De Agostini Acquires 42% Stake in Legami from Flexible Capital Fund
Posted on Dec 3, 2025
De Agostini entered Legami by acquiring the 42% stake in Legami held by Flexible Capital Fund, a fund managed by DeA Capital Alternative Funds Sgr.
Legami, a group active in the stationery, gift items and lifestyle accessories sector, recorded revenues of 245 million in 2024, an EBITDA exceeding 50 million, and a rapidly expanding international presence and a continuously growing direct retail network currently active in Italy, France and Spain. For 2025, Legami expects to surpass 300 million in revenues and to open additional boutiques, including 16 in France and 5 in Spain, for a total of more than 150 directly operated stores.
Gianni & Origoni assisted the majority shareholder, founder and CEO Alberto Fassi, as well as Legami and the other minority shareholder managers, with regard to the legal aspects related to the exit of the Flexible Capital Fund and the entry of the new shareholder De Agostini, with a team led by Partner Alfredo D’Aniello, together with Counsel Marco Rinaldi and Senior Associate Graziano Cucchi, and supported by Associates Federica Baldini and Vittorio Del Vecchio on corporate aspects, and by Partner Saverio Schiavone and Managing Associate Eleonora Rainaldi for employment matters. The tax aspects were handled, on behalf of the majority shareholder and Legami, by Studio VBM in Bergamo and Associate Guido Fontana.
ADVANT Nctm assisted De Agostini in relation to all aspects of the acquisition with a team led by Partner Matteo Trapani, with Partner Filippo Ughi and Senior Associate Luigi A. Stabile handling M&A matters. For banking & finance aspects, ADVANT Nctm assisted De Agostini with a team composed of Partner Giovanni De Capitani, Counsel Bianca Macrina and Senior Associate Andrea Bertoni. The tax aspects were handled by Partner Barbara Aloisi and Counsel Irene Aquili.
KPMG assisted De Agostini in the accounting and financial due diligence activities, with a team led by Partner Alberto Vaccaro; in the tax due diligence, with a team led by Partner Stefano Cervo; and in the legal due diligence, with a team led by Partner Alberto Cirillo and Director Valeria Virzì.
The Flexible Capital Fund, managed by DeA Capital Alternative Funds Sgr, was assisted by Molinari with a team led by Partner Margherita Santoiemma and composed of Senior Associate Andrea Cecchi and Associate Beatrice Mattioni. The tax aspects were handled by Partner Ottavia Alfano.
The transaction also involved the law firm BonelliErede, with a team led by Partner Francesco Pirisi, in assisting certain stakeholders involved in the deal.
The notarial aspects were handled by Notary Carlo Marchetti.
