Eurazeo sells 3.34% stake in Moncler for €208m

The selldown of 8.5 million ordinary shares in Moncler was based on a price of €24.48 per share, for a total amount of €208m. According to a statement, the transaction generated €188m in net proceeds for the fund manager, equating to roughly 6.7x its original investment.

Following the deal, the GP will retain a 5.31% stake and agreed on a 90-day lock-up period for the remaining shares.

Goldman Sachs International acted as bookrunner for the placement.

Previous funding
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.

Subsequently, Carlyle acquired a 48% stake in the business in 2008. The deal valued the asset at approximately €200m. The remaining 52% stake was split between Mittel, Progressio and ISA – with a combined stake of 13.5% – and the management, with 38.5%.

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 chair and creative director reduce their stakes in the company to 17.8% and 32%, respectively. Mittel retained a 5% stake.

Moncler started trading at €14.40 per share in December 2013. The flotation valued the business at around €3.6bn. Eurazeo saw its stake reduced by 12% to 19.7% following the IPO.

In June 2014, Carlyle sold its remaining 7.13% stake for €215m, while a year later Eurazeo sold a 7.8% stake in the business for €340m, generating €280m in net proceeds.

Company
Luxury clothing business Moncler was founded in 1952 and is headquartered in Milan. The company employs around 1,000 people and retails through a network of stores, as well as a wholesale distribution channel.

The business generated €1bn in revenues and €355m of EBITDA in 2016.

People
Eurazeo – Virginie Morgon (deputy CEO).

Advisers
Vendor – Lazard (corporate finance).

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• Topics
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• Sell-down