Charme III announces the acquisition of 60% of Fiocchi Munizioni S.p.A. in partnership with the Fiocchi family, which reinvests at 40%
Fiocchi, a fifth generation family company established in 1876, is one of the leading companies worldwide in the production and sale of premium small-calibre ammunitions mainly used for sports and leisure, hunting and, for a minor part, public and private security.
With over 600 employees and revenues in excess of €180 million in 2017, Fiocchi is a privately held company owned by the Fiocchi family through the holding company Giulio Fiocchi S.p.A.. The company has a global presence with its historical manufacturing site in Lecco (Italy) accompanied by another factory in Springfield (Missouri). The company has been operating for more than 35 years in the US which is the world’s largest market and generated over 50% of Fiocchi’s revenues in 2017.
Fiocchi is recognised globally for its strong innovation capabilities and industrial expertise that has led to the development of its own high-quality product portfolio, manufactured using proprietary technology. Thanks to its unique heritage with over 140 years of activity, Fiocchi is recognized worldwide for its high performance and reliability; as demonstrated by its numerous sporting achievements with over 15 Olympic titles in highly technical disciplines such as shooting skeet, trap, double trap and biathlon, as well as numerous world and national titles.
Post-acquisition, Fiocchi will continue to operate in a similar manner. The new holding company is called FCC S.p.A. (Fiocchi with Charme), and is 60% owned by Charme III, a pan-European private equity fund with committed capital of €650 million and offices in Milan, London and Madrid. The remaining 40% is held by Giulio Fiocchi S.p.A., driven by the Fiocchi family’s requirement to maintain a significant stake in the new group. Following Charme’s investment, Stefano Fiocchi has been confirmed as Chairman and CEO of Fiocchi.
Matteo di Montezemolo, CEO of the Charme Funds commented: "Fiocchi represents a great investment opportunity for Charme III; a global leader with an excellent brand whose unique proprietary know-how and high quality products are characterized by a strong culture of innovation. These are the distinctive features that are core to the Charme Funds’ investment strategy in tandem with the strategic and operating support we will provide to Fiocchi to achieve its ambitious international growth plan".
Luigi Sala, Chairman of the Charme Funds and of FCC S.p.A. commented: "Our investment in Fiocchi represents an industrial transaction, typical of the Charme Funds, aimed at sustaining the growth of a family owned company. Our goal is to support Fiocchi in its global expansion plan, in partnership with the family, promoting a new phase of strategic development in which we will provide the company with the resources necessary for growth and through our consolidated international network".
Stefano Fiocchi, Chairman and CEO of Fiocchi, commented: "Thanks to the partnership with Charme III, Fiocchi expects to continue on its global development path, through a significant growth phase starting from 2018 that is based on a new industrial and investment plan that includes the historic manufacturing site at Lecco. The goal of the transaction is to further strengthen Fiocchi from a strategic, industrial and financial standpoint, in order to enhance growth and exploit the market developments envisaged in the US and internationally, with the aim to list the Company in the medium term."
Michele Preda, Chairman of Giulio Fiocchi S.p.A., commented: "Together with the Fiocchi family, we are very satisfied about the partnership with Charme III, a leading investment fund at a pan-European level that has already demonstrated in its previous investments in leading Italian family owned companies, to be able to combine achieving clear industrial objectives and preserving the history and values of each company."