Borletti (historic family of investors) enters the world of beauty distribution with the acquisition of Pinalli (chain of perfumeries and cosmetic products). The independent investment company founded by Maurizio Borletti and Paolo De Spirt, already a protagonist in retail and fashion operations with La Rinascente, Printemps, Grandi Stazioni Retail, Moorer, Twinset and True Religion, has announced the completion of the acquisition of 100% of the Italian omnichannel beauty retail platform, which closed 2025 with revenues of around 200 million euros.
From perfumery to beauty giant
Founded as a perfumery in 1970 in Fiorenzuola d’Arda (Piacenza), from an idea by Luigi Pinalli and his wife Liliana, Pinalli experienced constant growth in the following decades, transforming itself into one of the main Italian chains dedicated to the world of beauty. The real change of pace occurred in the 2000s with the entry of the e-commerce channel, among the first in the sector in Italy, and the subsequent retail expansion on a national scale.
Today Pinalli has around a hundred stores spread mainly in Northern and Central Italy, positioning itself as an omnichannel point of reference that combines the experience of physical sales points with the digital presence for the sale of cosmetics, perfumes and skincare products from the most prestigious brands.
The sale from the Hig Capital fund
The operation was carried out with the support of J. Safra Sarasin asset management in the role of anchor investor and was carried out through an investment vehicle promoted and led by Borletti group and participated by a pool of co-investors, including the Pinalli family with a minority share. The private equity fund Hig Capital, which had held control of Pinalli since 2023, and the Pinalli family themselves, sold the shares.
The value of the operation was not disclosed, but, according to what appears to MF the multiple would be over 10 times the Ebitda, equal to 25 million euros. An important value which goes hand in hand, as reconstructed by MF, with an annual Irr (Internal rate of return) of over 30% of Hig Capital.
“A company that has shown solidity”
“Pinalli is a company that has demonstrated solidity, capacity for growth and a strong propensity for innovation, standing out for the quality of the brand, the management team and the omnichannel platform,” underlined Maurizio Borletti.
“The group will work alongside management to support the next phase of capacity development, further consolidating its positioning in the Italian market and continuing to invest in network expansion, digital and customer experience,” he continues.
Over 110 points of sale
The industrial plan will continue to be implemented by the current management. Raffaele Rossetti, CEO since 2018, will lead the next phase of development together with the existing team and Maurizio Borletti, who will take on the role of president. In the coming years, the company aims to accelerate its growth path through the expansion of the network of sales points, which has now reached 110 (from 62 when the fund entered), and the further development of the e-commerce channel. The strengthening of the own brand and the expansion of the assortment, with particular attention to the most innovative and emerging brands, represent further strategic directions.
“The entry of Pinalli into Borletti opens a new chapter in the history of our company and offers us the opportunity to continue the path built in recent years with even greater ambition,” added CEO Rossetti. For Borletti, this is the third operation in less than 20 months, after Twin Set and True religion, we read in a note.
Who managed the operation
Borletti was assisted by Houlihan Lokey as financial advisor, by Case Cassiopea as M&A and debt advisor, by Legance and Studio Cerina for the legal and tax aspects, and by PwC for the financial due diligence aspects. The financing for the operation was made available by Crédit Agricole Italia (also acting as agent bank), B.Mps, Banco Bpm, Bper Banca and Banca CF+. The financing banks were advised by Ashurst.