Fimag Spa has completed the sale of 80% of its subsidiary Teuco Spa to Certina Holding AG. The Guzzini family still has a stake in Teuco, a company founded in 1972 and historic brand in the high-end bathroom furniture sector, which achieved a turnover of around 40 million euro in 2014.
Certina Holding AG, which has always specialized in restructuring operations, is a German industrial holding company based in Munich, which has been operating since 1996 in majority acquisitions of medium-sized companies. With this acquisition, Certina’s goal is to implement its industrial plan aimed at relaunching the historic Marche-based company on the market.
“We are satisfied that this transaction has been concluded and at the same time convinced that the new corporate structure will put Teuco in a position to continue developing products that satisfy increasingly demanding consumers and to promote Made in Italy design worldwide.”
Certina is evidently also satisfied with the deal. “The acquisition of Teuco provides a very stimulating challenge for our company both in terms of the importance of the company and in terms of the region, the Italian market, which is no longer an easy place to decide to invest,” comments manager partner Giovanni Santamaria. “We are confident that, despite the difficulties and uncertainties typical of restructuring operations, the combination of the internal expertise of the current organization combined with the managerial skills guaranteed by our company will allow us to seize the relaunch opportunities that this prestigious brand deserves.”