Roberto Cavalli Majority Stake Was Acquired By Clessidra
Roberto Cavalli was founded in Florence in the last 60 years, and is famous for its colorful designs and sexy designs. Now there are more than 200 brand stores in the world.
Clessidra SGR has acquired a 90% stake in Roberto Cavalli fashion house through the newly established Varenne, and the other 10% stake continues to be owned by Mr. Roberto Cavalli, founder of Roberto Cavalli brand.
ClessidraSGR is the largest shareholder of Varenne, and the other owns the company.
Minority interest
The partners also include L-GAM, an international investment company and Hongkong Chow Tai Fook enterprise investment company controlled by Zheng family.
Clessidra SGR is also a shareholder of Italy jewelry brand Buccellati.
It is alleged that as early as 2008 and 2009, ClessidraSGR had already begun to engage with RobertoCavalli. During this period, other private Holdings Company intervened including Permira in the UK, Investcorp in the Middle East, and VTBCapital in Russia. The negotiation process was suspended and restarted several times, mainly entangled in valuation and controlling rights.
Last year
Permira
It expressed intent to acquire Roberto Cavalli, but it failed in the end.
Later, VTB was willing to offer 500 million euros to buy 60% shares, but failed to conclude the deal.
The offer given by Clessidra is far below the ideal expectation of RobertoCavalli and the shares are much larger.
It seems that the 74 year old gentleman has finally figured it out.
The financial terms of the paction have not been disclosed, and the specific bid is not yet clear.
The Roberto Cavalli is valued at about 390 million euros, 16 times the core earnings, but the final bid will not reach the price due to the additional consideration clause. The speculation is that the final purchase price will be between 380 million euros and 400 million euros.
In 2014,
Roberto Cavalli
The profit before tax and depreciation and amortization (EBITDA) was significantly reduced to 15 million euros compared with 22 million 400 thousand euros in 2013.
Sales in 2014 were 210 million euros, up 4.2% over the same period last year.
The paction is expected to be completed in the next few weeks.
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