Clessidra to exit Italian jeweller Buccellati

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Buccellati jewellery

The Italian mid-market private equity firm, together with the Buccellati family, has agreed to sell an 85% stake in the business, while retaining a 15% combined minority holding, according to a statement.

Financial details of the deal – which is subject to Chinese government approval – were undisclosed but a person familiar with the matter said the deal valued the company at €230 million.

Clessidra bought a 67% stake in Buccellati in 2013 with the remaining 33% retained by the founding family.

During the investment period, Clessidra and the Buccellati family made significant investments to further boost the image of the brand, expand its distribution network, support the product offering and strengthen the management structure, the firm said.

Marco Carotenuto, managing director at Clessidra, said Buccellati had achieved a 60% growth in revenues since it first invested in the business.

The sale of Buccellati is the second divestment Clessidra has made this month. On December 6, it agreed to sell office furniture manufacturer ABM Italia to BC Partners-backed Keter Plastics, which generated a 3x return for the firm.

Clessidra is investing its third fund, a €607.3 million vehicle raised in 2016. It closed the fund in December – less than a year after it suspended fundraising following the death of its founder Claudio Sposito.

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