Private equity-backed Moncler to float

Amy King
12 July 2013

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Luxury jacket maker Moncler, backed by Eurazeo and Carlyle, is to sell around 30% of shares in a flotation expected in December, according to reports.

Moncler is understood to be valued at around €2bn.

In 2011, the company applied for a listing on the Italian Stock Exchange with Banca IMI, Bank of America, Merrill Lynch and Morgan Stanley International as global coordinators. The sale was pulled due to tumultuous markets and postponed.

The Italian firm counts French GP Eurazeo as its majority shareholder, following a deal in June 2011 that gave the company a €1.2bn enterprise value. The transaction saw existing shareholders Carlyle and creative director Remo Ruffini retain stakes of 17.8% and 32% respectively, with Mittel Private Equity retaining the 5% balance.

At the time of the investment, revenues had grown from €290m in 2007 to €429m, with EBITDA rising from €42m to €102.1m.

Carlyle bought a 48% stake in the firm in 2008 in a deal valued at approximately €200m including debt of 3-3.5x EBITDA. At the time of the transaction, the company's enterprise value stood at around €480m. The transaction also saw Mittel, Progressio and Istituto Atesino di Sviluppo reduce their stakes in the firm, having acquired shareholdings of 35%, 22% and 4% respectively in 2006.

Rufo Ruffini is unlikely to sell his stake in the firm, reports say.

Carlyle and Eurazeo declined to comment.