PE-backed Coin sells 12% stake in OVS

The transaction was led by the GPs' portfolio company Coin. As part of the deal, Coin sold down its stake in the business from 42% to 30% and reaped €166m of the total proceeds.

According to a source familiar with the situation, the sale valued the company at 9.3x EBITDA.

The deal included an additional sale of 0.9% shares to OVS's management team, which will own a 1% stake on completion of the deal.

The accelerated bookbuilding process saw the sale of 25 million ordinary shares at 611 euro cents apiece, which is 56% above OVS's IPO price in 2015, says the source. Following the transaction, Coin remains the controlling shareholder.

UniCredit and Goldman Sachs acted as joint bookrunners in the transaction.

Previous funding
BC Partners acquired a 79% stake in Coin in June 2011, alongside its Italian peer Investindustrial and Ontario Teachers' Pension Plan. At the time of the transaction, the company was listed on the Milan Stock Exchange and OVS was its core division. Subsequently, the GPs took the company private in September 2011.

More recently, the GPs split OVS from Coin and listed the business separately in June 2015 with a €931m market cap.

Company
Founded in 1972 and headquartered in Venice, OVS is a clothing retailer. The business reported a turnover of €1.3bn with €179.6m in EBITDA in 2015. In 2016, the company had 5,639 employees.

People
BC Partners – Nikos Stathopoulos (partner).
OVS – Stefano Beraldo (CEO).

Advisers
Vendor – Rothschild (corporate finance); Latham & Watkins (legal).

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• Topics
• Exits
• Consumer
• Southern Europe
• Partial sale
• Italy
• BC Partners
• Investindustrial