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Gruppo Coin signs contract for Melablu acquisition

Nov '08
Gruppo Coin S.p.a., leading apparel retailer in the Italian market with brands OVS industry and Coin, has signed the preliminary contract for the acquisition of Melablu.

The closing of the operation, subject to the consent of the Antitrust Authority, is expected to occur before the end of the year.

The details of the operation are described here in the press release published on October 24, 2008:

Gruppo Coin S.p.A.: Reached an agreement for the acquisition of 60 Melablu stores in Italy. Gruppo Coin S.p.a., leading apparel retailer in the Italian market with brands OVS industry and Coin, has reached an agreement to purchase 100% of the share capital of Tre.bi S.p.A., holding company of the store network under the Melablu brand.

Melablu, has approximately € 100 mln turnover in 2007 and is present in Italy with 60 directly operated stores with an average dimension of 1000 sqm. Its products are positioned in the low price range and target young people.

The acquisition's objective is to:
• Enlarge the current OVSindustry network with additional and complementary quality
• Consolidate Gruppo Coin's presence in the Italian fast fashion segment;
• Maximize the Group's operating leverage.

The purchase price will be based on an Enterprise value equal to 25.5 € mln. The Enterprise value multiple is equal to 5.7x pro forma EBITDA and 0.25x net sales. The transaction is subject to certain condition precedents. The two parties expect to finalize the contract soon.

“UBS Investment Bank” and “Grimaldi e Associati” have acted as advisors for Gruppo Coin S.p.a., while “Abaxbank” and legal advisor Maurilio Raimondi have assisted vendors.

Gruppo Coin S.p.a.

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