BC Partners acquires Nicole Fashion Group through Pronovias
More changes are underway at Pronovias following the recent appointment of four new executive roles to boost its international expansion. Private equity firm BC Partners reached an agreement to buy Nicole Fashion Group, a leading bridalwear company in Italy, through Pronovias on 2 July. The transaction represents a step forward for the Spanish group as it strengthens its position in the European bridalwear sector.
According to Pronovias, the acquisition will allow it to “reinforce its leadership in Europe and its brand portfolio, as well as generate new opportunities worldwide”. In the highly fragmented bridalwear market, they key to success is to be the unrivalled market leader and to team up with rivals to gain market share. The partnership will see both companies benefit from their synergies, and reinforce their respective product innovation and branding, said Pronovias in a statement.
Nicole, founded in 1996 in Saluzzo, Italy by Carlo Marco Cavallo and Alessandra Rinaudo, is a bridalwear and occasionwear manufacturer and distributor, with a portfolio of brands including Nicole, Alessandra Rinaudo and Colet. Currently, the group operates 5 directly owned stores in Italy, distributes in over 40 countries and employs more than 110 people. Its CEO Carlo Marco Cavallo has indicated that this partnership “represents a unique opportunity to accelerate the international growth" of Nicole. He and Alessandra Rinaudo will both join the management and product innovation teams of Pronovias, according to CEO Amandine Ohayon.
BC Partners acquired Pronovias last year in a deal that reached 550 million euros. Currently, only 10% of the company is still retained by its founder Alberto Palatchi and other members of its senior management team. The acquisition of Nicole could be the first of many strategic investments to drive growth at the Spanish company, which is closing in on the US market.
Currently, Pronovias has a presence in 90 countries with 45 standalone stores and 3,800 multi-brand locations. Its owner BC Partners is a private equity firm with over 17bn euros of assets under management.
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