OVS Milan

MILAN Gruppo Coin SpA, which currently controls 42 percent of OVS, has kicked off a placement of 11 percent of the Italian retailer through an accelerated book-building directed to institutional investors.

Through the placement, Coin, which will sell about 25 million ordinary shares, will cash in a sum valued at around 152.8 million euros, or $166 million at current exchange rate.

At the same time, Coin has agreed to cede more than 2 million of its shares in OVS, corresponding to 0.9 percent of the company’s capital, to the retailer’s management, including OVS chief executive officer Stefano Beraldo.

Following these operations, Coin, which is controlled by private equity fund BC Partners, will retain about 30 percent of OVS.

Last September, OVS started a process to buy a 35 percent stake in Sempione Retail AG, which controls Swiss apparel retailer Charles Vögele Holding AG. Following the acquisition Charles Vögele will transform about 130 of its stores in Switzerland into OVS doors and then OVS will debut 100 units in Austria. Charles Vögele’s 70 stores in German retail parks are expected to be transformed into shops under the Upim mass-market label, controlled by OVS.

load comments
blog comments powered by Disqus