MILAN, October 17, 2016 /PRNewswire/ --
ItalianCreationGroup, a Milan-based company which owns various Italian luxury brands, has made two new acquisitions and has launched a capital increase to fuel further growth. It has acquired FontanaArte, the renowned Italian design firm founded in Milan in 1932 by Gio Ponti and Luigi Fontana, and the upscale boutique bathroom furniture company Toscoquattro.
Stefano Core, CEO and co-founder of ItalianCreationGroup said that with these moves the company has concluded the first phase of its strategy to acquire high-end companies that best represent the 'Made in Italy' label. ItalianCreationGroup was founded in 2013 by Mr. Core together with Giovanni Perissinotto, a former chief executive of Italy's Generali insurance group who now serves as chairman of OItalianCreationGroup.
"I'm proud of the fact that FontanaArte and Toscoquattro are now part of ItalianCreationGroup," said Mr. Core. "This concludes our first round of acquisitions, which has been made possible thanks to the capital introduced by two new shareholders who have joined the board of directors, the entrepreneurs Giorgio Rossi Cairo and Lauro Buoro."
Rossi Cairo, who is president of Value Partners Management Consulting, is a leading figure on the Italian business scene. He acquired his shareholding in ItalianCreationGroup through a family investment vehicle. Financial terms of the FontanaArte acquisition and Mr. Cairo's investment were not disclosed by the privately held ItalianCreationGroup.
With the acquisition of a majority stake in FontanaArte and Toscoquattro, ItalianCreationGroup has added to a portfolio that already includes Valcucine, a leading upscale manufacturer of high-end kitchens acquired in 2015, and Driade, the acclaimed Italian design firm that became part of the group in 2013.
FontanaArte has always stood out in the field of lighting and design thanks to its unique ability to combine beauty with functionality. The greatest masters of Italian and international design have collaborated with FontanaArte over the years, including Gio Ponti - one of the company's founders and its first artistic director - as well as Gae Aulenti, Max Ingrand, Livio and Piero Castiglioni, Vico Magistretti, Shigeru Ban, Renzo Piano, and many more.
Toscoquattro is a well-known company that designs and manufactures boutique bathroom furniture for an exclusive international clientele. Its work is characterized by the constant pursuit of innovative styles and materials.
ItalianCreationGroup's vision is to become the go-to group for high-end Italian design, specifically targeting those consumers who appreciate the distinctive personality and artisanal know-how associated with the 'Made in Italy' style.
To that end, ItalianCreationGroup's plan is to acquire brands that best represent Italian quality and creativity in the world of home design, while continuing to strengthen its competitiveness on international markets, a process that began in 2014 with the founding of its American branch ICGroup USA.
The second phase of growth will focus on developing the group's distribution capacity, with ItalianCreationGroup's management team seeking partnerships in order to integrate its operations into global retail distribution channels. This phase will allow the group to flourish as a provider of contract furniture, offering a complete range of high-end products for the hospitality industry, residential interiors and yachting.
This capital increase has significantly strengthened ItalianCreationGroup: Lauro Buoro (founder of Nice Group) and Forever (owned by the Rossi Cairo family) have become shareholders in ItalianCreationGroup, which will allow the group to begin its next phase; Lauro Buoro and Giorgio Rossi Cairo are now Board members; the Chairman of the Board is Giovanni Perissinotto, and the Chief Executive Officer is Stefano Core.