Nice Footwear will land on the Euronext Growth Milan list on November 18th. The placement provides for an offer entirely in capital increase for a maximum of 5 million euros and is reserved exclusively for professional investors. Bookbuilding begins next Wednesday and continues until November 10, unless closed early. The price range ranges from a minimum of 9 to a maximum of 11 euros for a pre-money equity value valuation of between 13,5 and 16,5 million. The decision to focus on the price list, by theVicenza-based company specializing in leisure and sports footwear with its own brands (Kronos) and under license (Fred Mello, Ellesse, Avirex and Conte of Florence), is a decision resulting from the growth of recent years. "The company is going through a period of remodeling and innovation that has allowed us to achieve significant results such as the issue of the first minibond listed on ExtraMotPro3, the opening of the Shanghai office and recognition as an innovative SME", says Bruno Conterno, president and CEO of Nice Footwear. Conterno, who has headed the company since 2009, acquired 100% of the shares in 2016. Thanks also to the newly acquired Favaro Manifattura Calzaturiera, an excellence in the production of shoes in the luxury segment on the Brenta Riviera (an operation which was finalized last June), the group says it is ready for a new positioning aimed at «creating an Italian pole of excellence in the design and production of sneakers». Dynamism is a distinctive trait of the group. Last August it signed with Brands-360, a subsidiary of the UFG – Unlimited Footwear Group, a distribution agreement for the G-Star RAW brand in the Italian market starting from the S/S 2022 season. The agreement provides for the management by Nice Footwear of the Italian sales network and initial distribution in over 220 stores throughout the peninsula.
The numbers of the Vicenza-based company founded in 2004 they are respectable. Revenues of 23,6 million euros in the financial year ended April 2021 with a contribution due to Favaro Manifattura Calzaturiera (2,5 million), a net profit of 1,2 million, a gross operating margin of 2,7 million and a net financial position of nearly 4 million, according to the group's pro-forma data. The Special Projects division performed well, achieving revenues of 11,4 million euros, an increase of 81% compared to the 2018-19 financial year; the performance of the Nice Footwear Asia branch in Hong Kong was also positive, going from a turnover of 300 thousand euros in 2018-19 to 2 million euros, thanks above all to new collaborations launched with special projects on the local market. Geographically, the main market for the company is Italy, with a 54% share of total turnoverfollowed by Switzerland (23%) and France (14%). The company has come to produce almost 2 million pairs of shoes a year, 2500 new items and over 20 pairs of samples. The flagship is the R&D area for the development of new future-oriented production technologies such as the proprietary 3D patented software and the use of virtual reality, which allows for the realistic reproduction of the dimensions and details of the renderings. During 2020, the company also became part of the Face-Design cluster of the Veneto Region, which connects universities and design and fashion companies.
As for the listing, the company, in agreement with the global coordinator, will be able to increase the offer for a further maximum of 500 thousand euros. The assignment of warrants is envisaged. BPER Banca acts as Euronext Growth advisor, global coordinator and specialist. Aritma acts as financial advisor, BDO as auditing firm and Simmon&Simmons as deal counsel. EpYon performed the financial due diligence, Starclex Studio Legale assists the company in the evaluation of corporate governance and Experta is a tax consultant.
