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Mariella Burani acquires 51% of Coccinelle for €30.2mn

Feb '06
Italian fashion group Mariella Burani Fashion Group (MBFG) has acquired 51 percent stake in Coccinelle SpA, a renowned Italian handbag and accessories company.

The total purchase price of €30.2 million will be paid at closing as follows: € 10 million cash, 3 percent of the common stock of Antichi Pellettieri Spa to be transferred to Development Capital 1 S.C.A., and convertible debt issued by Antichi Pellettieri SpA of €14 million (issued to Development Capital 1 S.C.A.)

Coccinelle, founded in 1978 by Giacomo Mazzieri in Sala Baganza (Parma), Italy, offers accessible luxury handbags and accessory collections under its own brand, Coccinelle and under exclusive license for well known brands such as Miss Sixty.

The acquisition of a controlling interest in Coccinelle establishes MBFG as a leader in the accessible luxury segment of the leather goods market with pro-forma 2005 revenues generated from the leather goods division (Antichi Pellettieri) of €200 million and pro-forma 2005 Ebitda of €28.2 million.

The group stated, "The acquisition of Coccinelle is coherent with the group's strategy to expand its leather goods business, and particularly in product areas and geographic markets offering higher margins and faster growth opportunities. Coccinelle clearly meets these objectives with a highly profitable product offering (leather handbags and accessories), an extensive presence in international markets (40 percent of the company's total revenues are generated from foreign markets)."

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