Home / Knowledge / News / Fashion / 3i buys 49% of Antichi Pellettieri's bags & accessories biz

3i buys 49% of Antichi Pellettieri's bags & accessories biz

20
Jun '08
3i, the world's leading mid-market private equity company, and the funds managed by 3i, announce that they have signed a binding agreement with Antichi Pellettieri S.p.A., the Leather Goods Division of Mariella Burani Fashion Group, for the acquisition of a 49% stake of the newly constituted APB Srl (“Antichi Pellettieri Bags” or “APBags”). APB is the holding company of Francesco Biasia, Braccialini, and Coccinelle as well as Mandarina Duck (acquisition to be completed).

3i will invest EUR 128 million in exchange for a 49% stake in APB. EUR 118 million will be exchanged on the date of closing while the remaining EUR 10 million will be paid based on APB's performance.

The proceeds of the transaction will allow Antichi Pellettieri Group to eliminate its outstanding debt resulting in a positive Net Financial Position.

The enterprise value attributed to APBags of approximately EUR 355 million, slightly lower that the value currently attributed to the complete Antichi Pellettieri Group at the date of acquisition (EUR 415 million).

In addition, the Board of Directors of AP has expressed its intention to transfer, as soon as possible, its listing from the Expandi segment of the Italian Stock Exchange to MTA.

The Transaction:
The agreement provides that 3i will acquire 49% of the equity of APB, a newly constituted company fully controlled by Antichi Pellettieri that holds a 14% stake in Francesco Biasia. Prior to closing, all shares currently held by Antichi Pellettieri in Francesco Biasia, Braccialini, Coccinelle as well as the 100% stake in Mandarina Duck (acquisition not yet closed) will be transferred to APB.

The closing is expected to occur at the end of July, subject to approval from European anti-trust authorities and to compliance with conditions typical for this type of transaction.

Antichi Pellettieri, 3i and APB have agreed terms of a shareholder agreement regulating the governance of APB, restrictions on transferability of APB shares, as well as exit routes for 3i.

Antichi Pellettieri will publish an information memorandum detailing the operation within the terms stated by law.
At closing, according to the terms of the shareholder agreement, 3i will nominate Marco Fumagalli, Marco Piana and Giacomo Santucci (former CEO of Gucci) as members of the Board of Directors of APB.

The substantial injection of capital provided by 3i will sustain Antichi Pellettieri's strategy to fully develop the unexpressed potential of its handbag and accessories brands by consolidating the company's leadership in the Italian affordable luxury sector and by strengthening its presence in emerging Asian markets.

3i Group, quoted on the London Stock Exchange since 1994, part of the FTSE 100, and one of the Europe's 250 largest quoted companies, has invested over €25 billion in companies located throughout the world, including Europe, Asia and America. Selected 3i investments in the Consumer Goods and Retail sectors include: Gant (apparel), Agent Provocateur (lingerie), John Hardy (jewellery), Giochi Preziosi (toys), Printemps China Deparment Stores (high-end retail), and Foster & Partners (design).


Must ReadView All

Rajive Ranjan (left), Managing Director, Techno Design GmbH and Technocian Fashions, with Oliver Hein, COO, s.Oliver Group. Pic: PDS Multinational Fashions Limited

Apparel/Garments | On 2nd Dec 2021

PDSMFL (BSE:538730) to source for s.Oliver from India, Sri Lanka

India-based PDS Multinational Fashions Limited (listed on Bombay...

US President Joe Biden. Pic Palinchak | Dreamstime.com

Retail | On 3rd Dec 2021

American families have more money in their pockets: US President

Even after accounting for rising prices, the typical American family...

Pic: heimtextil.messefrankfurt.com/

Textiles | On 3rd Dec 2021

Messe Frankfurt cancels international home textiles fair Heimtextil

The Messe Frankfurt Group has announced cancellation of Heimtextil,...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Donating 20,000 N95 masks to hospitals & NGOs

Textile Industry, Head honchos

Textile Industry
Head honchos

Great step towards realising end goal of 'AtmaNirbhar Bharat'

Textile Industry, Head honchos

Textile Industry
Head honchos

Always best to produce under own supervision

Alberto Gotti,

Alberto Gotti

Danitech was born from the will of a group of technicians to offer the...

Abdullah Mohammad Saad Hossain,

Abdullah Mohammad Saad Hossain

Saad Group is a leading vertically integrated textile group in Bangladesh. ...

Andrea Pelissero,

Andrea Pelissero

Located near Milan, Italy, and with 50 years of experience in the textile...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Kevin Young & Tom Lucas, Web Industries

Kevin Young & Tom Lucas
Web Industries

Web Industries is a precision formatter of nonwoven materials used in baby ...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, a global association of the nonwoven fabrics industry, has been...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...

Abhishek Agarwal, Purple Style Labs

Abhishek Agarwal
Purple Style Labs

Late Indian fashion designer Wendell Rodricks, is known for his...

Sunita Shanker, Label Sunita Shanker

Sunita Shanker
Label Sunita Shanker

Inspired by the rich traditional crafts of India, Sunita Shanker’s work is ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


December 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search