An affiliate of H.I.G. Capital, a global alternative investment firm with $64 billion of capital under management, has signed a definitive agreement to sell its portfolio company Acqua & Sapone to funds managed by TDR Capital, a European private equity firm. H.I.G. and the Barbarossa family will retain a significant equity stake in the company. The transaction is subject to clearance by antitrust authorities.
“Acqua & Sapone has been a great investment for H.I.G.,” Stefano Giambelli, managing director, and Markus Noe-Nordberg, managing director and head of the H.I.G. European middle market LBO team, said. “Working in partnership with the Barbarossa family, the company has more than doubled its earnings and cemented its position as Italy’s leading non-food discount retailer. We are proud of the outstanding performance of the management team, and we look forward to continuing to support the business in its next chapter alongside TDR.”
“H.I.G. has been a tremendous partner in helping us to further scale the business, execute M&A, improve service levels, achieve synergies and make Acqua & Sapone the undisputed leader in the Italian market,” Nando Barbarossa, on behalf of the Barbarossa family, said. “We are grateful for the continued support from H.I.G., and we welcome our new partnership with TDR to keep building on our 40 year-long success story.”
“Acqua & Sapone is a standout business in its sector which has thrived with the support of its current owners,” Tom Mitchell, managing partner, and Jonathan Rosen, partner at TDR, said. “We believe that it has great potential to continue on this trajectory and are looking forward to working with the Acqua & Sapone team, the Barbarossa family, and H.I.G. to continue the growth of the business.”
