French Private Equity Firm PAI in €181 Million Acquisition of Italian Retailer Coin
May 18, 2005
Cleary Gottlieb represented French private equity firm PAI Partners S.A.S. in the purchase of a 62.9% stake in Italian clothing retailer Gruppo Coin S.p.A. from Finanziaria Coin S.r.l. The acquisition involved cash payment of €181 million, or €2.17 per share, and the refinancing of approximately €510 million of Coin’s bank debt.
The deal was made through Bellini Investimenti S.p.A., an Italian vehicle indirectly controlled by funds managed by PAI. Bellini will launch a mandatory tender offer for the outstanding shares of Coin at a price of approximately €2.42 per share.
Coin is an Italian listed company active in the clothing and accessories retail business through the “Coin” and “Oviesse” brands.