September 12, 2018
Investindustrial and The Carlyle Group (NASDAQ: CG) have announced their intention to create a global high-end interior design group that brings together a collection of powerful and complementary brands, such as Flos, B&B Italia e Louis Poulsen. Financial details of the transaction remain confidential however the group will be the largest global high-end design group with a European heritage, with combined sales exceeding €500 million.
Investment funds controlled by Carlyle and Investindustrial will own equal stakes in the new group and will invest alongside the founders of B&B Italia, the Busnelli family, and Flos founder, Piero Gandini, who both retain minority stakes. Upon completion of the transaction, Piero Gandini, CEO of Flos, will be appointed Chairman of the new Group while Giorgio Busnelli, B&B Italia’s Chairman, will become Vice Chairman.
The transaction is expected to close before the end of the year subject to customary anti-trust and regulatory approvals.
Latham & Watkins represents The Carlyle Group in the transaction with corporate team led by Milan partners Stefano Sciolla and Giancarlo D’Ambrosio, with associates Giovanni Spedicato and Silvia Milanese. Advice was also provided on antitrust matters by Brussels partner Luca Crocco and Washington, D.C. partner Peter Todaro, with Brussels associates Alessio Aresu and Guendalina Catti De Gasperi; on regulatory matters by Milan associate Cesare Milani; and on finance matters by Milan partners Jeff Lawlis and Marcello Bragliani and London partners Dominic Newcomb and Charles Armstrong, with Milan associates Paolo Bernasconi, Alessia De Coppi, and Erika Brini Raimondi, and London associates Matt Dunlap, Tracy Liu, and Marcus Tomlinson.