MILAN — Italian magnificence producer Ancorotti Group has taken over Cosmoproject, a fellow magnificence provider that focuses on skincare and foundations, the companies mentioned Friday.
Monetary particulars of the deal weren’t disclosed however the acquisition is predicted to shut by the tip of the primary quarter of 2025.
Cosmoproject’s acquisition marks one other step within the upscale technique of the corporate established by Renato Ancorotti and his daughter Enrica in 2009. The group started as Ancorotti Cosmetics, specializing in high-tech mascara, and shortly expanded to different make-up and skincare merchandise developed for worldwide magnificence labels. It at the moment serves greater than 300 prospects worldwide and generates greater than 85 p.c of its revenues exterior Italy. Its plant in Crema — positioned within the so-called Italian “Beauty Valley” — employs greater than 500 folks.
Based by Primo Tortini in 1993 in Sorbolo Mezzani, close to Parma, the family-run Cosmoproject serves 70 purchasers and generates greater than 70 million euros in revenues, greater than half by way of exports. With its acquisition, Ancorotti Group is about to report greater than 220 million euros in revenues and make use of greater than 800 folks by 2025.
The deal is a part of a strategic plan of investments kickstarted when Ancorotti Cosmetics secured the monetary backing of L-Gam in 2021. As reported, the Luxembourg-based funding agency backed by the princely household of Liechtenstein acquired an undisclosed stake and entered “a strategic partnership” with the producer, with the purpose to boost its worldwide presence, broaden its product providing and goal new acquisitions to enrich present operations.
To make certain, Cosmoproject’s acquisition follows the latest launch of Ancorotti Perfumes, a brand new firm devoted to the manufacturing of fragrances for third events and established because of a partnership with main fragrance producer EuroItalia. Final month, the Intesa San Paolo financial institution additionally invested 10 million euros in Ancorotti Perfumes to assist the opening of a 53,819-square-foot facility devoted to fragrances proper subsequent to Ancorotti Cosmetics’ plant. The unit is about to provide 50 million models a 12 months and make use of 100 folks.
Renato Ancorotti mentioned the Cosmoproject deal will now “allow us to develop our knowhow, along with make-up and alcoholic perfumery, additionally to a 3rd strategic phase: skincare,” due to this fact additional strengthening the group, which he outlined as “a singular platform that goals to deliver collectively the excellence of the Italian cosmetics trade.”
A well known entrepreneur within the magnificence trade, Ancorotti not solely retained his position as president of the namesake firm after L-Gam’s funding — flanked by his daughter and vice chairman Enrica and chief govt officer Roberto Bottino — but in addition served as president of Cosmetica Italia, the Italian affiliation of cosmetics firms, from 2018 to 2022. In 2021, Ancorotti was named a “Cavaliere del Lavoro,” or “Knight of Labour,” one of many highest honors bestowed by the president of the Italian Republic Sergio Mattarella.
Established in 2013, L-Gam is a long-term oriented funding firm with capital commitments of greater than 1 billion euros. It focuses on partnering with administration groups in small and medium-sized firms throughout Europe and hailing from completely different industries. In 2018, L-Gam acquired a majority stake in premium luxurious outerwear firm Woolrich Worldwide. Previous to that, in 2015 it invested in Roberto Cavalli, exiting the style firm in 2019.