Moncler files IPO request

The firm is backed by listed French investment firm Eurazeo, Carlyle Group and Progressio Investimenti.

The Moncler flotation had originally been planned for June 2011, but was pulled and postponed.

Moncler was initially backed in 2006 when Mittel Private Equity, Progressio and Istituto Atesino di Sviluppo (ISA) acquired 35%, 22% and 4% stakes in the business respectively.

In 2008, Carlyle bought a 48% stake in the business. The deal was valued at approximately €200m including equity and debt. The remaining 52% stake was split between by Mittel, Progressio and ISA, which retained a combined stake of 13.5%, with the management holding the balance. The debt in that deal was supported by an all-senior financing package with leverage of 3-3.5x EBITDA, according to unquote" data.

in 2011, Eurazeo acquired a 45% stake in Moncler in a deal that gave the group an enterprise value of €1.2bn, or 12x EBITDA. The transaction saw existing shareholders Carlyle and the firm's chairman and creative director reduce their stakes in the company to 17.8% and 32% respectively. Mittel retained a 5% stake.

Moncler was founded in Grenoble in 1952. The firm retails through a network of 122 branded shops and a wide wholesale distribution network. Turnover totalled €489.2m in 2012, with EBITDA hitting €161.5m. The company is active in more than 60 countries across Europe, Asia and North America.

Global coordinators are Goldman Sachs International, Bank of America Merrill Lynch and Mediobanca – Banca di Credito Finanziario. Banca IMI, JP Morgan, Nomura and UBS are joint bookrunners, while BNP Paribas, Equita SIM and HSBC are lead managers.

Financial advisers are Claudio Costamagna and Lazard. Latham & Watkins are acting as legal adviser in Italy. Linklaters is legal adviser to the global coordinators, joint bookrunners and lead managers.

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• Topics
• Southern Europe
• Italy
• Carlyle Group
• Eurazeo