Bluclad and Progold merge to serve luxury market
July 20, 2021
Bluclad SpA, a Florentine electroplating company active in the fashion and luxury market, and Progold SpA, Vicenza, Italy, an Additive Manufacturing alloy provider in the high-end jewellery sector, have signed an agreement to merge their business activities. The merger is intended to lead to the creation of an integrated platform serving leading brands in the luxury and jewellery sectors via the sharing of the two companies’ institutional knowledge.
“We are delighted with the conclusion of this collaboration and integration agreement between Bluclad and Progold,” stated Marco Eruli, chairman and CEO of Bluclad and Leandro Luconi, Technical Director. “Although operating in different sectors of the luxury market, our companies are perfectly complementary, and the integration between the two companies will certainly lead to the creation of a global player and reference point also in the sector of components for high-level alloys and master alloys.”
Damiano Zito, Progold CEO, added, “Our business models are perfectly matched and form the basis of the strategic decision taken. We will face the future by bringing our customers to exploit the value that Bluclad will pour into the galvanic product line created specifically for the goldsmith sector. We are confident that our customers will be as satisfied as we are with this addition to our core offering. This is the beginning of a new phase of growth for Progold, a dream shared with four friends whose valuable support has enabled the company to become a leader in its reference market twenty-five years later and to be ready today to seize this opportunity.”
The integration was supported by Gioconda, the Italian branch of LBO France, an independent operator and reputedly one of the most significant private equity players in Europe with €6.3 billion of capital raised. The company was already the majority shareholder of Bluclad through its Small Cap Opportunity fund.
“Bluclad and Progold are a classic example of companies in which we are enthusiastic about investing, thanks to a strong and cohesive management team, a market leadership position, a strong orientation towards growth and innovation,” commented Arthur Bernardin, Managing Director of Gioconda. “The integration of Progold (that will be subject to bank approval and all law-related authorisations) is part of a strategy of constant support for growth, like in the implementation of extraordinary operations such as this one, and fits perfectly into the market trend that sees the fashion world increasingly pervading jewellery. We are, therefore, thrilled to have created a unique operator in its reference market, capable of supplying the most innovative products in the sector.”