Cassiopea Partners advised Demenego and its shareholder in the sale of a majority stake to VAM Investments

Cassiopea Partners acted as sole financial advisor to Demenego S.r.l. (“Demenego” or the “Company”) and its shareholder in the sale of the Company to VAM Investments (“VAM”).

Demenego, established in 1960 in Calalzo di Cadore (Belluno), is a leading Italian specialised retailer of eyewear products through a network of 16 stores located in North-Eastern Italy. Thanks to the legacy of the founder, Mr. Beppino De Menego, the Company is also engaged in the eyewear production and distribution with both licensed and proprietary brands. In recent years, the Company recorded a strong financial performance with revenues in the region of €25m and an operating profitability aligned to best-in-class retailers.

VAM is the private equity investment holding company controlled by Francesco Trapani, the Chairman, also partly owned by Tages and led by the founder & CEO Marco Piana.

Even though most of the due diligence activities and negotiations took place during the pandemic crisis due to the spread of COVID-19, the parties reached a mutually satisfactory agreement.

VAM will have approx. 80% of the share capital of Demenego while approx. 20% remains with the current shareholder. The Company’s founding family will still be involved in the management of the Demenego along with the new CEO.

“I am sure – says Beppino De Menego, Honorary Chairman of the Company – that the partnership with VAM and the forthcoming appointment of Mr. Donadelli as CEO of Demenego is first of all a great opportunity for our employees who have always represented the beating heart of the Company and its most important success factor “.

Stefano Trentino, Founding Partner of Cassiopea Partners, asserts:
“In light of the general current challenging times and the remarkable difficulties of the retail industry, the closing of the buy-out of Demenego is an important result for Cassiopea Partners representing an additional evidence of the expertise acquired over the years in the specialized retail sector.”

Alongside Cassiopea Partners, the Company and its shareholder were assisted by Chiomenti as legal advisor.