Italian lighting brand Flos acquired by Investindustrial for $2.3 billion
Design startups are increasingly favored by capital. Italian lighting brand Flos has just announced that it has been acquired by a private equity fund for approximately 400 million euros (approximately RMB 3.183 billion).
Flos is one of the most famous and commercially successful family design brands in Italy. It was founded in Merano in 1962 by Cesare Cassina, Dino Gavina, and Arturo Eiseinkeil. It was committed to commercializing the spray-painted plastic Cocoon imported from the United States at that time. Later, it established cooperative relationships with many well-known designers and launched a series of lighting products, including the Castiglioni brothers. In 1962 Castiglioni launched a new series of lamps, including the classic Arco floor lamp, which is still in production today.
Arco Floor Lamp
In 1964, the company moved to Brescia and was run by Sergio Gandini. He was succeeded by his son Piero in 1999. Today, the company's sales have reached 150 million euros.
The company’s successful collections include Jasper Morrison’s Glo-Ball glass lamp, Philippe Starck’s Miss Sissi plastic table lamp, and Sebastian Wrong’s Spun table and floor lamps.
Jasper Morrison’s Glo-Ball glass lamp
Philippe Starck’s Miss Sissi plastic table lamp
Flos President Piero Gandini has reached an agreement with Investindustrial, an investment institution led by Milan financier Andrea Bonomi, to transfer it to the other party for about 400 million euros. 80% equity, the two parties have just issued a joint statement in this regard. Gandini himself will remain with the company. Investindustrial will help Flos grow its existing business through organic growth and selective acquisitions, as well as expand globally.
ANNA