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Italian Fila announces sale of EMEA subsidiaries
11 Mar '08
2 min read
Fila announced that it has completed the sale of the subsidiaries comprising Fila's European, Middle East, African and Indian businesses to the European based management team and has entered into a long-term license for the Fila brand in the EMEA region. The management team, led by Stefano di Martino, the current CEO of the EMEA business, was backed by equity investments from Barclays Ventures and the Batra Group.
This transaction culminates the restructuring plan that was developed nearly one year ago when GLBH Holdings S.a.r.l. acquired the Fila business from Cerberus Capital Management. Under the restructuring plan, Fila's business model has transitioned from direct operations to brand licensing in the major regions of the world, other than Korea and the United States, which will continue to be operated directly by GLBH. With the completion of the EMEA transaction, Fila has repaid all of the indebtedness incurred to acquire the business in 2007.
Yoon Soo (Gene) Yoon, Chairman and CEO of GLBH stated "We are delighted to have concluded the MBO for our EMEA business and are thrilled with the investment group who has backed the management team. With the completion of our restructuring plan and the repayment of the acquisition debt, we are now poised to focus on the growth of the Fila brand worldwide and the turn-around of our US business, both of which are well underway."
This transaction culminates the restructuring plan that was developed nearly one year ago when GLBH Holdings S.a.r.l. acquired the Fila business from Cerberus Capital Management. Under the restructuring plan, Fila's business model has transitioned from direct operations to brand licensing in the major regions of the world, other than Korea and the United States, which will continue to be operated directly by GLBH. With the completion of the EMEA transaction, Fila has repaid all of the indebtedness incurred to acquire the business in 2007.
Yoon Soo (Gene) Yoon, Chairman and CEO of GLBH stated "We are delighted to have concluded the MBO for our EMEA business and are thrilled with the investment group who has backed the management team. With the completion of our restructuring plan and the repayment of the acquisition debt, we are now poised to focus on the growth of the Fila brand worldwide and the turn-around of our US business, both of which are well underway."
Fila USA Inc
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