June 20, 2008 (Italy)
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.
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