Moleskine attracts PE buyers

Syntegra  Capital has confirmed it is looking to exit the company this year. The private equity firm, formerly known as SG Capital Europe, is reported to be approaching potential advisers to work on the exit, according to Il Sole 24 Ore. The exit would be among Syntegra's first since its spinout from Société Générale two years ago. The news comes just a year after Index Ventures purchased a 15% stake in the firm.

Last year, Moleskine reported turnover of around €65m and a 45% increase in EBIT. The company is thought to be a particularly attractive prospect for private equity buyers as it is an established and profitable brand with high growth potential.

In 2006, SG Capital Europe acquired a 75% stake in Moleskine (then Modo & Modo) from its founders for around €60m. The remaining stake was held by the company's historical founders and the management, who reinvested in the company. Marco Ariello and Olga Bologna worked on the deal for SG Capital Europe which completed at an auction led by Eidos. The transaction included the provision of a senior debt package by Interbanca. At the time of the acquisition, SG Capital did reveal that it planned to divest the company within a 5-year period.

In January 2011, Index Ventures acquired a 15% stake in Moleskine as part of a capital increase made via the Index Venture Growth fund, in a deal which valued the company at €200m. Syntegra retained 67.7% of the remaining share capital, alongside the 10.6% retained by the founder and the management team's 6.5% stake.

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