Cleary Gottlieb represented PAI Partners in the merger for incorporation of Gruppo Coin (which was acquired by PAI in May 2005) into its controlling entity Bellini Investimenti. Bellini Investimenti, now renamed Gruppo Coin, was listed on the Italian Stock Exchange on December 1, 2006 (the effective date of the merger).
Coin Group is the leader in Italy in the large-scale retail trade market of clothing and accessories for men, women and children. The Group operates in Italy mainly through the brands Coin, a chain of multi-special department stores, and Oviesse, a nationwide specialty clothing retailer.
PAI Partners, one of the oldest and most experienced private equity firms in Europe, dates back to Paribas Affaires Industrielles, the historical principal investment activity of Paribas, the pan-European merchant bank that merged with BNP in 1999. Controlled by its partners, PAI Partners is an independent company that manages and advises dedicated private equity funds with a total equity value of more than €7 billion.