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H.I.G. Capital Completes Sale of Pinalli to Borletti Group

H.I.G. Capital, a prominent global alternative investment firm managing $75 billion in assets, has completed the sale of its portfolio company Pinalli S.r.l. to Borletti Group, a private investment entity with extensive experience in the retail, luxury, and branded consumer goods sectors. Founded in 1984, Pinalli has established itself as the leading omnichannel beauty and personal care platform in Italy, significantly growing during its partnership with H.I.G.

Growth and Transformation of Pinalli

Since it was acquired by H.I.G. in 2023, Pinalli has undergone remarkable expansion. The beauty retailer grew its physical presence from 63 to 108 store locations, further enhancing its online e-commerce platform. The company completed a significant rebranding and expanded its product offerings to include both international brands and its own private-label line. These strategic enhancements reinforced its reputation in the competitive Italian beauty market.

Moreover, Pinalli has prioritized improving the customer experience in its stores. The company introduced innovative store formats and revamped its staff training programs to elevate customer engagement. This approach has transformed its physical outlets into interactive destinations for beauty advice and inspiration, further integrating them into its broader omnichannel strategy. Notably, the company has cultivated a community of over one million members in its loyalty program, demonstrating its strong consumer engagement.

Perspectives on the Sale

Raffaele Legnani, Managing Director at H.I.G.'s Italian office, expressed pride in the collaborative journey with Pinalli's management team and noted their dedication towards achieving ambitious growth metrics ahead of schedule. Giovanni Guglielmi, another Managing Director at H.I.G., echoed these sentiments and emphasized the role of Borletti Group as an ideal partner for Pinalli's future growth.

On the other side, Raffaele Rossetti, CEO of Pinalli, highlighted the critical role H.I.G. played in accelerating the company’s growth and executing its strategic plans. He acknowledged all employees' contributions and expressed enthusiasm for welcoming Borletti Group as they embark on a new growth phase.

Maurizio Borletti, Founding Partner of Borletti Group, stated that Pinalli's strong growth capabilities and commitment to innovation make it a valuable addition to their portfolio. He pointed out their intention to invest further in network expansion, digital capabilities, and enhancing customer experiences, ultimately strengthening Pinalli's market position.

The acquisition signifies a pivotal step for both Pinalli and Borletti Group. As Pinalli transitions into this new chapter, the focus will remain on leveraging its established brand and extensive product range to capture an even larger share of the evolving beauty market.

About Pinalli

Pinalli operates across 108 beauty stores throughout Italy and emphasizes a digital-first strategy. Its e-commerce platform has become a benchmark within the sector. In the fiscal year 2025, Pinalli reported revenues amounting to €197 million, underscoring its robust market presence.

For further details, visit pinalli.it.

About H.I.G. Capital

Established in 1993, H.I.G. Capital has invested in and managed more than 400 companies globally. With a diverse approach, H.I.G. focuses on both equity and debt investments across a wide range of sectors, continuously seeking opportunities to add value to its portfolio companies. To learn more, please visit hig.com.

About Borletti Group

Founded by Maurizio Borletti and Paolo De Spirt, Borletti Group specializes in investing in consumer, retail, and lifestyle brands. Their commitment to operational excellence and long-term growth makes them a strategic partner for companies like Pinalli. More information can be found at borlettigroup.com.