Moncler in strong market debut

Based on requests for the stock, the asset, backed by Carlyle, Progressio Investimenti and Eurazeo, opened at €14.40 per share, up from the original €10.2 pricing set last Thursday - valuing the business at a reported €3.6bn. Eurazeo will see its stake reduced by 12% to 19.7% following the IPO.

Shares were trading at an increase of 41.57% on the opening price, at the time of publication.

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

The firm recently sold its sportswear business Industries Sportswear Company to Emerisque Brands UK's Cavaliere Brands. The division posted a €135m turnover in 2012. Following the deal, Moncler shareholders all subscribed to a capital increase in Cavaliere Brands to buy a 30% stake in its share capital.

The firm was founded in 1952 and is based in Italy. Moncler employs almost 1,200 employees and retails through a network of 122 stores, as well as a wholesale distribution channel.

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• Topics
• Consumer
• Southern Europe
• Italy
• Carlyle Group
• Eurazeo
• Progressio SGR