Private equity backers consider Sisal flotation

UBS and Deutsche Bank are understood to be leading the possible offering, which could value the company at €1.7bn including debt.

Apax and Permira acquired 43% of Sisal from Clessidra via a holding company in 2006. CVC and Candover were also competing for the deal. The transaction is thought to have valued the firm at around €900m including debt. At the time of the deal, the company expected to float the following year, according to unquote" data.

Clessidra formerly held 63% of the asset, following a €400m transaction in 2005, which included debt provisions from Mediobanca, MPS Banca per l'Impresa and San Paolo IMI.

The company's adjusted EBITDA reached €49.8m in Q1 2013, an €11m increase on the same period in 2012. The increase is attributed to strong betting performance, top-line growth in the online and services segment, lower marketing expenses and the implementation of cost-saving initiatives.

Sisal is not the only private equity-backed company considering a flotation in Italy. Luxury jacket maker Moncler, backed by Eurazeo and Carlyle, is expected to sell around 30% of shares in an IPO towards the end of this year. The company is understood to be valued at around €2bn.

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• Topics
• Southern Europe
• Exits
• Consumer
• Italy
• Permira
• Clessidra Capital Partners
• Apax Partners