RedFish Acquires Stanhome in Club Deal

RedFish Long Term Capital has orchestrated a club deal to acquire Stanhome, a well-established direct-to-consumer home and personal care brand. The transaction, valued at approximately €21.2 million, represents a strategic carve-out from the French cosmetics giant Rocher Group. This acquisition positions Stanhome for a new chapter, focusing on expanding its product lines into personal care, a move supported by the incoming management team.

The deal structure involves a sophisticated multi-party approach. RFLTC1, a dedicated club deal vehicle controlled by RedFish Long Term Capital, will subscribe to a €3.5 million capital increase in Le Fonti Industrial srl (LFI), the special purpose vehicle established for the acquisition. Following this, RFLTC1 will hold a 33.33% stake in LFI. Other key investors in LFI include Le Fonti Group srl SB, led by entrepreneur Riccardo Tassi, which will own 33.34%, and Kyrie Holding srl, representing the Stanhome management team headed by CEO Raffaele Diociaiuti, which will hold the remaining stake.

Significantly, LFI is not a mere shell company but an existing industrial entity established in late 2025. It already operates production facilities for household and personal care items. This pre-existing industrial base is crucial, as it will integrate Stanhome's distribution network, which previously relied on production from the Rocher Group. The inclusion of Riccardo Tassi, with his expertise in logistics, further strengthens the operational capabilities of the newly formed entity.

The acquisition price of €21.2 million for the entirety of Stanhome translates to an enterprise value of roughly €20.7 million, reflecting a multiple of approximately 4 times EBITDA. The transaction financing is a blend of equity and debt. LFI is contributing €4.5 million in equity, alongside a €4.5 million vendor loan from the seller, Rocher Group, to be repaid by April 30, 2031. The remaining €15 million is secured through a medium-to-long-term loan facility, equally provided by BPER Banca and Cassa Depositi e Prestiti as mandated lead arrangers.

Post-acquisition, a strategic integration is planned. Within 12 months of closing, LFI is slated to merge with Stanhome. This consolidation aims to create a vertically integrated business, bringing Stanhome's entire supply chain under a single operational umbrella. This move is expected to enhance efficiency and control over production and distribution.

The club deal vehicle, RFLTC1, will see its ownership structure finalized at closing. RedFish LTC will contribute €900,000, securing a 25% stake. Kayak Family Office 2, which includes participation from RedFish LTC's founding partners, will also hold 25%. The remaining 50% will be allocated to third-party investors subscribing to the capital increase required to fund the deal's equity portion.

This transaction underscores a growing trend of private equity firms and investment groups actively seeking established brands with potential for operational enhancement and market expansion. The direct-to-consumer model, particularly in the home and personal care sectors, continues to attract investment, driven by evolving consumer preferences and the potential for margin improvement through integrated supply chains.