MILAN — L Capital is entering the mobile devices market — or at least the products that carry them.
This story first appeared in the July 3, 2013 issue of WWD. Subscribe Today.
The private equity fund backed by LVMH Moët Hennessy Louis Vuitton has acquired a 53 percent majority stake in CellularLine, an Italian company that designs and distributes accessories for smartphones, tablets and other mobile devices.
The agreement was signed by L Capital and CellularLine’s founding Foglio and Aleotti families, who still retain a 40 percent stake in the company. The remaining 7 percent was acquired by Milan-based merchant bank DVR Capital.
“We decided to invest in a very dynamic and successful company and a strong management team to build a leader of the industry,” said L Capital senior partner Philippe Franchet, referring to CellularLine, which is expected to generate revenues of 140 million euros, or $182 million at current exchange, in 2013.
“I am very satisfied about the opportunities that this partnership will bring to CellularLine, both in Italy and abroad,” stated CellularLine chairman Piero Foglio. “We share a common growth strategy which is very motivating, both for us and for CellularLine’s management team, which is a guarantee for our current success.”