Bulgari’s fund paid $96M for Sector Group and sold it for €45M

Sector Group was founded in 1973 by the Giardiello family and grew into one of Italy's leading sports watch suppliers, known for its Swiss-made, Italian-designed Sector Sport watches. It exported about 88% of its watches to 50 countries, and its brand portfolio included Philip Watch, Lucien Rochat, and licensed names such as Roberto Cavalli, Moschino, Pirelli Pzero, and Valentino.

In 2001, the Opera Group — a Milan investment firm whose majority shareholder was Bulgari — acquired Sector Group for $96 million. The new holding company, Quadrante, was structured with Opera owning 77%, Tetragon Partners 15%, the Giardiello family 5%, and managing director Enrico Ceccato 3%. Francesco Trapani (chairman of Bulgari) and Silvio Ursini (marketing director of Bulgari) sat on the board. The stated goal was to 'energize and expand the group's business in international markets.'

The turnaround never materialised. Sector's revenues remained choppy. Five years later, in October 2006, Morellato SpA bought 100% of Sector Group from Opera for €45 million ($56.4 million at the time), including the assumption of debts. The loss on the original $96 million investment was roughly $40 million. Morellato president Massimo Carraro said the company would dedicate the following year to 'relaunching' Sector.