Specific terms of the deal, in which 21 Investimenti took a majority stake in the footwear brand, were not disclosed.
Designed by Paolo Gambato, the label offers men’s and women’s sneakers manufactured in Italy’s Riviera del Brenta footwear region. The brand generates annual sales of about 100 million euros, or $111 million at current exchange.
Through this investment, 21 Investimenti said it aims to boost Philippe Model’s internationalization process supported by the opening of flagships in the most important cities in the world, as well as by reaching a wider customer base.
A new chief executive officer is expected to be named at the brand soon.
Benetton lauded the company for having made its mark in a leading sector of the Made in Italy manufacturing movement, as well as for its attention to product, materials and design.
“Our goal is to make it a leader on the international scene: Philippe Model represents a typical example of the Italian savoir faire, which through the use of local skills conquers international markets thanks to a high-quality, elegant product,” he said in a statement.
“This collaboration will enable us to reach new goals by facing new challenges, which we are ready to take on with enthusiasm,” Gambato said.
With a focus on investing in companies with an enterprise value in the range of 50 million euros to 200 million euros, or $55.4 million to $221.6 million, 21 Investimenti has completed more than 80 investments in Italy, France and Poland since its founding in 1992.
The private equity company has already had footwear experience. As reported, through its 21 Partners branch, it in 2011 first invested in retailer PittaRosso, which more than doubled its turnover in three years. Then in late 2014, 21 Partners sold its majority stake in the company to retail and consumer goods investor Lion Capital.