Braccialini moves toward selling to Chinese or Singapore investor; IPO becomes less likely
Braccialini, the Italian fashion designer and manufacturer of leather accessories, is moving toward selling a strategic stake to an investor from China or Singapore, Italian language daily Milano Finanza reported. The item cited Nino Attanasio, the chairman of HAT, the private equity firm that holds 22.22% of Braccialini.
The item cited Attanasio as saying that the two financial investors were already carrying out due diligence. The item said that both investors have already presented non-binding offers.
The item also cited Attanasio as saying that a listing on Italy's AIM was becoming less likely.
The report noted that the other shareholders of Braccialini are Riccardo Braccialini with a 21.84% stake, NEM Sgr with a 22.22% stake, and Sici sgr with a 33.33% stake. The report added that Riccardo Braccialini will remain a shareholder in the company.
The report noted that Braccialini closed 2013 with turnover of EUR 68.79m compared to EUR 77m in 2012. The item added that EBITDA was EUR 5.3m in 2013 compared to EUR 2.7m in 2012. The report added that net financial debt was EUR 23.5m compared to EUR 22.8m in 2012
Source Milano Finanza daily edition