Versace attracts seven bidders for minority stake
Versace, the Italian fashion group, has attracted seven bidders for the sale of a minority stake, Italian language daily Il Sole 24 Ore reported. The report cited market rumours as saying that the bidders include state-owned Italian strategic investment fund FSI, possibly in partnership with the Qatar Holding, private equity funds Permira, Axa, Clessidra, Blackstone and Investindustrial.
The item added that Investcorp is not believed to be among the bidders at present.
The report added that South Korean clothing group E-Land and Chinese group Fosun are not on the list of seven bidders.
The item claimed that the winning bidder will take a stake via a capital increase of EUR 150m. The report said that a further EUR 50m would be used to buy shares from the Versace family.
The report noted that Versace is estimated to have a value of EUR 1bn, based on multiple of 12-13 on its EBITDA of EUR 70m.
Source Il Sole 24 Ore