MILAN, Nov 18 (Reuters) – U.S. business office furnisher Haworth Inc explained on Thursday its Italian device Lifestyle Style and design had signed an settlement with Progressio SGR to invest in the private equity firm’s vast majority stake in Italian high-finish interior style team Interni.

Way of life Style and design controls Italian furniture models such as Poltrona Frau, Cappellini and Cassina as nicely as Ceccotti, DZine, Karakter, JANUS et Cie, Luminaire e Luxurious Living.

Interni, which operates as a result of 13 shops in Italy and the Uk, is anticipated to report revenues of 40 million euros in 2021, a statement stated.

Progressio, which specialises in investing in Italian small- and medium-sized enterprises, bought a 70% stake in Interni in 2019. The remaining 30% is owned by the Cazzaniga family members.

Economic information of the transaction ended up not disclosed.

“Through this acquisition, Lifestyle Style and design carries on its motivation to be part of in federation the best product or service and distribution businesses running in the large-end home furniture sector”, Lifestyle Design and style CEO Dario Rinero reported.

Launched in 1933 in a home furniture district north of Milan, Interni is even now led by the Cazzaniga loved ones.

CEO Stefano Cazzaniga, who took around in 2019 from his father Giuseppe, will report to Rinero.

Reporting by Elisa Anzolin Enhancing by Alexander Smith

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