Bureau Veritas eyes Europe growth with Certest deal
Auditing firm Bureau Veritas has acquired Italian softline luxury goods and apparel testing laboratory Certest in a deal it says will expand its consumer products business in Europe.
Located in Tuscany, Certest is a key production centre for leather goods and apparel in Italy. The laboratory provides physical and chemical testing services to luxury international brands to assess the safety and quality characteristics of leather, footwear and other softline products, including textiles and jewellery.
According to Bureau Veritas, Certest has a strong market share, employing 32 staff and generating revenues of EUR3.5m (US$2.5m) in 2014.
Bureau Veritas CEO Didier Michaud-Daniel said the deal meets two objectives given that, at a global level, testing services for softline luxury goods is growing rapidly, driven by strong demand for independent specialist assessment services along the supply chain.
"[The acquisition will] expand our consumer products business in Europe and to grow our market share in luxury worldwide. Certest will enable Bureau Veritas to gain full access to Italy, the second largest softline luxury goods production country. We will also leverage Certest as our European centre of expertise to boost our offer and capture more opportunities with major luxury brands."
Giuliano Campigli, CEO of Certest, believes the deal will help it grow also, domestically and abroad. "We have built a successful commercial and technical partnership with Bureau Veritas over the past few years. Becoming a member company of Bureau Veritas will propel us forward as the group's bridgehead for consumer products services in Italy and will help us keep growing internationally."
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