Target Information

Dexelance has acquired a 65% stake in Mohd, a prominent Italian e-commerce and retail business specializing in high-end furniture. This strategic acquisition was made from the Made in Italy Fund and the Mollura family, who will maintain a substantial minority stake through reinvestment in the company.

This transaction serves as the second exit for the Made in Italy Fund, a private equity initiative managed by Quadrivio Group and Pambianco. Following the divestment of premium sneaker brand Autry in 2024, these exits have collectively generated over three times the fund’s invested capital.

Industry Overview in Italy

The Italian furniture market has a rich heritage and is recognized globally for its craftsmanship, design, and innovation. Italy is home to numerous high-end furniture brands that set trends in design and remain highly sought after in international markets. The e-commerce segment within this industry has been growing significantly, driven by changing consumer behaviors favoring online shopping.

In recent years, the digitization of retail channels has transformed how furniture is marketed and sold. Companies have increasingly focused on enhancing their online presence and improving customer experience through advanced technologies and logistics solutions. This trend is especially relevant in Italy, where luxury consumers expect top-notch service whether shopping online or in-store.

The Italian e-commerce furniture market has shown resilience, even in challenging economic conditions. Bolstered by the pandemic's impact on shopping habits, many businesses have accelerated their digital transformation initiatives. As a result, new entrants and established companies are vying for market share in this rapidly evolving landscape.

Overall, the combination of a strong domestic market and emerging digital capabilities positions Italy as a vital player in the global high-end furniture industry, presenting considerable opportunities for growth and innovation.

Rationale Behind the Deal

This acquisition aligns perfectly with Dexelance's long-term growth strategy, as it aims to leverage Mohd's established brand presence and e-commerce capabilities. By incorporating Mohd’s operations, Dexelance can enhance its portfolio in the design and furniture sectors and capitalize on the growing demand for luxury home furnishings.

Mohd has demonstrated impressive growth, with revenues increasing from €28 million to approximately €70 million in 2024 and an EBITDA of €7 million. The strong performance under Quadrivio Group’s management highlights Mohd's potential and the transformative opportunities that lie ahead.

Information About the Investor

Dexelance is a publicly listed company on the Italian Stock Exchange, known for its focus on the design, lighting, and furniture sectors. With a well-established presence in these industries, Dexelance is strategically positioned to support Mohd's next phase of growth, utilizing its expertise and resources to drive further expansion and innovation.

The acquisition of a majority stake in Mohd signifies Dexelance's commitment to investing in high-quality brands and enhancing its market position in Italy and beyond. This move is aimed at tapping into the growing demand within the luxury furnishings segment and solidifying a leadership role in this competitive environment.

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The acquisition of Mohd by Dexelance appears to be a sound investment, given the latter's established reputation in the design and furniture sectors. Mohd's strong historical performance, backed by solid growth figures and a commitment to expanding its digital footprint, enhances its attractiveness as a target.

With the Italian furniture market experiencing robust demand, particularly in the high-end segment, Dexelance is well-placed to leverage Mohd's existing infrastructure and consumer base. The company’s commitment to internationalization aligns with market trends favoring e-commerce, making the investment particularly strategic.

Furthermore, the continued involvement of the Mollura family ensures stability and continuity, allowing for a smooth transition as the company embarks on its next growth chapter. This aspect, coupled with Dexelance's resources, positions Mohd ideally for future success.

In summary, the deal not only reflects confidence in Mohd's potential but also signifies a strategic move by Dexelance to enhance its standings in the Italian and global high-end furniture markets.

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