Made in Italy Fund

Quadrivio buys natural cosmetics producer Rougj

Italian private equity house Quadrivio has acquired a 60% stake in natural skin care products manufacturer Rougj.

The company has an EV of approximately €21m. Quadrivio deployed an equity ticket of around €13m, while a debt package of 2.5x EBITDA was provided by Banco BPM, Unquote understands.
The acquisition included the purchase of shares and a capital increase.
CEO Antonio Pirillo, and managers Marco Giraldi and Alessandro Fier, retained the remaining 40% stake and reinvested in the business alongside the GP, while Ettore Favia sold his stake and exited the investment.
Quadrivio invested in Rougj via its Made in Italy Fund, which has raised €150m so far, Unquote understands.
The GP intends to boost the company’s organic growth and bolster its expansion in Italy and abroad, especially in the UK, Germany and Asia. It also plans to pursue a buy-and-build strategy and has already found three targets, which will be added to the platform in the coming months.


Established in Trieste in 1987, Rougj specialises in producing skin care creams, lotions and cosmetics. Its products are natural and not tested on animals, and are primarily sold in pharmacies across Italy and the rest of Europe.

The company generates EBITDA of €3m from revenues of €15m, 80% of which comes from Italy and the remainder primarily from France and Spain.


Quadrivio – Walter Ricciotti (managing partner).
Rougj – Antonio Pirillo (CEO).


Equity – Legance (legal); EY (financial due diligence).
Company – DLA Piper (legal).