Italian Jeweler Pomellato Plans Initial Public Offering, CEO Morante Says
“Our objective is to take Pomellato public,” Morante said today by phone, amid reports that shareholder Damiani SpA (DMN) was seeking to divest its stake. The company isn’t currently working on an IPO, which “is more of a 2013 project.” There are no current talks to sell the company, he said.
The Milan-based jeweler, known for its M’ama non m’ama stacking rings, would follow other Italian luxury companies including Prada SpA and Denmark’s Pandora A/S in seeking a listing. Speculation about takeovers of jewelry makers has increased since LVMH Moet Hennessy Louis Vuitton SA (MC) bought Italy’s Bulgari SpA this year.
Pomellato had sales of 122 million euros ($175 million) in 2010 and earnings before interest, taxes, depreciation and amortization of 18.6 million euros. Pandora is currently trading at a ratio of enterprise value to trailing Ebitda of 12.57, according to Bloomberg data.
The family owners of Damiani, who bought 18 percent of Pomellato in 2002, will weigh bids for the stake in its rival after having been approached to sell, Chairman and CEO Guido Damiani said in an interview in today’s Corriere Della Sera. That was confirmed by a Damiani official.
The Damiani owners are considering selling their stake to Gucci owner PPR SA, Corriere Della Sera reported yesterday, without saying where it got the information. Mediobanca SpA (MB) is advising the family, according to two people familiar with the plans who asked not to be named as the matter is private.
The Damiani family’s stake in Pomellato doesn’t hold any rights in terms of governance, Morante said.
PPR has met with Pomellato, according to two people with direct knowledge of the talks. Neither party is interested in a transaction at the moment, said the people, who asked not to be named because the meeting was private.
Paris-based PPR is seeking to add to its jewelry portfolio as the company reorganizes around luxury goods and sports and lifestyle brands, Chief Executive Officer Francois-Henri Pinault said in February. The Paris-based company has had contact with numerous brands, he said at the time.
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