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04/2026

CULTI MILANO acquired by EMOSIA GROUP

ITALY Luxury Goods / High-End Lifestyle EV 50M - 150M EUR

Context

The transaction marks the formal acquisition of a 77.17% controlling interest in Culti Milano by Berger International (Emosia Group/Argos Fund), triggering a mandatory tender offer (OPA) for the remaining outstanding shares with the strategic objective of delisting the target. This acquisition is a synergistic move for Emosia Group, aimed at consolidating its market share in the premium home fragrance sector. By integrating the target’s luxury positioning and design-led product portfolio, Emosia strengthens its global competitive edge and diversification within the home decor category. The involvement of the target’s management via a reinvestment scheme highlights the acquirer's commitment to retaining critical human capital and institutional knowledge to drive the next phase of the company's international expansion.

CULTI MILANO, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Retail & Consumer sector (11.0x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Culti Milano is an Italian luxury company specialized in the manufacturing and distribution of premium home fragrances and lifestyle products. Established as a niche player, the firm has built a distinctive brand identity centered on high-quality olfactory experiences, including diffusers, scented candles, and room sprays. Its business model focuses on the intersection of interior design and sensory aesthetics, catering to a sophisticated clientele that values craftsmanship, minimalist design, and exclusive fragrance profiles. By maintaining a strong presence in premium retail channels and high-end distribution networks, the company has cultivated a loyal customer base and a strong brand equity within the luxury home goods segment. The firm’s operations are supported by a streamlined production approach that emphasizes product quality and brand positioning, enabling it to maintain strong margins in a competitive discretionary spending category.

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Historical Financials (EUR)

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2024
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REFERENCES

Valuation range: EV 50M - 150M EUR

Revenue range: 10M - 30M EUR

EBITDA range: 0M - 5M EUR

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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: culti milano

Acquirer: emosia group