Permira in further Hugo Boss sell-down

The shares were placed at €101.5 each, according to Reuters, meaning the GP reaped in excess of €400m in the accelerated book building.

Hugo Boss shares opened at €102.5 apiece today (28 May), down by around 3% on the previous day.

Permira is still left with a significant stake in the fashion brand. In May 2013, the buyout house sold 7 million shares – or a 10% stake – in Hugo Boss, at a price ranging between €89.25-90.50 and generating around €612m in proceeds.

At the time, Permira stated it would be holding onto the firm, which it originally bought for €5.34bn in 2007, for at least another six months.

Prior to this, Permira sold 4.5 million shares through an accelerated book building in November 2011. After the transaction, Permira held a 66% stake and 89% of the voting rights in Hugo Boss.

Permira recapitalised Red & Black, the holding company for Hugo Boss, in October last year. The transaction saw SVG Capital, Permira's main investor, realising £110.9m, while holding onto a stake in the German fashion brand worth £308.6m.

 

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