Italmobiliare takes a 20% stake in the historic Italian beauty brand Officina Profumo Farmaceutica di Santa Maria Novella.

WHO: Officina Profumo Farmaceutica di Santa Maria Novella company was founded by Dominican friars after they arrived in Florence in 1221 and settled in the Santa Maria Novella location, cultivating herbs to prepare medicines for their monastery’s infirmary. After manufacturing successful recipes such as aromatic waters and a bergamot-based fragrance for the Queen of France Catherine de’ Medici in 1533, which is still a bestseller, the apothecary opened to the public as a commercial activity in 1612.

Italmobiliare Investment Holding is an investment group owned by the Pesenti family that makes medium/long-term investment as a strategic partner for entrepreneurs.

It operates through two main segments: Industrial and services for industry, and financial and private equity. The first segment includes production and marketing of fresh-food packaging; production and distribution of electric energy from renewable sources; supply of management solutions and other operations. The second segment comprises financial investment companies. The company operates across Europe, mainly through its subsidiaries.

WHY: The deal aims to support the growth of the brand with a long-term view by expanding its distribution network and enhancing brand awareness, banking on the ever-increasing demand of cosmetics and personal care products worldwide.

IN THEIR OWN WORDS: “Officina Profumo Farmaceutica di Santa Maria Novella is a brand that is unique anywhere in the world,” said Italmobiliare’s Chief Executive Officer Carlo Pesenti, adding that the group “aims to further develop the value generated by the company not only for shareholders and employees but also for the entire city of Florence, which over the years has managed to preserve and develop such a rare and prestigious activity.”

DETAILS:

• Italmobiliare takes a minority stake in Officina Profumo Farmaceutica di Santa Maria Novella.
• The transaction involves the acquisition of 20% of the company’s capital with an investment of €40 million and the possibility of subsequently increasing its shareholding.
• In 2019 Officina Profumo Farmaceutica di Santa Maria Novella registered a consolidated pro forma turnover of more than €31 million with earnings before interest, taxes, depreciation, and amortization of around €13 million.
• The company has 600 different products across body care, fragrances, candles, ambient fragrances, and liqueurs and is available in over 300 stores worldwide; 1% of sales are made in the EMEA area, 18% in the United States, while the other 21% comes from Asian countries, especially South Korea and Japan.
• Officina Profumo Farmaceutica di Santa Maria Novella marks Italmobiliare’s first investment in the perfume and cosmetics industry.
• In the last two years, Italmobiliare invested around 400 million euros in Made-in-Italy brands, enriching its portfolio that currently represents an aggregate turnover of around 1.6 billion euros.
• Italmobiliare was assisted in this deal by Studio Pedersoli for the legal aspects and by Brera Financial Advisory as a financial advisor.