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TIP Invests in Ruffini Holding Company

The independent investment-merchant bank bought 14 percent of Ruffini Partecipazioni Srl, which in turn owns 32 percent of Moncler.

MILAN — Tamburi Investment Partners SpA, or TIP, has bought an indirect stake in Moncler.

This story first appeared in the August 7, 2013 issue of WWD.  Subscribe Today.

The independent investment-merchant bank headed by Giovanni Tamburi has bought 14 percent of Ruffini Partecipazioni Srl, which in turn owns 32 percent of the luxury outerwear brand. TIP paid 103 million euros, or about $137 million at current exchange, for the stake in Ruffini Partecipazioni, which is the holding company for the investments of Moncler chairman and creative director Remo Ruffini. TIP made the investment through its Clubsette firm.

“The goal of this operation is to further strengthen the corporate structure of Ruffini Partecipazioni, an important partner of Moncler, in a way that is perfectly coherent with TIP’s consolidated investment philosophy,” said the bank, which also noted that Clubsette had negotiated a three-year earn-out and six-year lock-up period. Other Clubsette shareholders agreed to a three-year lock-up period.

Over the past year, industry speculation has repeatedly suggested that Moncler is readying itself for an initial public offering. TIP’s investment, which appeared to be a vote of confidence in the brand, would also provide Ruffini Partecipazioni  extra capital if it wished to increase its shares in Moncler, should the brand be publicly listed.

In 2012, Moncler had turnover of 624 million euros, or about $802 million at average exchange. It has about 100 directly operated stores worldwide and a network of about 2,700 stockists.

TIP has directly or indirectly invested in a range of firms, including high-end furniture brand Roche Bobois, cosmetics supplier Intercos, and, until recently, French retailer Printemps. On July 31, TIP said it was liquidating its stakes in several holding companies that controlled Printemps, which is now run by Qatari-backed investment fund Divine Investments SA, or Disa.