German Südwolle Group, a leading global producer of worsted yarn for weaving, circular and flat knitting in pure wool and wool blends, signed an agreement to acquire a 100% stake in Safil S.p.A. as well as an 80% stake in Gruppo Tessile Industriale (“GTI“) S.p.A., both Italian based worsted yarn manufacturers. The shares are being acquired from Finsavio S.p.A., a holding company for 100% of Safil shares and 50% of GTI shares, as well as from the founder and CEO of GTI, Alberto Frignani, who currently holds 50% of GTI shares. As a result from this transaction Mr. Frignani will remain a 20% shareholder in GTI and he will continue to lead GTI as CEO. Alberto and Cesare Savio, the sons of Safil founder Fernando Savio and owners of Finsavio S.p.A., will continue to support the future growth path of Safil as an individual unit under the umbrella of Südwolle Group: CEO Cesare Savio will continue to lead the company and CFO Alberto Savio will continue to advise the company. The parties agreed on confidentiality concerning financial details of the transaction.
With these complementary acquisitions, Südwolle Group enhances its product range and capability to address client needs in customized fashion, luxury as well as non-apparel segments. Furthermore, the group will increase its footprint in the European and especially in the important Italian yarns market. Both Safil and GTI are established family businesses that currently generate the majority of their turnover in Biella textile cluster, Italy. With the global reach and the financial strength of Südwolle Group as a reliable industrial partner, Safil and GTI will be able to enter their next phase of growth, expanding within and beyond Europe.