Millefili Acquired by Armònia SGR, Backed by Extensive Advisory Support

Deal News | Apr 14, 2025 | Finance Community IT - 3 Private Equity

Millefili Acquired by Armònia SGR, Backed by Extensive Advisory Support

Armònia SGR has acquired the entire share capital of Millefili, an Italian producer of premium yarns for knitwear, from Alto Partners SGR, the founding family, and CEO Daniele Selleri. The acquisition marks the first investment for Armònia Italy Fund II, intending to accelerate growth, potentially through further acquisitions, while reinforcing product offerings. Armònia was advised by a team including Maurizio Fanetti, Roberto Dentice di Accadia, and Giacomo Casula, and received consultancy from EY, OC&C, GOP, Alonzo Committeri & Partners, and Ramboll. Greenberg Traurig handled financing aspects with bank assistance from Ashurst on behalf of a pool of lending banks. Alto Partners was advised by Fineurop Soditic, LCA, and Studio Serantoni. Under the leadership of Selleri, Millefili experienced strong performance, showing significant EBITDA growth from €4.5 million to €13.5 million and reaching a revenue of approximately €70 million in 2024. The deal exemplifies Armònia’s strategy to bolster Italian companies with strong identities and leadership in their fields. Selleri will continue leading Millefili, alongside the existing management team.

Sectors

  • Private Equity
  • Textiles and Apparel
  • Financial Advisory

Geography

  • Italy – Both Armònia SGR and Millefili are based here, influencing the overarching transaction and strategic growth efforts.

Industry

  • Private Equity – Involves investment firms buying and restructuring companies, as seen with Armònia SGR's acquisition of Millefili.
  • Textiles and Apparel – Involves the production and distribution of clothing materials and products, relevant as Millefili produces premium yarns for knitwear.
  • Financial Advisory – Consulting involved in transaction facilitation, as numerous advisors and firms supported both parties in the acquisition.

Financials

  • 70 million euros – Millefili's revenue reached this amount in 2024.
  • 13.5 million euros – EBITDA of Millefili achieved during Alto Partners' holding.
  • 4.5 million euros – Initial EBITDA of Millefili at the start of Alto Partners' tenure.
  • 200 million euros – Total capital gains Alto Partners realized from six exits including Millefili.

Participants

NameRoleTypeDescription
Armònia SGRBidding CompanyCompanyA private equity firm that completed the acquisition as part of its Italy Fund II.
MillefiliTarget CompanyCompanyAn Italian producer of premium yarns for knitwear, acquired by Armònia SGR.
Alto Partners SGRSelling CompanyCompanyA private equity firm that sold its stake in Millefili.
Daniele SelleriCEO of Target CompanyPersonCEO of Millefili who will continue to lead the company post-acquisition.
EY, OC&C, GOP, Alonzo Committeri & Partners, RambollConsultantsCompaniesFirms providing consultancy services to Armònia SGR.
Greenberg TraurigLegal AdvisorCompanyHandled financing legal aspects for Armònia.
AshurstBanking AdvisorCompanyAdvised banks involved in financing the transaction.
Fineurop SoditicFinancial AdvisorCompanyAdvised Alto Partners on financial aspects of the sale.
LCALegal AdvisorCompanyProvided legal advisory services to Alto Partners.
Studio SerantoniTax AdvisorCompanyProvided tax advisory services to Alto Partners.
Banca Monte dei Paschi di Siena, Banca Ifis, BPER BancaFinancing BanksCompaniesBanks providing the financial backing for the transaction.
Federico ZaffaroniDirector of Alto PartnersPersonCommented on the successful exit of Millefili.
Alessandro GrimaldiCEO of ArmòniaPersonConfirmed the acquisition aligns with Armònia’s strategic objectives.
Maurizio FanettiJunior Partner at ArmòniaPersonSupported the acquisition process.