Italmobiliare Acquires Stake in Historic Cosmetics Company

MILAN — Italian investment company Italmobiliare has acquired a 20 percent stake of Officina Profumo Farmaceutica di Santa Maria Novella, one of the oldest pharmaceutical laboratories in the world counting more than 400 years of uninterrupted business. The investment group, owned by the Pesenti family, has secured a minority stake in the historic cosmetics company for 40 million euros, “with the possibility of subsequently increasing its shareholding,” according to a statement released on Thursday. The deal aims to support the further development of the Florence-based beauty label internationally by expanding its distribution network and enhancing the brand awareness, banking on the ever-increasing demand of cosmetics and personal care products worldwide. “Officina Profumo Farmaceutica di Santa Maria Novella is a brand that is unique anywhere in the world,” said Italmobiliare’s chief executive officer Carlo Pesenti, adding that the group “aims to further develop the value generated by the company not only for shareholders and employees, but also for the entire city of Florence, which over the years has managed to preserve and develop such a rare and prestigious activity.” In particular, in 2019 Officina Profumo Farmaceutica di Santa Maria Novella registered a consolidated pro-forma turnover of more than 31 million euros with earnings before interest,

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