NEO Capital takes majority stake in Italian luxury goods brand Valextra

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UK private equity firm NEO Capital has reportedly acquired a majority stake in Italian luxury luggage brand Valextra.

According to the FT, the firm has taken a 60 per cent stake of the company, with a minimum six-year holding period, with the prospect of a potential IPO in the future. The company recorded revenues of €13.5m in 2012.

Marco Franchetti has been named the new CEO as part of the deal, and was formerly head of TPG-backed leather goods label Bally.

NEO Capital targets the branded goods and consumer service sectors, and has previously invested in British luxury fragrance brand Miller Harris

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