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Stefanel sells Hallhuber brand to Blitz 09-450

Aug '09
Stefanel GmbH (a German Company controlled by Stefanel S.p.A.) and Blitz 09-450 GmbH (a German Company controlled by Change Capital Fund II LP Inc.) have signed an agreement for the transfer of the total share capital of Hallhuber GmbH to Blitz 09-450 GmbH. Hallhuber GmbH is a company which produces and distributes apparel products bearing the Hallhuber trademark and which has 51 stores, 33 corners and 9 outlets in Germany, totally 93 points of sales.

The agreement provides the closing for next September 10th, 2009 and is subordinated to the approval of the German fiscal authority in relation to the resolution of the existing profit and loss tax pooling agreement between Stefanel GmbH and Hallhuber GmbH.

The consideration is Eur 25 million that Stefanel GmbH will receive at closing, plus an earn out of maximum Eur 4 million whose payment will be deferred depending on the purchaser's future capital gain. Stefanel Group will employ the consideration for its ordinary business.

As per December 31st, 2008 Hallhuber Gmbh has reached Eur 58.1 million net revenues, Eur 4.9 million EBITDA and Eur 1,7 million net income. Net equity is Eur 8.4 million.

Stefanel GmbH

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