Bruno Magli acquired by American equity fund Neuberger Berman
Bruno Magli passes into American hands. Exactly a year after being bought by Swiss capital management firm Da Vinci Invest, the Italian high-end shoewear brand for men and women has once again changed hands.
On Thursday January 8th, it was purchased for 28.5 million euros ($33.6m/£22.2m) by Marquee Brands, American private equity firm Neuberger Berman specialised in the acquisition of "high quality brands with with a strong image and potential for long-term growth."
Crippled by nearly 20 millions euros of debt, the historic shoemaker was placed under a bankruptcy prevention contract by the Bologna court in July. This safeguard procedure allows companies experiencing difficulty to maintain their activity while negotiating with the creditors.
Two candidates proposed buyout offers. In the end it was Marquee Brands (Neuberger Berman) that won the deal over the Carlyle firm associated with Blue Star.
The American group will maintain the activity at the Bruno Magli site in Bologna, where quality control, style and development of the products will continue and some twenty employees will hold onto their jobs, according to the local press, which also mentions the creation of a shoe museum in Bologna.
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