Non-binding bids for Italian shoes retailer Pittarosso are expected by mid-October (see here a previous post by BeBeez).
Sellers are Italian private equity operators 21 Investimenti and Quadrivio sgr, owners of a 76% stake since 2011, and Italian founder family Pittarello, owner of the remaining 24% stake.
An information memorandum has been sent by advisors Rotschild and Banca Imi (Intesa Sanpaolo group) in the last few days to potential acquirors who are both private equity operators (such as Clessidra, Permira, Ardian and Change Capital) and industrial companies (such as Bata and Deichmann).
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).
