Italian private equity firm Clessidra sgr comes back again in exclusive talks with Roberto Cavalli fashion maison, five years later a previous attempt. The news was announced later yesterday evening by Cavalli itself and was a breaking news as nobody on the market had been aware of this new close up.
The announcement comes few weeks after VTB Capital, the investment arm of Russian lender VTB Bank, pulled back from a deal that had been already taken for granted (see a previous post by BeBeez). VTB Capital was expected to buy a 70% stake in the Florentine company for 400 million euros.
Earlier this year it was paneuropean private equity firm Permira who ended talks after failing to agree on the company valuation. It was then Bahrain-based private equity company Investcorp’s turn (see a previous post by BeBeez) followed by Swiss high-end watch-maker Franck Muller (see a previous post by BeBeez), while, as already said, in 2009 Italian private equity firm Clessidra pulled back after negotiations have been lasting for months.
The new agreement between Clessidra and Cavalli provides that Francesco Trapani, an executive vice chairman and operating partner of Clessidra, will be appointed chairman of Cavalli group. If a deal is signed “Clessidra will control a majority stake in Roberto Cavalli Group, Mr. Cavalli will remain as a minority shareholder and will support the new managment in his relaunch and development project” is written in a company press release.
Former Roberto Cavalli’s ceo, Gianluca Brozzetti, who is now ceo of luxury jewellery Buccellati, which is too controlled by Clessidra sgr, might facilitate a deal between Clessidra and Cavalli, MF-Milano Finanza writes today.
Roberto Cavalli Group, reached 201 million euros in revenues in 2013 (+9.3% from 2012 ) and a 11% ebitda margin after a restructuring of the company business made by Brozzetti himself. Ebitda in 2014 should be in line with the 2013’s one after adjustments due to problems caused by some licensees entered into legal proceedings.
