UNQUOTE

BC Partners sells Italian retail chain Coin to Centenary

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BC Partners has sold Italian department store chain Coin to Centenary, a vehicle set up by Coin's managers and a group of Italian entrepreneurs, for an undisclosed amount.

The deal ends a seven-year holding period for BC Partners, which acquired a 79% stake in the company in June 2011 from PAI Partners, as part of a take-private transaction completed in September 2011. Including net debt, Coin's EV was valued at around €1.4bn.

In February 2013, BC Partners, along with Coin's minority shareholders Investindustrial and Ontario Teachers Pension Plan, provided a €50m round of growth funding used to invest in the opening of new shops.

In May 2017, BC Partners sold a 12% stake in casual wear retail chain OVS, which was previously split from Coin and listed on the Italian stock exchange separately with a €931m market cap.

Company
Founded in 1916 and headquartered in Mestre, near Venice, Coin operates a department store chain with shops in numerous Italian cities, specialising in clothing and accessories. In 2017, the company generated an EBITDA of €11m from revenues of €400m.

People
BC Partners – Nikos Stathopoulos (managing partner).

Advisers
Equity – Latham & Watkins (legal).
Company – Gianni Origoni Grippo Cappelli & Partners (legal).

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