Pt Torino and Dondup jointly generate more than 100 million euros

«Following the successful completion of the takeover bid with 90.4% of agreement, we will proceed to delist within the week and speed up the integration of Pt Torino and Dondup», Walter Ricciotti, ceo of the parent company Quadrivio Group and managing partner of Made in Italy Fund, said to MFF, explaining the next steps after the completion of the takeover bid last Friday.

Pt Torino was listed under the name of its parent company Cover50, valued at approximately 37.6 million euros and based on a multiple of 5.7 times the company’s 2022 ebitda, which had been 6.6 million euros, against 30.4 million euros in revenues in the last fiscal year and 21.5 million euros in net cash, bringing the equity value calculation at 60.4 million euros. In May 2015, the company landed on the Euronext growth Milan (Egm) segment after raising 21.36 million euros from investors at a price of 18.60 euros per share.«PT Torino and Dondup (acquired by Quadrivio at the height of the pandemic, see MFF on March 26, 2021), are complementary companies. Together, they have already generated over 105 million euros in revenue with a profitability of around 25%. We expect to achieve double-digit growth with the new strategy», the Manager added. «We will review the business plan in light of the delisting. The Fassino family, founders of Cover50, retained 20% of the capital after the takeover bid, confirming our industrial vision».

Ricciotti said that growth will be achieved through production and management synergies, as well as investments in the retail channel. «After our entry, both Pt and Dondup already have the same ceo, Matteo Anchisi (see MFF of June 8). However, creativity will still be kept separate. Each of the two brands maintains its dna». Quadrivio currently manages a portfolio of 7 fashion brands. In addition to the two labels covered in this article, there are other significant brands such as Gcds, founded by brother Giordano and Giuliano Calza, 120% Lino, which specializes in linen and natural fiber garments, Rosantica Milano, known for its jewel bags and precious accessories, and AUTRY (see MFF on June 9) and Ghoud, both famous for sneakers. «Apart from the two main pillars, synergies, and retail, we could also explore a new acquisition to strengthen the ready-to-wear segment that emerged between Dondup and Pt Torino, even though it would primarily focus on accessories or outerwear» Ricciotti concluded. Quadrivio is known for always seeking good deals. (All rights reserved)