Syntegra Capital’s initial public offering of Moleskine could be shelved in favour of another private equity takeover after the iconic Italian notebook maker received buyout interest from firms including Blackstone and Lion Capital.
Sky reported the news on Monday, citing unnamed sources.
Syntegra – which holds a 68 per cent stake in the business – hired Goldman Sachs, Mediobanca and UBS in June to handle an IPO, but a separate sale process by Rothschild has placed a deadline for offers later this month and could determine whether the firm goes ahead with the listing.
Private equity firms including Bain Capital and KKR are also understood to have been looking at the business, the report said, while luxury goods companies including PPR, LVMH and Jimmy Choo owner Labelux have also been sounded out.
A sale could fetch as much as €350m, the report added.
Moleskine was established in 1997 to replicate the style of notebook used by artists and writers such as Vincent Van Gogh and Ernest Hemingway.
The company, which has grown from 15 employees in 2006 to more than 100 today and has offices in Milan, Hong Kong and New York, has seen growth of around 25 per cent annually since Syntegra bought a 75 per cent stake in the company for €60m in 2006.
London-based venture capital firm Index Ventures also bought a 15 per cent stake in the business in 2011. Molesine said last year its turnover had grown from €80m in 2006 to over €200m in 2010.
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