Owned by the Pesenti family, Italmobiliare increased its stake to 80% in the 800-year-old pharmaceutical and beauty company last year and just took 100% control in a transaction valued at 40 million euros.

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. The assortment consists of more than 600 different products including body care, fragrances, candles, ambient fragrances, and liqueurs.

Italmobiliare Investment Holding is an investment group owned by the Pesenti family that makes medium/long-term investments as a strategic partner for entrepreneurs. It operates through two main segments: industrial and services for industry, and financial and private equity. Officina Profumo Farmaceutica di Santa Maria Novella is the group's first investment in the beauty industry.

DETAILS:

• Italmobiliare purchased the remaining 20 percent of Officina Profumo Farmaceutica di Santa Maria Novella in a transaction valued at 40 million euros.
• Italmobiliare invested 120 million euros to acquire an additional 60% stake in Officina Profumo Farmaceutica di Santa Maria Novella in September 2020, increasing the 20% stake in the company it acquired in January 2020.
• The business has revenue of €22.6 million and EBITDA of €3 million.
• Mechanical engineer Eugenio Alphandery bought the company in 1989 for 800 million Italian lira, about 413,000 euros.
• The brand currently has 80 stand-alone stores and shop-in-shops in department stores in Milan, Rome, London, Paris, Cannes, Tokyo, New York, Miami, Los Angeles, and corners at key locations such as Le Bon Marché Rive Gauche and Isetan, among others. It is also available at about 200 wholesale doors globally.