An affiliate of H.I.G. Capital has acquired three firms to form a global trim and packaging manufacturer that targets premium and ultra luxury fashion firms.
H.I.G. Europe has completed the simultaneous acquisition of Cadica, Tessilgraf and Bernini. Terms of the transactions were not disclosed. H.I.G. said the combination of the three creates a “group” that can serve as the platform for future acquisitions. The combined entity provides components such as buttons, zippers, metal decorations, ribbons, labels and tags, and packaging.
All three combined serve more than 900 customers, with sales in more than 90 countries. H.I.G, a private equity firm with equity capital of greater than 26 billion euros ($29.13 billion) under management, said the integration of the three into one platform will generate “significant synergies” from shared IT infrastructure, international logistics platform and manufacturing know-how.
Cadica, Tessilgraf and Bernini are Italian firms founded in 1974, 1958 and 1977, respectively. The combined group has a logistics presence in the U.S., China, Hong Kong, India, Turkey, Romania and Tunisia.
Raffaele Legnani, managing director of H.I.G. Capital in Milan, said group’s formation creates “one of the leading international players in the sector of labels, trim and packaging.”
Andrea Carnevali, chairman and founder of Cadica, said, “The collaboration with H.I.G. represents a fundamental milestone in the history of Cadica, the new group and the industry itself. The combination of the complementary skills of the companies belonging to the group will allow us to enhance and improve the service offered to our customers, both in terms of creativity, production experience and logistical support.”