Private equity firms Carlyle and Investindustrial are studying their divestment from Design Holding spa, the high-end furniture hub that includes B&B Italia (furniture), Flos and Louis Poulsen (lighting) and YDesign (e-commerce), Il Sole 24 Ore wrote, adding that an advisory mandate has been entrusted to the investment bank Lazard in recent days. Obviously, one of the hypotheseson the table is the listing on a Stock Exchange.
Investindustrial and Carlyle had founded Design Holding at the end of 2018: Investindustrial had contributed its stakes in B&B Italia, Flos and Louis Poulsen, while Carlyle who had injected cash to finance further acquisitions (see here a previous article by BeBeez).
We recall that Design Holding last May 2021 launched the Fashion Furniture Design (FF Design) joint venture with the fashion brand Fendi (see here a previous article by BeBeez). A few weeks earlier, in April, the group announced the acquisition of YDesign Group LLC, a US e-commerce company specializing in furniture based in Walnut Creek, California (see here a previous article by BeBeez). Previously, in turn B&B Italia, in 2018 almost simultaneously with the creation of Design Holding, had acquired the historic Milanese furniture design brand Azucena (see here a previous article by BeBeez), while in September 2016 it had bought the Arclinea kitchen brand (see here a previous article by BeBeez).
Design Holding closed FY 2020 consolidated financial statements with net revenues of 520.6 million euros, an ebitda of 128.9 millions and a net profit of 20 millions, versus a net financial debt of 605.5 millions (see here the Leanus report, after registering for free). However, considering the acquisitions carried out in 2021 and further growth, the group is seen should reach a turnover of approximately 850 million euros by the end of 2022, generating approximately a 200 millions ebitda. The objective of the group, which operates nine production plants between Italy, Spain and Denmark, would in fact subsequently reach one billion euros in turnover, to be achieved both by growing internally and through new acquisitions. The investment banks are basing themselves on these numbers to make their proposals in the context of the definition of the syndicate of placement of the hypo.
We recall that, again in the design sector, Investindustrial also holds in its portfolio the Spanish company leader in the production of large-format surfaces in sintered stone Neolith and Jacuzzi Brands whirlpools. In the past, to remain in the architectural field, he had invested in the leader of facade coatings Permasteelisa and in the lighting design company Ing. Castaldi.