Houlihan Lokey Advises White Bridge Investments

Houlihan Lokey is pleased to announce the sale of White Bridge Investments S.p.A.'s (WBI) non-controlling 40% stake in Ancorotti Cosmetics S.r.l. (Ancorotti) to L-GAM. The transaction closed 7 July 2021.

Ancorotti Cosmetics S.r.l. is a leading Italian player in the cosmetics contract-manufacturing business with a recognised leadership in the mascara sector. Based in Crema, Italy, it operates a 30,000-square-mile facility distributed among four buildings with a yearly production equal to approximately 110 million pieces (emulsions, back injection, and powders). Ancorotti, through its international network, sells its products in more than 50 countries, mostly in Europe and North and South America, with export accounting for approximately 90% of total sales.

White Bridge Investments is an Italian-based holding company investing in small and medium Italian private enterprises. WBI invested in Ancorotti in February 2017 with a minority stake. Renato Ancorotti, founder of Ancorotti, kept the leadership of the company through his role as CEO. The cooperation of WBI and Mr. Ancorotti allowed the company to strengthen its growth trend with revenues going from c. €70 million in 2016 to more than €100 million in 2019.

L-GAM is a long-term-oriented investment company with capital commitments in excess of €1 billion. L-GAM was established in 2013 with the backing of the Liechtenstein Princely family and several families from Europe, Asia, and the United States.

Houlihan Lokey acted as the financial advisor to the seller, negotiating all aspects of the transaction on its behalf. Despite the COVID-19 crisis, which affected the performance of the business, Houlihan Lokey has been able to achieve a premium valuation for the seller. The transaction closed successfully in July 2021, showing Houlihan Lokey’s strength in serving clients in all phases of the process, including an important contribution in the sale price negotiation.


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