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04/2026Majority

Emosia Group takes majority stake in Culti Milano

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

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 [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average currently observed in the Retail & Consumer sector (11.8x in 2026).

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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.

Ent. Value

€50–150M

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

10x–18x

EV / EBIT

10x–18x

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
€10–30M
€0–5M
€0–5M
2023
€10–30M
€0–5M
€0–5M

Other operations with Emosia Group

Other operations with Emosia Group
DateAcquirerTargetCountrySector
07/2022EMOSIA GROUPMY JOLIE CANDLEFRANCEHome & DIY

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REFERENCES

Valuation range: EV €50–150M

Revenue range: €10–30M

EBITDA range: €0–5M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Culti Milano by Emosia Group are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: culti milano

Acquirer: emosia group

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Culti Milano, an Italian company specialised in High-End Lifestyle, by Emosia Group in 2026.

How was the acquisition of Culti Milano by Emosia Group valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €50–150M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Culti Milano’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Culti Milano generated annual revenue estimated in the €10–30M range and EBITDA in the €0–5M bracket (FY 2024). Detailed financial figures are available to members.

How does the valuation of Culti Milano compare to benchmarks in the Retail & Consumer sector?

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the Retail & Consumer sector (11.8x in 2026).

What sources support the information on this transaction?

Transaction intelligence is supported by independent reporting from specialized financial publications, alongside a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

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