Italian entrepreneur Matteo Marzotto sells luxury conglomerate MinervaHub to San Quirico, Xenon
Genoa-based San Quirico SpA and private equity firm Xenon, together with Ambria Holding Srl and MinervaHub’s current minority shareholders, have signed an agreement to acquire MinervaHub, the Italian manufacturing conglomerate created in 2022 by the merger of XPP Seven, chaired by Gianfranco Piras, and Ambria Holding, chaired by Matteo Marzotto. San Quirico SpA is the parent company of the San Quirico Group, owned by the Garrone and Mondini families, the controlling shareholder of Italian fuel brand Erg. MinervaHub groups together several companies specialised in niche, artisanal and semi-industrial manufacturing, active in the luxury industry’s garment finishing and accessories’ materials sectors. Once the operation is finalised, San Quirico will hold a stake of approximately 75% in MinervaHub, while the remaining 25% will be held by Xenon jointly with other co-investors. Marzotto will continue as president of MinervaHub. The value of the operation has not been disclosed.
MinervaHub has reported a revenue of over €170 million (a year ago it was €101 million), with EBITDA of approximately €50 million, and has some 750 employees. Its client portfolio includes over 1,000 companies, including 20 top luxury labels.
MinervaHub currently consists of the following companies: Conceria Zuma Pelli Pregiate Srl (a tannery in Pisa, Italy), Audasit Inc. (USA), Just Gators Inc. (USA), Centrorettili Srl (Pisa), Quake Srl (Vicenza, Italy), Jato 1991 Srl (Bologna), Jato India Pvt. Ltd. (India), Jato Garments Pvt. Ltd. (India), Koverlux Srl (Bergamo, Italy), Oronec Srl (Florence), SP Plast Creating Srl (Fermo, Italy), Luciani & Co. Srl and Gruppo Meccaniche Luciani Srl (Macerata, Italy), Galvanica Formelli Srl, MA.GUI. Srl and Zeta Catene, all based in Arezzo, Italy. They operate in the fashion, luxury, object design, sportswear, cosmetics, automotive, and jewellery sectors, and some of them are renowned for their excellence in their fields of expertise. For example, Quake produces appliqué and embroidery, Koverlux is a garment finishing specialist, Jato 1991 specialises in hand-embroidered fabrics, and Galvanica Formelli produces chains for jewellery, handbags and fashion accessories.
The operation, through which MinervaHub has become part of one of Italy's leading industrial groups, will enable the conglomerate to accelerate its growth thanks to financial, commercial and manufacturing synergies, as well as R&D activity, as the group stated in a press release.
“I am happy and proud that an investor as important as San Quirico, with its entrepreneurial and industrial know-how, has understood the potential of MinervaHub as a primary, unique supplier of high-end accessories with its exceptional artisanal and industrial skills, transforming the creative ideas of the world’s most celebrated brands in products of absolute excellence, while complying with the most exacting ESG standards,” said Marzotto in the press release. He is the brains behind the conglomerate, bringing together top-notch Italian artisanal companies that supply renowned international luxury labels. In March, he was awarded Italy’s Order of Merit by president Sergio Mattarella.
Franco Prestigiacomo, CEO of Xenon Private Equity, said he is “sure that the new majority shareholder will make a decisive contribution in helping MinervaHub reach its objectives, following the path we embarked on in 2019, and have further developed with Matteo Marzotto.” He added that Xenon is “very happy to be able to continue being an active element in the group, and to offer its contribution, mainly in the M&A field.”
MinervaHub indicated that it doesn't intend to stop growing, and it will continue to make new acquisitions in order to boost its output capacity and expand its product and service portfolio. “In 2023, we will buy six high-quality artisanal firms. Our revenue target is €300 million, with a margin of €75 million. We are closely monitoring 50 world-class companies that have always worked for top fashion labels. We are looking at an array of companies with a revenue in excess of €1 billion,” Marzotto recently stated on the website of L’Economia, the financial magazine of Italian daily paper Corriere della Sera.
“Thanks to this operation,” continued Marzotto, “with the capital increase and the new organisation, we will grow the number of employees from 750 to 1,000.” Regarding the acquisition structure, Marzotto said that MinervaHub bought a 100% stake in the penultimate company it acquired, Jato 1991, but then “the [Jato] family reinvested in MinervaHub, which at the end of 2022 had 13 partners. Each [new partner] reinvests on average 20%, becoming part of a solid project.”
Marzotto also told L’Economia that “if the French have been able to develop a systemic approach with the most sought-after luxury names, with giants like Kering and LVMH, the challenge is to respond with the largest conglomerate in luxury’s high-end supply chain.”
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