Permira Advisers Ltd. agreed to acquire an unknown majority stake in Florence Group S.P.A. from VAM Investments Group s.p.a., Fondo Italiano d'Investimento SGR S.p.A, Italmobiliare S.p.A. and Florence Group?s entrepreneurs on May 25, 2023. The entrepreneurs, the management team and VAM Investments will reinvest a significant portion of their proceeds and will remain committed to the project. Fondo Italiano d?Investimento will also retain a minority stake. Attila Kiss will continue to lead Gruppo Florence as CEO and Francesco Trapani will retain his role as Chairman. The Group generated revenues of more than ?600 million in 2022. The deal is subject to customary regulatory approvals and expected to close in the fourth quarter of 2023. As on August 7, 2023, The European Commission has approved the transaction.

P. Morgan and EY acted as financial advisor and Legance and Latham & Watkins provided legal advice to Permira. BofA Securities, Citigroup and KPMG acted as financial advisor and DWF and Gianni & Origoni provided legal advice to sellers.