Golden Goose is preparing to pay an extraordinary dividend worth 100 million euros to Carlyle, the controlling shareholder of the Italian fashion griffe since February 2017 (see here aa previous post by BeBeez).
MF Fashion writes today, adding that the deal is possible thanks to the fact that the company is able to generate a robust cash flow. Goldn Goose reached 185 million euros in consolidated revenues in 2018 and an ebitda of 55 million euros, compared with a net financial debt close to 100 million, in sharp decline in two years compared to the3.5x leverage ratio at the time of the buyout.
Sellers to Carlyle for an equity value of 400 million euros of the Italian company that produces luxury casual clothing, accessories and above all the weel-known sneakers, was the Ergon Capital Partners III fund at the helm of a pool of investors, which also included DVR Capital, and whichhad acquired the majority of Golden Goose in May 2015 (see here aa previous post by BeBeez) from the company’s founders, Alessandro Gallo and Francesca Rinaldo, and from the funds managed by Riello Investimenti sgr and Dgpa sgr (today Syle Capital sgr, with the partner Roberta Benaglia who had just remained at the head of the company). As part of the transaction, Zignago Holding SpA had acquired a minority stake as co-investor, with company founders who had maintained 13% and the management a 3% (see here aa previous post by BeBeez).
Furthermore, in order to strengthen the relationship between property and management, Carlyle made Golden Goose’s chairman Patrizio Di Marco and managing director Silvio Campara enter the company’s capital in recent months. A deal worth 555k euros, for which the two executives have been financed by Golden Goose itself (interest rate of 1.5% per annum).