MILAN — Private equity firm BC Partners has found a buyer for Italy’s Gruppo Coin SpA. Centenary SpA, a new company formed by Coin’s management team and other investors, is acquiring 100 percent of the department store chain. Financial details were not revealed.
Coin manages directly and through franchisees around 40 stores selling apparel, beauty products and home decoration, operating under the Coin, Coin Excelsior and Coincasa banners. In total, these generated sales of 400 million euros in 2017.
The Rome Coin Excelsior opened in 2014, followed by one in Venice in 2015. The Milan Excelsior is not part of Coin and was not for sale. “The idea behind the Coin Excelsior format is that, differently from the Coin brand, it targets customers who are looking for wearable things, but who seek contemporary, more unique products,” said then-chief executive officer Stefano Beraldo at the time. “The selection of brands is not focused on luxury labels, but on those that have a contemporary offering with prices which are high but not crazy.”
Gruppo Coin also has a 31 percent stake in the OVS stores, which was publicly listed in 2015. The sale does not include OVS.
Coin was founded by Vittorio Coin in 1916. In 1974, grandsons Vittorio and Piergiorgio took the helm of the family company. Vittorio became president of the company and expanded Coin by establishing diffusion retail chain OVS and acquiring La Standa supermarkets. In 1999, the Coin Group was listed on the Milan Stock Exchange. While run by the founding family’s fourth generation, the Coin Group was in 2005 acquired by European private equity concern Pai Partners, which also bought Italian mass-market retail chain Upim in 2009. Two years later, British private equity company BC Partners, founded in 1986, took control of the Coin Group and delisted it.
The group’s expansion has been spearheaded by Beraldo, now ceo of OVS, who continued to hold his role of vice president of Gruppo Coin upon the listing of OVS.