Italian private equity firm Investindustrial has agreed to buy a majority stake in kitchen maker Arclinea through furniture group B&B Italia, widening its footprint in the design industry.
Investindustrial, founded by businessman Andrea Bonomi, last year bought B&B Italia, famous for its stylish sofas by famous designers such as Gaetano Pesce and Patricia Urquiola.
“Through this agreement, Investindustrial creates a global high-end furnishings player with about 200 million euros in turnover (85 percent of which is exported) and a presence in over 80 countries,” it said in a statement.
A source close to the matter said B&B Italia would buy 70 percent of Arclinea, whose enterprise value was 10 million euros ($11 million).
Founded in 1925 near Vicenza, in north-eastern Italy, Arclinea started as a wood-processing workshop to become a company that exports more than 65 percent of its output.
It was fully controlled by Italy’s Fortuna family, who will retain a minority stake.
Investindustrial said this was the first step in a growth strategy for B&B Italia that would continue to develop both organically and through acquisitions.
Investindustrial, whose holdings include baby brand Chicco, car maker Aston Martin and luxury shoemaker Sergio Rossi, first ventured into Italian design two years ago by buying lighting brand Flos.