MILAN — Outerwear specialists continue to attract the money crowd.
Italian investment bank Mittel is returning to the fashion world through the acquisition of Ciesse Piumini, following Borletti Group’s recent investment into puffer specialist Moorer.
Eleven years after exiting Moncler, Mittel has once again shopped in the outerwear segment by acquiring 90 percent of Sport Fashion Service Srl, the company operating the Ciesse Piumini sportswear and outdoor brand. The fashion label was founded in 1976 by Silvano Cinelli and rose to prominence in the Eighties when Caroline of Monaco and her late husband Stefano Casiraghi sported Ciesse Piumini jackets during the Paris-Dakar rally.
The transaction between Mittel and Franco Stocchi, who acquired the majority of Sport Fashion Service Srl in 2017, is valued at 11.3 million euros. Sport Fashion Service Srl is expected to close 2019 with revenues exceeding 25 million euros and a 20 percent EBITDA margin.
“This operation is consistent with our strategic plan and with the project of value creation focused on a strategy of diversified investments in outstanding sectors of the Made in Italy,” said Marco Colacicco, president of the executive committee of Mittel, which counts investments in the automotive, luxury bathroom furniture and health residence industries. “For Ciesse Piumini we aim, also through the reinforcement of the managing team, to significantly increase revenues by consolidating the company’s profitability.”
In conjunction with the transaction, Fabio Primerano has been named executive president of Ciesse Piumini. An engineering graduate from Rome’s La Sapienza University, Primerano, who has also earned a Business Administration master from Boston’s Sloane School of Management, is an international manager with extensive experience in the digital, telecommunication, ICT, energy and hospitality industries.