Cassiopea Partners acted as exclusive financial advisor to Ennio De Rigo Piter, Emiliana De Meio and De Rigo S.p.A. (“De Rigo”), a leading group in the design, manufacture and distribution of high-end spectacle frames and sunglasses, in the shareholding reorganization of De Rigo Holding S.p.A. (“De Rigo Holding” or “DRH”).
De Rigo Holding, which, inter alia, owns a 98% stake in De Rigo, has recently closed the share buy-back whereby Roberto De Rigo and Giorgio De Rigo Piter sold to De Rigo Holding their shares representing app. 50% of DRH (the “Transaction”). Ennio De Rigo Piter and Mrs. Emiliana De Meio have become the sole shareholders of the De Rigo Holding.
The Transaction was financed both with De Rigo Holding’s excess cash and a dividend from De Rigo that was in turn partially financed with a corporate loan granted by a pool of banks including Intesa Sanpaolo, Unicredit, Banca Nazionale del Lavoro and Banco BPM.
Ennio De Rigo Piter said: “The transaction has been smoothly managed by all the parties involved as the common goal was to magnify an extraordinary adventure begun more than half a century ago. My wife Emiliana and I are honoured to continue leading the Group as sole shareholders. This is a very satisfying result that allows us to give continuity to the investments made over the years to the benefit of the local community, guaranteeing solidity to the Group. Our wish is to continue with renewed commitment and enthusiasm in the further development of our companies.”
Stefano Trentino, Founding Partner of Cassiopea Partners commented: “We are very pleased to have assisted De Rigo, a long-standing client with whom we boast a consolidated relationship of more than 25 years, in this strategic transaction which further enhances our track record in the eyewear space”.
Alongside Cassiopea Partners, De Rigo was assisted by Studio Legale Chiomenti as legal advisor.