LBO France acquires a majority stake in Amahorse
Paris and Milan, March 24, 2025 - LBO France, through its Italian platform Polis SGR, has entered into an agreement to acquire a majority stake in Amahorse, an Italian leader in the design and distribution of equestrian apparel and accessories. As part of the transaction, founders Riccardo Volpi and Simone Volpi have reinvested and will continue to lead the company’s operations.
Headquartered in San Giustino (Perugia), Amahorse has been a key player in the equestrian sector for over 30 years bringing together prestigious brands such as Acavallo, Equestro and Franceschini Stivali Milano, all recognized among the best in the world in their respective category. The company offers a complete range of technical equipment, apparel, and accessories designed to meet the needs of both horse and rider, standing out as the only Italian player to cover the entire production and distribution chain within the equestrian market for both English and Western riding.
With a team of over 50 highly skilled professionals, Amahorse has achieved strong and sustainable growth, driven by a strategy focused on developing proprietary brands and acquiring other well-known national players, the latest being “Le Selle Italiane”, a Veneto-based company specializing in high-end saddle production. The acquisition of new brands aims to support the company’s international expansion. With a well-established presence in key global markets, spanning over 60 countries, Amahorse stands as a true ambassador of Made in Italy on an international scale. Continuous investment in research and development has enabled the company to build one of the most advanced product portfolios in the industry. Additionally, Amahorse collaborates with Allevamento Fonte Abeti, one of Europe’s most prestigious dressage stables. This partnership focuses on researching and developing new products and materials, tested by expert riders. The collaboration has led to the creation of numerous unique and patented products in the market.
This investment marks the eighth investment of LBO France’s Small Caps Opportunities II fund, which targets high-potential small and mid-sized companies in France and Italy. The fund focuses on market leaders with strong growth potentials, scalable business models, and international expansion potential, leveraging LBO France’s operational expertise to accelerate their development. Active in Italy since 2010, thanks to its disciplined approach, the team has delivered strong performance on realized deals. Recent Italian investments include Vetroelite, Xolutions, Astidental Bquadro, Demas and Zato.
Arthur Bernardin, Chief Private Equity Officer Polis SGR, said: “We are excited to partner with Riccardo and Simone Volpi and their management team, including Giovanni Rossi, to support Amahorse in this next phase of development. Amahorse perfectly embodies the type of company we invest in: a market leader with strong fundamentals and significant international potential. Together with the management team, we will accelerate its expansion into new markets and pursue strategic acquisitions to establish it as a global benchmark in the equestrian market.”
Riccardo and Simone Volpi, Founders of Amahorse, added: "We are extremely pleased to join forces with LBO France. Their team has shown a deep understanding of our business and a shared vision of our values and goals. Their operational and financial support will be instrumental in accelerating Amahorse’s growth and further strengthening its position as a leading player in the equestrian sector." This partnership marks a crucial milestone in fulfilling the vision we have nurtured for the company for over 30 years." 2
Main parties involved in the transaction:
LBO France / Polis SGR: Arthur Bernardin, Lorenzo Zacchia, Giulio Maria Carminati Financial Due Diligence: Alvarez & Marsal (Stefano Cabrini, Niccolò Falciani) Commercial Due Diligence: OC&C (Alfonso Lotito, Giorgio Antichi, Lorenzo Fornari) Tax Due Diligence: Maisto e Associati (Marco Valdonio, Stefano Pantaleo) Legal Due Diligence and Legal Firm: Bonelli Erede Lombardi Pappalardo (Marco dell’Antonia, Jacopo Taddei, Eleonora Zelano) M&A Advisor : BDO (Stefano Variano, Marino Morlando) Volpi family Legal Firm: Avv. Gennaro Tedesco
Volpi family Accounting Firm: Studio Truppa – Medici (Enzo Truppa)
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
Polis SGR media contact
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
Taddeo
Julia Paget: +33 (0)6 38 55 68 78 / julia.paget@taddeo.fr
Nizar Berrada: +33 6 38 31 90 50 / nizar.berrada@taddeo.fr