June 13, 2019 / 4:36 PM / 2 months ago

Italy's Clessidra agrees to buy interior lighting group L&S

ROME, June 13 (Reuters) - Italian private equity firm Clessidra SGR said on Thursday it had signed a deal to buy 80% of L&S Group, a leader in the interior lighting sector.

The acquisition is expected to close in July, Clessidra said in a statement.

Italy’s design industry is attracting increasing interest from funds which have the firepower to help firms compete globally.

Founded in 1977 in north-eastern Italy, L&S produces and distributes lighting solutions and built-in LED systems for homes and businesses, including store networks.

With plants in Italy, Germany, China and the United States, L&S had sales of 80 million euros last year, 75 percent of which were abroad.

Mediobanca acted as Clessidra’s financial adviser and UBI Banca as joint-financial adviser. Alantra advised L&S. (Reporting by Elisa Anzolin, writing by Francesca Piscioneri, editing by Valentina Za)

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