Leading Italian Luxury Furniture Manufacturer in €113.7 Million IPO

Cleary Gottlieb acted as Italian, U.S. and English counsel to Merrill Lynch International and UniCredit Banca Mobiliare S.p.A. as Joint Global Coordinators, Joint Bookrunners and Joint Institutional Lead Managers in Poltrona Frau’s €113.7 million initial public offering. The offering valued the company at €294 million and closed on November 15.

The IPO included a global offering of both primary and secondary shares comprising a public offering of Poltrona Frau’s common stock to retail investors in Italy and an offering to Italian and international institutional investors conducted in accordance with Rule 144A/Regulation S, including a private placement to U.S. qualified institutional buyers. The shares have been listed on the STAR Segment of the Mercato Telematico Azionario managed by Borsa Italiana.

Poltrona Frau is one of the world’s leading producers of luxury home furnishings. It markets its products under four principal brand names — Poltrona Frau, Cassina, Cappellini and Alias — which are among the most recognized and respected brands in the luxury home furnishings industry. It also produces and distributes home furnishings under the Gebrüder Thonet Vienna and Gufram brands and designer lighting products under the Nemo brand. The company is controlled by Charme Investments, a private equity fund managed by Montezemolo & Partners.