The Court of Bologna will decide today at 4 pm on the sale of Bruno Magli, the historical fashion brand founded in 1936 admitted to an insolvency proceeding last November (see here the press release).
Crucial conditions to be met by the bidders are keeping headquarters in Bologna and the coverage of the whoile debt of about 18-20 million euros. Lenders and creditors will meet to vote on a specific agreement next March 3rd 2015 (see a previous post by BeBeez).
The brand is targeted by two private equity funds: on one hand there is Carlyle together with investment company Blue Star, and on the other hand there is Marquee brands, an investment veichle controlled by Neuberger Berman. The latter sent a structured offer to Magli’s board last December 11th paying the brand 22.5 million euros fixing a deadline for next January 15th.
Bruno Magli has been changing ownership three times in the last 14 years since Bruno Magli’s heirs sold the company to Opera fund in 2001. The in 2007 Opera sold it to UK private equity fund Fortelus Capital, which in turn sold Bruno Magli to the Swiss Da Vinci Invest fund in January 2014, but it failed to save the company and finally asked for the insolvency proceeding.
