Private equity firm PAI Partners has completed the purchase of a 78.6 per cent stake in Marcolin, an Italian eyewear manufacturer, in a proprietary primary LBO transaction in one of its core investment sectors.
The purchase has been carried out by Cristallo, a company indirectly controlled by certain investment funds managed by PAI Partners, which has purchased a stake of 48,842,131 shares representing 78.6 per cent of the share capital of Marcolin at a price of EUR4.25 per share for an aggregate total price of EUR207,579,056.75 from the parties to Marcolin’s shareholders’ agreement (Marcolin family and Della Valle brothers) and Antonio Abete.
Having completed the transaction, Cristallo shall launch a mandatory public tender offer for the remaining share capital of Marcolin, which is publicly traded, at a price of EUR4.25 per share, corresponding to the price paid by the purchaser to the sellers as set forth in the share purchase agreement dated 14 October 2012.
Cristallo aims at the delisting of the shares issued by Marcolin.
Some of the sellers have subscribed through their minority vehicles a stake in Tofane (Cristallo’s indirect parent company), representing in the aggregate 15 per cent of Cristallo, at the same economic terms and conditions as the PAI Funds.
PAI Partners will support Marcolin through its next phase of growth, investing in the expansion of the company’s international footprint and long-term contracts with major designer brands.
