The controlling shareholder of distiller Davide-Campari Milano NV is close to acquiring a significant minority stake in consumer-focused private equity firm Bluegem Capital Partners, according to people familiar with the matter.
Luxembourg-based Lagfin, which manages the investments of the billionaire Garavoglia family, is finalizing terms of a deal to take an about 20% stake in Bluegem, the people said. Lagfin is also in talks to commit to be an anchor investor in Bluegem’s upcoming fund, the people said.
A transaction could be announced within days, the people said, asking not to be identified as the information is private. Representatives for Bluegem and Lagfin declined to comment.
Founded in 2007, Bluegem targets mid-market consumer companies, focusing on food and beverage brands as well as providers of vitamins, baby care and personal care. The London-based firm, which manages about €1 billion ($1.2 billion) in assets, owns brands including nursery and baby product manufacturer Mamas & Papas, French gourmet burger chain Big Fernand and baby food maker brand Béaba. One of its key transactions was the 2010 purchase of British department store Liberty, which was later sold to a consortium led by Glendower Capital.
Last year, Bluegem exited investments including selling fragrance maker Dr. Vranjes Firenze to L’Occitane International SA and divesting its majority stake in Italian beauty brand Beautynova to PAI Partners. On the other hand, Bluegem agreed to buy a majority stake in Pinard Group, a manufacturer of packaging solutions for the beauty and personal care, with Arev Partners in October.
Bluegem plans to start pre-marketing its Fund IV after summer and will mainly target family offices and institutional investors in Europe and the Middle East, the people said. It’s looking to raise more than the previous fund, which closed at €340 million in 2022, the people said. The firm aims to complete the fundraising by the second quarter of 2027, they said.
The private equity fund’s new investments will focus on companies of business-to-business models and enterprise values of €70 million to €200 million, while the equity ticket size will range from €30 million to €70 million, the people said.
Meanwhile, Bluegem’s founding partner Emilio Di Spiezio has become the firm’s chief executive officer, a newly created role to lead the upcoming fundraising efforts. Marco Capello, the other founder, will step back from future investments while he will continue to oversee existing portfolio companies, the people said.
Lagfin owns an about 52% stake in Campari, one of the world’s largest distillers with brands including Aperol, Campari, Bulldog Gin and Cinzano. It also invests globally in financial, corporate and real estate sectors, its website shows.
