Change Capital Buys Control of Italian Linen Maker Frette
Change Capital Partners LLP, a London-based private-equity firm, bought a majority stake in Frette SrL, the Italian maker of luxury linen and home furnishings.
Change Capital agreed to buy the stake from JH Partners LLC for an undisclosed sum, the company said an e-mailed statement today. JH Partners, based in San Francisco, will retain a minority stake in Frette, which is based in Monza, near Milan.
Frette, founded in 1860, was originally located near the summer residence of the Italian royal family in Monza, with its first clients being European nobility including Queen Margherita of Savoy, according to the company’s website. Its Hellas Seaweed Bordo bed set sells online for 535.50 pounds ($913.92).
JH Parters bought its stake in December 2004. Frette’s sales were about 90 million euros ($122 million) in 2013, according to the statement.
Change Capital was founded by former Marks & Spencer Group Plc (MKS) and Carrefour SA (CA) Chairman Luc Vandevelde in 2003. Its other investments include Paris-based fashion brand Paule Ka and U.K. seafood collector Macduff Shellfish Scotland Ltd., according to the company’s website.
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