According to a statement Monday by Italia Independent, Creative Ventures Srl is controlled by the fund Talent EuVeca through AVM Gestioni Sgr, which at the date of the closing by the first quarter will also be joined by investment fund Centurion Global Fund Sicav, as well as “eventual additional selected investors.” Italia Independent is listed on the AIM Alternative Market of Capital segment of the Milan Stock Exchange.
“I’m happy to have found new companions in this adventure,” Elkann said. “They will support us in this relaunching phase and will help us grow the Italia Independent label in the world.”
“The brand’s creativity, heritage and values, as well as the intuitions of the founders, are the prerequisites for the growth in new markets and the development of new business models,” said AVM Gestioni SGR SpA president Giovanna Dossena. “We are happy to face this challenge in collaboration with Italia Independent’s management.”
Creative Ventures Srl agreed to increase Italia Independent’s capital by 6 million euros through the issue of 2.6 million shares valued at 1 euro each. At the same time, Elkann will further increase the company’s capital by releasing 851,064 shares valued at 1 euro each.
Following the transaction, Elkann will retain a 53.59 percent stake in the company he founded in 2007.
In 2015, Italia Independent was hit by financial troubles, which required the company to restructure by reducing costs and reinforcing the product offering. To support the relaunch of the firm, Elkann and his brother, John Elkann, increased the company’s capital by 15 million euros in December 2016.
“This operation demonstrates that we are positively closing the restructuring phase and that we can now continue the one focused on investments to relaunch the label and its commercial activities,” said Giovanni Carlino, who joined Italia Independent in November 2016 as chief executive officer. “The results we got in the last few years enable us to reinforce this new path which will be significantly supported by the new investors.”