Eurazeo sells €340m of Moncler shares

The selldown will generate net proceeds of €280m for the GP, following which it will retain a 15.5% stake in Moncler.

Eurazeo has agreed to a 90-day lock-up period for its remaining shares, upon completion of the sale.

The partial exit comes almost a year after Carlyle sold its remaining 7.13% stake in the company for €215m.

Moncler started trading at €14.40 per share in December 2013, up from the original €10.20 pricing. The flotation valued the business at around €3.6bn. Eurazeo saw its stake reduced by 12% to 19.7%, following the IPO.

The company filed for an IPO in October 2013; the flotation had originally been planned for June 2011, but was subsequently postponed.

Previous funding
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 Mittel, Progressio and ISA, which retained a combined stake of 13.5%, with management holding the balance. The 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.

Company
Moncler was founded in 1952 and is headquartered in Milan. The company employs around 1,000 people and retails through a network of stores, as well as a wholesale distribution channel.

In 2014, Moncler generated a turnover of €694.2m with EBITDA of €232.9m.

People
Virginie Morgon is deputy CEO of Eurazeo.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Southern Europe
• Consumer
• Eurazeo
• Italy