The Italian luxury goods group Moncler's major shareholder, the French investment company Eurazeo SA confirmed that its subsidiary ECIP M will be sold the Moncler 1500 shares it held.
The sale of shares equivalent to 6% stake in Moncler Group, worth about 230 million euros, Eurazeo gian 190 million euros net income frome this deal. After the transaction, ECIP M will continue to hold Moncler Group 9.5% stake, Eurazeo can enjoy Moncler 7.9% economic benefits, but also Eurazeo three seats in the board will continue to be retained.
Goldman Sachs conducted the transaction and Lazard served as financial advisor to Eurazeo.
Eurazeo SA said the transaction generated a net profit of 190 million euros, 4.1 times return investment. Eurazeo SA bought Moncler SpA from US private equity firm Carlyle Group LP for the first time in 2011, Moncler SpA to 10.20 euros in the issue price of the Milan Stock Exchange the end of 2013 , when Carlyle Group LP and Eurazeo SA were placed after the 11% and 14% of the shares. Six months after the sale of Carlyle Group LP 7.13% of the remaining shares, cash 215 million euros announced the completion of divestment. The Eurazeo SA last reduction occurred in May 2015, when ECIP M S.A. sale of shares accounted for 7.8% of the issued share capital of Moncler SpA cash of about 280 million euros. This year, Moncler, reported surpassed market expectations of outstanding performance. Only this year, just four and a half months, the stock rose more than 50%, which finally for the major shareholders to create a good exit cash opportunity. This year in May, Eurazeo sold Moncler 7.8% of the shares.
Eurazeo's agent CEO Virginie Morgon said: "Despite the international economic turmoil, Moncler still outstanding performance in the first half of 2016, the future still has great potential."
Data show that Moncler SpA first half of fiscal year benefited from strong growth in China and Japan, rose 17.1% year on year to 346.5 million euros, slightly better than the market expected 343 million euros. Adjusted core profit EBITDA was EUR78.3 million, up 10.4% from EUR70.9 million in the same period last year, but still below the market consensus of EUR79 million. Net profit declined slightly by 1.1% to 33.6 million euros, with a market expectation of 36 million euros.
Moncler ushered in two new shareholders in July, the Singapore sovereign fund Temasek and Swiss tourism retail company Dufry investor and chairman Juan Carlos Torres.
Remo Ruffini, the group's chairman and chief executive officer, who owns 32% of Moncler SpA through the holding company Ruffini Partecipazioni SRL, injected shares into the newly formed company, while Singapore's sovereign fund Temasek Holdings (Private) Ltd. Temasek Holdings and the world's largest duty- Switzerland Dufry AG chairman and shareholder Juan Carlos Torres will acquire a total of 24.4% stake in the new company. The indirect stake in the transaction took effect on August 3, the new company has a 26.8% stake in Moncler SpA, and Remo Ruffini will remain its largest single shareholder status.
On the other hand, a 14% stake in Rambini Partecipazioni SRL Tamburi Investment Partners SpA (TIP.MI) investment agency Clubsette SRL will divest the company in exchange for direct holding Moncler SpA 5.1% of the shares. Italy's Marzotto family, Ferragamo family and Loro Piana family and are Tamburi Investment Partners SpA investors, the Fund in May this year to participate in the latest 2018 IPO target Furla SpA 30 million euros capital increase, hoping to copy the Moncler SpA listing success.