|(Italy) – IDB finalises its eighth acquisition signing a partnership with Axolight. |
The agreement envisages an initial entry of IDB in the capital of Axolight through a minority stake, that will be increased over the next two years according to predefined agreements between the parties. Giuseppe Scaturro, Managing Director of Axolight, not only will remain at the head of the company with full responsibility and operational independence, but will also remain a key shareholder. As successfully occurred in the previous deals of the Group, this approach will allow Scaturro – who in the last three years has engaged in a significant restructuring process to achieve a correct positioning of the brand Axolight on its reference market – to continue to lead the company’s ambitious growth plans. At the same time, the manager will be able to count on the support and synergies derived from belonging to the group, with ambitious objectives such as the future listing on the Stock Exchange.
The deal has a significant strategic importance for Italian Design Brands, allowing the group to further consolidate its international presence. Axolight, with headquarters in Scorzé (Venezia), boasts a strong presence abroad, with an export quota of approximately 85% of its revenue. The main market is north America, where the company is present with Axolight USA, based in Danbury (Connecticut) and 100% owned by Axolight.
With the entry of Axolight, the group counts eight portfolio companies and enriches its offer in a strategic sector such as lighting, where IDB already operates with Davide Groppi and Flexalighting. In the first semester 2021, the companies registered a growth of 74% compared to the same period of 2020 and of 39% compared to pre-pandemic 2019.
IDB’s role, targeting long-term expansion, will be to support the CEO Giuseppe Scaturro in the process of reinforcing the organisation and the sales network of the company, in order to accelerate its development seizing the existing growth opportunities. Andrea Sasso, Chairman e CEO di IDB, says: “We are very happy to welcome Axolight in our Group. The story of Giuseppe Scaturro really impressed us: a man with a previous experience in finance who decides to embark on an entrepreneurial challenge in the world of lighting, that is remarkable. The enthusiasm of this entrepreneur-manager in pursuing ambitious goals conveys a great confidence for the future. We are certain that the work Scaturro has done in these years will bring further growth to the company”.
Giorgio Gobbi, Managing Director of IDB adds: “We think this deal is very strategic for IDB. The range of Axolight products is the perfect enrichment for our supply in the Lighting world and will allow us to be even more competitive in the contract business, in particular in corporate and hospitality projects, where Axolight’s characteristics and experience are key factors of success”.
Giuseppe Scaturro, Managing Director of Axolight says: “The pool of opportunities that can be generated with the entry of Axolight in IDB is so ample that several joint operative activities – strategic, industrial and managerial – began even before signing the agreement that formalised our partnership. IDB’s industrial vision, wholly focused on the high-end design segment, and the managerial know-how with which the Group is able to support and facilitate the activity of each company, provide an extraordinary element for growth for Axolight”.