Palamon Capital Partners has banked a 3x return on its exit of Il Bisonte, generating a 26 per cent gross IRR for Palamon III. 

The transaction, which values the leather accessories brand at an EV of €100m, will see Tokyo Stock exchange-listed fashion distribution specialist, LOOK HOLDINGS INC, become the new owner.  

Palamon acquired Il Bisonte in 2015 from its founder, Wanny di Filippo, who established the business in 1970 from an artisanal workshop in Florence, Italy. With one of the last authentic locally sourced product ranges, Palamon identified the significant global expansion potential for Il Bisonte.

“In Il Bisonte we discovered a true gem in the Italian market, a high-quality authentic brand steeped in artisanal heritage and were pleased to be able to unlock its global potential” Fabio Massimo Giuseppetti, partner of Palamon, stated.

During ownership, Il Bisonte revamped its iconic brand and pushed international expansion across the US, Europe, the Middle East and Asia, including the opening of new directly managed stores in London, New York and Hong Kong.  Revenue doubled from €20m at entry to more than €40m in 2019, with sales growth accelerating by 30 per cent for the last two years.

“We are delighted with the sale of Il Bisonte which represents another strong result for Palamon," added Giuseppetti. 

The sale marks the first exit from Palamon’s third fund, which has a “Made in Europe” theme, investing in founder-owned European brands with proven international appeal. Other portfolio investments include The Rug Company and Happy Socks.