PittaRosso bought by British private equity firm Lion Capital
PittaRosso passes under British command. The Italian shoe retail chain, which was bought in 2011 by Alessandro Benetton's private equity firm 21 Investimenti, has been acquired by Lion Capital, announced the press release from 21 Investimenti, which indicated that it has signed an agreement with the English private equity firm. The amount of the transaction has not been revealed.
Specialised in the retail and consumer goods segment, Lion Capital was founded in 2004 and has invested nearly 6 billion euros in more than 30 operations in Europe and North America. The investment firm is present in the fashion world through labels like John Varvatos, brands like AllSaints, and in the optical retail chain store Afflelou.
The Alessandro Benetton private equity firm will continue to participate in PittaRosso, "to assist the new controlling stakeholder and the management led by Chief Executive Andrea Cipolloni, by continuing the ambitious development plan in Italy and abroad," he specified.
The Venetian company founded by the Pittarello brothers near Padoua specialises in the retail sales of shoes at affordable prices for the entire family. Since 2011, it has doubled its revenue, which should reach 240 million euros in 2014, while its gross operating income stands at 30 million euros. Lion Capital hopes to arrive at 800 million euros in five years.
PittaRosso has also multiplied its store openings, accumulating 120 points of sale compared to 57 in 2011, and exporting its formula abroad with retail points in Slovenia and Croatia, and especially in France, which already has 3 locations.
1 EUR = 0.788786 GBP = 1.23026 USD
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