Ergon is a disciplined and discreet value investor, which provides "patient and friendly capital"

Investments

> Date of Investment: April 2006
> Exit: July 2011
> Region: Italy
> Sector: Retail
> Website: www.lagardenia.it
> Sales 2011: €134MM

Headquartered in Grosseto (Italy), La Gardenia is the second cosmetics and perfumery retailer in Italy with an estimated market share of 9%. Since 2006 La Gardenia has doubled the number of stores from 80 to 160 as of June 2011, moving from fifth to second position in the Italian market. To broaden its national coverage, in 2008 the company acquired, rebranded and integrated 2 well established local retail networks

In April 2006, Ergon acquired a controlling stake of La Gardenia alongside L-Capital and management from the founders

In July 2011, La Gardenia was sold to Bridgepoint, an international private equity firm with extensive experience in this segment of the European retail market