BC Partners-backed OVS announces intention to float

Kenny Wastell
16 January 2015

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OVS Industry, an Italy-based clothing retailer owned by BC Partners-backed Coin Group, has announced its intention to float on the Milan stock exchange.

BC Partners acquired a 69.3% stake in Coin from PAI Partners for €644.57m as part of a €1.3bn take-private deal in 2011. Investindustrial also has a stake in Icon, Coin's holding company.

The move comes as Coin, which founded OVS in 1972, looks to divest non-core assets. It announced in April 2014 that it was to separate the OVS and Upim brands from the rest of the group as part of a corporate reorganisation project.

In 2013, OVS reported EBITDA of €136m while in the year to January 2014 it generated a turnover of €1.14bn, according to Italian newspaper Il Sole 24 Ore.

Last year Reuters reported that the business would have a free float of at least 30%, with Bank of America Merrill Lynch and Goldman Sachs appointed to run the listing.

The IPO is set to take place on the Mercato Telematico Azionario (MTA).