San Francisco-based buyout firm JH Partners has bought a majority stake in luxury lingerie company La Perla from the Masotti family for an undisclosed sum.
La Perla makes underwear, night lingerie and beachwear, which it sells through a chain of boutiques and also via speciality shops and department stores.
Alberto Masotti said the deal would allow the company to accelerate its worldwide growth in the luxury goods market.
Both Alberto and Anna Masotti will remain on La Perla’s board. JH Partners president Jeff Hansen has been installed as chief executive of the company, while current chairman Alberto Masotti becomes the company’s president.
The sale, which follows Permira’s recent acquisition of a majority stake in Italian clothing group Valentino, emphasises the appetite for the luxury goods sector among buyout firms. Another recent deal was Towerbrook’s acquisition of Jimmy Choo earlier this year for £185 million ($280 million, €362 million). Former owner Lion Capital banked a 2.5 return on its initial investment.
JH Partners raised $350 million (€258 million) for its second fund last year. It has also invested in luxury Italian jewellery company Lussori last year and Italian high-end linen company Frette in 2004.