Bangalore-based textile designing and manufacturing company Himatsingka Seide Ltd has acquired remaining 30 per cent stake in Italy's Giuseppe Bellora SPA from GB Invest SRL, for an undisclosed amount, the company said in a stock market disclosure.
The acquisition is in line with Himatsingka's global strategy which gives it a large presence in the manufacturing, retail and distribution of home textile products.
Giuseppe Bellora SPA is engaged in the manufacture and sale of linen, cotton and cotton fabrics globally. It has an extensive presence in Italy and is exploring opportunities to expand across Europe and in select markets in Asia.
It is known for luxury bedding brand Bellora.
"The Bellora brand is an integral part of our global brand portfolio. Our group will be focused on expanding the brand globally in the years to come,” said Shrikant Himatsingka, the executive director of Himatsingka Group.
Himatsingka Group had acquired 70 per cent stake in Giuseppe Bellora in 2007 for $33.71 million. The company bought 59.74 per cent stake in the Italian firm at an enterprise value of $26.43 million from existing investors and the promoter family, and remaining 10.26 per cent stake in fresh equity for $4.95 million.
Founded in 1985, the Himatsingka Group focuses on the manufacturing, retailing and distribution of home textile products. It employs around 5,000 people and currently has over eight brands.
For FY14, the company had consolidated net revenue of Rs 2,028 crore with net profit of Rs 63.3 crore.
Earlier it had acquired American firm Divatex Home Fashions Inc for an undisclosed amount.
Shares of Himatsingka Seide were trading at Rs 87.95 each, up 4.76 per cent, on BSE in a strong Mumbai market on Tuesday at 12.02 PM.
(Edited by Joby Puthuparampil Johnson)