PAI partners acquires Marcolin in €207m LBO

The GP has bought 48,713,376 shares, bringing the total to €207.03m, in a transaction that will be completed through holding company Cristallo. Sellers include the founders and private shareholders.

Following completion of the transaction, expected in November, PAI will launch an offer to acquire the remaining equity in the company with the aim of delisting it. The company's founders and management will then reinvest to retain a 15% stake in the firm.

The GP aims to expand the company's international presence, particularly in emerging markets, and develop relationships with major designer brands.

Debt
Banca IMI, Unicredit, Natixis and IKB provided debt to support the transaction.

Company
Founded in 1961 and headquartered in Longarone, Italy, Marcolin produces glasses and sunglasses for brands including Tom Ford, Roberto Cavalli and Diesel. The firm has offices in Europe, the US, Hong Kong, Japan and Brazil.

Marcoli reports sales of €224.1m and EBITDA totalling €34.2m.

People
Raffaele R Vitale is a partner at PAI and worked on the transaction.

Advisers
Equity – Pedersoli e Associati (Legal); Allen & Overy (Legal); New Deal Advisors (Financial due diligence, tax).
Vendor – Bonelli Erede Pappalardo (Legal); Studio Macellari (Legal); Zulli Tabanelli e Associati (Legal)

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• Topics
• Southern Europe
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