The private equity firm Allow leaves the shareholding of Hugo Boss by selling all its shares, corresponding to the 12% of the capital. The shares, placed with an accelerated bookbuilding procedure, were sold yesterday evening at 113 euros per share, with a 4,7% discount compared to the value at the close of the markets (118,60 euros per share). This morning the stock of the German clothing house paid for the news of Permira's farewell e loses two percentage points on the Frankfurt Stock Exchange.
The placement of Permira's remaining stake in Hugo Boss concerned 8,4 million shares, for a total value of 950 million euros. After this operation, the free float of Hugo Boss rises to 64,1 million shares, equal to 91% of the capital.
“With today's operation, Permira concludes one of the largest investments of its funds, made in 2007 together with the Marzotto family with the acquisition of Valentino Fashion Group and Hugo Boss, generating for the investors of the Permira IV fund a return equal about 2,2 times the invested capital,” he stressed Fabrizio Carretti, head of Permira in Italy.
During these years, "we have been alongside the management teams of two exceptional companies in their projects of profound industrial transformation", added Carretti.
