Paris and Milan, October 1, 2025 – LBO France, through its Italian platform Polis SGR, has signed an agreement to sell Bluclad, an Italian leader in the development of galvanic solutions for luxury goods, to Japan’s YKK Group, the global leader in fastening solutions and accessories for fashion and leather goods.
Founded in 2008 and headquartered in Prato, Bluclad specializes in the development of galvanic chemical solutions and processes for metal accessories used in luxury goods – including chains, zippers, buckles and components for apparel, leather goods and footwear. Over the years, the company has expanded its offering to include varnishing products, further consolidating its leadership position in the Italian market and strengthening collaborations with leading international luxury brands.
LBO France, through its Small Caps Opportunities I fund, acquired a 60% stake in the company at the end of 2018, alongside the management team. Since then, Bluclad has experienced strong growth: it has reinforced its leadership in Italy through new product development and stronger presence in the North-East, successfully expanded internationally with the opening of a plant in Portugal, and created strategic synergies with Progold – another LBO France portfolio company – to accelerate Bluclad’s galvanic business in the jewellery segment.
Lorenzo Cavaciocchi, CEO of Bluclad, said: “With the support of LBO France, we have been able to significantly grow our company, investing time and resources with medium- and long-term objectives, while at the same time launching our international expansion plan and placing an even stronger focus on ESG matters. This allows us not only to be a reliable industrial partner but also to become one of the most responsible players in the luxury sector. All of this enables us to confidently state that we are and will remain the benchmark for galvanics in the luxury industry.”
The company attracted strong interest from numerous international industrial players. Together, the management and LBO France chose YKK as the ideal partner to enable Bluclad to continue its growth path and further consolidate its leadership in the luxury segment with the support of the global leader in fastening solutions. The acquisition of Bluclad is part of YKK’s 7th Mid-Term Business Plan, aimed at strengthening its galvanic processing capabilities and promoting sustainability and innovation in its fastening business.
Arthur Bernardin, Chief Private Equity Officer Polis SGR, commented: “We are very pleased with Bluclad’s journey, which represents a flagship example of our investment strategy in Italy. Despite the challenges in the luxury market, Bluclad has consistently invested significant resources to strengthen its leadership, driven by the management team’s outstanding R&D capabilities. This distinctive feature has been fully recognized by YKK, which saw the opportunity to further enhance its value proposition in the fastening business. This transaction allows us to deliver a very significant return to our investors, providing them with regular liquidity events and strong performance.”
Main parties involved in the transaction who assisted Bluclad’s shareholders:
- Polis SGR: Arthur Bernardin
- Chiara Venezia
- M&A Advisor: Ethica Group (Stefano Pastore, Roberto Liguori)
- Legal: ADVANT Nctm (Matteo Trapani, Achille Capocasale)
- Tax: Maisto e Associati (Marco Valdonio)
Main parties involved in the transaction who assisted YKK:
- M&A Advisor: Houlihan Lokey (Shin Murai, Tommaso Lillo, Emilio Pestarino)
- Legal: Mori Hamada & Matsumoto (Kenichi Sekiguchi, Yuma Adachi)
- and BonelliErede (Stefano Micheli, Tommaso Trezzi)
- Financial, Tax, Environmental and Payroll DD: PwC (Elena Borghi, Roberta Riva, Simone Marchiò, Paolo Bettinardi, Luca Faieta, Fabrizio Giacon, Marzio Scaglioni)
- HR: Mercer (Sara Bottaro, Alessandro Cortesi)
About Bluclad:
Founded in 2008 and headquartered in Prato (Italy), Bluclad is a leader in the development of galvanic solutions for the luxury goods sector. The company works with leading international fashion and luxury brands, offering innovative processes and high-quality chemical products for the finishing of metal accessories and jewellery. Bluclad employs over 50 people and operates facilities in Italy and Portugal.
About YKK:
Founded in Japan in 1934, YKK is the world’s leading manufacturer of fastening solutions, with a presence in more than 70 countries and over 40,000 employees. The company is best known for its production of zippers, snap buttons and other metal accessories for apparel, footwear, leather goods and industrial equipment. With a strong focus on innovation, sustainability and quality, YKK is a strategic partner for some of the most important global fashion brands.
About Polis SGR
Polis SGR is a Multi-Alternative Platform with focus on special projects such as NPEs, Sale & Leaseback, Luxury Residential, Infrastructure, and Private Equity. Founded in 1998 on the initiative of 14 cooperative banks, Polis SGR has over time transformed into a multi-alternative entity with an international footprint. Authorized for the creation and management of AIFs in the fields of Real Estate, Credit Management Securities, and Private Equity, it was acquired with a 60% stake by LBO France in 2021, which is currently the majority shareholder along with Banca Popolare di Sondrio, Intesa Sanpaolo, BPER Banca, Banca Valsabbina, San Felice 1893 Banca Popolare, and Unione Fiduciaria.
For more information: www.polis-sgr.com
Giulio Maria Carminati: +39 333 88 34 148 / g.carminati@polis-sgr.com
About LBO France
A pioneer in private equity in France, the LBO France group is now a leading multi-specialist and multi-country investment platform. Active in Private Equity, Real Estate, Venture and on the listed markets, for several years the company has expanded its activities in Europe, particularly in Italy with Polis SGR, as well as on the African continent with its subsidiary CGF bourse. Owned 100% by its managers, LBO France is one of the founding members of the international climate initiative and one of the first signatories of France Invest’s charter for parity.
For more information: www.lbofrance.com
LBO France media contact
Nizar Berrada, nizar.berrada@taddeo.fr
+33.(0)6.38.31.90.50
Julia Paget, julia.paget@taddeo.fr
+33.(0)6.38.55.68.78