Mittel is back in the clothing sector, having acquired 90% of Ciesse Piumini

Mittel acquires 90% of Sport Fashion Service Srl, a company that owns the Ciesse Piumini brand. As a note informs, the acquired company expects to close the 2019 financial year with a turnover of over Euro 25 million and an Ebitda margin of around 20%. The Mittel Group's return to the clothing sector is part of an investment strategy aimed at seizing opportunities in sectors and brands of the Made in Italy with strong growth prospects.

The total investment of Mittel for the acquisition of 90% of the capital of Sport Fashion Service, entirely financed with equity, amounted to 11.3 million in addition to 4.1 million relating to the takeover of the existing shareholder loan at the date closing. As stated in the note, with the announced operation the Mittel group further expands the level of diversification of its investment portfolio, already present in the sectors of bathroom furniture and design, nursing homes and car assistance. Marco Colacicco, president of the Executive Committee of Mittel, said: "For Ciesse Piumini we are aiming, thanks to the strengthening of the management team, to a strong increase in turnover consolidating the profit margins already expressed by the company". Ciesse Piumini is a well-known brand that has extended over time the experience gained on technical-sports products, also destined for extreme expeditions, to garments suitable for urban fashion. In the 2019 financial year the company expects to achieve over 25 million in sales with an Ebitda margin of around 20%. Ciesse Piumini's development strategy involves the creation of an omnichannel distribution model, through strong brand growth in digital sales and communication channels, further strengthening in traditional distribution channels and selective development in international markets. In the context of the operation, Fabio Primerano was appointed executive president of Ciesse Piumini.