Press Releases
Russo acquires the majority of Opera
Michele Russo and Emmanuel Micheli strengthen Private Equity Fund Opera. Bulgari and Renato Preti remain as shareholders and investors.
After a long international experience in private equity, finance and industry, Michele Russo has acquired, through the company In Altum S.A., 75% of the management companies of Opera: Opera Management S.A. and Opera SGR S.p.A., from the management and Bulgari. The total equity commitment of the two funds is more than € 300m.
Opera management team is thus strengthened by the entrance of Michele Russo, as Chairman and CEO of the management companies, and Emmanuel Micheli, Operations Manager, who join Renato Preti, co-founder, Christophe Lefevre, investment manager, and Francesco Paternostro, CFO.
Bulgari and Renato Preti remain as investors and shareholders in the management company, with a similar number of shares. Beside Russo, Prof. Mario Molteni (Director of Altis, specialization school of Cattolica University) and Luca Poggi (professional accountant) enter the Board of Directors of Opera SGR, joining Francesco Trapani, CEO of Bulgari and Renato Preti. The acquisition of Opera SGR will have to be cleared by regulatory authorities.
Opera was founded in 2000 by Bulgari and Renato Preti with a Private Equity strategy specialized in investments in Italian Lifestyle. Opera invested more than € 180m in seven transactions such as Sector, Bruno Magli, Itama, Unopiů; Opera currently owns the majority of B&B Italia S.p.A. and a stake in A.G. Ferrari in California.
Michele Russo, 45 years old, is an electronic engineer who holds an MBA from the Wharton School of the University of Pennsylvania. He worked in IBM Corp. in New York, in Morgan Stanley in London, in Stet S.p.A. (financial telecommunication company) in Rome and in Olivetti (first with Carlo De Benedetti and Corrado Passera – CEO – then with Roberto Colaninno). He founded Doughty Hanson & Co. in Italy and managed all Italian transactions from 1997 to 2004 (such as the acquisition of: FL Selenia from Fiat Group, Viscosity Oil Corporation from Pennzoil, Rondine from the owner). Then he advised Antonino Ligresti in the acquisition of Générale de Santé (French leader in the private health service) and then Stefano Colli-Lanzi’s Générale Industrielle Italia in the acquisition of Worknet from the Fiat Group. Recently he re-acquired a share in FL Selenia in co-investment with Kohlberg Kravis Roberts & Co and he is member of the Board of Directors of the company.
The entrance of a strong majority shareholder with broad international experience and the permanence of Bulgari and Renato Preti as shareholders and investors make Opera, in the long term, a strong partner for Italian companies.
Francesco Trapani, CEO of Bulgari Group, said about this transaction: “In the light of the important investments Bulgari is realizing worldwide both in production and distribution, and the demanding challenges the company is successfully tackling in the increasingly competitive luxury market, we have decided to sell the majority stake of Opera as we believe that the company does not represent a strategic investment for the Bulgari Group anymore. We still continue as shareholders and therefore we are satisfied of the entrance of Michele Russo who owns the right competences to be a strong investor and manager.”
NCTM acted as legal advisor for In Altum S.A. and Studio Legale Vita Samory, Fabbrini e Associati acted as legal advisor for the sellers.
For further information:
Opera Website
http://www.opera-privateequity.lu
Bulgari
Paolo Piantella
Corporate Financial Press Office Director
Ph. +39 06 68 810 593
e-mail paolo.piantella@bulgari.com
http://www.bulgari.com
In Altum S.A:
Michele Russo
Ph. +39 02 45483851
e-mail mr@inaltum.com
http://www.inaltum.com
Opera
Image Building
Giuliana Paoletti
Via Torino 61
20123 Milano
Tel. +39 02 89011300
Fax +39 02 89011151
e-mail g.paoletti@imagebuilding.it
http://www.imagebuilding.it