MILAN — L-Gam, a Luxembourg-based investment firm backed by the princely family of Liechtenstein, said Thursday it has entered “a strategic partnership” with Ieading Italian beauty manufacturer Ancorotti Cosmetics Srl.
The deal involves L-Gam’s acquisition of a stake in the cosmetics company, but financial details were not disclosed. Reached on Thursday, L-Gam declined to provide further information on the transaction, while Ancorotti Cosmetics did not respond to requests for comment.
The operation is aimed at enhancing the beauty company’s international presence, at broadening its product offering as well as at targeting possible new acquisitions to complement Ancorotti Cosmetics’ existing operations.
The firm’s chief executive officer and chairman Renato Ancorotti will retain those titles, along with his daughter Enrica Monica, who’s vice president and co-director. They established the company together in 2009 and led it jointly as it scaled up throughout the last decade.
Ancorotti Cosmetics began specializing in high-tech mascara, soon expanding to other makeup and skin care products developed for international beauty labels. The firm currently serves over 300 customers worldwide and registered turnover of about 105 million euros in 2019, 85 percent of which was generated outside Italy. Its plant in Crema — located in the so-called Italian “Cosmetic Valley” — employs more than 300 people, 65 percent of whom are women.
Since 2018, Renato Ancorotti has also served as president of Cosmetica Italia, the Italian association of cosmetics companies. As reported, earlier this month he was additionally named “Cavaliere del Lavoro,” or “Knight of Labour,” one of the highest honors bestowed by the president of the Italian Republic, who is currently Sergio Mattarella.
Established in 2013, L-Gam is a long-term oriented investment company with capital commitments of over one billion euros. It focuses on partnering with management teams in small and medium-sized companies across Europe and hailing from different industries.