Carlyle close to finalising sale of Twinset for just under 200 million euros

US fund Carlyle is about to conclude an agreement to sell the Italian ready-to-wear brand Twinset to the investment groups Borletti and Quadrivio, according to sources close to the matter cited by Reuters. The transaction, expected in the coming days, would value the brand at just under 200 million euros, amid significant debt.

Founded in 1987 near Modena by Simona Barbieri and Tiziano Sgarbi, Twinset has forged an international reputation with its romantic style and expertise in knitwear, in an Italian region rich in textile manufacturers.

Carlyle took a majority stake in Twinset in 2012, then bought all the shares in 2017. The fund supported the brand's international expansion and the broadening of its product offering.

According to Il Sole 24 Ore, Twinset achieved a turnover of more than 200 million euros in 2023, with earnings before interest, taxes, depreciation and amortisation (EBITDA) of 34 million euros. The selling price therefore remains below the annual turnover, illustrating the financial pressures on the company.

The three parties—Carlyle, Borletti and Quadrivio—as well as the firm Rothschild, advisor on this transaction, have so far declined to comment.