CoMO Srl, the investment vehicle of Claudio Costamagna and Andrea Morante, will acquire 71.2% of Fope, an Italian goldsmith company that plays a leading role in the high-end jewelry sector, a goldsmith company listed on Aim Italia, and will subsequently launch an opa aimed at delisting the stock at $10.01 (€9.25) per share.
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CoMo and the purchase of FOPE
CoMo has also signed a contract for the purchase of the shareholding of Giulia Cazzola’s heirs, totaling 12.04% of FOPE’s share capital, at the same price subject to the issue of legal authorizations. The continuity and re-launch of FOPE will be guaranteed not only by the skills of the new shareholders but also by the presence of Diego Nardin, which the new shareholders intend to confirm in his role as CEO.
Following the completion of the transaction, CoMo will launch a full takeover bid on the remaining FOPE shares at a price of $10.01 (€9.25) per share. CEO Diego Nardin will retain his role in Fope.
The markets like the transaction: following the news, released on February 21st, Fope’s share price jumped 10.84% to $9.96 (€9.20) per share, close to CoMo’s valuation.
Claudio Costamagna will ensure continuity and accelerate growth in a company
The Cazzola family declared: “Ines and Umberto Cazzola are selling a company, a history and a brand to which they have dedicated their entire working life with the aim of giving FOPE managerial continuity and economic development. A difficult but necessary decision in the interests of the company, its employees and the territory in which it operates.”
Claudio Costamagna commented: “We will work together with CEO Diego Nardin to enhance the excellent results achieved by the Cazzola family in recent years. Our objective as new members is to ensure continuity and accelerate growth thanks to the financial and business skills of the new members.”
Andrea Morante added: “FOPE is a very special reality in the Italian jewelry scene. It is the only one that has managed to perfectly combine technological vocation, craftsmanship, and refined aesthetics. The beautiful Italian industrial tradition will be an honor for us to be able to help us move forward. We will also have the great advantage of being able to continue to count on the support and expertise of the Cazzola families.”
FOPE was founded in Vicenza in 1929 and has 37 employees. In 2015 it opened its first single-brand store in Venice, in Piazza San Marco. FOPE operates worldwide through a consolidated and selected network of over 600 stores in about 50 countries. It closed 2018 with revenues of $34 million (€31.3 million) (82% of which was earned abroad), EBITDA of $6.6 million (€6.1 million) and a net financial position of $119.040 (€110.000). In 2019 revenues rose to $38 million (€35 million).
Costamagna, after working for Goldman Sachs, was president of CDP between 2015 and 2018. He founded and runs the consultancy boutique CC & Soci. Morante, former banker of Credit Suisse, was CEO of Pomellato, then chairman of Sergio Rossi; he contributed to the creation of QuattroR, the turnaround vehicle participated by Cassa Depositi e Prestiti, of which he holds the position of non-executive chairman.
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This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in BeBeez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
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