Matteo Marzotto’s Investment Holding MinervaHub Buys Majority Stake of Jato 1991
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MILAN — Another prized Italian manufacturer is being given protection and financial muscle.
MinervaHub SpA, led by president Matteo Marzotto, has acquired a majority stake in Jato 1991 Srl. Specialized in delicate and sophisticated hand embroideries, Jato has worked for some of the most established global luxury brands over the years, from Givenchy and Dior to Gucci, Valentino and Lanvin to name a few. Financial details were not disclosed.
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Following the transaction, the two founders, Giorgina Rapezzi and her son Jacopo Giuseppe Tonelli, will continue to directly manage Jato and will enter into the capital of MinervaHub.
Jato was founded in Bologna in 1991 and has an archive of about 6,000 designer and antique pieces, from Poiret designs to 19th-century Egyptian wedding dresses.
Tonelli introduced Jato’s Amen fashion line in 2003.
Minerva was established earlier this year by leading luxury brands to protect a number of Italian manufacturers in the supply chain that help create garments and accessories. It is controlled by private equity fund Xenon VII SCA SICAV — RAIF, managed by partners Franco Prestigiacomo and Gianfranco Piras.
MinervaHub stems from the fusion of XPP Seven and Ambria Holding, which Marzotto formed last year, as reported, taking majority stakes in Italian companies Zeta Catene and Galvanica Formelli, both located in the Arezzo, Tuscany area. Zeta Catene produces more than 2,000 types of chains of different shapes, sizes and materials, such as brass and silver, as accessories for bags and shoes. Galvanica Formelli offers metal details, components and galvanic treatments for fashion accessories.
XPP Seven was founded in 2019, and grew to comprise Koverlux (based outside Bergamo); Quake (near Vicenza); Sp Plast Creating (Fermo) and Zuma Pelli Pregiate (Pisa). Koverlux is a leader in surface finishing for the fashion and accessories business, touted by Marzotto as the only company able to apply multiple finishes, from lacquering to flocking or engraving, to a single object. Quake is a specialist in automatic embroideries; SP Plast deals with the transformation of plastic materials, mold design and construction and product engineering, and Zuma is a tannery specialized in precious hides.
Aggregating the activities of all six companies, MinervaHub has sales of more than 101 million euros, a portfolio of around 1,000 clients and 434 direct employees.
The first goal is to coordinate, integrate and strengthen the activities of these companies to supply top-quality products and excellent service. The companies under the MinervaHub umbrella mainly work with the fashion and luxury industries, but also with the design, sportswear, cosmetics, jewelry and automotive sectors.
Marzotto was named president, and Marco Casoni took on the role of chief executive officer. Marzotto and Casoni, a former Dondup and Marni executive, have worked together for years, first at Valentino and then at Vionnet. Marzotto is a former investor in Vionnet and Dondup and, before that, he was chairman of Valentino.
There has been brisk merger and acquisition activity in Italy’s supply chain, further triggered by the impact of COVID-19, and much of it is meant to support the know-how and craftsmanship of the country’s fashion pipeline.
Gruppo Florence, the luxury production pole established in 2020 by industry veteran Francesco Trapani through private equity fund VAM Investments, together with Fondo Italiano d’Investimento and Italmobiliare, was established with the goal to supply high-quality made in Italy products to major luxury fashion brands by acquiring family-owned Italian small and medium-sized companies.
Other examples include Brunello Cucinelli buying a 43 percent stake of Cariaggi Lanificio SpA, its longtime cashmere supplier, and the Prada and Ermenegildo Zegna groups joining forces to acquire a majority stake in Filati Biagioli Modesto SpA, which specializes in the production of cashmere and other precious yarns.
