Asian private equity operators Crescent HydePark and Haitong are racing for Italian fashion leather brand Braccialini. MF-Milano Finanza writes today.
The news that Braccialini would be soon controlled by an Asian financial investor was announced last July by Nino Attanasio, ceo of HAT Holding, an Itaian investment vehicle which owns a 22.22 pct stake in Bracciialini’s capital. Attanasio was speaking at HAT Holding’s shareholders annual meeting (see a previous post by BeBeez). Back in July however it was not disclosed any name of possible new investors for Braccialini.
Both offers are the same as for the price, MF-Milano Finanza says, and will retain entrepreneur Riccardo Braccialini as a shareholder so it is him who is in charge of a final decision about who wiill be his best partner.
Braccialini now controls a 21.84 pct stake in the company, while HAT coinvestors Nem sgr (22,22%), Sici sgr (33,33%) and Ambromobiliare spa (0,39%) have the rest.
Crescent, headquartered in Singapore and Shangai, is the same private equity operator who bought distressed Italian casual fashion group Sixty back in 2012 (through the Crescent HydePark European Opportunities Fund) . Sixty controls brands such as Miss Sixty, Energie, Killa, Murphy&Nye e RefrigiWear.
As for Haitong Securities, a Chinese investment bank and asset manager listed at the Shangai Stock Exchange, has never invested in Italy till now, but is certainly interested in the Italian fashion sector as since 2011 Smi-Sistema Moda Italia, the Italian federation of textile and fashion entrepreneurs, opened its headquarter in China in the Haitong Securities Tower in Shanghai.
Braccialini produces and sells bags, shoes and leather items with its own brands (among them Braccialini and Francesco Biasia) and under licence (among them VivienneWestwood and Gherardini), The company reached 68,79 million euros of revenues in 2013 (from 77 millions in 2012) with an ebitda of 5.3 millions (from 2.7 millions) and a net financial debt of 23.6 millions (from 22.8).
HAT, Nem and Sici invested in Braccialini in november 2011, buying the control of the company from Mosaicon group. The latter was in turn controlled buy 3i private equity funds and Antichi Pellettieri (Mariella Burani Fashion Group) with ceo Riccardo Braccialini, son of the founder Carla Cecconi Braccialini , retaining a stake.
