British private equity firm Change Capital Partners has acquired a majority stake in Frette, an Italian provider of linens known for supplying luxury travel lines, such as the elegant Orient Express train featured in the classic Agatha Christie murder mystery.
Monza, Italy-based Fette makes linens and textiles for hotels, restaurants, private homes, airlines, ocean liners and trains. The company has boutiques in Paris, Milan, Rome, New York and Beverly Hills. Fette is currently owned by JH Partners, a San Francisco-based private equity firm, which will retain a minority stake in the business. Terms of the deal were not disclosed.
Change, headquartered in London, expects to strengthen Frette's position in the luxury bed and bath linen market. The firm has invested in luxury brands before, including Jil Sander, and is currently invested in Paris-based Paule Ka.
Other recent investments in the consumer goods industry include Whirlpool Corp.'s (NYSE: WHR) deal for a majority stake in appliance manufacturer Indesit Co. SpA, and HanesBrands Inc.'s (NYSE: HBI) purchase of intimate apparel group DBApparel for about $544 million.