According to Reuters, on 23 December 2016 Italian private equity firm Clessidra said it has agreed to sell an 85-percent stake in Italian jeweller Buccellati to Chinese conglomerate Gangtai Group. The Buccellati family will retain a 15-percent stake.
The acquisition gave Buccellati an enterprise value of 270 million euros (US$282 million) or 6.6 times its revenues.
The source said Clessidra had not been able to reach an accord with Richemont after discussing a possible sale of a controlling stake in Buccellati to the Swiss group.
Clessidra bought a 67-percent stake in Buccellati in 2013. It said Buccellati 's revenues had risen 60 percent since then.
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