L&S with Forma e Funzione consolidates its leadership in the furniture lighting sector
L&S Lighting, controlled by Clessidra Private Equity through the Clessidra Capital Partners 3 fund, announces that it has subscribed an agreement for the control of Forma e Funzione srl.
Founded in the 1960s, headquarters and factory in Varese, exporting to more than 40 countries, Forma e Funzione specializes in lighting products for the furniture and household appliances sector and has established itself as a reference point in the furniture market, thanks to its consolidated experience and a range of lighting products characterized by design solutions and a careful selection of technologies, materials, and finishes.
"With this new operation we further consolidate our presence in the lighting sector, a business characterized by significant growth potential linked both to the growing attention to emotional light, but also to sustainability and energy saving - comments Andrea Ottaviano , CEO of Clessidra Private Equity SGR -. Today, with the L&S group and the integration of Forma e Funzione, we continue our strategic path, aimed at giving additional value to successful Italian companies on global markets, accompanying them in a new phase of growth and development".
The operation, foreseeing the acquisition by L&S of 100% of the shares of Forma e Funzione, will see the current shareholders re-investing together with Clessidra in the parent company with a minority stake, maintaining their current managerial roles.
With the integration of Forma e Funzione, the L&S Group - that today has over 500 employees worldwide, 5 global production centers in Italy, Germany, China and the United States - aims to exceed 130 million Euros in consolidated turnover by the end of 2022, 75% of which achieved thanks to exports.
"A little over 2 years after L&S joined Clessidra, with the acquisition of this new asset, we confirm our commitment to the Group's strategic expansion and development - continues Luciano Iannuzzi, member of the L&S board and Operating Managing Director of Clessidra Private Equity. - With this transaction, L&S strengthens both its global presence and the relationship with customers with the highest reputation in the furniture, retail and home appliance sectors, to which we will continue to offer unique and innovative solutions to enhance their collections".
The Group's development plan aims at creating value through growth on the domestic and international markets, with synergies both in the innovation of products and lighting systems, through the sharing of best practices and technological know-how and thanks to the ability to propose customized lighting solutions to a network of customers which include the most important brands in the furniture sector.
"I am pleased to start the collaboration with the management and with the entire Forma e Funzione team, a company with which we share values, a solid experience and a recognized track record in the industry - adds Pietro Barteselli, CEO of L&S. - Together we will have the opportunity to consolidate our role as a strategic hub in Europe for furniture lighting, integrating Forma e Funzione in the international industrial platform of L&S, thus creating further value in the long term".
“Change is dynamism and growth. We are excited to start this new collaboration with an international partner and to share a clear strategic vision to give continuity and perspective for further future growth - concludes Giuseppe Rossi, CEO of Forma e Funzione. - Sharing our experiences, product know-how, best practices and projects, will consolidate the growth path outlined by the Forma e Funzione team and its partners in an increasingly challenging and complex international context."