Gangtai Group will own 85 percent of Italian jewelry-maker.
Chinese conglomerate Gangtai Group has purchased an 85 percent stake in Italian jeweler Buccellati Holding Italia.
The remaining 15 percent stake will be held by Clessidra and the Buccellati family, according to a press release posted at the PE Hub Network.
Financial terms of the deal were not disclosed.
In 2013, Clessidra took on a 67 percent stake in Buccellati. The remaining 33 percent was held by the founding family, according to the release.
The Gangtai deal is expected to close by the second quarter. It is subject to approvals by the Chinese government.
Marco Carotenuto, managing director of Clessidra, was quoted saying: "We are particularly satisfied with the agreement reached with Gangtai Group. We have strongly supported Buccellati in the last three years achieving a 60% growth in revenues since acquisition. We believe that the company is now ready for a new growth cycle that Gangtai Group will support, considering also its experience in the jewelry market and its strong presence in China."
Andrea Buccellati, chairman of Buccellati, stated: “Our family founded this company almost 100 years ago and will continue to be fully involved to support its development, the creative mastery and production craftsmanship that enabled the establishment of a unique and recognizable style in jewelry and silverware. We welcome the commitment of Gangtai Group to invest significant resources to further develop the Buccellati brand and platform.”
Following the deal with the privately held Gangtai, Gianluca Brozzetti will continue as CEO of Buccellati. Andrea Buccellati will continue as creative director and honorary chairman.
Read more at the PE Hub Network