International private equity firms are queuing up to buy control of Golden Goose, Italy’s fashion brand which is famous for its glitterous sneakers, Il Sole 24 Ore wrote.
Actual major shareholder Ergon Capital has mandated Lazard to advise on the sale process after having received various expressions of interest in the last few months.
Ergon Capital Partners III Fund bought Golden Goose from Dgpa sgr’s Dgpa Capital fund and from Riello Investimenti‘s fund in May 2015 for about 100 million euros(see here a previous post by BeBeez). Co-investor in the deal together with Ergon was Zignago group, controlled by the Marzotto family, while the founders Alessandro Gallo and Francesca Rinaldo still retain a minority in the company.
The 100 million euro enterprise value came after the company had reached 48 million euros in revenues in 2014 with an ebitda over 10 millions, Ergon Capitral is now said to have dismissed offers for a 350 million euros enterprise value as company’s ebitda is seen reaching 33-35 millions in 2016 after having closed year 2015 with 76.7 millions in revenues, 19.8 millions in ebitda and again 19.8 millions in net financial debt ( see here an analysis by Leanus, after free registration and login).
Private equity forms looking at the dossier are said to be Carlyle, BC Partners, Lion Capital, Charme, Chequers and Riverside. But also Qatar’s investment veichle Mayhoola is said to be working on the deal. Mayhoola still owns Valentino and Pal Zileri fashion brands in Italy(see here a previous post by BeBeez).