Exited companies – Unopiù

Change Capital Partners and Synergo Agree Acquisition of Unopiù
 
Change Capital Partners, a leading pan-European private equity firm specialising in branded goods, retail and consumer services, and Synergo, a leading private equity firm in Italy, announce that they are to partner in the acquisition of Unopiù, Europe’s premier outdoor furniture business.
 
Founded in 1978 by two Italian entrepreneurs as a manufacturer and retailer of wooden structures for pergolas and gazebos, Unopiù has grown to become the European market leader in outdoor furniture.  Unopiù markets its products through direct communication with customers and 26 UNOPIÙ branded showrooms in major cities across Europe.  With annual sales of €73m, Unopiù holds an aggregate 17% share of the branded garden furniture market in Italy, France, Germany and Spain and is the sector leader in both Italy and France.  Unopiù has also expanded its geographic reach to include catalogue distributions in the Benelux and UK, further show-rooms in Austria and the Netherlands and licensing agreements in the UAE and Russia. 
 
Under the terms of the acquisition, Change Capital Partners and Synergo will partner on an equal basis. This partnership is well positioned to deliver significant value to Unopiù with Change Capital Partners’ specialist skills in the branded consumer goods and retail sector and Synergo’s strong local knowledge and network. 
 
Building on Unopiù’s distinctive, high-quality position in key markets, Change Capital Partners and Synergo believe that opportunities for growth exist through expanding the store network, strengthening the relationships with its core customers, and increasing efficiencies in sourcing and supply chain management.
 
Steven Petrow, Managing Director, Change Capital Partners, said:
“We are excited about the opportunity to acquire the market leader in the premium segment of the outdoor furniture market.  The premium segment has significantly outperformed the market as a whole and we believe that Unopiù’s established brand and high-quality positioning, together with its strong distribution capabilities make it particularly well placed for further expansion across Europe.”
 
Gianfilippo Cuneo, Senior Partner, Synergo, said:
“Unopiù has the widest range of premium outdoor furniture in the market and a tremendously loyal customer base.  Synergo and CCP plan to strengthen Unopiù’s relationships with its customers through more tailored offers, special product and design-related events utilising the store network and a greater use of technology in customer communications.”
For further information please contact 
 
Steven Petrow - Change Capital Partners  +44 207 808 91 10 
Gill Ackers / Nebat Sukker - Brunswick  +44 207 404 5959 
Giovanna Muscetti - Synergo Sgr  +39 02 85911400 / +39 335 68 98 596  
 
Notes to editors
 
About Change Capital Partners
Change Capital Partners (www.changecapitalpartners.com) is an independent, privately owned private equity firm focusing on mid-market deals throughout Western Europe that leverage its extensive retail and consumer industries expertise.
 
The firm was created in January 2003 by Luc Vandevelde, Chairman of Carrefour and former Chairman of Marks & Spencer, with a small, dedicated team of professionals with complementary retail and private-equity experience.
 
Change Capital Partners LLP is registered in the U.K. and is authorized and regulated by the Financial Services Authority.
 
About Synergo Sgr
Synergo Sgr (www.synergosgr.it) is the management company of “Sinergia con Imprenditori”, an Italian closed-end Fund with Euro 300 million total commitment. Main investors are international funds of funds, family offices, insurance companies, pension funds, university endowments and private investors through international banks: some of the names are Gartmore, Grove street Advisors, Quilvest, Axa, Alpinvest, Stanford, Pictet and Rothschild.
 
The fund is named Synergy with Entrepreneurs, which represents its mission. The Fund is investing in partnership with Italian entrepreneurs who want to increase significantly the scale of their companies through major investment programs or acquisitions. The management company (Synergo SGR) is able to support those entrepreneurs not only with capital but also with strategic advice, M&A capabilities, and operational help.
 
Gianfilippo Cuneo and Matteo Cirla had the responsibility to work on the deal.