ITALY - Giochi Preziosi contemplates exit strategies

It is understood that sale co-ordinators Rothschild and Morgan Stanley have halted the IPO due to poor performance in the sector of late. In the meantime, local press speculates that heavyweights Clessidra, Permira and CVC have all shown an interest in the business. These players, however, may also face problems to finance such a deal, since 3i apparently intends to price the company at around EUR 1bn.

3i acquired 51.71% of Giochi Preziosi in 2005, in a deal worth approximately EUR 500m. The company posted a turnover of approximately EUR 723m in June this year. Earlier this month, 3i purchased gardening products manufacturer GGP from ABN Amro Capital in an SBO valued at EUR 730m. At the time of the acquisition, the private equity investors mentioned that the acquisition of GGP required 'a good dose of courage and creativity', due to the current situation in the financial markets.

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• Topics
• Buyouts
• Southern Europe