BC Partners exits OVS in €74.9m deal

Tamburi acquired 40,485,898 million shares at a price of €1.85 per share for a total vale of €74.9m. Following the deal, the firm, which already controlled a 4.9% stake in OVS, became the majority shareholder in the company with a 22.7% stake.

Following the announcement, OVS's share price increased by 12% to €1.75 per share, which gives the company a market cap of around €347m.

Previous funding
OVS was originally part of Coin Group, which controls one of the largest Italian department store chains. BC Partners acquired a 79% stake in Coin Group in June 2011 from PAI Partners, as part of a take-private transaction completed in September 2011. Including net debt, Coin Group's EV was around €1.4bn. The remaining minority stakes in the company were acquired by Investindustrial, Ontario Teachers Pension Plan and the management.

OVS was split from Coin Group and listed on the Italian stock exchange separately in March 2015, at a price of €4.10 per share, in an IPO that gave the company a market cap of €930.7m. The placement included a 47.88% stake, while Coin Group retained the remaining 52.12% holding in the company.

Coin Group initially sold a 10% stake in OVS in April 2016 for a total value of €129m. Subsequently, the GP sold an additional 11.9% stake in May 2017 for €166m and a 12.3% stake in September 2017 at the price of €6.53 per share for a total value of €183m. Following these transactions, BC Partners reduced its stake in OVS to 17.85%.

BC Partners sold its stake in Coin Srl to Centenary in March 2018 while retaining its 17.85% stake in Coin Group, which controls OVS.

Company
Established in 1972 as Magazzini Oviesse, a division of Coin, Mestre-headquartered OVS is a casual clothing retail chain that sells its products under the brands OVS and UPIM. The company generated EBITDA of €196.5m from revenues of  €1.4bn in the financial year to 31 January 2018. In the first nine months of 2018, OVS generated EBITDA of €104m from revenues of €1bn.

People
Tamburi Investment Partners – Giovanni Tamburi, Alessandra Gritti (co-CEOs).

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