Target Information
On March 24, 2025, LBO France, through its Italian platform Polis SGR, announced the acquisition of a majority stake in Amahorse, a leading Italian company in the design and distribution of equestrian clothing and accessories. The founders, Riccardo Volpi and Simone Volpi, have reinvested in the company and will continue to lead its operations.
Based in San Giustino (Perugia), Amahorse has been a key player in the equestrian sector for over 30 years, featuring prestigious brands such as Acavallo, Equestro, and Franceschini Stivali Milano, all recognized as some of the best in their respective categories. The company offers a comprehensive range of technical equipment, clothing, and accessories designed to meet the needs of both horse and rider, making it the only Italian player to cover the entire production and distribution chain within the equestrian sector in Western Europe.
Industry Overview in Italy
The equestrian industry in Italy is characterized by its rich heritage and a strong community of enthusiasts and professionals. This market has shown continual growth, supported by Italy's renowned reputation for high-quality craftsmanship and design. With more than 1 million active participants, including recreational and competitive riders, the demand for high-end equestrian products has been steadily increasing.
The Italian equestrian market is also witnessing innovation, with many companies implementing cutting-edge technologies in product development and materials. This trend is driven by increasing competition both locally and internationally, which has prompted businesses to invest heavily in research and development to maintain an edge.
Furthermore, Italy's strategic geographical location in Europe provides a significant advantage for exporting products beyond national borders. This position has enabled companies like Amahorse to establish strong relationships with distributors in over 60 countries, fostering brand recognition and loyalty across various markets.
The combination of a growing base of equestrian enthusiasts and the rising popularity of equestrian sports internationally positions the industry for continued expansion. The global equestrian market is projected to continue to grow, with increasing investment in related activities and infrastructure, paving the way for both product innovation and market penetration.
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Rationale Behind the Deal
This acquisition represents the eighth investment by LBO France's Small Caps Opportunities II fund, which focuses on small and medium-sized firms with strong growth potential in France and Italy. The fund targets market leaders with scalable business models and significant international expansion opportunities, leveraging LBO France's operational expertise to accelerate their growth.
Information About the Investor
LBO France is a pioneering private equity firm in France, now recognized as a leading multi-specialist investment platform. The group operates across private equity, real estate, venture capital, and listed markets, having extended its footprint into Italy through Polis SGR and into Africa through its subsidiary, CGF Bourse.
Since its establishment in 1985, LBO France has developed a strong track record of successful investments and remains a majority-owned entity by its management team. The company actively supports sustainable investment initiatives, emphasizing its commitment to responsible business practices.
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This strategic investment in Amahorse is viewed favorably as the company stands out within its sector due to its robust foundational principles and extensive market reach. With ongoing developments in product innovation and a solid strategy for international expansion, Amahorse presents a lucrative growth opportunity. The support from LBO France is expected to significantly bolster the company's operational capabilities, allowing for accelerated growth and market diversification.
The leadership transition, while involving the founders who retain a strong commitment to the company's vision, adds stability and continuity to operations, ensuring that existing customer relationships and brand values remain intact during the growth phase.
In conclusion, LBO France’s acquisition of Amahorse appears to be a well-calculated move, leveraging opportunity in a thriving market. If the projected growth strategies are effectively implemented, this deal could yield substantial returns for investors, while positioning Amahorse as a formidable player on the global equestrian scene.
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LBO France
invested in
Amahorse
in 2025
in a Leveraged Buyout (LBO) deal