Gradiente II completes the investment in Zafferano S.r.l.

Treviso, 10 Feb. 2022
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Gradiente II completes investment in Zafferano S.r.l.

Seventh operation for the private equity fund “Gradiente II”, managed by Gradiente SGR, which completed the investment in Zafferano Srl, a group active in the design, production and distribution of lighting systems and tableware made of glass, ceramic and porcelain. Since 2018 and in particular since the start of the sale of the innovative “Poldina” lamp, which soon became an iconic product of the same group, Zafferano has been recognized as one of the main operators in the market segment relating to LED and wireless lighting.

With an expected consolidated turnover of over 30 million euros for 2021, the group has a solid presence in the Italian market as well as the countries of central Europe. With the establishment of Zafferano LLC in 2019, the company started a process of penetration in North America. With its network of distributors and agents, it serves B2C retailers, lighting specialists, restaurants and hotels. The company recently opened its own single-brand showroom in Milan.

Gradiente II, together with co-investors Qualitas Equity acquired a 70% stake in the company. The remaining 30% is held by the companies that respectively report to the founder of Zafferano, Federico de Majo, and to the Zobele family.

Target of the operation is to seize the numerous and important opportunities offered by the sector along different guidelines: the expansion of the product portfolio through development of new and innovative lighting solutions, the penetration of strategically interesting geographic areas that are currently unmanned as well as digital development.

“Gradiente’s entry into Zafferano corporate structure will allow the company I founded in 2001 to further develop, strengthening its weight and solidity on a national and international level. The strategy will be based on the continuation of the sector consolidation plan in Italy and abroad, and on the further expansion of the products offered. This new page in the history of Zafferano inaugurates a phase in which the company will be able to seize new and significant opportunities, in line with my original business project. I chose Gradiente as the ideal partner, because it has shown that it knows how to manage the acquired companies in a shrewd and respectful way of the history, founding values, and network of consolidated relationships. A special thanks goes to my collaborators for their commitment and effort in these years of exciting growth. ” Federico De Majo, founder of Zafferano, comments.  Mr. de Majo will continue to hold the role of Chairman and Chief Executive Officer, ensuring full management continuity.

“Zafferano is an Italian excellence, active in a market characterized by favourable dynamics and interesting economic fundamentals. In recent years, the company has experienced significant growth by repositioning itself as a lifestyle brand, also thanks to the introduction of portable lamps including “Poldina”, with an offer characterized by a common DNA in the assortment of products that includes glass accessories and ceramic for the table and lighting systems. We are pleased to support Zafferano in this new development project aimed at seizing the numerous growth opportunities offered by the sector: the strengthening of the leadership position in the European and American market and the start of a digital transformation process to support the development of the e-commerce channel” comments Carlo Bortolozzo, Founding Partner of Gradiente SGR.

Gradiente team that followed the operation was made up of Pietro Busnardo, Carlo Bortolozzo, Lorena Lorenzon and Marika Savegnago. As part of the transaction, Gradiente availed itself of the assistance of NCTM Advant Studio Legale for contracts, legal due diligence and negotiation of the loan agreement; PwC for the accounting due diligence; GoetzPartners for the business due diligence; Studio Russo de Rosa e Associati for tax due diligence and Gruppo Scudo for environmental due diligence.

The sellers were assisted by Grant Thornton as financial advisor; law firm Chiomenti for legal assistance and by the professional firms of Santo Favaro and Studio Sartori for accounting and tax aspects. Notary assistance was provided by Doria Notary Office. The acquisition was financed by Credit Agricole FriulAdria.