MILAN — Private equity Alcedo IV Fund has acquired a 60 percent stake in Italian premium sneaker brand Atlantic Stars. The value of the operation was not disclosed.
The remaining 40 percent will stay in the hands of the brand’s four cofounders Alessandro Squarzi, Cristiano Martelli, Gian Luca Zucchelli and Matteo Zoni, who will keep their roles within the company in the style, manufacturing and distribution areas.
The acquisition of a majority stake in the brand was realized through the purchase of Finest Shoes Srl and two other companies owning the Atlantic Stars footwear label, as well as the Rov firm, which delivers more elegant sneakers positioned in the affordable luxury segment. The latter was also part of the acquisition.
“Alcedo is excited to work together with the four founders to accelerate the growth and internationalization of the Atlantic Stars and Rov [brands], positioning them as leading global brands in the premium and luxury markets,” explained Alcedo partner Sonia Lorenzet, who, along with Michele Gallo and investment manager Alessandro Zanet, conducted the operation on behalf of the private equity.
Squarzi, who oversees the distribution division at the footwear brand, said stories of new brands that grow quickly are “rare and exceptional.” Atlantic Stars, with a brand and a style that was developed in a few seasons, is one such story, he noted. Alcedo, with its financial strength and expertise, can help develop the brand’s international potential. He admitted that, to this end, the company, founded in 2015, had been looking for a financial partner for some time.
Atlantic Stars delivers men’s, women’s and children’s footwear collections inspired by the Eighties’ aesthetics, all featuring a star-shaped logo. The products are currently distributed through a network of around 500 multibrand stores worldwide, as well as through corners in key countries such as Italy, South Korea and Japan, the latter also home to the first stand-alone flagship of the brand. The firm is expected to generate revenues of 17 million euros in 2018.
Alcedo IV Fund’s parent company Alcedo Sgr, which manages a portfolio of 195 million euros, also controls six other companies in the cosmetics, agriculture and retail businesses, among others. The acquisition of a majority stake in Atlantic Stars marks the company’s first foray in the fashion business.