Gruppo Coin, a leading Italian retail chain, which in turn is owned by paneuropean private equity operator BC Partners , Italian private equity operator Investindustrial and Canadian Ontario Teachers Pension Plan sold 11% of the capital of Ovs, an Italian-listed casual wear retail chain in an accelerated bookbuilding process on Monday evening after the Italian Stock Exchange had closed (see here the press release).
The sale was made at a 6.11 euro per share price, with a 4.16% discount on last Monday May 9th closing price (6.375 euro), while the stock closed at 6.205 euros yesterday.
The sale, which was arranged by Goldman Sachs and Unicredit, involved 25 million shares dor a 152.8 million euros total value, attracting many institutional investors from US and UK. Many of them had also participated to a previous accelerated bookbuilding sale in April 2016 when Coin group had sold a 10% stake in Ovs capital (see here a previous post by BeBeez). After this second deal Coin has lowered its stake in Ovs from 42.12% to 31.12%.
At the same time yesterday Coin Ovs’ ceo Stefano Beraldo and a group of top managers acquired ablout 2.1 million Pvs shares from Coin at the same price of 6,11 euro per share, for a total consideration of about 13 million euros so that finally Coin group cahsed in 166 million euros and lowered its stake in Ovs to 30.185%. Ovs group was listed by Coin group in February 2016 (see here a previous post by BeBeez)
