WWD.com/beauty-industry-news/financial/permira-gains-control-of-valentino-1034188/

MILAN — Permira said Friday it had reached an agreement with the Marzotto family to take control of a further 24 percent stake in Valentino Fashion Group, bringing the private equity fund’s stake to 53.6 percent.

The new Red & Black Lux Sarl company controlled by Permira inked an agreement with Paolo Marzotto’ PFC and Veninvest financial vehicles to buy 10.83 percent of VFG and with Gaetano, Stefano, Nicolo’ and Luca Marzotto’s Tidus vehicle for 12.4 percent of the group at 35 euros, or $47.60, per share.

The fund had secured a reciprocal exclusivity agreement with the Marzotto family which expired Friday.

Permira also said it will launch a cascading bid for outstanding shares of the group, which includes the German firm Hugo Boss AG. Late last month, Permira took control of 29.6 percent of VFG for 782.6 million euros, or $1.06 billion at current exchange.