CASE CASSIOPEA acted as joint M&A advisor and sole debt advisor to Borletti Group in the acquisition of 100% of Pinalli, a leading Italian omnichannel beauty retailer
CASE CASSIOPEA advised Borletti Group on the acquisition of 100% of Pinalli, supporting the transaction as joint M&A advisor and sole debt advisor. The acquisition was completed through an investment vehicle promoted and led by Borletti Group and backed by a pool of co-investors, with J. Safra Group acting as anchor investor and the Pinalli founding family with a minority stake. The shares were acquired from H.I.G. Capital, which had controlled Pinalli since 2023, and from the Pinalli family. The value of the transaction has not been disclosed.
Founded in 1984 in Fiorenzuola d’Arda, Piacenza, Pinalli has developed an omnichannel distribution model that combines a network of more than 100 beauty stores, primarily in Northern Italy, with its proprietary e-commerce platform. Online sales account for approximately 30% of total sales and generate around 22 million visits annually. Pinalli offers more than 400 brands across fragrance, skincare and make-up, alongside a rapidly growing private-label offering. In 2025, the Company generated approximately €200 million in revenues and employed more than 800 people, recording a CAGR of over 15% between 2022 and 2025.
The acquisition will support Pinalli’s next phase of growth. Raffaele Rossetti, CEO since 2018, will continue to lead the Company together with the existing management team and with Maurizio Borletti, founding partner of Borletti Group, who will serve as Chairman. The growth strategy will focus on further expanding the store network and e-commerce channel, strengthening the private label and broadening the assortment, with particular attention to innovative and emerging brands.
The acquisition financing was provided by a banking pool including Crédit Agricole Italia, also acting as Agent Bank, Banca Monte dei Paschi di Siena, Banco BPM, BPER Banca and Banca CF+.
This transaction further strengthens CASE CASSIOPEA’s track record in the consumer and specialised retail sectors.
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About CASE CASSIOPEA
CASE CASSIOPEA is a partner-led independent European investment banking advisory firm with offices in Frankfurt, Milan, Paris and Stockholm, (through the partnership with PK Partners, a Nordic M&A advisory firm with over 20 years of experience), alongside an international network across the Benelux, Spain and Latin America. Together, we provide discreet, bespoke and independent advice across M&A and Debt Advisory, covering a full range of strategic and financial transactions, including mergers, acquisitions, divestitures and capital raisings. All partners have worked together for over twenty years, forming the foundation of a cohesive corporate culture, built on close collaboration across offices. Partners are deeply involved in deal execution and committed to long-term relationships based on mutual trust. This culture is shared by an international team of more than 50 experienced professionals, delivering seamless, tailored solutions, an integrated team, not just a network.