Many non-binding offers for Italian shoes maker Pittarosso have reached the desks of financial advisors Banca Imi and Roschild to sellers 21 Investimenti (founded by Alessandro Benetton) and Quadrivio sgr. The two are the Italian private equity operators owners of a 76% stake in PIttarosso’s capital since 2011, along the Italian founding family Pittarello, owner of the remaining 24% stake (see a previous post by BeBeez).
MF-Milano Finanza writes today that non-binding offers have been put forward both by private equity operators (such as BC Partners, Clessidra, Permira, Ardian and Change Capital) and by industrial companies (such as Bata and Deichmann). A due diligence phase is now opening and binding offers are expected by mid-November.
Led by ceo Andrea Cipolloni, Pittarosso is valued about 250 million euros or one time its 2014 expected consolidated revenues (or at least 8x its 2014 expected ebitda that is 30 millions).In 2013 Pittarosso reached 196 million euros in revenues and 21 millions in ebitda with a net financial debt of 43 millions.