Italian Design Brands-IDB bought Turri, the high-end furniture group that’s become the number 11th in the list of acquisitions made after the former’s IPO. Turri was founded in 1925 in Carugo, Como Lake. It’s managed by Andrea Turri, who will remain minority owner and continue to cover the role of CEO. Italian Design Brands expect, following this operation, to reach a revenue of 300 million euro by year’s end.
Italian Design Brands buys Turri
IDB took 51% of Turri, which generated 28.1 million euro in sales in 2022 (95% abroad especially in Africa and Middle East). The deal should be concluded by the end of the year, but the value of the acquisition wasn’t made public. IDB will provide about 5 million euro in additional capital, while another sum will come from bank loans. The acquisition allows IDB to complete its furniture offering.
Turri had a revenue of 28.1 million euro in 2022, while the EBIT was 4 million euro. “We are continuing to strengthen the group in all segments and geographies, coherently with the business model and objectives we have set – says Giorgio Gobbi, managing director of IDB, to Sole 24 Ore –. This acquisition shows we continue to reach our targets, just as for the IPO”.