Blackstone becomes a partner of the Versace family, entering the label with an investment of 210 million euros, equal to 20% of the capital. In a note, Givi Holding and Gianni Versace Spa announce that they have signed an agreement with the private equity firm which will subscribe a capital increase of 150 million as well as take over shares from GIVI for 60 million euros.
At the end of the transaction, the US fund will have 20% of the company and a seat on the board. The transaction – which saw Banca Imi and Goldman Sachs act as financial advisors – implies an enterprise value for Versace of 1 billion euro. The Versace family, reads the note, will remain fully committed to the company with prominent roles for Allegra Versa Beck, Donatella and Santo Versace.
From the 2013 accounts which will be announced at the end of March, the group expects an 18% increase in revenues to approximately 480 million with an EBITDA of at least 69 million, growing by more than 50%.
