LBO France announces the sale of Bluclad to Japanese company YKK, the world leader in fastening solutions.
LBO France, through its Italian platform Polis SGR, has signed an agreement for the sale of Bluclad, the Italian leader in the development of electroplating solutions for the luxury sector, to the Japanese YKK Group, the global leader in fastening solutions and accessories for fashion and leather goods.
Founded in 2008 and headquartered in Prato, Bluclad specialises in developing electroplating chemical solutions and processes for the metal accessories used in luxury goods – including chains, zips, buckles and small metal components for apparel, leather goods and footwear. Over the years the company has extended its offering to lacquer products and has further consolidated its leadership position in the Italian market by strengthening its collaboration with the leading international luxury brands.
LBO France, through its Small Caps Opportunities I fund, acquired a 60% stake in the company at the end of 2018, alongside the management team. Since then Bluclad has achieved strong growth: it has reinforced its leadership in Italy through new products and an expanded presence in the North-East, successfully launched its international expansion with the opening of a site in Portugal, and developed strategic synergies with Progold – another LBO France portfolio company – to accelerate its electroplating business in the jewellery segment.
Lorenzo Cavaciocchi, CEO of Bluclad, said: “With the support of LBO France we have been able to develop our company significantly, investing time and resources with medium- and long-term objectives, while at the same time launching our internationalisation plan with an even stronger focus on ESG issues. This allows us to be not only a reliable industrial partner, but also to become one of the most responsible players in the luxury sector. All of this enables us to state with conviction that we are, and remain, the benchmark for electroplating in the luxury sector.”
The company attracted strong interest from numerous international industrial players. Management and LBO France jointly chose YKK, considered the ideal partner to enable Bluclad to continue on its growth path and further consolidate its leadership in the luxury segment, backed by the world leader in fastening solutions. The acquisition of Bluclad is part of the YKK Group’s 7th Mid-Term Business Plan, which aims to strengthen its electroplating capabilities and to promote sustainability and innovation in its fastening business.
Arthur Bernardin, Chief Private Equity Officer of Polis SGR, commented: “We are very pleased with Bluclad’s journey, which is an emblematic example of our investment strategy in Italy. Despite the downturn in the luxury market, Bluclad has consistently invested significant resources to strengthen its leadership position, driven by the management team’s exceptional research and development capabilities. This distinctive strength was fully recognised by YKK, which saw the opportunity to further enhance its value proposition in the fastening business. This transaction allows us to generate a very significant return for our investors, offering them frequent liquidity events and a highly valuable performance.”
Main parties involved in the transaction for Bluclad
- Polis SGR: Arthur Bernardin and Chiara Venezia
- M&A Advisor: Ethica Group (Stefano Pastore, Roberto Liguori)
- Legal: ADVANT Nctm (Matteo Trapani, Achille Capocasale)
- Tax: Maisto e Associati (Marco Valdonio)
Main parties involved in the transaction for YKK
- M&A Advisor: Houlihan Lokey (Shin Murai, Tommaso Lillo, Emilio Pestarino)
- Legal: Mori Hamada & Matsumoto (Kenichi Sekiguchi, Yuma Adachi) and BonelliErede (Stefano Micheli, Tommaso Trezzi)
- Financial, Tax, Environmental and Payroll DD: PwC (Elena Borghi, Roberta Riva, Simone Marchiò, Paolo Bettinardi, Luca Faieta, Fabrizio Giacon, Marzio Scaglioni)
- HR: Mercer (Sara Bottaro, Alessandro Cortesi)
About Bluclad
Founded in 2008 and headquartered in Prato (Italy), Bluclad is a leader in the development of electroplating solutions for the luxury sector. The company works with the leading international fashion and luxury brands, offering innovative processes and high-quality chemical products for the finishing of metal accessories and jewellery. Today Bluclad employs more than 50 people and has production facilities in Italy and Portugal.
About YKK
Founded in Japan in 1934, YKK is today the world’s leading manufacturer of fastening solutions, with a presence in more than 70 countries and over 40,000 employees. The company is best known for its zips, snap fasteners and other metal accessories for apparel, footwear, leather goods and industrial equipment. With a strong focus on innovation, sustainability and quality, YKK is a strategic partner to some of the most prominent global fashion and luxury brands.
About Polis SGR
Polis SGR is a multi-alternative platform focused on special projects such as NPEs, Sale & Leaseback, Luxury Residential, Infrastructure and Private Equity. Founded in 1998 on the initiative of 14 cooperative banks, over the years it has evolved into a multi-alternative firm with an international presence. Authorised to establish and manage alternative investment funds (AIFs) in Real Estate, Credit Management Securities and Private Equity, Polis SGR was 60% acquired in 2021 by LBO France, its majority shareholder, alongside Banca Popolare di Sondrio, Intesa Sanpaolo, BPER Banca, Banca Valsabbina, San Felice 1893 Banca Popolare and Unione Fiduciaria.
About LBO France
A pioneer of private equity in France, the LBO France group is today a multi-specialist, multi-country investment platform. Active in Private Equity, Real Estate, Venture Capital and listed markets, it has expanded its activities in Europe, particularly in Italy through Polis SGR, and in Africa through its subsidiary CGF Bourse. Wholly owned by its management, LBO France is a founding member of the International Climate Initiative and was one of the first signatories of France Invest’s gender parity charter.
Conclusion of Share Purchase Agreement Concerning Acquisition of All Shares in Bluclad S.p.A., an Italian-based Electroplating Solution Development and Sales Company
YKK Holding Europe B.V. (Head Office: Netherlands; Managing Director: Takanori Yoshida) announces that it has concluded a share purchase agreement to acquire all issued shares of Bluclad S.p.A. (hereinafter referred to as ‘Bluclad’), an Italian company engaged in the development and sale of electroplating solutions which, once completed, will make it a subsidiary. Through this acquisition, YKK Group’s Fastening Business will integrate with Bluclad to offer fastening products with high-quality plating, particularly for the luxury segment, and further enhance its value proposition in the global market. There will be no changes to Bluclad's products or services. Bluclad will remain committed to providing their customers with the same high-quality products and services as before under their brand “Bluclad”.
1. Purpose of the Acquisition By incorporating Bluclad’s plating solution development technology, a key technical area supporting the YKK Group Fastening Business, YKK will strengthen its existing plating processing capabilities. This will enhance the value proposition to customers through plating processing and further promote the reduction of environmental impact through fastening products.
Under the 7th Mid-Term Business Plan launched in April 2025, YKK Group’s Fastening Business has adopted the policy: ONE YKK - Evolving into a Company that Creates Inspiring Experiences for Customers, Employees, and Society -’ Key priorities include ‘Sustainability Initiatives’ and ‘Exciting Product Proposals’. Bluclad possesses high technical capabilities and a proven track record in developing and manufacturing high-grade plating solutions for the European luxury sector.
Its commitment to quality and its continuous pursuit of new initiatives, including sustainability, align closely with YKK Group Fastening Business's priorities. Consequently, as part of strengthening these key initiatives, YKK Group Fastening Business has concluded this share purchase agreement to acquire Bluclad.
Upon completion of the acquisition, the YKK Group aims to enhance the technical capabilities of its Fastening Business. Furthermore, by leveraging its global network, YKK will work in unison with Bluclad to advance the latter's global business expansion, pursuing mutual growth.
2. Estimated Completion Date December 2025
3. Overview of the Subsidiary Subject to Change (as of the end of August 2025)
(1) Name: Bluclad S.p.A
(2) Location: Florence, Italy
(3) Capital: €5.3 million
(4) Business Activities: Development and sale of electroplating solutions
(5) Number of Employees: 58
For the transaction, YKK was assisted by Houlihan Lokey as financial advisor, with Mori Hamada & Matsumoto and BonelliErede providing legal advisory. PwC handled financial, tax, payroll, and environmental due diligence, and Mercer advised on HR matters. LBO France (Bluclad’s majority shareholder) and other Bluclad shareholders were advised by Ethica Group, with legal support from ADVANT Nctm, and Maisto e Associati overseeing tax matters.