CP Advisors advised the shareholders of Industrie Testi SpA, a leading producer of bijoux for the most exclusive fashion and luxury brands, in the sale to Altofare, a group controlled by White Bridge Investments.

CP Advisors advised the shareholders of Industrie Testi SpA, a leading producer of bijoux for the most exclusive fashion and luxury brands, in the sale to Altofare, a group controlled by White Bridge Investments.

8 November 2023


Empoli, Italy

CP Advisors acted as the exclusive financial advisor to Industrie Testi SpA, a leading Italian producer of bijoux for the major luxury brands, to Altofare

Established in Empoli in 1998 by Alessandro Testi and his wife, Paola Bagnoli as a main jewelry manufacturer with its own Rebecca brand, Industrie Testi is today a leading player in the design, engineering and production of jewelry for the most important luxury brands, including, among others, Louis Vuitton, Gucci, Celine, Burberry, Dior, YSL, Fendi, Ferragamo.

Industrie Testi operates through its own production plant, over an area of 5,600 square meters, equipped with cutting-edge technologies and significant available production capacity. The Company enjoys a strong and respected R&D and design team, with 30 people dedicated to developing new products and providing tailor-made solutions to customers. This has allowed the Industrie Testi to become a reference supplier for the leading brands in in the fashion and luxury market.

In 2023 Industrie Testi generates revenues in excess of 28 million euro with an EBITDA of over 7 millio, confirming the impressive trend achieved over the recent years, going from 1.5 million euro in 2017 to 28 million in 2023. Most of the business is domestic (70%), though the Company has a solid presence in France, Switzerland and Spain.

With Industrie Testi joining the Altofare, White Bridge Investments (WBI) completes the product range offering and enters a market niche with high margins and strong growth prospects such as the bijoux. Altofare found its genesis with the acquisition by WBI of Lampa (2022), followed by an impressive consolidation work carried out by WBI, which includes OBI Group (OBI, IAB and SCAF, assisted always by CP Advisors of 2022), Forza Giovane, Conti and Vannelli, Gruppo PF, CDC and Griste.

CP Advisors has originated and run the sale process, assisting the Testi family, with a team led by the managing partner Salvo Mazzotta and by Giovanni Nucera. Industrie Testi was also assisted by KPMG (Lorenzo Brusa and Giuseppe Pancrazi) for the financial due diligence and the audit, by Prof. Filippo Dami for the tax due diligence, by Michele Mennuti (Studio Mennuti) for the tax support, and by the Gilberti Triscornia e Associati firm (Emilio Bettaglio and Davide Ferracin) as legal advisor.

Altofare was assisted by the lawyers Alessandro Marena and Massimo Trimboli Raguseo of Pedersoli Studio Legale and by the lawyer Michele Mocarelli of Studio Giovannelli e Associati for the legal aspects relating to the financing. Deloitte handled the financial and tax due diligence with a team led by Marco Bastasin for the financial part and Mario De Blasi for the tax aspects. Federico Bugliaro and Maria Chiara Pinton of Proj.Eco handled the environmental, health and safety due diligence. Gian Paolo Polto of Willis Italia oversaw the insurance aspects. KPMG, with a team led by Massimo Ferrini Bronzoni and Gianandrea Marenzi, acted as advisor for obtaining the bank financing.

Alessandro Testi, shareholder and current CEO of Industrie Testi, who reinvested in the project, will maintain the strategic and operational leadership of the bijoux business.

Alessandro Testi, CEO of Industrie Testi, commented: “We believe that there is perfect complementarity between the products of Industrie Testi and those of the Group. This partnership will allow us to invest ever greater resources in the development of our company and to continue to innovate and experiment in a constantly evolving and rapidly growing sector. I have full faith in the potential of Altofare, which wants to increasingly establish itself as the strategic partner of reference for fashion and luxury brands."

Davide Aicardi, CEO of the Group, also commented: "I am enthusiastic about the entry of Industrie Testi to our group, a true excellence in the luxury sector. This operation will allow Altofare to accelerate the strengthening of its position on the market, offering a increasingly complete service.

Commenting on the transaction, Salvo Mazzotta, Managing Partner of CP Advisors declared: “We are extremely honored to have assisted Alessandro Testi, his family and his management team in this process and in the investment in Altofare, a fantastic consolidation project designed by the WBI. We are confident that Altofare will continue to attract other Italian excellences in the sector, since it already represents one of the most successful consolidation project in the industry”.