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Unquote 110827

Unquote 110827

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Published by Giuseppe Boemo

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Published by: Giuseppe Boemo on Oct 06, 2011
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ENTIRE CONTENTS COPYRIGHT 2011 INCISIVE MEDIA INVESTMENTS LTD
UNQUOTEJULY/AUGUST 11
01
www.unquote.com/southern-europe
unquote
COVERING NEWS OF THE PRIVATE EQUITY MARKETS IN ITALY, SPAIN AND PORTUGAL 
Southern Europe 
Issue 106 JULY/AUGUST 2011
Have you visited the new
Southern Europe 
homepage yet?
www.unquote.com/southern-europe
Can’t log in? Don’t know your username or password?Contact Henry Gomez on +44 207 004 7578 or henry.gomez@incisivemedia.com
FRENCH INVESTMENT FIRM Eurazeo has acquired a 45% stakein Moncler, a Milan-based manufacturer of high-end sportswearproducts, for
418m in an SBO from Carlyle Group.The all-equity deal, which gives the group an enterprise value of 
1.2bn (or 12x EBITDA), sees existing shareholders Carlyle Groupand chairman and creative director Remo Ruffini retain respectivestakes of 17.8% and 32%. The remaining 5% is in the hands of MittelPrivate Equity.Eurazeo, which was advised on the deal by investment bank Lazard, has syndicated part of the equity to its Eurazeo Partners fund,and plans to syndicate the deal further, due to the strong interestdemonstrated in the luxury sector by numerous investment groups.Founded in 1952, Moncler is a manufacturer of high-end sportswearproducts under the brands Moncler, Henry Cotton’s, Marina Yachtingand Coast Weber & Ahaus. Its growth strategy will consist of furtherexpansion of its geographic reach, particularly in China and the US,opening new stores in top-end locations, launching online sales and widening the product offering.The aim is to increase recognition of Moncler as a global luxury brand, as well as continuing to develop the other brands the groupowns and manages. The retail channel will be further exploited so thatit grows to represent 50% of turnover in the mid-term (compared to25% at present).The investment represents Eurazeo’s first foray into the luxury goods sector. The investor had been seeking investment opportunitiesin the area for some time and believes Moncler will be complementarto its existing assets and help diversify its portfolio, which is heavily exposed to low-growth defensive stocks.Led by Patrick Sayer, chairman, and Virginie Morgon, executiveboard member, Eurazeo perceives the trust it built with Moncler andits shareholders as instrumental to its success in securing the deal. It wasattracted by the company’s heritage, brand, growth potential, businessmodel and “extraordinary” management team. Moncler, in turn, wasimpressed that the investor shared its vision. As for the luxury goods market, Eurazeo believes Europeancompanies have a competitive advantage in this sector and continueto grow irrespective of the problems in the wider economy. Theentire market is said to be worth
185bn, with the clothing andaccessories niche generating
100bn and growing at a rate of 10% per annum. The luxury outerwear segment is displaying evenstronger growth indicators.Half of the 10 positions on Moncler’s board have been allocated toEurazeo, with the investor holding the post of vice-chairman.The deal, which is scheduled to close in Q3, comes after Monclerapplied for a listing on the Italian Stock Exchange in April. Plans tolist the company have, however, been postponed due to Eurazeo’sinvestment. The ultimate goal remains to be to list the company, which continues to monitor opportunities in the public markets.Eurazeo’s entry into Moncler represents a partial exit for Carlyle, which acquired a 48% stake in the firm from Mittel Private Equity in August 2008. Carlyle paid approximately 
200m for its shareholdingin a deal that valued the company at
460m.
Eurazeo takes 45% o Moncler in
1.2bn deal
Funds 04News 06People moves 08Management DD 10AIFMD focus 12FATCA 14Small buyouts 16European round-up 18Deal sector index 20Exits 36Portfolio management 39 Watch 41IPO tracker 42Funds tables 44Diary dates 54
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ENTIRE CONTENTS COPYRIGHT 2011 INCISIVE MEDIA INVESTMENTS LTD
UNQUOTEJULY/AUGUST 11
03
www.unquote.com/southern-europe
unquote
contents
 
ISSN – 1467-0062Volume 2011/07Annual Subscription (Standard Plus):£2,250/
3,300Multiple user corporate subscriptions available,email sitelicence@unquote.com for pricing
Read it first online
Articles from this issue are published first onour website, as well as other news articles thataren’t published in the issue. Set up your onlineaccess or reset your password here:http://www.unquote.com/southern-europe/home/forgot_password and enter your emailaddress.Problems? Contact customer services on:+44 (0)1858 438 421 (UK) or +1 212 457 9400or email incisivehv@subscription.co.uk
 
We aim to validate fully allinvestment, divestment and fundraisingdata via direct contact with theinvestment professionals themselves.This policy, combined with the scale ofour editorial and research operation,enables Incisive Financial Publishingjournals to offer the provision of broad,detailed and accurate data.
Published byIncisive Financial Publishing ltd
Haymarket House28-29 HaymarketLondonSW1Y 4RXUKTel: +44 20 7484 9700Fax: +44 20 7004 7548All rights reserved. No part of this publicationmay be reproduced or stored in a database orelectronic retrieval system, transmitted in anyform or by any means, electronic, mechanical,photocopied, recorded or otherwise, withoutprior written permission from the publishers. Nostatement in this journal is to be construed as arecommendation to buy or sell securities.
Editor-in-Chief
Kimberly Romainekimberly.romaine@incisivemedia.com
Head of Research
Emanuel Eftimiuemanuel.eftimiu@incisivemedia.com
Reporters
Cecilia Bergamaschi – cecilia.bergamaschi@incisivemedia.comSusannah Birkwood – susannah.birkwood@incisivemedia.comGregoire Gille – gregoire.gille@incisivemedia.comViktor Lundvall viktor.lundvall@incisivemedia.comDiana Petrowicz – diana.petrowicz@incisivemedia.com
Online Editor
John Bakiejohn.bakie@incisivemedia.com
Publishing Director
 Catherine Lewiscatherine.lewis@incisivemedia.com
Production Editor
 Tim Kimbertim.kimber@incisivemedia.com
Sub-editor
Eleanor Stanleyeleanor.stanley@incisivemedia.com
Events, sponsorship & advertising
 Steinar Liverudsteinar.liverud@incisivemedia.com
Marketing
 Helen Longhursthelen.longhurst@incisivemedia.com
Subscription Sales
Tom Rileytom.riley@incisivemedia.com
Analysis
10
News
04
Funds04News06People moves08Management due diligence10AIFMD focus12FATCA14Small buyouts16European round-up18Deal sector index20Early-stage21
STAT Diagnostica 21Biótica Bioquímica Analítica 21Ulabox 22Iahorro Business Solutions 23Codeoscopic 23
Expansions24
Europastry 24Grupo Postigo 25Ramondin Capsulas 26Mequedouno 27Social Point 27Restalo.es 28eyeOS 28Club Santa Monica 29EISSL 30
Buyouts31
Savio Macchine Tessili 31Seda Coffee 31Ombuds 32Rymsa and Teltronic 33Telindus España 34Hispania Racing 34Great Lorry And Transport 35AIVE group 36Dinak 36Polymita Technologies 37Núcleo de Comunicaciones yControl 38
Portfolio management39Watch41IPO tracker42Funds raising44Funds investing46Diary dates54Deals
20
Exits
36

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