Private equity firm Palamon Capital Partners has sold Italian handbags and accessories firm Il Bisonte to Look, a fashion distribution company, for a 3x return on investment.
The transaction values Il Bisonte at an enterprise value of €100 million (£88.8 million) and delivers a 26% Gross IRR for Palamon European Equity III Fund.
Palamon acquired Il Bisonte in 2015 from its founder, Wanny di Filippo, who established the business in 1970 from an artisanal workshop in Florence, Italy.
During its ownership Palamon invested substantially to professionalise the business and build out the sales and distribution infrastructure. Sofia Ciucchi, the former deputy GM of Ferragamo, was appointed as CEO, and the business opened directly managed stores in London, New York and Hong Kong.
Revenues more than doubled during the investment period to over €40 million (£35.5 million) in 2019.
Fabio Massimo Giuseppetti, Partner of Palamon, said: “In Il Bisonte we discovered a true gem in the Italian market, a high-quality authentic brand steeped in artisanal heritage and were pleased to be able to unlock its global potential.”
Sofia Ciucchi, CEO of Il Bisonte, added: “It has been a real pleasure to work with the team at Il Bisonte and Palamon to develop this unique brand into a global, multi-channel business.”