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PAI Partners agrees €207m deal for Italian eyewear manufacturer Marcolin

15 Oct 2012

Having confirmed last week it was in talks to acquire Italian eyewear manufacturer Marcolin, European private equity firm PAI Partners has now agreed to take a 78 per cent stake in the company.

The purchase will be carried out by Cristallo, a company indirectly controlled by PAI Partners, which has agreed to purchase a stake of 48,713,376 shares representing 78.39 per cent of the share capital at a price of €4.25 per share for an aggregate total of €207m from the Marcolin family and Della Valle brothers and Antonio Abete.

The reinvesting shareholders will subscribe an indirect stake, representing in the aggregate 15 per cent of Cristallo, at the same economic terms and conditions as the PAI Funds.

Marcolin is one of the largest and fastest growing eyewear manufacturers in Italy and is a global producer of glasses and sunglasses for brands including Tom Ford, Roberto Cavalli and Just Cavalli, Diesel, Montblanc, Tod’s and Hogan, Balenciaga, Swarovski, Timberland, DSquared2 and Kenneth Cole. The company was founded by Giovanni Marcolin in 1961 and is headquartered in Longarone, Italy. It has offices across Europe and in the United States, Hong Kong, Japan and Brazil.

Raffaele Vitale, a partner at PAI Partners, said, “We are delighted to invest in Marcolin which is a leader in its sector with excellent growth prospects and is a classic PAI investment in one of our core areas of expertise and focus. We see excellent potential to develop the business, both in Europe, the US and particularly in emerging markets, where demand for these products is rapidly increasing.

“Our partnership with the Marcolin family and Diego and Andrea Della Valle and Antonio Abete in this investment is very important to support the growth of the business. The Marcolin family has always shown strong commitment to the company and we consider particularly important the current and future involvement of Maurizio Marcolin as head of licensing and relationship with the brands.”

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