The Milan-based private equity Vam Investments has bought an 80 percent stake in Demenego, an Italian eyewear producer which also manages 16 points of sale. The De Menego family will retain a 20 percent interest in the company, which posted sales of €23 million in 2019 and an Ebitda of €6 million.

The arrival of a new controlling shareholder is expected to give the company the firepower to increase its retail network by expanding it throughout Italy. The network is currently focused in Northeast Italy, in the regions of Veneto, Trentino Alto Adige and Friuli Venezia Giulia, except for one store in Lombardy. The latest store was inaugurated in September in San Donà di Piave. It is the first one to be opened in the center of a town, the other stores being located in more peripheral areas. Demenego also launched an online store that serves all Italy.

Beppino De Menego, who founded the company in 1960, will become honorary chairman. The company is run by the chief executive, Alessandro Donadelli, who has worked for a couple of decades in the eyewear industry, including 15 years at Luxottica. The company indicated that its stores have enjoyed a strong performance since the end of the Covid-19 related lockdown.