MILAN — Gruppo Florence is further consolidating its Italian holdings with the acquisition of Antica Valserchio, a Tuscany-based firm founded 70 years ago by the Bertolani family. It produces textiles for the accessories, ready-to-wear and upholstery sectors.
This marks the sixth acquisition for the group, established in October 2020 with the goal of developing a platform to supply high-quality Made in Italy products to major luxury fashion brands while safeguarding the technical and cultural know-how of small and medium-sized family-owned Italian companies.
As part of the agreement, the founding Bertolani family will have a 35 percent stake in Gruppo Florence, together with the entrepreneurs that founded the other companies acquired by the group.
Along with Antica Valserchio, Gruppo Florence, which is controlled by private equity fund VAM Investments, Fondo Italiano d’Investimento and Italmobiliare, operates jersey specialist Manifatture Cesari; outerwear manufacturer Giuntini; Ciemmeci, a company specialized in the production of leather and fur pieces; knitwear firm Mely’s, as well as informal outerwear specialist Emmegi, the latter acquired last July.
“Our goal is to establish synergies and offer excellent services to international luxury brands,” said Francesco Trapani, Gruppo Florence president and chairman of VAM Investments. “Antica Valserchio, with its 70-year history, will bring additional know-how to our conglomerate.”
Alessandro Bertolani, chief executive officer of Antica Valserchio, touted the industrial synergies with other companies part of Gruppo Florence’s portfolio. The family company counts around 90 employees working at two plants in Castelnuovo di Garfagnana, on the outskirts of Lucca, Italy.
As Trapani told WWD in June, Gruppo Florence’s sales in 2021 are expected to reach 170 million euros, but he noted that the full benefits of the acquisitions will be seen in 2022 or 2023.