and conditions provided for by the law.
Pedersoli Studio Legale managed legal aspects of the transaction. Fine Sun was advised by a Milan-based team led by Ascanio Cibrario (equity partner) with support from Luca Rossi Provesi (partner), including Edoardo Augusto Bononi and Raffaele Mittaridonna (associates) for M&A profiles. Francesca Leverone (partner) and Elisa Bertoni (associate) managed capital markets aspects, while Carlo Antonio Talarico provided legal assistance in relation to labour law matters. The sellers were advised by a Turin-based team led by Marcello Magro (equity partner), with support from Fabrizio Grasso (junior partner), Marta Sassella (partner), Federico Gatti (associate) and Giulia Rossi.
The due diligence was carried out by PWC in relation to tax and accounting aspects. FHold was also assisted by Studio Dondona in Turin. Made in Italy Fund was advised by Banca Mediolanum Investment Banking as financial advisor.