The strategic partnership will see the businesses join forces to develop and market healthcare goods with what they describe as “high medical value”. According to the companies, they will combine their expertise to supply a wide portfolio of “innovative” and natural products that can provide care and protection for consumers.
By forming the alliance, the companies will have more than 300 employees and a network of 300-plus agents and scientific informants, with a turnover of around €130m. They hope that by growing its size and structure, the group can compete at an international level, using its own scientific research and product portfolio.
Specchiasol products currently include a range of herbal and cosmetic items, including brands such as Aeris, E.P.I.D and Primum. Farma-Derma specialises in healthcare and wellbeing products, offering a range to help with gynaecology, dermatology, respiratory system and the digestive system, along with others.
Specchiasol’s key shareholder, White Bridge Investments, will keep the majority of the new group. The main shareholders and founders of Farma-Derma, Vincenzo Russo, Giulia Canzano and Valeria Russo, will also have a sizeable stake in the company, as well as being on its board of directors. Vincenzo Russo will remain president of Sala Bolognese-based Farma-Derma.
He told Italian publication BeBeez: “Farma-Derma has achieved very important milestones since its foundation, proving to be an Italian entrepreneurial excellence and a recognized leader both nationally and internationally.
"We think that Specchiasol represents the ideal partner to support us in a new period of strong growth in an increasingly competitive European and world context. The union of two important realities like these, with different histories but with the same values at the base, will allow us to invest in the development of our company.
"Our centrality in the project as managers and shareholders confirms our commitment and our confidence in the development potential of the group, which wants to continue to establish itself more and more as the Italian and European leader in the nutraceutical sector."
The current Chief Executive of Verona-based Specchiasol and its subsidiaries, Guiseppe Giorgini, will become CEO of the newly formed group.
Speaking to BeBeez, he added: “Farma-Derma is a reality in the sector recognised for the significant growth recorded in Italy and abroad, both in the world of nutraceutical products and medical devices.
"The partnership between Farma-Derma and Specchiasol will allow the new group to achieve the declared goal of leadership at the Italian and European level, through access to the resources made available by the new dimension and thanks to the talents present in the group.”
Law firms Gianni & Origoni and Fantozzi e Associati assisted Farma-Derma in the transaction, while Giovannelli e Associati with Gatti Pavesi Bianchi Ludovici worked with Specchiasol to secure the deal.