Our history
EXOR sums up an entrepreneurial story based on more than a century of investments made through various companies controlled by the Agnelli Family.
1899
Giovanni Agnelli with some other entrepreneurs founds the Fabbrica Italiana Automobili Torino (FIAT). To learn more about FIAT's history, click here
1927
IFI - Istituto Finanziario Italiano - is founded by Senator Giovanni Agnelli to draw together, control and manage the holding in Fiat and various other companies: RIV, SAVA, Cinzano, Sestriere, Vetrocoke, Società Anonima Manifattura Pellami e Calzature, Società Aviolinee Italiane, Società Idroelettrica Piemontese (SIP), as well as numerous agricultural and real estate properties. IFI will enable Senator Agnelli and his successors (children and grandchildren) to exercise control over all the holdings in these companies.
1935
IFI purchases Ferrania and increases its holding in Cinzano, acquiring Cinzano Ltd. (which includes numerous Cinzano companies in Italy and abroad). Compagnia Generale Italiana della Grande Pesca (Genepesca) is established and the operations of SAVA are expanded, with the issue of interest-bearing bonds to offset the credit granted to finance the purchase of autos.
1937
IFI invests in the agricultural sector, acquiring an estate near Vercelli and an investment in Società Anonima Le Gallare, which conducts land reclamation operations in the Ferrara area.
1942
IFI increases its investments in cement and founds the companies Adriaportland and Dalmatia near Spalato, resulting in Cementerie Riunite of Spalato.
1946
IFI directs its investments towards post-war reconstruction. Motor vehicle and engineering factories are repaired and the production facilities of Manifattura Pellami are revamped. Società Esercizi Sestriere rebuilds all its hotels and installs new lifts, SAPAV replaces its vehicles and Vetrocoke starts to produce glass, coke and fertilizer again.
1953
During the reconstruction period, IFI creates Cementerie di Augusta, with an annual production capacity of 200,000 tonnes of cement, and increases the production capacity at two other plants which are already operating at Guidonia and Macomero.
1957
IFI acquires control of Istituto Commerciale Laniero Italiano, which conducts activities in the financial field, particularly in the textile and wool sector, and increases its holding in Technicolor Italiana (established jointly with the American company Technicolor Corporation).
1959
IFI invests in winter tourism, extending the water mains system and the infrastructures at Sestriere. The Albergo Principi hotel is expanded and renovated and new chair-lifts are built.
1963
Istituto Commerciale Laniero Italiano extends its operations to the banking system and changes its name to Istituto Bancario Italiano Laniero. Three years later, having spun off the banking business to Banca Subalpina, the company becomes Istituto Finanziario Italiano Laniero (IFIL), playing a parallel role to that of IFI and conducting similar investment management activities.
1964
IFI International (IFINT) is set up to draw together the Group's foreign holdings. In the same year, IFI exchanges its shares in Ferrania for a holding in the American company Minnesota Mining & Manufacturing (3M). Ferrania-3M is born.
1967
IFI lists the shares of the subsidiary SAI on the Turin and Milan Stock Exchanges and devises new development initiatives for Sestriere, including a hotel for Club Méditerranée.
1968
By an offering of its preferred stock for trading, IFI becomes a company listed on the Italian Stock Exchange. Its ordinary capital remains entirely in the hands of the Agnelli Family.
1970
IFI gains control of Gruppo Editoriale Fabbri.
1973
IFINT is listed on the Luxembourg Stock Exchange and opens branches in the U.S.A., France and Switzerland. In the following years, it acquires investments in the U.S.A., including Bentham Books, Southland Financial and Blackwell Land (1974), and Moog Automotive, a company manufacturing car components and spare parts (1977).
1979
IFINT acquires the entire capital stock of CR Industries (components for the automotive and machine tool sectors) and, together with Unicem, invests in River Cement Company (operating in the cement sector) in Saint Louis. Over the three following years it makes other investments in the cement business (Hercules Cement and Signal Cement).
1983
IFIL sets up Primegest, a financial company which is one of the first in Italy to start investment funds management operations. Next, it acquires the majority holding in the Toro Assicurazioni insurance company and acquires the La Rinascente department store chain.
1985
IFINT strengthens its presence in the American components and spare parts market, acquiring Import Parts America and (1986) Everco Industries, then becoming the Moog Automotive Group.
1986
IFIL acquires a significant part of the investment in Fiat held by Libyan Arab Foreign Investment Company, bringing the total investment in Fiat's ordinary capital stock to just under 40%.
1987
The company Società in Accomandita per Azioni Giovanni Agnelli e C. (GAeC) is formed, bringing together the holdings in IFI held by members of the Agnelli Family. Furthermore, IFIL seals an alliance with the French BSN Group (later to become Danone), by acquiring 5.4% of the capital stock. Investments in the food sector follow, including holdings in Gruppo Sangemini, Birra Peroni, Star and Saint Louis.
1988
IFINT acquires investments in the insurance sector (Fireman's Fund Co.) and the car component sector (Lear Seating Co.) in the U.S.A.
1989
IFIL and BSN gain control of the food group Egidio Galbani.
1990
IFIL acquires a 7% holding in the French financial company Pechelbronn (later called Worms & C.ie).
1991
IFINT acquires an investment in the French company Exor S.A. and subsequently launches a takeover bid. This concludes with IFINT taking over the Chateaux Margaux company and some real estate properties in central Paris.
1993
IFI participates directly and indirectly in the Fiat capital stock increase. IFINT disposes of Lear Seating Co. and changes its name to Exor Group. IFIL launches a takeover bid for La Rinascente and gains control of the company. In the following years, having reached an agreement with the French group Auchan, IFIL's investment grows and its control gradually increases.
1994
Exor Group acquires investments in the American engineering (Western Industries) and food (Danone Asia) sectors. In the following years, Exor invests again in the U.S.A. (Constitution Reinsurance Co., Riverwood and the Rockefeller Center), Hong Kong (Distacom and Li&Fung) and France (Club Méditeranée).
1997
IFI and IFIL sell their investment in Unicem to Gruppo Buzzi and take over 5% of Istituto Bancario Sanpaolo di Torino. IFIL launches a takeover bid for Worms & C.ie shares, acquiring control of the company (listed on the Paris Stock Exchange) and participates in the privatization of Telecom Italia promoted by the Treasury .
1999
GAeC., with a takeover bid, acquires total control of Exor Group and begins to gradually dispose of its main holdings.
2000
IFI and IFIL acquire approximately 30% of Fiat preferred capital stock. In France, Worms & C.ie launches a takeover bid for the shares of the Arjo Wiggins Appleton paper company and acquires an interest in Société Générale de Surveillance (SGS). IFIL also gains control of the Alpitour tourism group.
2001
IFI lists a minority holding in Juventus FC capital stock on the Italian Stock Exchange.
2003
IFIL and IFI increase their capital stock to conduct a similar transaction at Fiat. On this occasion, a reorganization is carried out, which also results in the transfer of the investments held by IFI (Fiat, San Paolo IMI and Juventus FC) to IFIL.
2004
IFIL and Exor sell their respective holdings in Club Méditerranée. During 2004 and 2005, IFIL also disposes of its holding in La Rinascente.
2005
IFIL acquires 82,250,000 Fiat shares from Exor Group resulting from an equity swap transaction. The transaction allows IFIL to maintain the 30% holding in Fiat, remaining the stockholder of reference when the convertible facility is converted to stock. Furthermore, Worms & C.ie disposes of Permal Group (funds of funds) to Legg Mason and changes its name to Sequana Capital.
2006
IFIL acquires 10% of Banca Leonardo, the independent investment bank founded by Gerardo Braggiotti. Furthermore, Sequana Capital distributes SGS stock to its stockholders under a public exchange offer for Sequana stock, and concentrates its activities in the paper industry with Arjo Wiggins and Antalis.
2007
The IFIL Group gains control of Cushman & Wakefield, the largest privately held American company operating in real estate services.
2008
IFIL subscribed to bonds, enabling it to acquire 40% of Vision Investment Management (asset management on Asian markets) and acquired 17% of Banijay Holding (European TV productions).
2009
On March, 1st IFIL was merged in IFI, which changed its name to EXOR S.p.A.
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