Moncler to trade at top end of price range

The firm will price its shares at €10.2, giving the asset a market capitalisation of €2.55bn.

Eurazeo will see its stake reduced by 12% to 19.7% following the IPO.

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.

Goldman Sachs International, Bank of America Merrill Lynch and Mediobanca - Banca di Credito Finanziario are acting as joint global coordinators for the IPO. Banca IMI is acting as placement manager with Mediobanca - Banca di Credito Finanziario as joint lead manager for the public offering and sponsor.

Banca IMI, JP Morgan, Nomura and UBS are joint bookrunners, while BNP Paribas, Equita SIM and HSBC are lead managers. Linklaters is Italian and international legal adviser for the global coordinators, the joint bookrunners and the lead managers.

Claudio Costamagna and Lazard are acting as financial advisers to Moncler, with Latham & Watkins as the Italian and international legal adviser, and KPMG as auditor.

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• Topics
• Southern Europe
• Exits
• Consumer
• Italy
• Eurazeo
• Carlyle Group
• IPO