On Tuesday, Haeres Equita got the green light from an Italian court to complete the acquisition of Borsalino Giuseppe & Fratelli.

In December, Haeres Equita filed an offer to settle Borsalino’s outstanding debts.

Last spring, Borsalino avoided bankruptcy by filing a petition for a composition with creditors with the court of Alessandria under which Haeres Equita granted the repayment of creditors and became the new owner of Borsalino.

While financial details were not disclosed at the time of the transaction, it is valued at about 20 million euros, or $22.3 million at average exchange rate, corresponding to Borsalino’s debts.

Haeres Equita is an Italian company based in Valenza, near Alessandria, and features investor Philippe C. Camperio among its man shareholders. Camperio is also the managing partner of Swiss private equity Haeres Capital, which owns and manages luxury ventures and real estate.

As a result of the acquisition, Borsalino was able to maintain its production in Alessandria and its 120 employees.