French hosiery and lingerie company Well has been sold to Italian counterpart CSP International by its majority shareholder, investment fund Nixens Partners.

In a statement, Nixen, which had been at the helm since 2001, said it had chosen the takeover offer as it would build on the work carried over the past few years. The company has been working to restore competitiveness and strengthen its commercial position. 

At the end of 2006, Well relocated most of its production to Asia and Italy but has retainined a workshop in Vigan, southern France, for the  manufacture of higher-end-of-market products.

Employing 280 staff, it posted an operating income close to break even in 2009 from a turnover of EUR50m ($67.61m).