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Syntegra-backed Moleskine eyes €350m from March IPO

5 Mar 2013

moleskine_sqSyntegra Capital-backed Italian notebook maker Moleskine is reportedly targeting about €350m for its IPO, valuing the business at €700m.

The firm, which owns about 68 per cent of Moleskine, will keep a significant interest following the listing according to Reuters, which cited two people with knowledge of the matter.

It said Goldman Sachs and Mediobanca were managing the sale in Italy along with BNP Paribas, with the listing set to be completed towards the end of March.

Earlier today Bloomberg obtained a term sheet which showed Appunti Sarl, which is indirectly controlled by Syntegra, and Index Ventures Growth I controlled Pentavest Sarl were selling a 50 per cent stake in the business.

Moleskine began its journey towards an IPO at the start of the year despite reported interest in a buyout from several other private equity firms.

The Italian company approved the first in a series of documents needed for its public listing in January.

In November 2012 Sky News reported Blackstone and Lion Capital were among buyout houses interested in buying the business, while KKR and Bain Capital were also said to be considering a deal.

Moleskine’s EBITDA was €28.6m in 2011, a rise of 26.9 per cent on the previous year, while its revenues were €66.6m.

The company has grown from 15 employees in 2006 to more than 100 today and has offices in Milan, Hong Kong and New York.

It has seen annual growth of about 25 per cent since Syntegra bought a 75 per cent stake in the company for €60m in 2006.

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