Germany-based worsted yarn producer Südwolle Group has acquired Safil S.p.A., as well as an 80-percent share in Gruppo Tessile Industriale (GTI), both worsted yarn manufacturers based in Italy. Südwolle acquired Safil and 50 percent of the GTI shares from Italy-based Finsavio S.p.A. Cesare Savio and Alberto Savio, Finsavio owners and sons of Safil founder Fernando Savio, will continue as Safil’s CEO and CFO respectively.
The remaining 30 percent of GTI was acquired from Alberto Frignani, founder and CEO of GTI. Frignani retained the remaining 20 percent of GTI shares, and continues as CEO of the company.
No financial terms of the acquisition were disclosed.
The resulting enhanced yarn portfolio allows Südwolle to offer fashion, luxury and non-apparel customers a greater selection of products. The company also gains a strong foothold in the Italian yarn markets.