Piquadro (Italy) - Nov 2007

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01 November 2007

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BNL Gestioni) has floated luggage maker Piquadro on the Expandi segment of the Italian Stock Exchange. The 17.5 million shares floated out of a total of 50 million represent 35% of the business, of which 15.22 million were sold by Piquadro Holding and 2.28 million represent a fully-exercised greenshoe option. The shares were sold at E2.2 per unit, the middle of an indicative E2.1-2.3 range. The total capitalisation of the company in the Mediobanca-run offering was E110m. It is understood that the private placement involving institutional investors was 3x oversubscribed and the retail side reached oversubscription of more than 10x. Once the holding controlling the business is reimbursed with the capital corresponding to the shares sold, BNL will formally exit the business, realising around E15-17m in capital gains on an equity investment of E8.4m made two-and-a-half years ago. During its holding period, BNL Investire Impresa increased Piquadro’s distribution channels both in Italy and abroad. It also supported the product expansion, particularly the travel and women’s product lines. Piquadro specialises in the manufacture and distribution of leather accessories for business, office and travel use. The company’s revenues at the time of the original investment were E19.2m, increased to E35.7m by 2006.

Deal history

BNL Investire Impresa acquired a 35% stake in Piquadro in 2005 through an auction organised by Abax Bank (September 2005, page 23). The total value of the deal was E33.5m, of which E24m was equity. The deal was structured as a leveraged transaction in which the private equity firm Alto Partners, Piquadro’s founder and controlling shareholders, sold an aggregate 35% equity stake. Of this, Alto Partners held 25% and completely exited the company.

Advisers

Company - MBL & Partners, (Legal)Company - Studio Gnudi, (Legal)