In an interview with Gioiellis.com, Stroili CEO Maurizio Merenda swore: «The company is not for sale». Maybe. But that doesn’t rule out the possibility that there is someone who would like to buy it. And everything has a price. The Corriere della Sera reports this in an article signed by Carlo Turchetti. «The book of offers for Stroili Oro, half a dozen in non-binding form, can now be considered complete. And now the group of selling funds assisted by advisors Banca Imi and Lazard is planning the next stages of the auction (Project Venere, the code name) to enhance the value of the largest Italian jewelry chain, with 370 stores, 1,800 employees and 210 million in revenue. Clessidra has come forward, which has no shortage of expertise in precious metals given that it has already bought Buccellati and hired Francesco Trapani as executive vice president of the asset management company», writes the journalist, usually very well informed about the world of finance. «Emerisque, the fund that acquired Marlboro Classic and the former Moncler sportswear brands (Marina Yachting, Henry Cotton’s) in Italy, submitted an offer. And a very rich suitor came forward, VTB Capital, a private equity firm led by Tim Dernchenko and an arm of VTB Group, one of Moscow’s largest financial conglomerates, 60% controlled by the Kremlin», the article continues. In short, the Russian state and Vladimir Putin’s government like the Italian brand’s jewels. «The Russians’ plan? Replicate the Stroili Oro formula at home (jewelry for all budgets, fast restocking, presence in shopping malls) thanks to the experience that VTB Private Equity has in retail with its subsidiaries Burger King Russia, Lenta (restaurants) and World Class (fitness centers). The decision is in the hands of Investindustrial, Andrea Bonomi’s fund, and L-Capital, which are Stroili’s largest shareholders with 31% and 20% indirectly. But this is within a complex investor pool that also includes Intesa Sanpaolo (12%), Wise and 21 Investimenti of Alessandro Benetton (9% each), Ergon (7%) and with a small chip also Francesco Micheli and the De Noras. The closest competitors, such as the French chain Histoire d’Or (Bridgepoint) and Oro Vivo, based in Geneva, appear out of the running. Stroili’s plan, drawn up by president Silvano Storer and CEO Maurizio Merenda, foresees a 2014 budget of around 220 million in revenues with 30 million in EBITDA, growing especially on the foreign front, by virtue of distribution agreements with partners in Russia, the US and China. The consortium that owns Investindustrial, L-Capital & C., is said to be aiming for a value of 9 times the margin. So around 270 million including debt. Next stop, the date for binding offers».
![Putin also likes Stroili 2 Maurizio Merenda, ad di Stroili Oro](https://gioiellis.com/wp-content/uploads/2014/04/maurizio-merenda21.jpg)