A file about Pittarosso family shoes retail chain has been sent to potential buyers by financial advisors Rotschild and Banca Imi (gruppo Intesa Sanpaolo) in the last few days. Sellers are Italian private equity operator 21 Investimenti, owner of a 76% stake since 2011, and Italian founder family Pittarello, owner of the remaining 24% stake.
An information memorandum will be sent in the next few weeks. Potential buyers are private equity operators and some industrial companies such as the Swiss giant Bata or the German Deichmann group.
Pittarosso (which changed its name last February from Pittarello Rosso) is valued about 250 million euros or one time its 2014 expected consolidated revenues in 2014 (or at least 8x its 2014 expected ebitda). Last year the company reached 196 million euros of revenues (from 150 millions in 2012 and 116 millions in 2011), with 21 millions of ebitda (from 10,2 millions in 2011 and 16 millions in 2012) and a net financial debt of 43 millions. The latter being the result of the buyout by 21 Investimenti in 2011 which was financed by Banca Popolare di Milano, Banca Popolare dell’Emilia Romagna, Montepaschi and Friuladria.
In the last 3 years Pittarosso’s stores grew in number from 53 in 2011 to 100 in 2013 (the last were in Croatia and Slovenia) and in 2014 ceo Andrea Cipolloni is preparing other 20 openings, with a special focus on France.
