San Quirico acquires 75% of Minerva Hub (valued 500 million)

San Quirico acquires 75% of Minerva Hub (valued 500 million)

San Quirico holding acquired 75% of Minerva Hub. The remaining 25% will be retained by Xenox and other investors. Matteo Marzotto will maintain his position as president of the group that deals in finishings and materials for luxury accessories. San Quirico is owned by the Garrone and Mondini families, shareholders of oil conglomerate ERG. “This operation will allow us to accelerate growth thanks to financial, commercial, and manufacturing synergies, as well as research and innovation. The growth of Minerva Hub will also continue through other acquisitions”, reads the press release that announced the deal.

Valued 500 million

Minerva Hub was created in 2022 from the merger between XPP Seven, managed by Gianfranco Piras, and Ambria Holding, led by Matteo Marzotto. It generates a revenue of 170 million euro and has a portfolio of over 1,000 clients (“among which are 20 top brands of the luxury segment”) and 700 people employed. Large numbers, but the group plans on growing them even more, aiming towards 300 million euro in revenue. To do so, at the end of 2022, Minerva Hub was looking for a financial partner. According to rumors, it should have been a minority shareholder, but negotiations led to a different outcome. Just a few days ago the official statement was made: San Quirico acquired 75% of Minerva Hub. According to MF Fashion, the operation was based on a value of 500 million euro.

Entrepreneurs unwilling to join together

Right before the announcement, Matteo Marzotto while speaking at a summit organized by Sole 24 Ore, confirmed that Minerva Hub will remain focused on supplying luxury accessories. “We can’t allow ourselves to be tempted by other things that are part of the high-end segment”, said Marzotto (source Fashion United). The entrepreneur has highlighted how Italy is a large district with entrepreneurs that have the “typical Italian defect: be on their own, remaining small rather than creating a competencies’ federation. Sadly, there is confusion between individuality and individualism. Small is good, but up to a point”, repeated Marzotto.

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