Südwolle Group acquires two Italian yarn manufacturers
21/10/2015
Südwolle is to take a 100% stake in Safil and an 80% stake in Gruppo Tessile Industriale (GTI) , both yarn manufacturers based in Biella, Italy. The shares are being acquired from Finsavio, a holding company for 100% of Safil shares and 50% of GTI shares, as well as from the founder and chief executive of GTI, Alberto Frignani, who currently holds the other 50% of GTI shares.
After the transaction that Südwolle proposes, Mr Frignani will retain a 20% stake in GTI and will continue to lead GTI as chief executive.
Alberto and Cesare Savio, the sons of Safil founder Fernando Savio and owners of Finsavio, will continue to support the future growth path of Safil as an individual unit under the umbrella of Südwolle Group. Chief executive, Cesare Savio, will continue to lead the company and chief finance officer, Alberto Savio, will continue to advise the company. The parties agreed on confidentiality concerning financial details of the transaction.
With these acquisitions, Südwolle Group said it believes it is enhancing its product range and capability to address client needs in customised, fashion, luxury as well as non-apparel segments. Furthermore, the group will increase its footprint in the European and especially in the important Italian yarns market.
“Both Safil and GTI are established family businesses that currently generate the majority of their turnover in Italy. With the global reach and the financial strength of Südwolle Group as a reliable industrial partner, Safil and GTI will be able to enter their next phase of growth, expanding within and beyond Europe,” the German group said on announcing the news.
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