Braccialini approves acquisition of Dadorosa

13 Jul '07

2 min read

Braccialini S.r.l., a subsidiary of Antichi Pelletireri S.p.A., the leather goods division of MBFG listed on the Expandi segment of the Italian Stock exchange, approved the acquisition of Dadorosa S.r.l., the world-wide licensee of the renowned brand Gherardini.

Gherardini, a Florentine brand founded in 1885, is appreciated throughout the world thanks to the unique style of its innovative handbag, small leather goods, footwear and accessory collections.

The Company:
Dadorosa S.r.l., headquartered in Florence, internationally recognised as Italy's primary leather goods district, holds the world-wide license for the production and distribution of the complete range of Gherardini products. The company also manages Gherardini's three monobrand boutiques located in Milan, Florence and Rome.

For the year ended December 31, 2006, Dadorosa S.r.l. generated €16,8 million of revenues and €1,4 million of Ebitda (8.5% Ebitda margin). Export revenues represent 61% of total revenues, with 50% generated in the Far East.

The Transaction:
Braccialini has acquired 90% of Dadorosa S.r.l. from Addì Group S.r.l. and will acquire the remaining 10% from Misaki Shoji Co. Ltd, within the year. Misaki Shoji Co. is a leading Japanese luxury goods distributor.

The purchase price for 100% of the equity of Dadorosa is € 8,9 million. With net debt of € 0,7 million at April, 30 2007, the enterprise value of Dadorosa S.r.l. is calculated at € 9,6 million,resulting in a 2007 EV/Ebitda multiple of 6.7x.

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