The first (Claudio Costamagna) has a long experience as a business banker (especially at Goldman Sachs and Cdp), while the second (Andrea Morante), in the past has successfully managed Pomellato: together now they have purchased Fope.
The Vicenza goldsmith company, listed on the Aim list of Borsa Italiana, has in fact changed hands: CoMo, a company created ad hoc by Costamagna and Morante, for 35 million euros bought 71.2% of the capital of Fope. In particular, CoMo has signed a contract with Ines and Umberto Cazzola, heirs of the founder Umberto Cazzola, and owners of 59.16% of the share capital of Fope. Not only that, in addition to this share package, CoMo has signed a contract for the purchase of the shares belonging to the heirs of Giulia Cazzola (12.04% of the share capital of Fope), who suddenly disappeared in 2019 at just 46 years of age and daughter by Ines and Umberto.
Following these operations, according to the rules of the Stock Exchange, Costamagna and Morante will launch a takeover bid (public purchase offer) on the remaining shares at the price of 9.25 euros. In any case, the current CEO remains Diego Nardin. The sale of Fope, which also controls 30% of another prestigious jewelry brand, Antonini, surprised many. Maybe the company has some financial problems? None of this.
At the basis of the choice, however, there are two factors: first of all, the awareness that in order to make headway on the international market a considerable capacity is needed not only in management, but also in relations with the world of luxury and finance. Secondly, the disappearance of Giulia Cazzola, daughter of Ines and Umberto, interrupted what was supposed to be a normal generational change in the company. Giulia Cazzola’s children are still minors and for the two Venetian entrepreneurs the loss was a painful and very hard blow. That convinced them to step aside.