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

In a significant move in the beauty and personal care industry, H.I.G. Capital, a prominent global alternative investment firm managing $75 billion in capital, has finalized the sale of its subsidiary Pinalli S.r.l. to the Borletti Group. Known for its position as Italy's leading omnichannel platform for beauty and personal care products, this acquisition signals a new era for Pinalli, which has witnessed substantial growth since its inception in 1984.

Pinalli has transformed its business model, establishing itself at the forefront of the Italian beauty sector. Under H.I.G.’s investment and guidance, the company accelerated its retail expansion, increasing its store locations from 63 to 108, and significantly enhanced its e-commerce platform. A comprehensive rebranding effort, the introduction of an expansive range of international brands, and the launch of its private label product line have been pivotal in solidifying its market position.

The organization has also revamped the customer experience by introducing innovative store concepts and upgrading stylists' aesthetics, distinguishing its brick-and-mortar locations as key points for personal advice and customer engagement in alignment with its omnichannel strategy. Currently, Pinalli boasts a loyal community of over a million members participating in its rewards program.

Raffaele Legnani, Managing Director at H.I.G., alongside Giovanni Guglielmi, expressed their pride in the collaborative journey with Pinalli since their investment in 2023. They acknowledged the dedication and exceptional contributions of the management team and the staff throughout the partnership, emphasizing confidence in Borletti Group as the ideal partner to support Pinalli's next phase of growth and development.

Raffaele Rossetti, CEO of Pinalli, noted that the partnership with H.I.G. was instrumental in accelerating the company’s growth trajectory, enabling them to meet ambitious goals ahead of the projected timeline. He expressed gratitude toward H.I.G. for strengthening the brand and enhancing both the store network and the omnichannel platform, while also welcoming the Borletti Group as a new major stakeholder as the business enters its next growth phase.

Maurizio Borletti, founder of the Borletti Group, commented on Pinalli's commitment to innovation and strong growth potential, underlining the brand's quality, management team, and omnichannel approach as distinguishing factors. He affirmed the Borletti Group's intent to work closely with management to bolster the company’s positioning in the Italian market while continuing to invest in expanding distribution, honing digital capabilities, and enhancing customer experience.

About Pinalli

Founded in Fiorenzuola d'Arda in 1984, Pinalli has consistently expanded its footprint through new store openings. Today, Pinalli operates 108 cosmetic stores, with a significant emphasis on digital transformation and a robust e-commerce platform that has set a benchmark in the industry, coupled with a strong following on social media. Since February 2023, the company has been predominantly owned by H.I.G. Capital, which collaborated with the Pinalli family and its current management team. In 2025, Pinalli reported a revenue of €197 million. For more information, visit pinalli.it.

About H.I.G. Capital

H.I.G. Capital is a leading global investment firm with a focus on providing capital to small and medium-sized enterprises. It utilizes a flexible, operationally-oriented, and value-added approach for investments, having invested in more than 400 companies since its inception in 1993. The firm currently manages over 100 companies, collectively generating revenues exceeding $53 billion. Further details can be found at hig.com.

About the Borletti Group

The Borletti Group is a private investment firm founded by Maurizio Borletti and Paolo De Spirt, specializing in retail, lifestyle, and consumer goods investments. The group’s entrepreneurial approach fosters long-term capital, operational expertise, and a global network to enhance its portfolio companies. More information is available at borlettigroup.com.