Equinox acquires 40% in Manifattura Valcismon

According to press reports, the company has an enterprise value of around €200m, which equates to 13.3x its 2017 EBITDA.

The GP deployed capital from its Equinox III fund. In addition, a debt package was provided by Banco BPM, Unicredit and Crédit Agricole.

Company
Established in 1947 and based in Fonzaso, near Belluno, Manifattura Valcismon is a manufacturer of technical clothing for skiing, cycling, trekking and outdoor sports. Its products are marketed under three brands: Sportful, Castelli and Karpos.

The company employs 150 staff and generated EBITDA of €15m from revenues of €80m in 2017, of which 90% came from outside Italy.

People
Equinox – Massimiliano Monti (partner).
Manifattura Valcismon – Alberto Cremonese (president); Alessio Cremonese (CEO).

Advisers
Equity – Banca Akros (corporate finance); Mediobanca (corporate finance); LMS (legal); Simmons & Simmons (legal); Ludovici & Partners (tax); PwC (financial due diligence).
Company – Alantra (corporate finance); Nctm (legal); PwC TLS Avvocati e Commercialisti (tax).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Equinox Investment
• Italy
• PwC
• Alantra
• Minority investing