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Haworth's Lifestyle Design buys Italian design brand Interni

·1-min read

MILAN (Reuters) - U.S. office furnisher Haworth Inc said on Thursday its Italian unit Lifestyle Design had signed an agreement with Progressio SGR to buy the private equity firm's majority stake in Italian high-end interior design group Interni.

Lifestyle Design controls Italian furniture brands such as Poltrona Frau, Cappellini and Cassina as well as Ceccotti, DZine, Karakter, JANUS et Cie, Luminaire e Luxury Living.

Interni, which operates through 13 stores in Italy and the UK, is expected to report revenues of 40 million euros in 2021, a statement said.

Progressio, which specialises in investing in Italian small- and medium-sized enterprises, bought a 70% stake in Interni in 2019. The remaining 30% is owned by the Cazzaniga family.

Financial details of the transaction were not disclosed.

"Through this acquisition, Lifestyle Design carries on its commitment to join in federation the best product and distribution businesses operating in the high-end furniture industry", Lifestyle Design CEO Dario Rinero said.

Founded in 1933 in a furniture district north of Milan, Interni is still led by the Cazzaniga family.

CEO Stefano Cazzaniga, who took over in 2019 from his father Giuseppe, will report to Rinero.

(Reporting by Elisa Anzolin; Editing by Alexander Smith)

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