Paris — Bluegem Capital Partners has acquired Panzeri Diffusion, an Italian company trading in the professional hair care category.
Financial terms of the deal were not disclosed.
Bluegem, a London-based European mid-market fund focused on consumer brands, made the purchase through its Pool Service subsidiary, which was established in September 2019 after Bluegem acquired the Pool Service/Medavita group. The purpose of this deal was to create an aggregator platform in the professional hair care category.
Its beauty segment, estimated at €14 billion worldwide, has faced particularly difficult times in the past few years, prompting industry executives to increase footfalls to professional hair salons and, in some cases, to consolidate activities and increase production. Trying to build a useful critical mass. Negotiating operational and distribution deals.
Panzeri was founded by Ivano Panzeri in Malnate, Italy in 1999 and owns professional hair product brands such as Z.one Concept, Milk_Shake, No Inhibition, Simply Zen, Depot and Urban Tribe.The Group’s products are available in domestic and international markets, including the United States
Last year Panzeri generated sales of around €49 million. The number of employees in the group he has 130 people.
“The acquisition of Panzeri Diffusion in October 2020 is for Pool Service/Medavita the first significant step towards the integration of areas that offer significant operational synergies,” Bluegem announced on Monday. said in a statement. “Medavita will also be able to leverage Panzeri’s successful experience in the US market to grow its presence in North America.”
When the two groups are merged, the new entity will be named BeautyNova. It is his third largest group operating in the Italian professional hair care market, with an estimated annual value of €540 million and an estimated total turnover of approximately €90 million. International sales must account for more than 60% of his revenue, not only in the United States, but in over 70 countries, including China and Latin America.
The combined company has over 300 employees, a portfolio of over 12,000 proprietary formulations and an in-house research and development department.
According to Bluegem, current Panzeri CEO Stefano Banfo will lead the group’s development over the next few years.
Panzeri said he wants to ensure continuity and continued development of the company he founded. Especially as the professional hair care market is more competitive than ever.
“That is why I chose a group that has ambitious development plans and adds value to the extraordinary results my company has achieved so far,” he explained.
“Together, we share the extraordinary synergies that may exist and the benefits that this transaction can provide for global growth – a virtuous bond between our two companies,” Panzeri said. I am.” “The opportunity to remain in Varese to protect the safety of our collaborators and to remain an economic value for Varesotto. [the area surrounding the city of Varese] It was an important consideration in my decision. “
“This transaction fits perfectly with the investment strategy of the Bluegem III Fund, which is focused on stable consumer brands. [consumer staples] Bluegem Capital Partners co-founder Emilio Di Spiezio Sardo said in a statement: Furthermore, this transaction confirms his Bluegem’s interest in the Italian market, which we believe and aim to accelerate the achievements of Italy’s most promising entrepreneurs. . “
Deloitte Financial Advisory acted as financial advisor to Bluegem. Latham & Watkins, Studio Gattai, Minoli, Agostinelli and Partners acted as legal and tax advisors, respectively, to Bluegem.
Panzeri’s financial advisor was Milano Global Advisors and Studio Barberi & Volpi Associati acted as legal advisor.
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