(Bloomberg) -- Groupe Bruxelles Lambert NV started operations in Italy and hired Luca Bucelli, a former Tikehau Capital SCA executive, as investment partner. 

The 44-year-old will lead the Italian unit, which will be based in Milan. The move is aimed at strengthening the firm’s commitment to private assets in the country, according to a statement seen by Bloomberg. 

GBL is following other investment firms, including Point72 Asset Management, Capstone Investment Advisors and Taula Capital Management, which have recently opened branches in Milan. The city has become increasingly popular thanks to the attractiveness of the Italian market and the country’s tax incentives. 

“The Italian market is well suited for GBL’s long-term capital and international platform,” Chief Executive Officer Ian Gallienne said. 

Brussels-based GBL has investments in the consumer, healthcare and technology sectors. The company has minority stakes in Pernod Ricard SA and Adidas AG, as well as SGS SA, a Geneva-based product-testing business once led by Sergio Marchionne before he became Fiat boss.

GBL reported net asset value of €17 billion ($18.3 billion) in the first quarter. Its investment size can range from €250 million to €2 billion for a minority or majority stake, according to the statement.

--With assistance from Antonio Vanuzzo.

(Updates with GBL CEO comment, context starting from fourth paragraph.)

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