German manufacturer of worsted yarns for flat and circular knitting sectors, Schwaig-Südwolle Group is set to acquire 100 per cent of Safil and 80 per cent of GTI, the two Italian yarn spinning operations controlled by the Savio family.

Südwolle will acquire Finsavio spa, which owns 100 per cent of Safil and 50 per cent of GTI according to a deal. Currently, GTI controls the remaining 50 per cent. Alberto Frignani, Founder and CEO of GTI will sell most of his stake but retain a 20 per cent share and continue to lead the company as CEO. Sons of founder of Safil, Fernando Savio and owners of Finsavio spa, Alberto Savio and Caesare will continue in their roles at Safil as a part of the wider Group Südwolle.

The deal will help Südwolle in further diversifying its product portfolio, particularly in specialist luxury yarns, and increasing its presence in Europe with vastly improved access to key Italian market. GTI and Safil are both family businesses, which at present generate the majority of their turnover in Italy. Both would benefit from this deal from the global dimension of the Südwolle Group for further growth.

CEO and Managing Director of Safil, Cesare Savio believes that Group Südwolle is a perfect strategic partner for Safil that would enable their company to reach a global dimension and to have access to new types of customers and supply structures in Europe and beyond.

CEO of GTI, Alberto Frignani is convinced that with its new partners Südwolle Group, GTI will be in an excellent position to develop its own unique know-how in carded and combed spinning of natural fibres and innovation product.