BC-backed OVS to list with €931m market cap

The share price is at the lower end of the €4–5.4 range previously set by the business.

BC Partners will not sell any of its stake through the process. OVS will list on the Milan stock exchange on Monday 2 March.

Following the flotation, the business will have an enterprise value of €1.3bn. OVS announced its intention to float in the first weeks of January.

The offering will raise €414m, enabling OVS – owned by the GP's portfolio company Coin Group – to invest in expansion and make improvements to its capital structure.

The move comes as Coin looks to divest non-core assets. The company announced in April 2014 that it was to separate the OVS and Upim brands from the rest of the group as part of a corporate reorganisation project.

Goldman Sachs, Bank of America Merrill Lynch, Banca IMI and Unicredit are acting as global coordinators for the IPO, while HSBC and Credit Suisse are acting as joint bookrunners.

Previous investment
BC Partners acquired a 78.7% stake in Coin from PAI Partners for €644.57m in 2011, as part of a €1.3bn take-private.

Investindustrial and Ontario Teachers' Pension Plan also hold minority stakes in Icon, Coin's holding company.

Company
Founded in 1972 and headquartered in Venice, OVS is a clothing retailer. The business reported EBITDA of €136m in 2013, while in the year to January 2014 it generated a turnover of €1.14bn.

People
Stefano Beraldo is chief executive of OVS. Nikos Stathopoulos is a managing partner at BC Partners.

Advisers
Company – Lazard (Corporate finance).

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