OVS Group has submitted an offer to buy household products company Kasanova through a capital increase of 15 million euros, which will allow it to acquire 100 percent of Kasanova’s share capital. With this operation, OVS wants to strengthen its position in the household appliances sector, which already has the Croff brand, which, unlike Kasanova, is strong in the textile sector. The commercial significance of this operation is to integrate this specialty of Croff with that of Kasanova, which sells mainly household and kitchen equipment.
Kasanova was founded in 1968 in Arcore, in the province of Monza and Brianza, by entrepreneur Giannina Fontana. It was born F.lli Fontana Srl and transformed into Kasanova Spa in 2016. In 2023 Kasanova acquired gift brand Dmail, but despite ambitious growth plans, many physical stores have closed.
The OVS press release says that Kasanova has good revenues but is not profitable due to too high “structural costs”, namely fixed costs such as rent and employee salaries: in total there are 700 points of sale, adds the press release, 220 of which are directly managed, 280 in franchises and 200 showrooms within DIY stores.
In 2024 Kasanova had a turnover of around 342 million euros and a loss of around one million. OVS’s press release instead said that sales were expected to be just under 300 million euros in 2025, with EBITDA (profit before interest and taxes) being slightly positive.
In October 2024, Kasanova requested a “negotiated settlement” procedure for the crisis, a tool by which companies experiencing economic difficulties can request from the relevant Chamber of Commerce to receive independent expert assistance to assist them in negotiations with creditors. With this procedure, Kasanova closed less profitable stores and more generally launched a plan to reduce costs and inefficiencies.
OVS submitted a binding offer to Kasanova, which is a document that legally binds him to purchase, but provided that certain conditions are adhered to. This includes the fact that creditors withdrew their claims for a total of 40 million euros, and that Kasanova properly completed the negotiated crisis resolution procedures.
OVS has acquired other companies experiencing difficulties: in 2022 OVS has purchased the clothing brand Les Copains, which was declared bankrupt a few months earlier; later he bought the Upim department store chain, Stefanel’s clothing brand Golden Lady, which specialized in hosiery, and Goldenpoint, which sold lingerie and costumes.
