Wise sells Boglioli to PHI Industrial Acquisitions

Following the deal, the company's CEO, Andrea Perrone, will retain a minority holding in the business and maintain his role as head of the company. Wise fully exits its 98% stake, according to a source familiar with the situation.

The company is understood to have been on the market since January 2017, when it filed for bankruptcy protection at Brescia court. Following the capital injection, the company will present a plan for voluntary arrangement with its creditors, according to a statement.

Wise currently manages three vehicles, the €170m Wisequity II, which is in its divestment phase; Wisequity III, which has five remaining companies in its portfolio and held a €180m final close in September 2011; and Wisequity IV, which reached its final close on its €215m hard-cap in March 2016.

Previous funding
Wise acquired a controlling stake in the business via its Wisequity II vehicle in March 2007, while the founding Boglioli family retained a minority stake. The deal valued the business at €40m, according to unquote" data. Banca Popolare di Milano provided a credit package to support the transaction.

More recently, the GP acquired a 20.33% stake from the founding family, reaching full ownership in 2013.

In July 2014, Wise and the management team led a capital increase for the business, which included the acquisition of a 1% stake for Perrone, a member of the company's board at the time of the transaction, and a 1.4% stake by former CEO Giovanni Mannucci. As part of the deal, Wise acquired GE Interbanca's debt exposure to the business and converted the loan to equity. According to unquote" data, GE's interest was equal to half the company's total debt.

Company
Based in Brescia, Boglioli manufactures and distributes men's clothing. According to unquote" sister publication Mergermarket, the company posted a turnover of €35.6m in 2015. The following year, the business was reported to be loss-making and to have €15m of net debt.

People
Wise – Paolo Gambarini (founding partner).
Boglioli – Andrea Perrone (CEO).

Advisers
Vendor – Simmons & Simmons (legal); Fineurop Soditic (corporate finance).
Company – Studio Iannacone (legal); Studio Spada & Partners (tax); Boston Consulting Group (commercial due diligence).
Buyer – CMS (legal); EY (financial due diligence).

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