The value of the operation was not disclosed. Temasek and Sportswear Company were advised by KPMG and Rothschild, respectively.
Temasek manages a wide range of investments in different business, spanning from financial services, transportation, life sciences and energy to telecommunications, media and real estate. The company is also among the investors of Moncler and Swiss travel retailer Dufry.
“I am truly satisfied for this partnership with one of the world’s most established investment companies. I particularly appreciate Temasek’s investment strategy to participate in companies with strong growth potential, know-how and identity. Furthermore, they guarantee the continuity and the autonomy of the company’s management team which, in our case, has proven to successfully face and overcome our sector’s challenges,” said Sportswear Co. president Carlo Rivetti. “With this operation I wanted to both capitalize the work done in 35 years and to team with a partner to face the increasingly complex opportunities proposed by the markets. I am confident that the brand Stone Island will keep on with increased success its development, being able to count on competent and attentive a partner to the specifics of our business and with strong international relations.”
Sportswear Co. closed 2016 with revenues of more than 109 million euros up 26 percent compared with 2015. Last year, the company registered an earnings before interest, taxes, depreciation and amortization of 20 million euros, up 52 percent compared to the previous year.
Stone Island operates seven doors in Italy, nine in Europe, as well as four boutiques across the Far East and U.S., including units in New York and Los Angeles.
Back in 2013, Sportswear Co. tapped Rothschild as its adviser to evaluate the offers it had received from a number of companies, but at that time, Rivetti decided to maintain the full control of the firm.