The consolidation of the Italian furniture industry continues with the announcement that Tecno has become a majority shareholder in Zanotta.
The two furniture brands were both founded in the 1950s. Tecno states that the purchase is to enable both companies to have greater access to the international market.
CEO and chair Giuliano Mosconi hopes Zanotta's strength in home and hospitality will supplement his brand's offering, which is most in-demand for offices.
"I'm pleased with this operation, which boosts development potential in the main global markets and sees our presence both reinforced in the office furniture sector, and renewed in the home and hospitality segment in general," he said.
Tecno was founded in 1953 by the Borsani brothers and has been led by Giuliano Mosconi since 2010. Its current focus is on integrating digital technology into its products, like its io.T connected workplace furnishings.
Zanotta was founded in 1954, and following a lifetime of collaborations with designers, nearly 300 of its products are now held in museum collections worldwide. In 2014, it released slender-legged tables with "glam finishings" by Amsterdam designer Frank Rettenbacher.
"I am certain that the contribution of our expertise and product quality will be a new element of overall growth and that this synergy can represent an appropriate response to the expectations of an increasingly competitive market," said Zanotta chair Eleonora Zanotta.
The companies assert that their separate identities will be preserved going forward. Tecno will start a new group, which it says is projected to have a revenue of €60 million in 2017 and a future growth forecast of 20 per cent a year.
The move is the latest in a series of consolidations in the Italian furniture industry. Private equity firm Investindustrial has a portfolio that includes Flos and B&B Italia – the latter of which in turn purchased luxury kitchen makers Arclinea.
US office furniture giant Haworth recently acquired a majority stake in several iconic Italian design brands – including Cappellini, Cassina and Alias – when it bought furniture group Poltrona Frau from investment firm Charme.
In a recent interview with Dezeen, Cappellini creative director Giulio Cappellini said that consolidation was giving the Italian design brand a much-needed advantage internationally.
"It's not enough to do nice products; we need the possibility to promote the products everywhere in the world," Cappellini said.
"The problem with a lot of Italian companies is that they may be very well known worldwide, with lots of products in different art museums, but really they are too small for the international market."