US private equity firm Prodos Capital Management has taken the lead in the auction to buy bankrupt Italian fashion label Gianfranco Ferré, according to the Financial Times.
The firm is leading a consortium, backed by South Korean conglomerate Samsung, which has reportedly made a binding offer of slightly over €10m for the label, which entered into bankruptcy protection last year. A final decision is expected by the Italian government within the next fortnight.
Named after its key designer, Gianfranco Ferré has struggled since his death in 2007. The fashion house split away from the IT Holding group as part of its bankruptcy proceedings, with the group’s other holdings – including knitwear brand Malo and licensing and manufacturing business Ittierre – are to be sold separately.
Prodos Capital is a merchant banking firm focused on under-achieving lower mid-market companies, with a focus on North America and Western Europe.
Copyright © 2010 AltAssets