Furniture and flooring producer Giorgetti has been sold by its private equity owner to a trio of investment firms.
‘Over the past decade, Giorgetti has grown exponentially, developing from a product brand into a fully-fledged lifestyle brand and doubling its sales. This process has consolidated our international presence and expanded our product portfolio, due in part to the acquisition of the Battaglia brand. With the new corporate structure, we are ready to further strengthen our identity,’ says Giovanni del Vecchio, Giorgetti Group ceo.
Progressio, which has owned the group for a decade, has sold to Alsara Investment Group, Solida Capital and Vivium, which have interests in the high-end design sector.
The group’s management will remain in place. The new shareholdings were not disclosed.
Alsara Investment Group is a private investment company founded in 2017 by Rachid Mohamed Rachid. Alsara specialises in founding and investing in the creative industries with a focus on luxury. The group has a track record of several investments in fashion, furniture, accessories, jewellery and other luxury businesses. These include founding Fromm.
‘We will continue to invest and anchor ourselves in Milan based luxury furniture brands aiming to grow them through connecting them with talents globally, in this respect Giorgetti is a leader in the luxury design of furniture and we will be looking forward to working together with the management team to grow the brand globally,’ says Alia Rachid, Fromm founder and Alsara md.
Solida Capital operates as a private asset management platform, by directly originating, structuring, and managing exclusive private equity and real estate club deals, ‘empowering investors with hands-on access to high-conviction opportunities.’
‘We, together with our partners Vivium and Alsara, are proud to acquire Giorgetti, a brand renowned for its timeless design and exceptional craftsmanship. We are committed to honouring and expanding the company’s legacy on a global scale by opening new markets and leveraging our deep expertise in the furniture and contract sectors to unlock fresh growth opportunities,’ says Jean Aboumrad, Solida founding partner.
Lebanese-French businessman and art patron Elie Khouri founded Vivium to manage his family investments across design, collectibles, art, property and hospitality. ‘We are excited to be part of Giorgetti’s centennial journey. A brand that is not only a benchmark in the industry but also an iconic name symbolizing heritage, beauty, and unparalleled craftsmanship. These solid foundations will propel Giorgetti into its next hundred years, with the ambition to extend beyond furniture and to express its values across everything that is exquisitely and beautifully crafted,’ he says.
Progressio has focused on the Italian mid-market for more than 20 years and has managed four funds totalling about Eur890m. Progressio invests in sectors representing Italian excellence, with the objective – through a strong industrial approach – of supporting companies in creating value through both organic growth and M&A strategies. ‘We are delighted to announce this hand-over, which will support Giorgetti’s future development. Thanks to its strong and distinctive market positioning, consistent investment and exceptional management team, Giorgetti has undergone a significant evolution from a family business to a group with a strong international presence and deep integration, while remaining respectful of its history and maintaining a strong connection with the local area,’ says Filippo Gaggini, Progressio ceo.
