Philipp Plein sees Carlyle, Advent, Permira in race - sources
14 JAN 2019
Switzerland-based fashion house Philipp Plein has seen Carlyle, Advent, Permira and a fourth unspecified private equity firm place preliminary offers, according to three sources close to the situation.
The sale involves about 70% stake in Philipp Plein, one of the sources said, adding that management is working off around EUR 70m in 2019 run-rate EBITDA. Its financial performance could lead the target to stretch to a valuation of up to EUR 900m, the source noted.
Nonbinding offers were due by 21 December, as reported by this news service.
The company recorded EUR 250m in 2017 revenue, as reported. Management expects to reach EUR 280m-EUR 300m in sales this year, Pambianconews reported in May last year.
The auction kicked off in September when Mediobanca was hired as financial adviser, as reported.
Its main peers are Gucci, Balenciaga and LVMH’s [EPA:MC] Givenchy.
Philipp Plein, Permira, Carlyle, Advent and Mediobanca declined to comment.
The company was founded by German designer and entrepreneur Philipp Plein in 1998. He is the sole owner of the business.
by Micaela Osella in Milan and Giovanni Amodeo in London